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
The Cayman Island Financial Services Association (CIFSA) says that the Cayman Islands authorities are working closely with the Italian financial regulators investigating the alleged Parmalat fraud. Formed in December 2003 to promote the integrity and quality of the Cayman Islands
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
Reuters, in recent years a near broken company, may be on the road to recovery. It shares gained 18 per cent to a 20 month high after reporting annual profits that well exceeded market expectations. The news and electronic information
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
The state of New Jersey is suing Allianz Dresdner Asset Management, alleging that the company defrauded investors by allowing market timing through its US mutual fixed income fund group Pimco. In the civil suit, Attorney General Peter Harvey charged the
US investment bank Merrill Lynch has plans to open a small representative office this May in efforts to strengthen its involvement in increased corporate activity. The company, which has maintained involvement in large corporate deals in the past, is looking
Recent comments made by Chairman of the White House Council of Economic Advisers regarding the shift in jobs from the American service sector to countries that provide cheaper labour have met with hostile responses from members of both the Democrat
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
Barclays, Credit Suisse and Socit Gnrale have all reported major earning gains for last year, thanks in large part to increased investment banking profits. Rising demand for credit and low interests rates, as well as reduced debt, also played a