Banking & Finance
Saturday, 18 May 2013 20:10
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ATHENS: Greece's second-largest lender Piraeus Bank has hired four international investment banks as advisers on its 7.33 billion euro ($9.4 billion) share issue, two bankers close to the procedure told Reuters on Saturday."Goldman, Barclays, Deutsche Bank and Bank of America-Merrill Lynch will be acting as advisers," one of the bankers said.Greece's top four banks, including Piraeus, need a total of 27.5 billion euros to repair their solvency after losses on sovereign debt writedowns and bad loans, in hopes of regaining interbank access to fund the economy out of its deep six-year slump.Most of the capital will be pumped in by a state bank rescue fund the Hellenic Financial Stability Fund (HFSF), in exchange for shares. The HFSF is funded with 50 billion euros from the country's bailout package.Under a recapitalisation scheme agreed with Greece's international lenders, at least 10 percent of new equity issues by its four big banks must ...
RYTRO: There is little chance that consumer inflation in Poland will quickly return to the central bank's 2.5 percent target, a Monetary Policy Council member said on Saturday, leaving scope for further monetary easing.Jerzy Hausner, one of the central bank's 10 rate-setters, also told Reuters that economic growth could accelerate to about 3 percent late next year, but there was also the risk of a more protracted slowdown.Earlier this week data showed Poland's economy, after ...
LAGOS: Nigerian interbank lending rates rose 1.25 percentage points on Friday to an average of 14.5 percent, compared with 13.25 percent last week as payment for foreign exchange and bonds purchases drained liquidity, traders said."The market opened with a very minimal cash balance on Friday, while the payment for foreign exchange and bonds further drained liquidity in the market pushing up cost of borrowing," one dealer said.Nigeria sold 110 billion naira ($700 million) worth of ...
MUMBAI: Indian bank loans grew 15 percent from a year earlier in the two weeks to May 3, while deposits were up 13.5 percent, the Reserve Bank of India's weekly statistical supplement showed on Friday.Outstanding loans rose 509.5 billion rupees to 53.41 trillion rupees ($972.7 billion) in the two weeks to May 3.Non-food credit rose 311.2 billion rupees to 52.25 trillion rupees, while food credit rose 198.3 billion rupees to 1.16 trillion rupees during the ...
MUMBAI/BANGALORE: A breach of security at two payment card processing companies in India that led to heists at cash machines around the world has reopened questions on the risks of outsourcing sensitive financial services to the Asian nation.Global banks that ship work to be processed in India, either in-house or to big IT services vendors, were already under pressure to step up oversight of back-office functions after a series of scandals last year.Last week, US ...
LONDON: HSBC said it does not expect Britain to change its bank levy policy before the next general election due in 2015 and said it is likely to pay about $800 million on the tax this year.HSBC has said the levy unfairly hits banks with big overseas operations. Half its payment last year was on non-UK banking activity."We have had all the conversations we could possibly have with all the people we could have them ...
FRANKFURT: Money poured into asset manager PIMCO's funds in the first three months of 2013, giving a strong boost to earnings of its parent company, German insurer Allianz.The Pacific Investment Management Company, which runs the world's biggest bond fund, recorded net inflows of third-party assets of over 40 billion euros ($51.9 billion) from January to March, nearly double those in the year-earlier quarter, Allianz said on Wednesday.Allianz Chief Financial Officer Dieter Wemmer said the inflows ...
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