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July 27 (Reuters) – Vietnam will leave its benchmark base rate unchanged at 8 percent in August, a senior central bank official said on Tuesday.
The State Bank of Vietnam raised the base rate to 8 percent from 7 percent at the start of December.
Last week the government reported annual inflation of 8.19 percent for July. [ID:nSGE66N00E] (Reporting by Hanoi Newsroom)
July 15 (Reuters) – India’s cabinet on Thursday approved the merger of State Bank of Indore with State Bank of India (SBI.BO), the country’s largest lender, Information and Broadcasting Minister Ambika Soni told reporters.
(Reporting by C.K. Nayak; editing by Malini Menon)
(For the latest Australia and New Zealand bond news, double
click on [AU/CRD] and then double click on the ID number)
SYDNEY, July 15 (Reuters) – German state development bank
KfW [KFW.UL] has priced a A$850 million ($751.5 million)
December 2019 bond increase at 124.75 basis points over
government bond, a joint lead said on Thursday.
The margin is equivalent to 78 basis points over quarterly
swap, a source who has seen the terms said.
The issue was initially launched with a minimum size of
A$250 million.
TD Securities and UBS Investment Bank jointly led the
increase.
KfW is rated Aaa/AAA/AAA and is guaranteed by the Federal
Republic of Germany.
June 29 (Reuters) – State Bank of India (SBI.BO), India’s largest lender, said on Tuesday it would set its so-called base rate at 7.5 percent.
Financials
The base rate would be effective from July 1.
The central bank introduced the new lending rate system or the base rate to ensure that larger borrowers do not bargain for cheaper rates from banks, distorting their asset liability management. [ID:nSGE6190MI]. (Reporting by Sumeet Chatterjee; editing by Surojit Gupta)
SHANGHAI, June 22 (Reuters) – The Chinese yuan slipped on Tuesday as big state-owned banks heavily bought dollars, a move that suggests the central bank has adopted a new strategy to control the pace of yuan gains.
The yuan jumped initially after the People’s Bank of China set the mid-point start to trade at a surprisingly strong 6.7980 CNY=SAEC, little changed from Monday’s close and catching market players off guard who had thought it would try to nudge the currency lower after the previous day’s surge.
The heavy dollar buying quickly drove the yuan well off a low of 6.7900 — the lowest since the 2005 revaluation — and up as high as 6.8229 on the day, a drop of 0.37 percent. The yuan last traded at 6.8189 CNY=CFXS.
On Monday, the currency posted its biggest one-day rise since the revaluation, rising nearly half a percent and almost touching the upper it of its daily trading band on either side of the mid-point.
Some traders believe the buying by state-owned banks was on behalf of the PBOC to avoid direct market intervention, as it had often done in the post-revaluation appreciation phase and de facto dollar peg of the past two years.
By letting state-owned banks buy dollars, the PBOC is effectively limiting the market’s ability to short dollar/yuan — especially because banks are not allowed to hold short positions overnight in the spot currency market.
“It appears a new strategy,” said a senior dealer at a European bank in Shanghai. “The central bank needn’t intervene in the market, but it can still keep the pace of yuan appreciation under control via a control of supply and demand.”
Because the state-owned banks were scooping up dollars at a wide variety of levels, it suggested that they were not trying to defend the yuan at a certain level, traders said.
But since the peg to the dollar was ditched over the weekend, the PBOC appears to be trying to foster much more two-way trade within the daily trading band, seeking to get banks and companies used greater volatility and hedging currency risks.
During the 2005-2008 managed float against a trade-weighted currency basket and subsequent peg to the dollar, the PBOC often squashed intraday volatility via direct intervention, guidance through the mid-point and dollar purchases by state-owned banks.
Now it appears to be backing away from direct intervention unless the extremes of the daily trading band are tested.
The PBOC has made clear that it would not allow the yuan to appreciate sharply in its statements over the weekend announcing the latest reforms of the yuan, ruling out a one-off revaluation. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Full coverage [ID:nCHINATAKE] PDF on yuan: r.reuters.com/pys23m Yuan microsite: china.thomsonreuters.com/yuan/ Yuan graphics: r.reuters.com/byq23m Insider TV
-- Yuan to rise before G20 link.reuters.com/jes92m
-- Yuan shows confidence link.reuters.com/hyc33m
-- Some see delay tactic link.reuters.com/xad33m ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
BASKET
Despite the announced intention of controlling the pace of yuan appreciation against the dollar, the PBOC showed it was backing its words with deeds by allowing the yuan to rise against European currencies on Tuesday.
The PBOC set the yuan’s mid-point higher against the euro EURCNY=SAEC, at 8.3816, and against sterling GBPCNY=SAEC after the currencies weakened overnight. That set the tone for the yuan to trade higher against the euro EURCNY=CFXS at 8.3764 at midday on Tuesday from a close of 8.4325 the previous day.
The yuan can rise up to 3 percent against currencies besides the dollar.
“The question is how far the yuan can go,” said a senior dealer at a North American bank in Shanghai. “We believe the central bank must have some limits, which may gradually become clear over time after the G20 summit.”
