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 [...]
ING to appoint former Dutch Minister
by Richard Kilner
Story link: ING to appoint former Dutch Minister
Dutch bank ING has announced the appointment of Karien van Gennip to the post of director of European and International Affairs.
Van Gennip will assume her role on 8 September, succeeding Violeta Ciurel who vacates the position to become regional chief executive officer of the firm’s greenfield insurance operations within Central Europe.
She will be tasked with [...]
Shareholders approve HBOS rights issue
by Gill Montia
Story link: Shareholders approve HBOS rights issue
HBOS’ £4 billion rights issue has secured the backing of the majority of its shareholders.
The bank has been forced into its cash call by writedowns from the credit crisis.
The fundraising has already encountered problems in the form of volatile share movements, which have been attributed to traders short-selling and resulted in an inconclusive investigation by [...]
Barclays invites small shareholders into £4.5bn fundraising
by Gill Montia
Story link: Barclays invites small shareholders into £4.5bn fundraising
Barclays has clarified the positions of its small shareholders with regard to its fundraising.
Earlier this week, the bank announced that it was raising £4.5 billion in an issue of 1.58 billion shares.
The move involved Qatar Investment Authority, the authority’s chairman, Sheikh Hamad Bin Jassim Bin Jabr Al-Thani, and Sumitomo Mitsui Banking Corporation (SMBC) each taking [...]
Consumers unengaged with contactless payment
by Gill Montia
Story link: Consumers unengaged with contactless payment
APACS, the body that represents UK firms involved in payment services, has reported a disappointing take-up of contactless payment among consumers.
This relatively new method of making purchases allows cardholders to pay for items of up to £10 by simply swiping their specially-enabled debit or credit cards against a retailer’s terminal.
Cardholders do not need to use [...]
BoE Governor reluctant to raise base rate
by Gill Montia
Story link: BoE Governor reluctant to raise base rate
The Governor of the Bank of England, Mervyn King, has indicated that he is reluctant to raise the base rate in an effort to maintain the Government’s inflation target of 2%.
Addressing the House of Commons Treasury Committee, Mr King spoke about the balancing act of addressing inflationary pressures while remaining mindful of the dangers of [...]
Rauchenwald appointed to UniCredit’s board
by Richard Kilner
Story link: Rauchenwald appointed to UniCredit’s board
Martin Rauchenwald is to be appointed to the management board of UniCredit Bank, pending the green light from the necessary authorities.
Rauchenwald, who is presently leader of marketing and investment banking for Russia, is to retain his role as acting chairman of UniCredit Aton’s supervisory board.
For the last two years he has been acting head of [...]
JPMorgan Treasury Services appoints new executive
by Richard Kilner
Story link: JPMorgan Treasury Services appoints new executive
Eduardo Vergara has been appointed by JPMorgan Treasury Services to the post of global commercial card executive.
He joins the firm from American Express, where he was in charge of global product management and marketing for global commercial card.
During his career he has also held a number of posts with Bank of America, and worked [...]
CAAM appoint Tazé-Bernard as investment chief
by Richard Kilner
Story link: CAAM appoint Tazé-Bernard as investment chief
Crédit Agricole Asset Management has announced the appointment of Eric Tazé-Bernard to the post of head of investment of long-only multimanagement.
Tazé-Bernard brings 25 years of industry experience to his role, having begun his career in 1983 with SEDES (CDC Group, France) as an economic consultant.
He joins Crédit Agricole from Invesco, leaving behind his job as [...]
Lenders entice young into unaffordable debt
by Gill Montia
Story link: Lenders entice young into unaffordable debt
YouthNet, the charity that focuses on issues affecting young people, has completed a survey in which over two-thirds of respondents claimed they had been encouraged to take up debt they did not want or could not afford.
Around 68% of the 16 to 24 year-olds questioned had been encouraged to take out credit, the majority being [...]
Zurich launches two pension trusts
by Gill Montia
Story link: Zurich launches two pension trusts
Zurich has launched two new pension trusts: the Pensions Discretionary (2 years) Trust and the Pensions Discretionary (80 years) Trust.
Both trusts aim to give customers flexibility in their estate planning.
In the case of the Pensions Discretionary (2 years) Trust, benefits must be paid within two years of death, thus avoiding Inheritance Tax liability.
Alternatively, the [...]
Aegon and Scottish Widows hike charges on “paid-up” pensions
by Gill Montia
Story link: Aegon and Scottish Widows hike charges on “paid-up” pensions
Royal London, the UK’s largest mutual life and pensions company, has been investigating pension plan charges on policies that are “paid-up”.
The research reveals that large numbers of people who have contributed to group personal pension schemes and opted not to transfer their funds to their new pension arrangements when they change jobs, are paying high [...]
Morgan Stanley appoints Japanese private equity head
by Richard Kilner
Story link: Morgan Stanley appoints Japanese private equity head
Morgan Stanley has announced the appointment of Yoshihiko Shigenari to the post of private equity leader in Japan.
Shigenari, whose appointment comes into effect on 1 July, is also to be made representative director of Morgan Stanley Capital K. K.
Shigenari has been with the firm for almost two decades, joining in 1989 and presently serving as [...]
Merrill Lynch acquires Chilean presence
by Richard Kilner
Story link: Merrill Lynch acquires Chilean presence
Merrill Lynch & Co., Inc. yesterday announced that it is to acquire Ureta y Bianchi Corredores de Bolsa S.A, a Chilean equity broker firm.
The acquisition will be part of a wider move to establish a Chilean presence in the form of a Global Markets and Investment Banking (GMI) platform in the country.
By taking over Ureta [...]
