Leading public sector lender Union Bank of India will soon ink a Memorandum of Understanding (MoU) with KBC Management Services, a 100% subsidiary of KBC Group of Belgium.
 
The source close to the bank said that after signing the MoU at Mumbai, State-run Union Bank of India will be the owner of 51% partnership while 49% will be owned by KBC Management Services.

KBC asset management has deep rooted presence in central eastern Europe and Belgium.

Recently, the bank has formed alliance with Wealth Advisors, with the target to offer Wealth Management Services to about 600 customers by March 2009.

Public sector lender Indian Overseas Bank has informed that it will soon raise Rs 700 crore through bonds to meet capital requirements.

The bank further stated its board of directors has approved the issue of unsecured, reedemable bonds, which will be raised shortly.

According to sources, the bank is in talks with state-run insurer Life Insurance Corp of India to sell bonds up to Rs 700 crore. The bonds will have a 15-year maturity, with call option at the end of the 10th year.

Country's thi

Phnom Penh - Cambodia has welcomed an initial application by the Bank of India to open in Phnom Penh, local media reported Tuesday.

The Cambodia Daily newspaper quoted Finance Ministry director of investment Chan Sothy as saying the nationalized Indian bank, which has a presence in all the major trade centres of the world, applied to open in April.

The paper quoted Sothy as saying he and Finance Minister Keat Chhon met with outgoing Indian ambassador Aloke Sen Friday and "welcomed the Bank of India to open a branch in Cambodia."

Washington - Financial shares led a sharp drop Monday on Wall Street after news of the collapse of a small bank in Kansas fed continuing worries about bad loans still on the books of companies in the sector.

Columbian Bank & Trust Co, based in Kansas, became the ninth federally insured bank to fail this year in the United States, a symptom of the continuing repercussions of the US mortgage crisis, which has plagued Wall Street since the deflation of a housing price bubble last year.