Deutsche Bank AG’s management board has decided, with the agreement of the supervisory board, to generate a capital increase of 2bn euros (gross). The capital increase has the purpose of purchasing a 29.75% stake from Deutsche Post AG in Deutsche Postbank AG. In addition, the capital increase will help ensure Deutsche Bank’s strong equity capitalisation [...]
Nomura Holdings has acquired the Asian business of collapsed investment bank, Lehman Brothers, for around $230 million (£125 million). The price is regarded as a steal for the Japanese bank, which will become the new owners of Lehman Brother’s investment banking operations in Australia, China, Japan, Taiwan, Singapore and Thailand. Barclays, which last week acquired [...]
The Federal Reserve has announced that it has granted a request from Goldman Sachs and Morgan Stanley, the two remaining major investment banks in the US, to change their status to bank holding companies. The move will allow both banks permanent access to emergency funding from the Fed but also means changes to the ways [...]
The hurried £12 billion merger between Lloyds TSB and HBOS may be challenged in the days ahead, with reports that counter bids are being prepared. A report in Scotland on Sunday suggests that Bank of America, Citigroup, and Spanish bank, BBVA, could be interested in acquiring HBOS, while the Sunday Herald names a group of [...]
HSBC has withdrawn from its proposed £3.3 billion acquisition of a majority stake in Korea Exchange Bank (KEB). Europe’s largest bank began its negotiations to purchase 51% of KEB from US private equity firm, Lone Star, last autumn. The proposed transaction has been bogged down in legal and regulatory issues for some months and at [...]
The US Treasury and the Federal Reserve will spend the weekend developing a plan to clean up the toxic debt that is at the heart of the credit crisis. The news has seen markets rise worldwide with banking stock showing a strong recovery and shares in Barclays, HBOS and Lloyds TSB rising substantially. The US [...]
French bank Société Générale has announced a number of appointments and the creation of a new department dedicated to Emerging Markets, Environment and Sustainable Development. Federico Turegano has been appointed by Société Générale Corporate & Investment Banking as global head of the Natural Resources and Energy Financing business line. Turegano’s position is situated within the [...]
The Bank of England (BoE) has announced that it will be pumping £22.3 ($40 billion) into the money markets today. The move comes alongside similar actions to improve liquidity in global financial markets by the European Central Bank, the US Federal Reserve, Bank of Canada, Bank of Japan and the Swiss National Bank. The BoE’s [...]
Central banks across the world have responded to the recent extreme conditions in the financial sector by announcing co-operative action aimed at addressing the present situation. The Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, the Bank of Japan and the Swiss National Bank are all participating in co-ordinated [...]
Investment bank Thomas Weisel Partners Group has announced the three appointments of Seth Ferguson as MD and co-head of Mergers & Acquisitions, Douglas Leo as head of Commission Management for Brokerage and Christopher Poggi as MD for Investment Banking focused on Software. Leo is to be based in New York, with Poggi and Ferguson both [...]
Lloyds TSB has reported the terms of its proposed takeover of HBOS, details of which were finalised overnight, only hours after the BBC broke the news that merger negotiations were underway. In what is effectively a rescue of HBOS, which owns the UK’s largest mortgage lender, Halifax, the all-share deal values the group at £12.2 [...]
A Royal Bank of Scotland (RBS) employee has been sentenced to 18 months in prison for behaving like a modern day Robin Hood. Thirty-nine-year-old Benedict Hancock appeared before Blackfriars Crown Court for diverting over £7 million into the accounts of business that were in difficulties. Back in 2006, Mr Hancock used his role as a [...]
The Bank of England has extended its Special Liquidity Scheme (SLS). The scheme was introduced in April and has become a lifeline to UK mortgage lenders by providing regular injections of cash and allowing them to swap mortgage-backed securities for Treasury bills. The market for mortgage securities has been virtually frozen since the credit crisis [...]
German bank Landesbank Baden-Württemberg (LBBW) has acquired Czech firm BAWAG Bank CZ, and renamed it LBBW Bank CZ. LBBW Bank CZ has its headquarters in Prague and will operate as LBBW’s full subsidiary inside the Czech Republic. The acquisition marks LBBW’s first steps into the country, with 23 branches employing 350 members of staff. LBBW [...]
Scotia Capital has announced the appointment of Adam Waterous as the new head of Global Investment Banking. Waterous will retain his post as head of the oil and gas M&A division, Scotia Waterous. In his new position he will become responsible for Scotia Capital’s Investment Banking, M&A, Equity Capital Markets and Scotia Waterous business lines. [...]
Kenneth J. Phelan has been named by Wachovia as the firm’s new chief risk officer. Phelan, who is to join the firm in early October, brings with him decades of financial services experience and recently served with JP Morgan Chase as head of Risk Management Services. Previously, he worked for Bank One as head of [...]
