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Munich  - Troubled German state bank BayernLB announced Wednesday a review of all its costs just one day after it said was tapping the government's financial rescue plan for 5.4 billion euros (7.1 billion dollars).

"We will be looking at all positions," said a spokesman of the Munich-based bank, which has been badly hit by the global financial crisis and which became the first German financial house to apply for financial support from Berlin's 480 billion-euro bank rescue package.

The cost review includes the 19,000 BayernLB's world-wide labour force with the bank having already warned that it might not be able to avoid job cuts.

The Bavarian state bank is planning a 400-million saving project in the next three years.

Government has decided to restructure the equity capital of UCO Bank and Punjab & Sind Bank.

The Indian government holds the majority stake in both the Banks i.e. 74.98 percent stake in UCO Bank and 100 percent stake in Punjab & Sind Bank.

The total paid up capital of UCO Bank is approximately Rs. 800 crores out of which Rs. 250 crores will be converted into perpetual non-Convertible preference shares.

Stockholm - Swedish banking group Handelsbanken on Wednesday outdid analyst expectations and reported higher third-quarter operating profits and net interest income.

Handelsbanken was the first of the Nordic nation's four major banking groups to report results amid the ongoing financial turmoil.

Operating profits were up 6 per cent to 3.78 billion kronor (510 million dollars), the group said attributing this to "higher net interest income and lower costs."

Karvy Stock Broking Limited has maintained ‘buy’ rating on ICICI Bank stock with an intraday target of Rs 440.

According to Karvy, interested traders can purchase the stock between Rs 418-422 with a strict stop loss of Rs 400. If the stock market remains on positive track, the stock pricing becomes more attractive, and reach above Rs 405.
 

Prime Minister, Dr. Manmohan Singh assured Lok Sabha that Indian banking system is stable and people's deposits with public and private banks are entirely safe. He ruled out any direct impact of global financial crisis on the Indian economy but he confessed its indirect impacts on the country growth.

Government is taking various steps to galvanize India from the global slowdown. Indian banks are financially very sound and they have very small exposure to the sub-prime mortgage assets. So people no need to worry about their money.