Banking Times: Daily Banking News
 
 
Daily Banking Industry News
Saturday 05th of July 2008
July 4, 2008

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 […]



July 3, 2008

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 […]



July 2, 2008

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 […]



July 1, 2008

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 […]



June 30, 2008

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 […]



June 27, 2008

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 […]