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.
Tags: Bank
Allianz SE Buys Out Largest Insurer in Turkey
Allianz SE has acquired the largest insurer in Turkey for US$879 million. Europe's largest insurer Allianz SE has acquired Yapi Kredi Sigorta AS for the amount of Eur684 million or US$879 million.
Petrobras to sell off Nigerian stakes
Petrobras, in line with the goal of making Brazil energy self sufficient, is selling of its stakes in Agbami and Akpo projects.
Piraeus Bank to Become Stewards of Cypriot Lending Institutions
Piraeus bested rival Alpha Bank to become the manager of Cypriot lenders Bank of Cyprus and Cyprus Popular Bank.
Saudi Electric Chooses Banks for Sukuk
Saudi Electric would float new sukuk bonds through two banks. The Gulf region's largest utility company, Saudi Electricity Co has chosen two banks to schedule meetings with fixed income investors from Europe and North America for possible debt agreements.
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Hanmi sales discussions stalled with rival banks over valuation and management. Discussions for the sale of Hanmi Financial Corp have stalled because of a number of disagreements over management and price per share.
Qatar set to sell three year and five year bills and bonds worth QR4 billion. Qatar is set to sell QR4 billion or US$1. 1 billion in three year and five year bills and sukuk bonds.
ING completes transfer of ING Groep NV's transfer to Barclays. ING Groep NV's sale has been completed by ING Direct UK to Barclays Bank. The cost of the transaction would be Eur280 million for the first quarter of 2013 and total loss would be Eur260 million compared to expected returns of Eur320 million.
Generali's BSI is being purchased by Bankinter and Apollo Global Management. US investment fund Apollo Global Management has partnered with Bankinter of Spain to make a formal bid for Swiss private bank BSI.
Bankia's bad history now a thing of the past. Spanish lender Bankia is showing signs of recovery. The fiscal rescue together with huge write-offs on overvalued property assets contributed to its accumulation of its record breaking corporate loss amounting Eur19.
New job cuts in the offing for JP Morgan Chase. JP Morgan Chase has announced that it would be undertaking another round of layoffs, numbering between 3,000 to 4,000 employees in its consumer bank operations by 2013.
Goldman Sachs to lay off employees again. Goldman Sachs is undertaking cost cutting measures in light of issues with its bottom line. Job cuts are in the offing, with some getting the axe as early as this week as the business continues to face rough waters.
