08272016Sat
Last update: Sat, 27 Aug 2016 01pm

Banking & Finance

Business & Finance - Banking & Finance

Oman's Bank Dhofar working with two advisers on capital plans DUBAI: Oman's Bank Dhofar is working with National Bank of Abu Dhabi and Standard Chartered as it studies options for raising its reserves including selling a capital-boosting bond, banking sources told Reuters on Tuesday. The sultanate's second-largest lender by assets said last month it was mulling options for raising up to $300 million of capital at the earliest opportunity, with a bond which enhanced its Tier 1, or core, capital the preferred method. The two advisers have been working with Bank Dhofar for around six months, one of the banking sources said, speaking on condition of anonymity as the information isn't public.Calls to Bank Dhofar's chief executive, its chief financial officer and a spokesman all went unanswered. A number of Gulf banks, including Qatar's Doha Bank and Abu Dhabi Islamic Bank, have said in recent weeks they are planning to boost their capital reserves after a period of strong growth.Many ...

Business & Finance - Banking & Finance

Greek bank rescue fund's cushion reverts to lenders if no deal ATHENS: Greece's radical new government, under pressure from euro zone partners to stick with an international bailout, could see billions of euros sitting in its bank rescue fund return to its lenders if a deal fails to materialise by end-February. The Hellenic Financial Stability Fund (HFSF), seeded with 50 billion euros ($57.12 billion) to recapitalise the country's banks, has a remaining cushion of about 11 billion euros in European Financial Stability Facility (EFSF) bonds that ...

Business & Finance - Banking & Finance

Bank of Italy official says Popolari reform cannot be delayed ROME: A senior Bank of Italy official backed the government's plans to overhaul the so-called "popolari" cooperative banking sector, saying the reform could not be delayed and dismissing calls from the sector for limits on the size of shareholdings in the banks. Bank of Italy Director General Salvatore Rossi told a parliamentary committee hearing that the reforms would strengthen bank capital. Popolari banks have been resisting government plans to convert them into joint stock companies, ...

Business & Finance - Banking & Finance

Indonesia's central bank cuts rate to spur growth JAKARTA: Indonesia's central bank unexpectedly cut its key interest rate by 25 basis points on Tuesday to spur growth as inflation slowed in Southeast Asia's biggest economy.It was the first time in three years that the bank had moved to trim the rate, to 7.50 percent from 7.75 percent."The policy is taken because Bank Indonesia is confident that inflation will remain under control," the central bank said in a statement.It said it expects this year's ...

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Lanxess to keep dividend steady at 0.50 eur/share FRANKFURT: Germany's Lanxess on Tuesday said it planned to pay a flat 0.50 euro-per-share dividend for 2014 despite persistent weak prices of its main synthetic rubber products, thanks to a reduction in its debt.The company reduced its net financial liabilities to around 1.3 billion euros ($1.5 billion) in 2014, faster than it had expected, it said, down from 1.73 billion at the end of 2013.Lanxess said last month that adjusted earnings before interest, taxes, depreciation ...

Business & Finance - Banking & Finance

France issues arrest warrants for ex-UBS managers PARIS: French investigating magistrates have issued arrest warrants for three former Swiss managers at UBS in connection with their investigation into whether the bank helped tax dodgers, a judicial source told Reuters on Tuesday. It was unclear if the managers worked in France or elsewhere within the Zurich-based bank. A spokesman for UBS declined to comment.France has been investigating UBS since July on suspicion of helping its wealthy clients avoid tax.Copyright Reuters, 2015 ...

Business & Finance - Banking & Finance

Spain's CaixaBank makes bid for Portuguese lender BPI MADRID: Spain's third-biggest lender CaixaBank said Tuesday it would launch a full takeover for Portuguese rival BPI, just months after it bought Barclays' Spanish operations, as it seeks to expand abroad.CaixaBank, which is already BPI's biggest shareholder with a 44.1 percent stake, offered to pay 1.329 euros per share of the Portuguese bank which it does not already own.The offer is 27 percent higher than BPI's closing share price on Monday and it values Portugal's ...