Guerrero appointed South Asia director
by Richard Kilner
Story link: Guerrero appointed South Asia director
Isabel Guerrero has been appointed by the World Bank’s president, Robert Zoellick, to serve as the South Asia Region’s vice president.
Guerrero leaves behind her previous New Delhi-based job as country director for India to assume her new role.
She joined the organisation 26 years ago, and early in her career worked as a country economist for […]
UniCredit appoint Hammond and Lim as market heads
by Richard Kilner
Story link: UniCredit appoint Hammond and Lim as market heads
UniCredit Markets & Investment Banking (MIB) has announced the appointment of Mike Hammond and TJ Lim as co-heads of Markets.
Hammond first joined MIB in August of last year, leaving behind Merrill Lynch, where he held a range of senior positions.
He brings more than two decades of experience to his new position.
Lim joins from NewSmith Capital […]
ECB increases interest rates by 25 basis points
by Richard Kilner
Story link: ECB increases interest rates by 25 basis points
The European Central Bank (ECB) yesterday revealed its decision regarding monetary policy in the eurozone.
Effective from 9 July, the lowest possible bid rate on refinancing operations of the Eurosystem rises to 4.25%, an increase of 25 basis points.
On the same date the marginal lending facility interest rate also increases by 25 basis points, to 5.25%.
Also […]
Printers stop providing Zimbabwe with banknote paper
by Richard Kilner
Story link: Printers stop providing Zimbabwe with banknote paper
German printers Giescke & Devrient have taken the decision to stop providing the Reserve Bank of Zimbabwe with banknote paper.
The move, which came into effect on Tuesday, comes in response to the growing worldwide condemnation of Robert Mugabe.
The European Union and United Nations have both called for sanctions, and the German government made an official […]
JPMorgan strikes deal with SAMCo
by Richard Kilner
Story link: JPMorgan strikes deal with SAMCo
JPMorgan and Shell Asset Management Company (SAMCo) have reached an agreement whereby JPMorgan will offer a global provision to service Shell’s corporate pensions and insurance plans, with combined assets of over $70bn.
JPMorgan will offer a range of advanced services, providing fund accounting and administration and certain securities lending services, for SAMCo, and participating pension funds.
JPMorgan’s […]
World Bank: $10bn needed to combat food crisis
by Richard Kilner
Story link: World Bank: $10bn needed to combat food crisis
The president of the World Bank, Robert Zoellick, has urged the leaders of the wealthiest nations in the world and the biggest oil producers to take action at once to stem the ever rising cost of food and energy.
Zoellick described the world as entering a danger zone, and made his plea in a letter to […]
Deutsche Bank acquires parts of ABN AMRO
by Richard Kilner
Story link: Deutsche Bank acquires parts of ABN AMRO
Deutsche Bank, Fortis and ABN AMRO have announced that they have reached an agreement whereby Deustche Bank will acquire certain parts of ABN AMRO.
The German firm will gain a portion of ABN’s commercial banking activities within the Netherlands, for a cost of €709m.
The businesses involved in the transaction are part of ABN’s Business Unit Netherlands […]
Standard Bank offers custody services in Mauritius
by Richard Kilner
Story link: Standard Bank offers custody services in Mauritius
The corporate and investment banking division of South African firm Standard Bank has expanded its geographical reach by opening a custody service in Mauritius.
The move has been made due to an increasing interest amongst foreign investors in the Mauritian market, combined with growing investment activity on a local level.
Custody services will initially be provided to […]
BNP Paribas reshuffles senior positions
by Richard Kilner
Story link: BNP Paribas reshuffles senior positions
Yesterday the board of French Bank BNP Paribas met, chaired by Michel Pébereau.
The board agreed to an important reshuffle of general management on a motion of Baudouin Prot, and made a number of key appointments.
The board also decided upon a new executive committee composition as a result of the reshuffle.
CEO Baudouin Prot proposed that the […]
Deutsche Bank opens second Russian office
by Richard Kilner
Story link: Deutsche Bank opens second Russian office
St Petersburg is to be the site of a new Deutsche Bank representative office.
Private wealth management and global transaction banking support will be on offer to clients from the new office.
Deutsche Bank presently has a single office in Russia, located in Moscow, which has been in operation for the last decade and has more than […]
Deutsche Securities appoint Japanese market leader
by Richard Kilner
Story link: Deutsche Securities appoint Japanese market leader
Deutsche Securities Inc. has announced the appointment of Marzio Keiling as head of global markets Japan.
