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HSBC subsidiary announces sale of 10pc stake in Chinese bank HONG KONG: Hang Seng Bank, a Hong Kong-based subsidiary of British banking giant HSBC, on Tuesday announced the sale of a 10 percent stake in China's Industrial Bank in a transaction that could be worth $4.74 billion.The sale will leave Hang Seng Bank with a 0.88 percent holding in Industrial Bank. The move was made in two separate deals, with around half the stake being sold in February and the other half to be sold shortly.According to an announcement made on Hang Seng Bank's website, the two transactions will raise a total of up to HK$36.78 billion ($4.74 billion) before expenses."Hang Seng Bank and HSBC consider that the transaction represents an opportunity to realise part of Hang Seng Bank's investment in Industrial Bank, taking into account the current market conditions," the firms said in the joint announcement."Hang Seng Bank expects to use the net sale proceeds of the transaction principally ...

UniCredit posts in line Q1 profit, core capital slightly higher MILAN: Italy's biggest bank by assets, UniCredit, posted a 512 million euros ($576 million) net profit in the first quarter, in line with analyst expectations, while its closely watched core capital edged higher. An analyst consensus distributed by the bank had forecast a net profit of 511 million euros. Earnings were boosted by trading income and higher fees. UniCredit said its fully-loaded CET 1 ratio, a key measure of financial strength, stood at 10.35 percent ...
RBS appoints Santander executive as business banking head LONDON: Royal Bank of Scotland has appointed Marcelino Castrillo managing director of business banking, handing him the task of restoring trust in a bank which has been criticised for its treatment of small firms. Castrillo, who will report to RBS's retail head Les Matheson, was formerly managing director of small business banking at Santander UK."We are the biggest lender to UK SMEs but we want to be the best and Marcelino will play a key ...
Serbian central bank cuts benchmark rate to 6.50 percent BELGRADE: Serbia's central bank cut its main interest rate for the third straight month on Monday by 50 basis points to 6.50 percent, citing a weak economy, low inflation and a relatively stable dinar currency. Nine of 14 bankers and analysts polled by Reuters last week had predicted the cut. Five said the bank would keep the rate, still the highest in the region, on hold. The bank said it felt able to cut again ...
Monte Paschi sees return to profit, shaping up for M&A MILAN: Monte dei Paschi di Siena , expects to return to profit in 2015 for the time in four years and expects to launch a 3 billion euro rights issue this month as Italy's third largest lender shapes up for a merger. The bank, which has lost 14.6 billion euros ($16.3 billion) since 2011 and emerged as the weakest lender in a Europe-wide review of banks last year, said it was starting to see the ...
Bank of England keeps rates steady before inflation update LONDON: The Bank of England kept interest rates steady at a record-low 0.5 percent on Monday, judging that the outlook for prices and wages is still too weak for it to raise the cost of borrowing despite solid growth prospects. The Bank issued no statement but Governor Mark Carney will explain more on Wednesday, when he presents a quarterly update to the central bank's forecasts for growth and inflation. Most economists do not expect the ...
Philippine central bank seen keeping rates steady on Thursday MANILA: The Philippine central bank is expected to leave its benchmark interest rate steady for a fifth meeting in a row on Thursday, a Reuters poll showed, due to easing inflation and a strong growth outlook.All 10 economists polled by Reuters predicted the overnight borrowing rate would be kept steady at 4.0 percent on May 14, saying the central bank can afford to take a wait-and-see approach on rates given manageable inflation.Inflation hit its lowest ...


Index Closing Chg%
Arrow DJIA 18,232.02 0.29
Arrow Nasdaq 5,089.36 0.03
Arrow S&P 2,126.06 0.22
Arrow FTSE 7,031.72 0.05
Arrow DAX 11,815.01 0.42
Arrow CAC-40 5,142.89 0.07
Arrow Nikkei 20,264.41 0.30
Arrow H.Seng 27,992.83 1.70
Arrow Sensex 27,957.50 0.53

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln