ABN Amro restructures its financial services along global lines
Mumbai: In keeping with the its global restructuring into three strategic business units, ABN Amro’s different financial services arms in India are redefining their operations.

The bank currently has four outfits offering financial services -- ABN Amro Asia Equities — an equity brokerage, ABN Amro Securities — a primary dealer, ABN Amro Corporate Finance and ABN Amro LeasePlan which is into vehicle fleet management for corporates. It is understood that while these entities will remain separate for regulatory purposes, they will function under three principal client segments — wholesale, retail and private clients & asset management. Previously the various business functions were demarcated geographically.

Besides Taiwan and Thailand, the parent has singled out India as one of it strongest retail operations in Asia and plans to intensify its investments in the retail area in these countries. Plans are afoot to launch personal loan products, mortgages and credit cards soon. ABN Amro is also awaiting clearance from Sebi to set up its asset management company which will offer a mix of debt and equity funds.

ABN Amro in India already has a base of 2.2 lakh retail customers and the retail business which currently accounts for 20 per cent of its total income, received a shot in the arm after it took over Bank of America’s retail operations last year. Retail banking is expected to account for 30 per cent of total business within the next two years.
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Re loses further ground, closes at 44.62/63
Mumbai: Sustained demand from importers and corporates saw the rupee fell further on Friday against the dollar closing at 44.62/63 as against Thursday's close of 44.56/57.

With the State Bank of India, a major player in the currency market, keeping out of the market, the rupee, which opened the day at 44.57/58, fell to a low of 44.66/67 in the morning. Further, with the Reserve Bank of India not indicating any particular level for the currency, importers are panicking and covering for several months together.

The forward premium also increased due to the new low touched by the rupee. The six-month annualised forward premium closed at 2.7 per cent as against yesterday's close of 2.5 per cent, an increase of 3.5 paise. The 12-month premium went up by six paise to 2.9 per cent as compared to 2.75 per cent yesterday.
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