Investment companies
First Union Corporation, the sixth largest bank holding company in the US, has standardized on SecurID authentication technology to protect its critical network resources. The bank has agreed to deploy 22,000 additional SecurID tokens to its employees over the next two years, building on the existing widespread deployment 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
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
Investment companies
First Union Corp., the acquired CoreStates Financial Corp. in the Lehigh Valley, received a neutral ranking from Lehman Brothers, whereas Summit Bancorp, which dominates in Northampton County, received the same rating. Analysts from both institutions highlighted growth areas, such as capital markets and capital management, which contributed to the company&
Investment companies
NationsBank customers are being warned to be cautious of a scam artist who is posing as a bank employee, calling customers to verify their account information. The caller, who has been reported to the Florida Attorney General's Office, is likely to mention the Y2K computer problem in order
Investment companies
BankAmerica, the nation's largest banking company, saw its stock price rise significantly on Thursday after Chairman and Chief Executive Officer Hugh L. McColl Jr. announced that the company would produce earnings gains of 25 percent this year. This news comes on the heels of First Union's
Investment companies
Microsoft has emerged as the world's most valuable business, surpassing General Electric in the Financial Times' annual FT500 ranking of global companies. This rise comes despite the company facing an anti-trust case in the US and reflects the growing enthusiasm for technology stocks on Wall Street over
Financial services
MasTec, Inc., a leading telecommunications and infrastructure service provider, has agreed to sell its Spanish subsidiary Sintel S.A. to a group of investors led by Inversiones Ibersuizas S.A. The sale includes all of Sintel's operations in Spain, Argentina, Chile, Colombia, Peru, Puerto Rico, and Venezuela. This
Financial services
Standard & Poor's, a leading credit rating agency, has assigned a single-'A' rating to Nationwide Financial Services, Inc.'s $200 million of 30-year trust originated preferred securities. This move comes as the company draws down the $1 billion shelf registration filed on May 15,
Investment companies
As the repercussions from the near-collapse of Long-Term Capital Management L.P. continue to resonate, the chairman and three high-ranking officers of UBS A.G. of Switzerland have resigned in a bid to restore confidence in the bank. This decision follows a weeklong slide in bank stocks, with UBS shares
Investment companies
Alan Greenspan, Federal Reserve Chairman, testified before the House Banking Committee, defending the central bank's decision to intervene in the collapse of Long-Term Capital Management L.P. Greenspan emphasized that the Fed acted to prevent a broader market collapse, citing the potential for substantial damage to financial markets
Financial services
Humboldt Capital Corporation, led by Chairman R.W. Lamond, has acquired a significant interest in Sharon Energy Ltd. through a private placement and loan facility. The acquisition involves the purchase of 1,750,000 common shares and warrants to purchase additional shares, giving Humboldt a stake of approximately 18% in
