Commercial banks
Royal Bank of Scotland is introducing a new mortgage product that allows customers to use their deposits to reduce interest payments, in a bid to prevent losing business to new banking rivals. The move is seen as a risk, as RBS will earn less money from borrowers and pay higher
Commercial banks
The latest National Australia Bank (NAB) monthly business survey revealed that Australian business conditions took a significant tumble in September, largely due to the disruptions caused by the Olympics. Despite robust confidence levels, the total business conditions index dropped from plus-four to minus-seven points, with large falls in trading conditions
Commercial banks
Alcatel and Citibank have expanded Alcatel's securitization vehicle, further solidifying Alcatel's commitment to global vendor financing. The vehicle, established in May 1999, is now the world's largest, with SVF 1999-A Trust, a Delaware entity, authorized to purchase up to $1.2 billion of vendor
Commercial banks
U.S. Bancorp and Firstar Corp. have officially announced their merger, creating a banking giant with $160 billion in assets and 2,200 offices in 24 states. The combined entity will retain the U.S. Bancorp name and be headquartered in downtown Minneapolis. The merger marks a significant development for
Commercial banks
Brothers Jack and Jerry Grundhofer have led the charge in creating the nation's ninth-largest bank, following a $19 billion buyout offer from Firstar Corp. The deal, which combines both companies, promises to cure customer service woes at U.S. Bancorp and provide Firstar with the size and national
Commercial banks
Citibank has been selected as the depositary for Advanced Semiconductor Engineering's (ASE) American Depositary Receipt (ADR) program, marking a significant milestone for the company's expansion into the U.S. market. ASE, a major provider of semiconductor packaging services, has chosen Citibank to facilitate its ADR program,
Commercial banks
Nissan Motor, a struggling Japanese vehicle maker, has taken a significant step towards addressing its financial woes by securing a $1.2 billion revolving credit line from Citibank. As part of its effort to restructure its balance sheet, Nissan will also establish a three-year Y250 billion ($2.3 billion) credit
Commercial banks
The potential union between J.P. Morgan & Company and Chase Manhattan is expected to have a minimal impact on jobs, with some duplication of roles likely to be eliminated. Nevertheless, the deal is anticipated to release much-needed real estate space in a tight market, benefiting New York's
Commercial banks
The financial landscape of New York, once dominated by six major commercial banks, has undergone significant changes. J.P. Morgan, the last of these banks to remain independent, is set to be acquired by Chase Manhattan, underscoring a trend of financial consolidation. This shift reflects not only strength but also
Commercial banks
Boston-based insurance company, backed by a consortium of banks, has secured a $1 billion credit facility to support its general corporate purposes and provide standby/CP support. The facility, split into two parts, provides a revolving credit with varying pricing tiers based on the company's credit ratings. The
Commercial banks
A recently disclosed corporate finance deal in St. Louis Park, Minn., highlights the complexities of syndicated loan agreements. In this transaction, a revolving credit facility and a term loan were issued in the amount of $270 million to a borrower. The loan features various interest rate pricing tiers based on
Commercial banks
Travelers are increasingly relying on online services to purchase foreign currency for their trips abroad. Two major companies, Oanda and Chase Manhattan Bank, have launched online currency delivery services, allowing customers to order foreign currency in various denominations on the basis of orders placed through their websites. According to a
