Banks (Finance)
Rome - Banca Intesa SpA and Sanpaolo IMI SpA have agreed to merge, creating Italy's biggest bank in a move hailed as a sign of vitality in the economy. The new group will have about $650 billion in combined assets and a market capitalization of more than $76.
Banks (Finance)
Kiyo Bank, a Wakayama Prefecture-based regional bank, is preparing to apply for a public fund injection of 20-30 billion yen (US$172-259 million) to shore up its capital, clean up bad loans, and boost lending to local businesses. The bank plans to merge with local competitor Wakayama Bank on October
Banks (Finance)
Community Banks Inc., a Harrisburg-based bank, announced a second-quarter loss of $1.1 million, or 9 cents a share, following its acquisition of Penn-Rock Financial Services Corp. and the parent company of Blue Ball National Bank. Despite the loss, the bank's net interest income rose 5 percent to
Banks (Finance)
Synovus, a diversified financial services company based in Columbus, Georgia, has finalized its acquisition of Riverside Bancshares, Inc. and merged Riverside Bank into Bank of North Georgia. This strategic move enlarges Synovus' presence in the metropolitan Atlanta market, expanding its services and team members. Don Howard will continue to
Banks (Finance)
Malaysia's financial market is poised for significant changes as Avenue Capital and ECM Libra, two state-owned investment banks, prepare to merge and create one of the country's largest investment banks. The move is part of the government's efforts to create bigger local investment banks
Banks (Finance)
The Philippines is considering selling its remaining 12 percent stake in the Philippine National Bank (PNB) to cigarette and beer tycoon Lucio Tan. The government had earlier sold a 33 percent stake in the bank to Tan at 43.77 pesos per share in August, reducing its holding to 12
Banks (Finance)
Following a series of significant mergers, Bank of America is nearing the end of its major acquisition phase, according to its chief financial officer, Alvaro de Molina. With a total of over $134 billion spent since 1998, the bank has grown to become the second-largest in the US, surpassing J.
Banks (Finance)
The Indian government is set to encourage banks to merge and Foreign Direct Investment (FDI) hike in the insurance sector. According to Economic Affairs Secretary Ashok Jha, there is a "tremendous need" for consolidation among public and private sector banks to gain financial muscle and absorb risks. Jha
Bank holding companies
Cleveland, once a hub for two of the nation's major bank holding companies, National City Corp. and KeyCorp, may soon see its duopoly challenged as the pace of consolidation in the finance sector reaches a fever pitch. Industry observers speculate that it will be difficult for the two
Banks (Finance)
Union Bank, a 72% owned subsidiary of Bank of Tokyo Ltd., has announced plans to acquire Bank of California, a subsidiary of Mitsubishi Ltd., for approximately $950 million. The deal, expected to be completed by April 1, will create the fourth largest California bank, with assets of over $25 billion.
Banks (Finance)
Banks trying to complete deals in the cutthroat world of banking are often restricted by arcane accounting rules that can limit their flexibility and result in lower prices. The rules, known as purchase accounting, mean that banks must write off goodwill over 15 years, making it difficult for them to
Banking industry
Corporate executives, struggling to meet high expectations, are turning to a familiar escape: making big deals. With AT&T's split into three pieces and General Motors' plan to spin off its Electronic Data Systems unit, the trend of massive corporate restructurings has taken hold. But behind