In addition, Keiling assumes the role of Japan’s representative on the global markets executive committee.
He replaces Henry Ritchotte, who moves to London to take up the position of chief operating officer for global markets worldwide.
Keiling joined Deutsche Bank 12 years […]
PBC reveals business research findings
by Richard Kilner
Story link: PBC reveals business research findings
The People’s Bank of China (PBC) commissioned a Business Survey in the second quarter of 2008 which had 5,530 respondents.
The research revealed that banks were feeling the affects of a tighter monetary policy, which was resulting in a falling bank-lending index.
It is the fifth consecutive quarter which has seen the index decline to its current […]
Australia’s cash rate stays at 7.25%
by Richard Kilner
Story link: Australia’s cash rate stays at 7.25%
The Reserve Bank of Australia has today decided to keep its cash rate unchanged at 7.25%.
Australia’s inflation has been high so far this year, and the monetary policy board is aiming to gradually reduce inflation through lowering demand.
On both the international and domestic fronts, the financial markets remain turbulent.
Market interest rates in Australia have risen […]
JPMorgan Chase declares steps related to Bear Stearns acquisition
by Richard Kilner
Story link: JPMorgan Chase declares steps related to Bear Stearns acquisition
Over the coming weeks JPMorgan Chase & Co. is to take a number of steps to facilitate the proper integration of the businesses of The Bear Stearns Companies Inc.
This will entail JPMorgan Chase taking on the preferred stock and debt securities that was Bear Stearns’, as well as ending the reporting obligations of the failed […]
Oceanic Bank to provide 2,000 homes in Nigeria
by Richard Kilner
Story link: Oceanic Bank to provide 2,000 homes in Nigeria
Nigerian firm Oceanic Bank International Plc has reached an agreement with Ogun State to create more than 2,000 units of housing.
In addition, Oceanic Bank is to act as the lead arranger for a syndicated loan of N5bn.
Dr. Kunle Salako, Ogun State’s commissioner of housing, made the announcement whilst presenting his strategic brief State Executive Council […]
Reserve Bank of New Zealand plans for uncertain future
by Richard Kilner
Story link: Reserve Bank of New Zealand plans for uncertain future
The Reserve Bank of New Zealand has today released its Statement of Intent (SOI) for the period 2008-2011.
Governor Alan Bollard has said that the document was formulated during an era of uncertainty for the economic future.
As with much of the rest of the world, New Zealand’s economic activity has been in a recent downturn, with […]
Friese to become CEO of ING’s Nationale-Nederlanden
by Richard Kilner
Story link: Friese to become CEO of ING’s Nationale-Nederlanden
Dutch bank ING has announced the appointment of Lard Friese as chief executive officer of Nationale-Nederlanden, as well as chairman of the Dutch Intermediary Division.
Friese will succeed the incumbent, Ludo Wijngaarden, who leaves the post on 1 August.
The appointment will be effective from 1 September of this year, subject to the approval of De Nederlandsche […]
Guaranty Trust Bank doubles share dividend at AGM
by Richard Kilner
Story link: Guaranty Trust Bank doubles share dividend at AGM
The 18th annual general meeting of the Guaranty Trust Bank (GTB) has been held at the Eko Hotel’s Expo Hall in Victoria Island Lagos.
Shareholders continued to show their support for the bank and its future targets, most notably the aim of becoming Nigeria’s premier banking institution.
At the gathering, the GTB’s board gave their approval to […]
World Bank gives US$15m energy grant to Argentina
by Richard Kilner
Story link: World Bank gives US$15m energy grant to Argentina
The Global Environment Facility’s proposed US$15m grant to bolster energy efficiency in Argentina has been given the green light by the World Bank.
The money will be utilised to lessen Argentina’s environmental impact by improving efficiency of energy supply, thereby lessening fuel consumption and the consequent effects upon the environment.
The measures involved in the project include […]
Morgan Stanley acquire 60% stake in Learning Care
by Richard Kilner
Story link: Morgan Stanley acquire 60% stake in Learning Care
Morgan Stanley Private Equity has stated that it has completed its acquisition of a three-fifths share in Learning Care Group (a subsidiary of ABC Learning Centres Limited).
The deal was announced on 22 April initially, and values the firm at $700m.
The completion of the agreement marks the third investment foray Morgan Stanley Private Equity has taken […]
