Citigroup is reported to be close to finalizing a deal to buy a controlling stake valued at $1bn in South Korea's Koram Bank from a US consortium led by the private equity fund Carlyle Group. Carlyle has been in talks
ABN AMRO is to sell its 80.77% stake in Bank of Asia in Thailand. The divestment, says the Dutch bank somewhat mysteriously, reflects "on going consolidation in the Thai retail banking market brought about by the introduction of the new
North Fork Bancorp agreed to buy rival GreenPoint Financial in a $6.3bn stock deal, creating a merger in two of Mew York's biggest banks. Together the combined banks possess more than $50bn in assets and $30bn in deposits and have
Secretive Singapore government investment agency known Tamasek Holdings which retains a stake in Singapore based regional custodian, DBS is to go for a credit rating by 2005. The aim is to increase transparency ahead of an overseas investment drive. In
After rolling out Web sites designed to help 401(k) participants navigate their investment choices, corporate plan sponsors are coming to terms with an unpleasant realization Most people don't use them. Recent research by Greenwich Associates reveals that only 35% of
ING Group is closing its insurance operation in Argentina, and cutting 650 jobs, as part of its strategy to focus on profitable operations. "ING made the decision following a strategic business review process that determined ING Insurance Argentina is not
British clearing bank Lloyds TSB is to hire 150 workers in India for its general insurance business as it tests the benefits of cheaper labour. The bank will move 107 UK jobs to India from Bournemouth, England, and the Welsh
According to State Street's February index, investor confidence declined by 3.7 points to 94.9 from January's revised reading of 98.6. January's investor confidence was also revised downward after the preliminary release last month, as investor selling throughout January was stronger
Pershing, now part of the Bank of New York (BNY) Securities Group, is one of 14 firms that provide excess securities account protection through the Customer Asset Protection Company (CAPCO), a licensed New York insurance company launched this week. Through
Northern Trust claimed today to have become the first custodian to have successfully settled a live market (or unscripted) custodial foreign exchange deal within CLS Bank. Northern Trust said the milestone, risk free trade settled on time on the morning