Commercial banks
The proposed acquisition of Scottish Widows by Lloyds TSB would be a major consolidation in the Scottish financial sector, with funds of about $33.7 billion under management and a strong brand identity. The takeover bid has raised concerns about the loss of major businesses headquartered in Scotland, particularly in
Commercial banks
Coca-Cola, Singapore's leading soft drink brand with a 70% market share, has launched its biggest and most exciting promotion ever - The Coca-Cola Card. Over 600,000 Singaporeans will receive almost $20 million worth of rewards and special offers in popular restaurants, movie theaters, and recreational venues. The
Commercial banks
As the world enters the new millennium, Mastercard International predicts that the internet will be the driving force behind the growth of the payments industry in Asia. By 2000, nearly one-third of Asians are expected to have access to the internet, with over half of these households making online purchases.
Commercial banks
Winn-Dixie stores, with over 1,180 locations, are set to integrate Canadian Imperial Bank of Commerce's in-store mini-branches and automated teller machine kiosks as part of a pilot program. This initiative marks a significant step towards expanding banking services within the stores. The pilot is expected to begin
Commercial banks
Malaysia was emerging from a recessionary phase in 1999, and MasterCard International Inc. was optimistic about the growth of credit card transactions in the country. According to Jim Cheah, the company's director of member relations and marketing for South East Asia, MasterCard expected a 3-5% increase in the
Commercial banks
Sumitomo, a Japanese trading company, has filed lawsuits in Tokyo and New York against UBS and Chase Manhattan Bank, seeking a total of Y91.7bn (£460m) in damages. The lawsuits claim that the banks provided unauthorised loans to Yasuo Hamanaka, Sumitomo's former chief copper trader, through complicated derivatives
Commercial banks
Sumitomo Corporation, a leading international trading and distribution company, has filed two lawsuits to recover losses resulting from the unauthorized trading activities of its former employee, Yasuo Hamanaka. Hamanaka, who was General Manager of Sumitomo's Non-Ferrous Metals Department, was involved in illicit copper trading activities that resulted in
Commercial banks
The Bank of Ireland and Alliance & Leicester are set to confirm their talks on creating an $11.4 billion group, the largest British banking deal since Lloyds bought the TSB Group in 1995. The merged bank would rank as the eighth-largest in Britain in terms of market capitalization, with
Commercial banks
Ireland's Bank of Ireland is in high-stakes negotiations with the Irish government over its proposed £11 billion merger with Britain's Alliance & Leicester, amid concerns that the deal could spark a takeover frenzy for the country's remaining financial institutions. The two banks are expected
Commercial banks
Ivory Coast's banking sector, dominated by French-owned banks, has faced significant challenges due to bad debts in the cocoa sector. The bad debts, resulting from poorly managed loans to commodity trading companies, have pressed banks to make large provisions to clean up their portfolios. The impending liberalization of
Commercial banks
The handover of power in Nigeria from the military to an elected civilian government has had far-reaching consequences for the banking sector. As foreign donor communities hold off on debt relief and fresh loans, the outgoing government has turned its attention to the domestic debt market, forcing commercial and merchant
Commercial banks
The NationsBanc Montgomery Securities LLC commercial mortgage-backed securities (CMBS) index rose by 0.51% to 119.1, outperforming comparable Treasuries by 14 basis points, while the investment grade sector lagged behind the non-investment grade sector. The non-investment grade sector rose by 0.61% to 120.0, producing an excess return
