Tokyo  - Sumitomo Mitsui Financial Group Inc saw its net profit drop 51.2 per cent during the April-September period to 83.28 billion yen (870.74 million dollars) from a year earlier, the banking g

Amsterdam - SNS Reaal has increased its equity capital by 1.25 billion euros (1.57 billion dollars), the Dutch bank and insurance firm announced on Thursday.

Of the total equity increase, 750 million euros originates from the Dutch government, which has purchased securities yielding the Dutch state 8.5 per cent interest on an annual basis.

In addition, the Dutch government acquired the right to appoint two people to SNS Reaal's board. Finally, all SNS managers will give up their bonuses.

Tokyo - Mizuho Financial Group Inc on Thursday announced a plan to increase its capital by issuing preferred subscription securities and establishing a wholly-owned subsidiary company in the Cayman Islands amid the global financial crisis.

The preferred securities, which are not convertible to common shares, would be sold mainly to Japanese insurance companies, the firm said.

Mizuho Financial was expected to issue about 300 billion yen (3.08 billion dollars) in the securities by the end of the year, according to media reports.

Manila - The Asian Development Bank (ADB) said Thursday it was providing a 700-million-dollar multi-tranche financing facility to Kazakhstan to help create a "new Silk Road" that would boost its economy and link Europe and Asia.

The Manila-based bank said the Central Asian Regional Economic Cooperation Transport Corridor I project will run 2,715 kilometres from the city of Khorgos on Kazakhstan's border with China, through Almaty and Shymkent, to the country's western border with the Russian Federation.

Riga - State bail-outs of financial institutions have become almost commonplace in recent months, but still cause a mixture of surprise, fear and sometimes even panic when they are suddenly revealed.

In a bid to ease the liquidity pressure in the monetary system, the union government has directed public sector enterprises to keep their surplus funds with public sector banks (PSBs) without any competitive bid. Total surplus funds amounts to about 1,00,000 cror. This amount would meet fund requirement of the banks, as they have already used funds to cover government sponsored farm loan waiver and other debts.