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Malaysia's three-way bank deal is far from done HONG KONG: Malaysia's three-way $26 billion bank deal is far from done. A merger of CIMB Group with two smaller rivals will create the country's largest bank by assets. Yet current share prices point to hurdles, including potential opposition from an Abu Dhabi sovereign investor or even a counterbid. A Malaysian pension fund could seal the deal, but only if it is allowed to vote. Under terms submitted for approval to the central bank, RHB Capital will issue shares to acquire the much larger CIMB. The latter's privately-held Islamic banking subsidiary will also acquire another listed bank, Malaysian Building Society, for new shares or cash.The two deals will happen simultaneously but are not dependent on each other. RHB shares are currently trading 3 percent below the price implied by the merger terms. The small but significant discount points to hurdles that could still arise despite efforts to steamroll opposition by ...

Russia's VTB to 'slightly' reduce presence in London, Western Europe WASHINGTON: Russia's VTB Bank will slightly reduce its presence in London and the rest of Western Europe but keep its core operations there, the bank's chief executive said. The West imposed sanctions on the bank over Russia's role in the Ukraine crisis. "We will of course shrink our structure in London and Western Europe, but it will only be slightly," VTB CEO Andrei Kostin told reporters on the sidelines of the IMF and World Bank ...
Egypt has paid back $500mn to Qatar: central bank governor WASHINGTON: Egypt has paid back $500 million to Qatar and will soon return the remainder of the money the Gulf state deposited into the Egyptian central bank after the 2011 revolution, the bank's governor said on Saturday.Qatar helped prop up the Egyptian economy in the aftermath of the revolution that ousted Hosni Mubarak and eventually brought Islamist President Mohamed Mursi to power in Egypt's first democratic elections.The monarchy, a strong supporter of Mursi's Muslim Brotherhood, ...
Poland's BGZ to issue $676mn of shares in merger with BNP unit WARSAW: Poland's Bank BGZ will issue shares worth 2.24 billion zlotys ($676 million) to merge with BNP Paribas' Polish unit following BNP's acquisition of BGZ, the lenders said.BGZ will issue almost 28.1 million shares to BNP Paribas Polska owners, who are to receive 5 new shares for every 6 shares in BNP Paribas Polska, which has a market value of 2.13 billion zlotys.BNP, France's biggest listed bank, last month completed the purchase of BGZ from ...
Swiss deflation risk on radar screen for SNB -bank chairman WASHINGTON: Swiss National Bank (SNB) Chairman Thomas Jordan vowed on Friday to take whatever steps were necessary to fend off deflation in the face of a weak global economy, worsening euro zone outlook and falling commodities prices.Jordan said policymakers were closely watching the risk of negative inflation rates, or deflation, given a deterioration in the economy of the euro zone, Switzerland's main trading partner."At the moment we have this deflation risk, or risk of negative ...
Bank of Canada survey: companies see modest business activity rise OTTAWA: Canadian companies expect a modest improvement in business activity over the next 12 months but are split over whether the weaker Canadian dollar will boost input prices, a Bank of Canada survey showed on Friday. The central bank's quarterly business outlook survey said businesses cited tangible signs of improving US demand.They were generally more optimistic about foreign rather than domestic demand, it added. Although companies expect input prices to increase at a somewhat higher ...
Sri Lanka central bank cuts interest rates on pawn loans COLOMBO: Sri Lanka's central bank requested banks on Friday to cut interest rates on loans in which banks accept gold as collateral, or pawning, to 12 percent if they want to be eligible for a government credit guarantee scheme. Banks had been charging 15 percent interest on such loans.The central bank in May announced a credit guarantee scheme for loans backed by gold as collateral, in a bid to boost credit growth which fell to ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln