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Spain's Caixabank eyes 150mn euro synergies from Barclays deal MADRID: Spain's Caixabank said on Monday that its acquisition of Barclays' retail and corporate banking operations in the country would bring around 150 million euros ($197 million) in gross cost savings by 2016. Caixabank will buy the Spanish assets, as well as Barclays' wealth and investment management business, for 800 million euros, the two banks said late on Sunday. The Barcelona-based lender was one of Spain's most acquisitive banks during a recent financial crisis, as it bought up smaller savings banks hit hard by a property market crash. It has the country's biggest bank office network, and will be taking on 270 more branches - the bulk of which are in Madrid - as well as just over 2,400 staff and 21.6 billion euros in assets as part of the Barclays deal. Caixabank added in a presentation that the purchase would involve around 300 million euros in restructuring costs, net ...

CaixaBank to buy Barclays Spain operations LONDON: Spain's third-biggest bank by capitalisation CaixaBank is to buy Barclays' Spanish operations for £800 million ($1.1 billion) as the British bank undergoes major restructuring, Barclays said on Sunday.The sale includes Barclay's retail banking, wealth and investment management and corporate banking businesses in Spain.In a statement, Barclays said 2,400 staff and 262 branches would transfer to CaixaBank once the deal is completed, likely around the end of the year.The British bank is undertaking a major ...
China's AgBank chairman to assume provincial party post SHANGHAI: The chairman of Agricultural Bank of China Ltd (AgBank) , the country's third-largest listed lender, plans to take on the role of deputy party secretary in the country's northern province of Jilin. Jiang Chaoliang, who became chairman of AgBank in January 2012, plans to assist with reform in the province, according to a statement posted on the website of The People's Government of Jilin Province late on Sunday. AgBank could not be reached for ...
India better prepared for eventual Fed rate hike, says RBI chief NEW DELHI: India is better prepared to handle the impact of interest rate increases in the United States as foreign funds are less likely to desert the country due to signs of an upturn in economic growth, its central bank chief said in an interview published on Sunday.Reserve Bank of India Governor Raghuram Rajan's comments to the Times of India came on the heels of U.S. jobs data which has heated up speculation over when ...
Piraeus Bank posts profit ATHENS: Greece's Piraeus Bank beat market expectations by posting a profit in the second quarter, helped by higher net interest income and a deferred tax benefit.The country's second-largest lender by assets reported a net profit of 164 million euros ($216 million), compared with a loss of 247 million euros in the first quarter.Analysts polled by Reuters had forecast a second-quarter loss of 133 million euros, on average. Piraeus, which is 67.3 percent owned by the ...
Swiss banks hit by huge deposit outflow in tax crackdown ZURICH: Swiss banks have suffered from a massive outflow of funds since 2008, a survey said on Friday, squeezed by an international crackdown on tax evasion.The survey by auditors PricewaterhouseCoopers attributed much of the outflow -- totalling almost 350 billion Swiss francs (290 billion euros, $380 billion) -- to customers paying fines for undeclared assets held in Swiss accounts. The report said that foreign clients withdrew about 100 billion Swiss francs to pay fines abroad, ...
Kenya's National Bank reports profit up 32pc on interest income NAIROBI: National Bank of Kenya posted a 32 percent rise in first-half pretax profit to 1.25 billion shillings ($14.14 million), helped by a rise in net interest income. Banks in east Africa's biggest economy have raked in higher earnings this year, buoyed by rising lending on the back of steady interest rates and economic growth. The lender, which is 70 percent owned by the government and Kenya's state pension fund, said interest income rose 15 ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
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WeeklySeptember 02, 2014
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