Financial Institutions Update

Financial Institutions, 21 January 2009
Citigroup to splits up the bank
Citigroup said it is reorganizing the group into Citicorp and Citi Holdings. Citicorp will include the retail bank; the corporate and investment bank; the private bank; and global transaction services. Citi Holdings will consist of the asset management and consumer finance segments, including CitiMortgage and CitiFinancial. It will also be in charge of Citi's 49% stake in the joint brokerage with Morgan Stanley
BBK launches Capinnova Investment BankBank of Bahrain & Kuwait (BBK) has launched its syariah compliant investment banking arm - Capinnova Investment Bank. The wholesale Islamic investment bank is licenced by the Central Bank of Bahrain. Capinnova has an authorised capital of $500 million and paid-up capital of $125 million. Its core businesses include private equity, asset management and corporate finance. India: Scotiabank to trade in precious metalsCanada’s Scotiabank said it is planning foray into trading and hedging of precious metals, such as gold, platinum and palladium, in India. The bank proposes to trade in precious metal commodity derivatives through Indian commodity exchanges and is also planning to set up a wholly-owned company for the new business.
Morgan Stanley plans Australian investment bank
After announcing its retail stock broking business joint venture with Citigroup, Morgan Stanley said that it is looking into creating a full-service investment banking operations in Australia to leverage on the extended network from the deal. Morgan Stanley said its Australian workforce will increase 44% as a result of the joint venture.

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