Commercial banks
HSBC, a global banking group, has managed to emerge unscathed from the ongoing effects of the Asian economic crisis. The bank reported a 21% increase in pre-tax profit last year, reaching $7.89bn ( £4.9bn). This significant growth underlines the strength of HSBC's diversified operations, with 41% of
Commercial banks
Associated Banc-Corp, a leading multibank holding company, and Citibank USA, a member of Citigroup, have entered into a long-term agency agreement that includes the sale of Associated's $130 million credit card portfolio to Citibank. Under the agreement, the two companies will offer Associated-branded credit cards to the bank&
Commercial banks
Citigroup's e-Citi unit and Commerce One, a leader in global e-commerce solutions, have announced a plan to launch a business-to-business portal providing e-commerce services to Citigroup's worldwide corporate customers. This alliance will create a virtual marketplace linking corporate buyers and suppliers to the Citibank Procurement Connection
Commercial banks
National Australia Bank has launched a team in New York to originate deals and build a capital markets business for the Americas, leveraging a $10 billion balance sheet. The bank's strategy focuses on nurturing existing relationships and building new ones, particularly with investment-grade international clients. Tom Hunersen, executive
Commercial banks
In February 2000, the Asia Pulse provided an executive briefing on banking, highlighting various trends and developments in the industry across Asia. The report noted that the internet was saving time and costs for both individual and corporate borrowers. The report also touched on the listing of state-owned banks, including
Commercial banks
SIR BRIAN PITMAN, the Lloyds TSB chairman, has suffered a significant setback after seeing £3.4 billion wiped off the value of the bank due to record profits and a new internet strategy. The bank's share price plummeted 9% despite unveiling a 16% rise in pre-tax profits to
Commercial banks
NatWest shareholders continued to line up behind Royal Bank of Scotland's Pounds 21 billion hostile bid, despite concerns over the financial consequences of the deal. The move has left Bank of Scotland's bid stranded, with its chief executive, Peter Burt, admitting that his bank's
Commercial banks
As the coming fortnight unfolds, NatWest shareholders will be forced to make a critical decision that will determine the fate of the company. According to Viscount Younger, chairman of the Royal Bank of Scotland, this is an "interesting moment of truth" for the shareholders. The possibility of a
Commercial banks
The Bank of Scotland has upped its takeover bid for NatWest just five hours before the midnight deadline for final offers, increasing its offer to £24.1 billion. The new bid, which comprises 1.75 of its shares and 356p in cash, outstrips the improved bid unveiled by rival Royal
Commercial banks
A major dispute between Indonesia's bank restructuring agency, Ibra, and a group of commercial banks led by Royal Bank of Scotland (RBS) is threatening to undermine plans to restructure the $250m debt of troubled finance company Bunas Finance Indonesia (BFI). The row highlights the challenges in clearing Indonesia&
Commercial banks
NatWest has surprised investors and potential buyers by posting improved profits and announcing a significant shareholder return, just as it prepares to fend off bids from Bank of Scotland and Royal Bank of Scotland. The bank's increased dividend and share buyback programme, combined with the sale of non-core
Commercial banks
NatWest's largest shareholder, Prudential, is set to sell its insurance products in NatWest branches, citing a separate agreement with Bank of Scotland, which is attempting to acquire NatWest in a hostile bid worth £22 billion. This move has fueled speculation that Prudential may support Bank of Scotland'
