Banks (Finance)
Seven Group Holdings, led by Executive Chairman Kerry Stokes, has announced a $250 million investment in the Agricultural Bank of China (ABC) as part of its strategy to expand its WesTrac China business. This move allows Seven to become a cornerstone investor in ABC's initial public offering (IPO)
Banks (Finance)
Fortis, a Delhi-based healthcare major, is set to receive a significant amount of funding from various local banks, including Axis Bank, Punjab National Bank, State Bank of India, Bank of Baroda, and Yes Bank, to counter a bid by the Malaysian sovereign fund Khazanah for a majority stake in the
Banks (Finance)
The Bank of Rajasthan (BoR), a lender with a chequered history, is on the verge of a significant transformation. G. Padmanabhan, a chief general manager at State Bank of India, was appointed by the banking regulator to head BoR for a two-year term. His mandate is to clean up the
Banks (Finance)
The Financial Times reported yesterday that American Express Company (AXP) and UK-based private equity house Permira are jointly bidding for Royal Bank of Scotland's (RBS) payment processing division, a move that could raise around $3.6 billion. This deal is significant as it would leverage AmEx's
Banks (Finance)
Marsh, the world's leading insurance broker and risk adviser, has reached an agreement to acquire HSBC Insurance Brokers Ltd (HIBL) in consideration of GBP 135 million. The acquisition is subject to regulatory approvals and is expected to close in the first quarter of 2010. Concurrently, Marsh has entered
Banks (Finance)
National Australia Bank (NAB), the owner of Clydesdale and Yorkshire banks in the UK, has been hosting presentations from top investment banks, including Lazard, Citigroup, CSFB, and Morgan Stanley, to assist with the auction of Northern Rock. The move comes as Northern Rock is returned to the private sector and
Banks (Finance)
Royal Bank of Scotland, a part-nationalised bank, is facing criticism from unions and MPs who are concerned that it is acting against the best interests of the UK economy. The bank's loans to foreign companies, including Kraft's bid to buy Cadbury, are at the center of
Banks (Finance)
Qatar America Asia Consortium, a joint venture of Unicorn Investment Bank, Qatar First Investment Bank, and The First Investor, has completed its acquisition of 100% stake in Qatar Engineering & Construction Company W.L.L (Q CON) from Qatar Shipping Company Q.S.C. This significant deal marks a major
Banks (Finance)
Northwest Airlines, already a player in the financial restructuring of the company, has taken a significant step forward by hiring Evercore Group as a strategic adviser on possible deals. This move comes on the heels of a hostile takeover bid by US Airways for Delta Air Lines, which many industry
Banks (Finance)
The proposed merger between The Bank of New York Company, Inc. (BK) and Mellon Financial Corporation (MEL) has sparked interest in the commercial mortgage-backed securities (CMBS) market. As a result of the merger, Fitch Ratings will closely monitor the impact on the CMBS servicer ratings of Bank of New York
Banks (Finance)
The combination of Italy's second and third largest banks, Banca Intesa and Sanpaolo, has created a massive national champion, leapfrogging UniCredit to become the largest bank in Italy. The new entity, valued at €29.6 billion, will have 6,000 local branches and 13 million customers, with a
Banks (Finance)
Privatization and consolidation in the Italian banking sector have reshaped the industry since the early 1990s, leading to a significant decline in government influence. The state-controlled entities, such as the Istituto per la Ricostruzione Industriale (IRI), have sold off major banks, including Credito Italiano and Banco Commerciale Italiano. The resulting
