Commercial banks
The Commonwealth Bank of Australia Ltd has selected global e-business services firm EDS to manage the integration of its technology services following the merger with Colonial Ltd. Russell Scrimshaw, head of technology, operations, and property at the Commonwealth Bank, emphasized the importance of system integration in the merger's
Commercial banks
A meeting between executives of Dresdner Bank and Commerzbank is scheduled to discuss a potential merger to form Germany's second-largest bank. The discussions come after the collapse of Deutsche Bank's attempt to acquire Dresdner in April, and the accumulation of 17% of Commerzbank voting rights by
Commercial banks
Dresdner and Commerzbank are accelerating their merger plans, aiming to deliver a full-scale merger by the end of July at the latest. The banks are under pressure from both staff and customers to reveal their intentions, with a significant number of question marks surrounding the future of their operations. Dresdner&
Commercial banks
A plan by Dresdner Bank and Commerzbank, Germany's third-biggest and fourth-biggest banks, to dilute the holdings of CoBRa, a Commerzbank shareholder, has been initiated. The proposal involves an equity swap that would be accompanied by the rationalization of their retail banking divisions. Analysts believe that a full-scale merger
Commercial banks
Dresdner Kleinwort Benson, the investment banking arm of Dresdner Bank, has selected Sun Microsystems' servers and the SunConnect architecture to unify its electronic product offerings and provide direct access to global capital markets through its proprietary Online Markets Portal. The SunConnect framework enabled the bank to develop a scalable,
Commercial banks
Motorola Inc. is partnering with Symbol Technologies Inc., Connect Things Inc., and AirClic Inc. to develop bar-coding technology for online sales via wireless phones and cable TV. Sallie Mae is acquiring USA Group for $770 million, and Duke Energy Corp. is planning a second Florida plant. Wachovia Corp. has issued
Commercial banks
Wachovia Corporation, a financial holding company with significant assets and equity, has announced that it expects to see moderated revenue and net earnings growth for the second quarter and full year, a change from previous forecasts. This slowdown is attributed primarily to the dampening of activity in market-sensitive businesses, particularly
Commercial banks
Trainer D. Wayne Lukas and jockey Pat Day celebrated a 13th Triple Crown win with the dominant performance of Commendable in the 132nd Belmont Stakes. The field was significantly weaker than in previous years, with the absence of Kentucky Derby winner Fusaichi Pegasus and Preakness winner Red Bullet. Commendable'
Commercial banks
Jim Tafel, a retired publisher from Delray Beach, has made the largest supplemental entry in Belmont Stakes history by paying $100,000 to enter his 3-year-old gelding, Unshaded, in the $1 million race. The decision comes after the withdrawal of Kentucky Derby winner Fusaichi Pegasus from the Belmont due to
Commercial banks
Tensions between Hyundai Group, South Korea's largest conglomerate, and its creditor banks reached a boiling point as a meeting to discuss restructuring plans failed to yield a decision. The Korea Exchange Bank, Hyundai's main creditor, has asked for a finalized self-rescue plan by Wednesday, but the
Commercial banks
Financial Supervisory Commission Chairman Lee Yong-keun stated that the Hyundai Group and Korea Exchange Bank (KEB) are expected to present a final plan to address liquidity problems at two Hyundai units by the end of the month. This announcement followed Hyundai's late-night announcement on Sunday, which outlined measures
Commercial banks
Greater Bay Bancorp, a financial services holding company with $3.6 billion in assets, announced that its wholly-owned subsidiary, Golden Gate Bank, has received investment grade ratings from Thomson Financial BankWatch. The ratings assignment is a significant milestone for the bank, demonstrating its creditworthiness and potential for growth. Golden Gate
