APAC UPDATE - The world around us
Citi’s reported decision to cede control of crown jewel brokerage Smith Barney to a joint venture with Morgan Stanley is the first nail in the coffin of its universal banking model.
Commerzbank is the first bank to get recapitalised in the new year, with the German government stumping up $13.4 billion to help ensure its takeover of Dresdner Bank.
Kuwait’s Global Investment House said that its delay in refinancing a $200 million syndicated loan last month has triggered cross-defaults in most of its $3 billion in debt.
Twenty of Japan’s regional banks are preparing ATM alliances in a bid to compete with Japan Post’s massive network, which has just connected to the national payment infrastructure.
Société Générale’s China CEO said that as foreign players sell off their Chinese bank investments, his bank would be among those on the lookout to purchase them.
Thirteen executives from a subsidiary of Fubon Bank in Hong Kong have reportedly been suspended for an alleged hire-purchase loan fraud.
The Philippines’ central bank expects to receive the $867 million owed it by the government since its partial recapitalisation in 1991, but will probably get less than half of it this year.
Bangladesh will introduce the Dhaka Inter-bank Offered Rate (DIBOR), the last country in South Asia to do so.
Australian investment bank Babcock & Brown will find out this week whether its 25 bank creditors will throw it a lifeline or allow it to fail.
Commerzbank is the first bank to get recapitalised in the new year, with the German government stumping up $13.4 billion to help ensure its takeover of Dresdner Bank.
Kuwait’s Global Investment House said that its delay in refinancing a $200 million syndicated loan last month has triggered cross-defaults in most of its $3 billion in debt.
Twenty of Japan’s regional banks are preparing ATM alliances in a bid to compete with Japan Post’s massive network, which has just connected to the national payment infrastructure.
Société Générale’s China CEO said that as foreign players sell off their Chinese bank investments, his bank would be among those on the lookout to purchase them.
Thirteen executives from a subsidiary of Fubon Bank in Hong Kong have reportedly been suspended for an alleged hire-purchase loan fraud.
The Philippines’ central bank expects to receive the $867 million owed it by the government since its partial recapitalisation in 1991, but will probably get less than half of it this year.
Bangladesh will introduce the Dhaka Inter-bank Offered Rate (DIBOR), the last country in South Asia to do so.
Australian investment bank Babcock & Brown will find out this week whether its 25 bank creditors will throw it a lifeline or allow it to fail.
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