Bank of Bermuda shareholders yesterday voted overwhelmingly in favour of the sale of the bank to HSBC for $1.3 billion. The vote was 91 per cent in favour. Shareholders will receive $45 a share $40 from HSBC and $5 from
HSBC Global Investor Services has welcomed the recommendations in Paul Myners's recent report on shareholder voting practice in the UK, particularly those on the registration of a client's title to shares. HSBC says it registers UK shareholdings held on behalf
In Thailand, the SEC plans to establish a new investor protection fund to cover the risk that brokers mis manage assets in safekeeping, according to local press reports. The fund is expected to be worth THB 100 million. The Thailand
Lane Clark & Peacock LLP (LCP), the UK based actuarial and benefits consultancy, has acquired Ernst & Young Belgium's Actuarial Consulting and IT business. The acquisition provides LCP with a leading position in the actuarial market in Belgium. Following the
The UK government plans to create a British equivalent of the US Pension Benefit Guaranty Corporation (PBGC) has found a friend at last, albeit in a predictable quarter. Welcoming the Pensions Bill published yesterday, Trades Union Congress (TUC) secretary general
The Institutional Money Market Funds Association (IMMFA) says that Mellon Global Investments and Insight Investment Management have both joined the association, whose membership now rises to 30. "IMMFA is pleased to announce two new members to the Association," says Peter
UK actuaries Lane Clark & Peacock say the UK government's pension bill, which includes plans for a UK version of the American Pensions Benefits Guaranty Corporation (PBGC) lacks simplicity, security and choice. On the contrary, they warn, the Bill could
The Bank of New York has been selected as successor depositary for the Fomento Economico Mexicano, S.A de C.V. (FEMSA) American depositary receipt (ADR) facility. Each FEMSA ADR represents ten units. The units trade in Mexico on the Bolsa Mexicana
Mercer Consulting says the Pension Protection Fund (PPF) proposed in the UK government's long awaited Pensions Bill, published today, may not be affordable. "The introduction of the PPF is a bold move by Government, aimed at restoring member confidence in
The Bank of New York has been appointed by the Virgin Islands Public Finance Authority as trustee, registrar and paying agent for its $268,020,000 Gross Receipts Taxes Loan Note, Series 2003 Bonds. The Virgin Islands Public Finance Authority is an