Banking & Finance
Friday, 17 May 2013 17:05
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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 period.Bank deposits rose 450.8 billion rupees to 68.84 trillion rupees in the two weeks to May 3, the supplement showed.Copyright Reuters, 2013 ...
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 ...
LONDON: Following are the highlights of remarks made by Bank of England Governor Mervyn King after the central bank published its quarterly inflation report on Wednesday.KING ON BRIGHTER OUTLOOK"Today's projections are for growth to be a little stronger and inflation a little weaker than we expected three months ago, that's the first time I've been able to say that since before the financial crisis."But this is no time to be complacent we must press on ...
LONDON: Asia-focused bank HSBC announced on Wednesday that it will make another $2-3 billion (1.5-2.3 billion euros) of new cost savings by 2016, extending its restructuring plans.The lender said in a statement that it will seek the additional sustainable cost savings on top of its wide-ranging restructuring process that was launched in 2011.HSBC revealed last week that it had slashed a total of $4.0 billion from its annual costs, axing about 46,000 jobs since 2011 ...
FRANKFURT: Commerzbank, Germany's second-biggest bank, said Tuesday the subscription price for new shares in its planned capital increase has been set at 4.50 euros ($5.85) apiece, meaning it stands to raise up to 2.5 billion euros in all. Commerzbank said in a statement that it is issuing a total 555.5 million new shares.The capital increase is taking the form of a so-called rights issue where existing shareholders can apply for the new shares. For every ...
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