The HSBC Group has reached agreement to acquire substantially all of Lloyds TSB's onshore and offshore assets related to Brazil, including its consumer finance business, for an aggregate consideration of US$815 million. The main part of the transaction is the
BNP Paribas Securities Services' Institutional Investor Services business in Frankfurt has been awarded a global custody and Depotbank mandate by Degussa Pensionskasse. Dresdner Bank Investment Management in Frankfurt will act as Master KAG. BNP Paribas Securities Services will also provide
The UK employers association, the Confederation of British Industry (CBI) has attacked the demands made by trade unions at the conference of the governing Labour Party for employers to be compelled to make pension contributions on behalf of employees. The
Deutsche Bank and Dresdner Bank have agreed to have their payments processed by Postbank. Preliminary agreements for this have now been signed by the three companies. The three banks say they see this as an important step in implementing their
The Bank of New York Company says it has reached a settlement with the General Motors Acceptance Corporation ("GMAC") over GMAC's claims relating to the 1999 sale to GMAC of BNY Financial Corporation, the bank's factoring and asset based finance
A Mexican court rejected a plea by the local arm of Dutch bancassurers ING to free up $300 million frozen in its bank accounts, its legal opponent Grupo Fertinal said yesterday. ING's assets and bank accounts in Mexico were frozen
The Polish Securities and Exchange Commission today authorised Bank Austria Creditanstalt (BA CA) shares as the first international company to trade on the Warsaw Stock Exchange (WSE). BA CA shares also trade in Vienna, following the sale of a quarter
The Bank of New York announced today has been selected as successor depositary for the Autonomy Corporation's American depositary receipt (ADR) facility. The company's ordinary shares are listed on the London Stock Exchange. Each ADR represents five ordinary shares and
With solvency ratios averaging just 92%, continental European pension funds are developing strategies to meet their obligations after a period of disappointing market returns, according to the results of a study by Greenwich Associates. "Given that their equity allocations are
The Japanese government has published a draft law designed to facilitate foreign investment in Japanese companies, including by merger and acquisition. A bill is expected to be submitted to the Diet during 2005. At present, a foreign company seeking to