RBS to sell off shares in business interests. The Royal Bank of Scotland has put into motion its plan to further reduce its exposure in Direct Line. The move is to take advantage in the 20% rise in the insurer's share price since its flotation last year.
Finance/Venture
Member of Ackman's Fund Seek More Information
Ackman's investors seeking clarifications on investments in JC Penney and Herbalife. Two of the institutional investors comprising William Ackman's US$12 billion hedge fund are planning to ask more information on the investment made in beleaguered retailer JC Penney.
UniCredit to announce sale of ATF Bank
Italian bank UniCredit to sell off Kazakh bank ATF. Italy's largest bank by assets, UniCredit is on the verge of announcing the sale of ATF Bank. ATF Bank is its Kazakhstan unit and the sale was confirmed by three sources who spoke on condition of anonymity.
Morgan Stanley Nearing Acquisition
Morgan Stanley passes Fed test for JV purchase. Morgan Stanley is now nearing the completion of its acquisition of the rest of its wealth management joint venture after completing its testing with the US Federal Reserve.
Buxton Moves Office to Rival
Buxton moves to Old Mutual from Schroders. The eminent head of UK equities at Schroders, Richard Buxton is one of the most renowned fund managers in Britain.
Latest News
E*Trade will close books with Citadel on or before March 19. E*Trade Financial Corp's largest investor, Citadel LLC is in the process of selling off its interests in the firm.
Paypal buys Duff Research for an undisclosed amount. PayPal announced last Wednesday that they purchased Duff Research, a mobile applications developer.
Rumors of the sale of UBS wealth management subsidiary quashed by CEO remarks. This was the statement from Chief Executive Officer Sergio Ermotti when asked if UBS was planning to sell its wealth management arm.
Belgian KBC sells off its stake in Slovenia's NLB. KBC Group NV, the Belgian giant in banking and insurance, announced that it had completed the sale of its 22% share interest in NLB.
Sale of part of St James Place interest nets valuable capital for Lloyds. The amount of GBP400 million or US$596 would be gained by Lloyds Banking Group Plc after it sold off part of its interest over St.
EFG International Bank would sell its shares in EFG Financial Products unit. The Swiss private bank EFG International will be finalizing their departure from EFG Financial Products by liquidating their remaining 20.
Bahrain based Investcorp claims recovery from recession. Investcorp of Bahrain is on an expansion quest in the Gulf region, choosing to be closer to home compared to previous thrusts into Asia and Africa for new business and ventures.
Dhanlaxmi Bank to raise funds for expansion. According to its latest plan, Dhanlaxmi Bank will raise capital through the flotation of 8. 5 million shares amounting to raise Rs 200 crore with the issue.
Phuong Tay merges with PVFC as ordered by the Vietnamese Central Bank. In compliance with the Vietnamese central bank's goals to restructure lending institutions saddled with debt, Phuong Tay Bank is planning to merge with Petrovietnam Finance Corp.
