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Banks eye financing of projects jointly

Business | Banking
2009-11-21

THE Export-Import Bank of China, one of the country's three policy lenders, and Bulgarian First Investment Bank plan to finance projects together, FIBank said yesterday. FIBank, the sixth-biggest bank in the European...

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ABN gets new US$6.5b bailout

Business | Banking
2009-11-20

THE Dutch government yesterday announced a new 4.4-billion-euro (US$6.5 billion) bailout package for nationalized bank ABN Amro, intended to help the bank restructure and return to a strong financial position ahead...

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Deutsche Bank to raise stake in Huaxia

Business | Banking
2009-11-20

DEUTSCHE Bank AG will spend 81.6 million euros (US$122.1 million) to increase its stake in Huaxia Bank to become the biggest shareholder of the Chinese bank. Deutsche Bank's stake will grow to 17.1 percent from...

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US bank seals full control

Business | Banking
2009-11-20

UNITED States bank JPMorgan Chase & Co said yesterday it has bought full control of JPMorgan Cazenove in a 1 billion pound (US$1.67 billion) deal with its joint venture partner, Cazenove Group Ltd. JPMorgan Cazenove,...

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Deutsche Bank becomes Huaxia's largest holder

Business | Banking
2009-11-19

DEUTSCHE Bank AG will spend 81.6 million euros (US$122.1 million) to increase its stake in Huaxia Bank to become the biggest shareholder in the Chinese bank. Deutsche Bank's stake will grow to 17.1 percent from...

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ICBC extends reach of services for super-rich

Business | Banking
2009-11-19

THE Industrial and Commercial Bank of China yesterday introduced its top-end private banking business in China's second-tier cities to cater for China's growing super-rich. The nation's biggest lender opened...

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China UnionPay Co Yen for debit cards

Business | Banking
2009-11-19

CHINA UnionPay Co yesterday teamed up with the Bank of China to issue Japanese yen-denominated UnionPay-standard debit cards in Japan, UnionPay said yesterday. The card can also be accepted in China and UnionPay's...

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Mitsubishi UFJ profit surges 53%, plans to raise US$11.2b

Business | Banking
2009-11-19

MITSUBISHI UFJ Financial Group reported a 53 percent jump in fiscal first-half profit and disclosed plans to raise up to US$11.2 billion as Japan's biggest bank seeks to shore up its balance sheet. Tokyo-based...

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US problem mortgages hit new high

Business | Banking
2009-11-18

THE pace at which people fell behind on their mortgages in the United States slowed during the summer for the third consecutive quarter, but the overall delinquency rate hit another record, a new report shows. For...

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Banks vie for Taiwan business

Business | Banking
2009-11-18

THE Bank of China and its rivals are vying to be the first to open a branch in Taiwan after a long-awaited memorandum of understanding between the Chinese mainland and the island was signed. Li Lihui, president...

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Banks jostle to open first branch in Taiwan

Business | Banking
2009-11-17

BANK of China and its rivals are vying to be the first lender to open a branch in Taiwan after a long-awaited memorandum of understanding between the Chinese mainland and the island was signed. Li Lihui, president...

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Swiss body looks at tax pledge

Business | Banking
2009-11-16

SWISS banks are considering asking some foreign clients to sign a pledge declaring they aren't breaking tax laws at home, a Swiss newspaper reported yesterday. The chairman of the Swiss Bankers Association, Patrick...

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Using IPR as surety for bank financing

Business | Banking
2009-11-16

CHINA has launched a national pilot project to provide loans to companies that are eligible to put up their intellectual property rights like patents as collateral. At last Friday's launching ceremony in Guangzhou,...

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Minsheng seeks US$4b from IPO in HK

Business | Banking
2009-11-14

CHINA Minsheng Banking Corp, the mainland's leading non-state-owned bank, launched an initial public offering on the Hong Kong stock market yesterday to raise around HK$30 billion (US$3.9 billion). The bank was...

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Overseas funds deliver higher returns

Business | Banking
2009-11-13

THE average return of funds managed by overseas institutions trading in yuan shares grew 8.12 percent last month backed by the robust growth of the stock market, an industry report said today. Their performances...