Frankfurt - German bank Commerzbank announced late Thursday that it would accelerate its planned takeover of Dresdner Bank from the current parent, insurance group Allianz, at barely half the earlier price.
Under a revision of the deal first struck in August, Frankfurt- based Commerzbank, Germany's second largest bank, will complete the takeover in January, rather than in the second half of 2009 as originally agreed.
The chief executive of Citigroup, Vikram Pandit, has informed that the major reason behind the things going wrong at the company is the banking behemoth putting in lot of money in US real estate market.
In an interview on Tuesday, Pandit said, “What went wrong is that we had tremendous concentration in the sense we put a lot of our money to work against US real estate. So how we got here is, by lending money and putting money to work in the US real estate market in a size that was probably larger than what we ought to have done on a diversification basis.”
Lucerne - Shareholders of Swiss bank UBS overwhelmingly supported Thursday a plan for the Swiss government to inject 6 billion francs (5 billion dollars) into the institution, which has been hit hard by the sub-prime and financial crises.
The bank said over 98 per cent of voting shareholders supported the move, which gives the government a temporary stake of 9.3 percent in the bank.
Banks have agreed to extend financial help to small and medium enterprises (SME) and exporters in the wake of tight liquidity conditions, following the international credit crunch. The Indian Bank’s Association (IBA) discussed the problems of SMEs and hinted to increase the credit limit and ease loan repayment norms without any penalty.
The SMEs and export organizations demanded increase in lending limit from Rs 75 crore against stocks of Rs 100 crore to Rs 85 crore against the inventory. The members of SMEs said that the customers are not repaying them as per stipulated conditions and hence the repayments are getting delayed.
The HDFC Bank has plans to upgrade its existing automated teller machine network across the country by using the 'Aptra eMarketing' software, powered by the NCR Corporation .This facility will enable faster transactions and personalized messages through direct banking channels such as ATMs, Internet banking and phone banking.
The largest state run bank, State Bank of India, today signed an agreement with Insurance Australia Group (IAG) to expand its network in insurance sector. It would set 74:26 joint ventures with AIG for general insurance business in the country. The bank would soon approach the Insurance Regulatory & Development Authority to get necessary approval for joint venture. It has already got administrative approval to forge a JV with Societe Generale for the custodial business.
Frankfurt - German bank Commerzbank announced late Thursday that it would accelerate its planned takeover of Dresdner Bank from the current parent, insurance group Allianz, at barely half the earlier price.
The chief executive of Citigroup, Vikram Pandit, has informed that the major reason behind the things going wrong at the company is the banking behemoth putting in lot of money in US real estate market. 
Lucerne - Shareholders of Swiss bank UBS overwhelmingly supported Thursday a plan for the Swiss government to inject 6 billion francs (5 billion dollars) into the institution, which has been hit hard by the sub-prime and financial crises.
The HDFC Bank has plans to upgrade its existing automated teller machine network across the country by using the 'Aptra eMarketing' software, powered by the NCR Corporation .This facility will enable faster transactions and personalized messages through direct banking channels such as ATMs, Internet banking and phone banking. 
The largest state run bank, State Bank of India, today signed an agreement with Insurance Australia Group (IAG) to expand its network in insurance sector. It would set 74:26 joint ventures with AIG for general insurance business in the country. The bank would soon approach the Insurance Regulatory & Development Authority to get necessary approval for joint venture. It has already got administrative approval to forge a JV with Societe Generale for the custodial business. 
