Swiss regulatory concerns scuppered talks between private banks Julius Baer and EFG International over a potential tie-up worth some 15 billion Swiss francs ($17 billion), two sources with knowledge of the matter told...
Canada’s National Bank to buy Canadian Western Bank for $3.6 billion
National Bank of Canada said on Tuesday it would buy Alberta-based rival Canadian Western Bank in a C$5 billion ($3.63 billion) deal combining the country’s sixth- and eighth-largest lenders respectively and...
UBS and Credit Suisse’s Swiss units could merge by July 1
The merger of the Swiss units of UBS and Credit Suisse could be completed as early as July 1, a senior executive at UBS was quoted as saying on Tuesday. UBS, which acquired former rival Credit Suisse last year after the...
National bank mergers can pave way for cross-border deals, ECB’s De Guindos says
National bank mergers must come before cross-border deals, the vice-president of the European Central Bank Luis de Guindos said on Friday, without elaborating if the ECB would approve BBVA’s takeover bid for...
Japan banks to begin divesting their strategic Toyota shareholdings, Bloomberg reports
Japan’s two biggest banks will start divesting their strategic shareholdings in Toyota Motor – worth a combined $8.5 billion – and will seek to sell into the automaker’s planned share buybacks...
Kotak Bank gets RBI nod to sell 70 pc stake in general insurance arm to Zurich Insurance
Kotak Mahindra Bank on Wednesday said it has received the RBI approval to sell a 70 per cent stake in its general insurance arm to Zurich Insurance Company. In November last year, Zurich Insurance Company announced...
Spain’s BBVA seeks ECB go-ahead for Sabadell hostile bid, source says
Spain’s BBVA asked the European Central Bank on Tuesday to authorize its more than 12 billion euro ($13 billion) hostile bid for Sabadell, a source close to BBVA said. BBVA’s all-share offer was rejected by...
SC dismisses Adisri Commercial’s appeal against insolvency proceedings on SREI Firms
The Supreme Court on Monday dismissed Adisri Commercial’s appeal against the admission of insolvency proceedings against SREI Infrastructure Finance (SIFL) and SREI Equipment Finance (SEFL). It imposed a cost of Rs one...
IDFC First Bank board approves plan to raise ₹3,200 cr via preferential issue
IDFC First Bank Ltd. on Thursday said its board approved a proposal to raise ₹3,200 crore through a preferential allotment of shares. The private sector lender will be issuing 39.68 crore shares to marquee investors at...
WeWork cleared to exit bankruptcy and slash $4 billion in debt
A U.S. bankruptcy judge on Thursday approved WeWork’s Chapter 11 bankruptcy plan, allowing the shared office space provider to eliminate $4 billion in debt and hand the company’s equity over to a group of...
SBI to sell guarantees of Reliance Naval promoter
State Bank of India (SBI) has initiated the process of selling personal guarantees given by Nikhil Gandhi, the erstwhile promoter of Reliance Naval and Engineering. The bank has set a reserve price of ₹3.48 crore, which...
HSBC completes sale of Russian unit to Expobank
HSBC has transferred ownership of its Russian unit to Expobank for an undisclosed fee, the two lenders said on Wednesday, ending around two years of negotiations and uncertainty. HSBC’s exit from Russia has been...
