Despite assurances by the Egyptian PM, there is still no approval as to the EFG-QInvest merger. The Middle East's largest investment bank, EFG-Hermes has been awaiting notice from Egypt's financial regulator for the approval of its merger with QInvest of Qatar.
Investment banks
Ameriprise to Bid for Scottish Widows
Ameriprise is set to bid for Scottish Widows. American financial service provider Ameriprise Financial is preparing a GBP800 million or US$1. 22 billion bid for Scottish Widows, the asset management arm of Lloyd's Banking Group.
HSBC Reviewing Iraq Presence
HSBC is reviewing presence in Iraq and expanding in Egypt. HSBC Holdings is currently undertaking its strategic review of operations in Iraq. At the same time, it is continuing to expand its investments in Egypt despite the current situation in the country.
Lloyds Bank Engages Bank for Sale
Lloyds Bank has engaged the services of Deutsche Bank to provide services for the possible sale of Scottish Widows.
Lone Star and Wells Fargo to Purchase Commerzbank Assets
Lone Star and Wells Fargo would divvy up the assets of Commerzbank. Lone Star, the private equity firm, and Wells Fargo are in talks to purchase a GBP4 billion or US$6.
Latest News
Panasonic of Japan is selling part of its shareholdings in its healthcare unit for expansion plans. Panasonic Corp of Japan has engaged the services of Bank of America Merrill Lynch in order to sell a part of its healthcare subsidiary, The deal could raise as much as US$1 billion for the electronics company, according to two sources familiar with the transaction who spoke on condition of anonymity.
Wilmar pays out US$263 million for 54% controlling stake in Consumar. The largest sugar cane miller in Australia, Wilmar International Ltd has purchased 27.
Winter apparel maker Canada Goose seeking investors for expansion purposes. Canada Goose, the winter apparel maker, has engaged the services of investment bank Canaccord Genuity to assist in exploring options for the firm.
Dysis Medical closes latest funding round at US$11 million. DySiS Medical Ltd was able to complete GBP7. 4 Million or US$11 million on a round of capital infusion.
Creditors of the European arm of Lehman Brothers, which collapsed in 2009, may be repaid in full.
Lehman bankruptcy administrators PWC announced payment of dividends to European creditors. US investment bank Lehman Brother's investors in its European unit would be repaid in full according to the firm's administrators.
The Italian publisher RCS MediaGroup has agreed to a recovery plan. The RCS MediaGroup Board of Directors have approved the terms of a capitalization round and a debt refinancing plan required for its rehabilitation.
Greek Prime Minister categorically says that the recapitalization has protected the Greek banks from a Cyprus like crash.
Citigroup's units now being sought for acquisition by three different banks. The three largest private sector banks in Brazil have made offers to purchase Citigroup's credit card and consumer financing unit in Brazil.
