Big bank mergers are no longer taboo. Ever since the 2008 crisis bosses have considered consolidation between large lenders unworkable, while regulators deemed it undesirable. UBS Chief Executive Sergio Ermotti may...
RBI approves IDFC-IDFC First Bank merger
Reserve Bank of India has given its nod for the reverse merger of IDFC Ltd with its banking subsidiary IDFC First Bank. The boards of IDFC First Bank and IDFC have approved the reverse merger in July. “…...
Royal Bank of Canada gets nod for $10 bln purchase of HSBC unit
Canada on Thursday approved Royal Bank of Canada’s C$13.5 billion dollars ($10.2 billion) acquisition of HSBC’s domestic unit, in a deal that would further tighten the country’s top lenders’ grip...
Citi’s Mexico unit set to split off by late 2024 -local media
Citigroup’s Mexican retail unit, known as Banamex, is set to split off from its parent by the second half of 2024, the lender’s Mexico head, Manuel Romo, told local media. The retail unit should then begin...
Credit Suisse sells REIT business in Brazil to Patria for around $130 mln
Credit Suisse said it reached a deal to sell its real estate fund management business in Brazil to asset manager Patria Investments for up to 650 million reais (around $130 million). The bank, owned by UBS, will...
SBI to acquire 20% additional stake in SBI Pension Funds for around Rs 230 crore
State Bank of India said that it will acquire a 20% stake in SBI Pension Funds Pvt Ltd for Rs 229.52 crore. Currently, SBI holds a 60% stake in SBI Pension Funds. The bank will acquire the 20% stake held by SBICAPS, its...
Ajay Piramal may look to buy a state-run bank
The Piramal Group, which owns a non-bank financier, is weighing acquisitions to enter the banking space and may look at public sector banks (PSBs) that the government puts on the block, group chairman Ajay Piramal said...
Govt invites fresh bids from asset valuers of IDBI Bank
The government on Wednesday issued a fresh RFP for the appointment of asset valuer for strategic sale-bound IDBI Bank. The last date for submitting bids by asset valuer is January 5, the Department of Investment and...
LIC keen to keep part of its stake in IDBI Bank to reap benefit of bancassurance
State-owned LIC, promoter of IDBI Bank, has said it plans to retain a part of its stake in the lender to harness the benefits of the bancassurance. Along with the government, Life Insurance Corporation (LIC) will also...
Barclays in talks to buy Metro Bank’s mortgage book worth $3.74 bln – Sky News
Britain’s Barclays is in exclusive talks to buy embattled lender Metro Bank’s 3 billion pound ($3.74 billion) residential mortgages portfolio, Sky News reported on Monday. A deal is likely to be struck by...
NCLAT admits SBI plea against Lavasa Resolution
The insolvency process for the bankrupt Lavasa Corporation took a new turn with the principal bench of the National Company Law Appellate Tribunal (NCLAT) allowing a State Bank of India (SBI) petition seeking to set...
IDBI Bank share sale unlikely before 2024 general elections: Sources
The Indian government will likely complete the sale of its majority stake in IDBI Bank only after the country’s general elections in mid-2024, said three sources aware of the matter, stretching out a process that...
