Commercial banks
Citigroup announced the acquisition of the principal operating assets and assumption of certain liabilities of Michigan-based Source One Mortgage Services Corp. and its wholly-owned subsidiary, Central Pacific Mortgage (CPM), marking the fourth consumer lending acquisition the company has announced or completed this month. This strategic move aims to further strengthen
Commercial banks
Citibank, a unit of Citigroup, has signed a marketing agreement with Mellon Bank Corporation, which includes the acquisition of Mellon's credit card business and a portfolio of $1.9 billion in credit card receivables. This strategic move aims to enhance Citibank's consumer business, focusing on core
Commercial banks
Beijing-based private business owners and officials are voicing strong support for a proposed constitutional amendment that would formally recognize the private economic sector as a vital component of China's socialist market economy. The move is seen as a crucial step towards promoting economic diversification and growth, particularly for
Commercial banks
China's Premier Zhu Rongji, facing mounting social unrest and unemployment, is set to hold his second news conference since taking office, just months before his planned visit to the United States. Zhu's bold economic reform agenda has stalled, and his government is under pressure to address
Commercial banks
French banking giant Banque Nationale de Paris (BNP) has launched a hostile takeover bid worth Fr220 billion (approximately Pounds 22.7 billion) to acquire both Societe Generale and Paribas, two of its largest rivals in merger talks. The proposed deal would create the world's largest bank in terms
Commercial banks
The Banque Nationale de Paris has made a hostile bid to become the largest bank in Europe by acquiring Societe Generale SA and Paribas SA, with a total bid value of $37.2 billion. The heads of the targeted banks have responded negatively to the proposal, calling it "rash.
Commercial banks
The Australian sharemarket experienced a decline in light volume on Tuesday, driven by investors digesting a plethora of economic news and company reports. The all-ordinates index closed 18.3 points lower at 2,892.8, with the decline affecting nearly all sectors. Market analysts expressed mixed opinions, with some suggesting
Commercial banks
The Australian sharemarket experienced a decline on March 2, 1999, as investors digested a vast amount of economic news and company reports. The all-ordinaries index closed 18.3 points lower at 2892.8, with a broad-based fall across nearly all sectors. Market analysts attributed the uncertainty to the lack of
Commercial banks
Renaissance Worldwide, a leading provider of IT and management consulting services, has announced a significant financial partnership with BankAmerica, one of the largest banks in the United States. The new interim credit facility of $110 million, underwritten by BankAmerica, is expected to provide Renaissance with the necessary capital to meet
Commercial banks
Richard V. Downen has been appointed president of Bank of America's retail brokerage group, overseeing all full-service and discount brokerage activities, including products and services, trading, sales, and administration. As part of his new role, Downen will also be responsible for combining the activities of the bank'
Commercial banks
The Sydney sharemarket closed up nearly 1.5 per cent on February 19, 1999, following a 100-point rise on Wall Street overnight. This surge was driven by a week of strong company results, particularly from blue-chip stocks. Companies such as Commonwealth Bank, News Corp, Coles Myer, Qantas, Westfield Holdings, Lend
Commercial banks
The Australian sharemarket experienced a decline on Tuesday, with the benchmark all ordinaries index closing 18.4 points lower at 2859.4 due to profit taking on top industrial stocks. The absence of lead from the US market, which was closed due to the Presidents Day holiday, shifted buyer focus
