Dhaka  - Bangladesh's economy is expected to grow at its lowest rate in five years during the current fiscal year, mainly due to the impact of global recession, the Asian Development Bank (ADB) projected Tuesday.

The ADB Outlook 2009, the annual publication of the lending agency, said that the country's GDP growth would fall to 5.6 percent from 6.2 percent in the 2008-09 fiscal year.

It also projects a further decline in growth to 5.2 percent in the 2009-10 fiscal year.

Mumbai, Mar 31: Reserve Bank of India (RBI) Deputy Governor Rakesh Mohan has said that triad banking model - state-run, private and foreign banks - is working well in India.

Mohan said that the growth of each sector has spurred healthy competition.

Geneva  - One of Switzerland's largest private wealth managers will have a new chief executive officer come May, aged only 34 years old, the Julius Baer bank announced Tuesday.

The private bank said Boris Collardi would take over from current CEO Johannes de Gier.

Collardi, a Swiss national born in 1974, worked for Credit Suisse before joining the private wealth manager in 2006.

The previous CEO of Julius Baer, Alex Widmer, died suddenly in December 2008 at the age of 52, amid rumours that it was a suicide.

Home Minister Palaniappan Chidambaram said on Monday that capital restructuring of the state-owned United Bank of India (UBI) will soon be underway. The government-approved restructuring of capital will include over 80 percent reduction in paid-up equity, in an attempt to improve the monetary strictures of the bank.

According to a tie-up between Tata Motors and United Bank of India (UBI), the public sector lender will extend retail finance facility to customers purchasing the passenger vehicles of the bigwig automaker.

Madrid  - Spain could "continue being proud" of its financial system, Economy Minister Pedro Solbes said Monday, one day after the government announced its decision to bail out the savings bank Caja Castilla La Mancha (CCM).

It was the first such rescue in Spain during the global financial crisis, and made the government's constant reassurances about the solidity of the banking system ring increasingly hollow.