Offshore dollar/yuan forwards rose back up after initial falls that had implied more yuan appreciation, buoyed by the dollar/yuan mid-point setting.
Some players in the NDF market have turned cautious about shorting dollar/yuan, worried that this week’s yuan move was done primarily to appease critics before the G20 summit late this week, and later moves may be more subdued.
Three-month dollar-yuan non-deliverable forwards (NDFs) CNY3MNDFOR= were quoted at 6.7380, implying a yuan rise of 0.89 percent after they fell to a low of 6.7080 in early trade.
One-year NDFs CNY1YNDFOR= rose back to 6.6300 after hitting an initial low of 6.5970, trimming implied appreciation to 2.53 percent from 3.05 percent the previous day. (Editing by Eric Burroughs & Jan Dahinten)
June 17 (Reuters) – State-run Ziraat Bank, Turkey’s biggest bank, is expected to hold talks with Commercial Bank of Syria on setting up a joint venture, Adnan Youssif, chairman of Union of Arab Banks, said on Thursday.
Asked with which Syrian bank Ziraat is considering forming a partnership, Youssif said: “I think it will be Ziraat and Commercial Bank of Syria.”
Youssif was speaking to Reuters on the sidelines of a Turkish-Arab banking conference in Istanbul.
Syrian Finance Minister Mohammad al-Hussein said last week that Ziraat would own up to 60 percent of the venture, while the Syrian stake would be 40 percent. See [ID:nLDE65A0Z8]. (Reporting by Ebru Tuncay)
(Reuters) – Britain’s largest retail bank Lloyds Banking Group (LLOY.L) is considering a stock market flotation of the chain of 600 branches that it is forced to sell by European Union regulators, the Sunday Times reported.
Deals
The listing would create a new British bank worth between 3 and 4 billion pounds ($5.8 billion) that would account for about 5 percent of the retail banking sector, the paper said.
“The group has until November 2013 to complete the divestment program agreed with the EU. We are therefore only in the preliminary stages of this process,” Lloyds said in a statement e-mailed to Reuters.
“Our objective is to sell this business to a third party rather than to float it.”
Lloyds is being forced to sell hundreds of branches to satisfy EU regulators and compensate for state aid. The bank was rescued by taxpayers during the financial crisis and is now 41 percent owned by the state.
(Reporting by Julie Crust; editing by Louise Heavens)
($1=.6865 Pound)
LONDON, June 13 (Reuters) – Britain’s largest retail bank Lloyds Banking Group (LLOY.L) is considering a stock market flotation of the chain of 600 branches that it is forced to sell by European Union regulators, the Sunday Times reported.
The listing would create a new British bank worth between 3 and 4 billion pounds ($5.8 billion) that would account for about 5 percent of the retail banking sector, the paper said.
“The group has until November 2013 to complete the divestment programme agreed with the EU. We are therefore only in the preliminary stages of this process,” Lloyds said in a statement e-mailed to Reuters.
“Our objective is to sell this business to a third party rather than to float it.” Lloyds is being forced to sell hundreds of branches to satisfy EU regulators and compensate for state aid. The bank was rescued by taxpayers during the financial crisis and is now 41 percent owned by the state. [ID:nL3540088] (Reporting by Julie Crust; editing by Louise Heavens) ($1=.6865 Pound)
(Corrects first para to show they may meet in two weeks)
ISTANBUL June 11 (Reuters) – Syrian Finance Minister Mohammad al-Hussein said on Friday his government and Turkey’s state-run Ziraat Bank, the country’s biggest lender, may meet in two weeks to continue discussions on setting up a lender in Syria.
Ziraat’s stake in the venture will be up to 60 percent, while the Syrian stake will be 40 percent, Hussein told reporters at a Turkish-Arab forum in Istanbul. (Reporting by Yara Bayoumy)
Aslesha Bodas defeated Sruja Bhat 4-1 in the final to bag the womens title in the Pune District Tabletennis tournament played at the Sharada Sports Center on Wednesday. Sruja Bhat had a bright start to the game and won the first one 11-7. Bodas however, came back strongly to win the next four games 11-6,11-5,11-8,11-8 and thus won the title. The tournament was sponsored by the State Bank of
India.
Results
WOMENS’ QUARTER FINALS
1.Ashlesha Bodas beat Manasi Munj 11-7,11-5,11-6,11-8
2.Deepti Chaphekar beat Manasi Chhajed 11-5,11-8,11-9,11-5
3.Tanvi Lapalikar beat Sai Bakre 14-12,11-7,9-11,11-9,11-9
4.Sruja Bhat beat Arti Thakur 9-11,11-4,11-7,11-9,11-6
WOMENS’ SEMI FINALS
1. Sruja Bhat beat Deepti Chaphekar 11-6,10-12,11-7,11-8,11-8
2. Ashlesha Bodas beat Tanvi Lapalikar 11-3,11-7,11-8,11-6
WOMENS’ FINALS
1.Ashlesha Bodas beat Sruja Bhat 7-11,11-6,11-5,11-8,11-8
JUNIOR GIRLS – 1st Round
1. Vishwali Athawale beat Saniya Joshi
9-11,11-9,11-9,11-7
2. Bokil beat Ujwala Gaikwad 11-7,11-7,11-3
3. Vedika Bhende beat Sai Kale 11-4,11-1,9-11,11-9
1. Madhura Phutane beat Vaibhavi Kher
11-6,12-10,11-5
2.Prachi Ghumatkar beat Riya Deshpande
11-6,11-7,11-9
BOYS – 1ST Round
1. Nikhil Gaitonde beat Aditya Patil 11-7, 11-7, 11-8
2. Pranal Shetty beat prathvesh Shetty 6-11, 11-8, 11-6, 5-11, 11-7—(3-2)
Kolkata, May 15 (ANI): The State Bank of India (SBI) has registered a 32 per cent drop in the net profits in the fourth financial quarter (Q4), which ended on March 31 this year.
