SBT to have own exchange house in Gulf
Thiruvananthapuram: State Bank of India subsidiary State Bank of
Travancore is planning to set up its first directly-managed exchange house in Muscat,
Oman, in the Gulf. The bank has identified Global Exchange Company in Muscat as its
potential business partner.The bank is also considering setting up a second exchange of
its own, in Dubai, by firming up its arrangements with City
Exchange, which handles the bank's work in Dubai.
The bank’s branches receive some 1.3 lakh drafts from the Gulf region every month. It
had conducted a trial run of an electronic transfer system to enable customers to withdraw
money just a day after it is remitted from a Gulf country. At present, the bank has
arrangements with three Gulf-based exchange houses in Abu-Dhabi, Qatar, and Oman.
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NatWest
may be forced for merger
London: National Westminster Bank will be forced to decide to be taken
over by one of its bidders -- Bank of Scotland or Royal Bank of Scotland -- even if there
is no clear winner in the present takeover battle, according to newspapers in London.
Reports said if a split vote allowed NatWest to remain independent, the bank will be under
pressure to recommend one of the bids. If the majority of shareholders voted in favour of
a change, the bank’s board could find itself under pressure to recommend one of the
bidders, the reports said. A split vote -- where 40
per cent of NatWest’s shareholders vote for either of the bidders and 20 per cent for
neither -- would allow the bank to escape the Scottish banks’ clutches. But the vote
would also show that 80 per cent of the bank’s shareholders had voted for a change of
management. The UK takeover code could allow a recommendation of an offer even after the
end of the 60-day bid timetable. Normally if a bid is unsuccessful after 60 days, it
lapses and the predator is not permitted to re-bid for 12 months. If NatWest decides to
recommend one of the bidders after the end of 60 days, the takeover code would allow the
rival bidder to make a fresh bid.
The bank has reiterated its rejection of the two bids, saying it is an excellent business
with outstanding prospects.
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