The requirement to set aside capital to meet operational risk under the terms of the Basel II Accord is changing the economics of the custody industry, say Ashwin Roongta and Sanjay Taneja, two Senior Consultants working in the Banking and
Wachovia Corporate and Institutional Trust has been appointed stock transfer agent for Overnite Transportation. Wachovia will also serve as administrator for the company's employee stock option, stock purchase and share bonus plans. Headquartered in Richmond, and a subsidiary of Union
HSBC has abandoned its wait and see strategy in India by buying a 14.71 per cent equity stake in UTI Bank Limited, a retail bank in India, from CDC Financial Services (Mauritius) Limited and South Asia Regional Fund, for a
The Bank of New York says it is adding transition management, commission recapture, independent equity research and commission management services to the services BNY Securities offers to European institutional investors. Through its global agency brokerage businesses G Port and G
Consolidation in the corporate trust business took a further step forward today with news that the Bank of New York has signed a definitive agreement to acquire Ohio based Fifth Third Bank's business. The transaction involves the acquisition of approximately
The Malaysian Securities Commission (SC) has given companies which have yet to meet the minimum paid capital requirements of the Kuala Lumpur Stock Exchange (KLSE) another six months to comply. They will now have until end June 2004. Companies which
Bank of New York has been appointed custodian and securities lending agent to Montpelier Re Holdings, for approximately $1.8 billion of invested assets. "After a thorough evaluation process, we selected The Bank of New York based on their commitment to
The Bank of New York has introduced ADR INFORM, an American depositary receipt issuer analytics and reporting tool. Using Internet technology, ADR INFORM aims to provide the bank's depositary receipt clients with a framework to monitor and manage depositary receipt
BNY Brokerage Inc, the agency broking arm of the Bank of New York within the BNY Securities Group, has introduced an Internet reporting tool. The Client Reporting Portal is designed to help fund managers and plan sponsors manage their commission
St. Paul agreed yesterday to buy the Travelers Property & Casualty Corp. for $16.84 billion in stock, creating the second largest commercial property and casualty insurer in the US. The merger, expected to close in the second quarter of 2004,