The net income of the bank in Q4 this year has fallen from last year”s impressive Rs. 27.4 billion to Rs 18.7 billion.
The reason cited behind the fall in profits is higher provisioning in the areas of pay-revision arrears, liquidity overhang and non-performing assets.
Alleviating fears of investors, Chairman of the SBI, Om Prakash Bhatt, however, said that despite the low profits, the bank was in a position to mobilise resources expand the base of the bank.
“During both this current quarter that we are talking about and the year that has gone past, if you look at all the performance parameters on the banking side, the bank has done very well,” he added.
This is the first fall in profits that the bank has seen in the past three years.
However, the SBI has ended the financial year, 2009-2010, with a profit of Rs. 9,166 crore. This is higher than the Rs. 9,121 crore profit registered by the bank in 2008-2009.
“Our free income has gone up by 27 per cent. We are gaining market share in advances. Our cost of deposit is going down quarter after quarter. So in every parameter of banking, you will find that not only is the bank performing better than it did earlier, but is also performing better than the industry,” said Bhatt.
Responding to the query on how the SBI would expand its services, Bhatt said, “We are building up enablers so that in the coming years, the bank would be even better positioned to take advantage as this economy goes up on to a higher growth cycle.”
Driven by its gains, the SBI is planning to come up with a retail bond service worth Rs 200 crore, in the first half of the present financial quarter.
Speaking on the plight of investors especially in the export business, Bhatt said: “With regard to them, I think that they are not as getting hurt right now as they did by the recession or lower growth in the western economies that took place especially in the United States of America and Europe. This is because a bulk of our exports is to these areas.” (ANI)
HANOI, April 9 (Reuters) – Vietnam’s central bank said on Friday it would issue a directive to let banks extend short-term dong loans at negotiable interest rates in another move to relax lending.
The State Bank of Vietnam has asked banks to report on their current negotiable interest rates on dong loans in order to prepare for the new step, it said in a statement, following a government instruction aimed at cutting commercial lending rates. [ID:nHAN334239] (Reporting by Ho Binh Minh; Editing by Alan Raybould)
MOSCOW, April 2 (Reuters) – Russia’s state bank VEB said on Friday it plans to issue dollar bonds worth up to $2 billion on the domestic market this month and has picked Renaissance Capital and Raiffeisenbank (RIBH.VI) as organisers.
“VEB plans to use this instrument as one of the sources of short-term financing. Despite the fact that the volume of the issue, according to issuance documents, is listed as $2 billion, we do not see a sharp need to place the whole amount,” VEB’s deputy chairman Peter Fradkov said in a statement.
The issue of foreign currency debt, which will be placed on Russia’s MICEX exchange, had been originally expected in December 2009, but was postponed [ID:nLDE5BN04S] and has been registered with a coupon of six-month LIBOR LIBOR plus 1 percent.
The 1-year bonds could provide a useful outlet for the currently plentiful liquidity in Russia’s banking system, while keeping the money within the country. It could also help ease upwards pressure on the rouble, which on Friday scaled fresh 15-month highs versus a euro-dollar basket RUS=MCX.
VEB — a key agent in distributing the government’s crisis-time aid package and now helping to invest in rebuilding the economy after recession — has already placed $2 billion on the domestic market in June 2009 at a coupon of 2.24 percent.
It has also picked lead managers for a Eurobond issue which is expected around mid-year. (Writing by Toni Vorobyova; Editing by Lidia Kelly and Hans Peters)
Ranchi, March 16 (IANS) Jharkhand Deputy Chief Minister Raghubar Das Tuesday warned of action against banks not giving loans to unemployed youth under the Prime Minister’s Employment Generation Programme (PMEGP).
‘It is well known that the banks do not disburse money to unemployed youth under the PMEGP. Suitable action will be taken if the banks do not improve the disbursing of loan system to unemployed youth,’ Das said while replying to a question in the state assembly.
Das said the state government officials have held meetings with State Bank of India (SBI) officials twice this year and asked them to improve the loan disbursing system.
Under the PMEGP, unemployed youth are given loans up to Rs.one lakh for self-employment schemes.
The issue was raised by Jharkhand Vikas Morcha-Prajanatantrik (JVM-P) member Pradeep Yadav, who said the targets set under various schemes to provide loans to unemployed youth are not met as banks are ