|
Indian Bank plans selling subsidiaries
Chennai: Indian Bank is toying with the idea
of selling its three subsidiaries – IndBank Housing, IndBank Merchant Banking
Services and IndFund Management. The proposal forms part of the bank’s plan to meet
the liability towards IndPrakash schemes of its IndBank Mutual Fund. The schemes have come
in for redemption and the Securities and Exchange Board of India has directed Indian Bank
Mutual Fund to formulate a method of meeting payment commitments. The scheme has a past
dividend due of Rs 70 crore.
Back to News
Review index page
SBI seeks nod for NRIs to deposit in gold scheme
Mumbai: The State Bank of India has sought
the permission of the Reserve Bank of India for allowing non-resident Indians
participating in its gold deposit scheme. This was announced by SBI’s managing
director V. Janakiraman at a conference on "India Calling" organised by the
Indian Merchants Chamber. He said the bank’s gold deposit scheme will help the
country save Rs 5,000 crore in foreign exchange going by the target of 100 tonnes of gold
to be mobilised in one year.
Back to News
Review index page
Deutsche Bank
forecasts India’s rating upgrade
Calcutta: Deutsche Bank is upbeat about
India. It is confident that India’s sovereign rating is likely to go up by a notch or
two within the next six months. Sanjeev Sanyal, regional economist of the bank, says that
a 6.5 - 7.5 per cent GDP growth over the next five years will place the country among the
fastest growing economies in the world. His observations are part of a cross-country study
incorporating 2000 forecasts of short-term external debt, GDP growth and total public
debt. The study says India deserves a sovereign upgrade in the near future.
Back to News
Review index page
ABN Amro loans against
shares
Mumbai: ABN Amro Bank has announced a scheme
to offer loans against company shares. The bank will initially limit the facility to
Mumbai and will extend it in a phased manner to New Delhi, Calcutta, Chennai, Pune and
Baroda. The loans will essentially be overdraft facility granted against approved shares
owned by the borrower or immediate relatives. The loans will be up to a maximum of Rs 20
lakh. Back
to News Review index page
Bank of India to
enter insurance business
Mumbai: Bank of India's board has cleared a
proposal of the bank entering the insurance sector. The bank is now in the process of
identifying a foreign partner from among four companies, which have approached it. The
details of the business proposal are also being worked out.
Back to News
Review index page
Royal Bank offer
for NatWest cleared
London: The British government has cleared
Royal Bank of Scotland’s acquisition bid for National Westminster Bank. Royal Bank of
Scotland has now started canvassing NatWest shareholders with its offer document. Analysts
said the 23 billion offer includes an expenditure of 248 million if fees, duty and
capital raising costs. NatWest has a rival offer from Bank of Scotland, which currently
stands at 23.6 billion, excluding a special dividend for NatWest shareholders. Royal
Bank of Scotland’s earlier offer was spurned by NatWest and analysts now feel it may
be successful if it offers a higher price.
Back to News
Review index page
|
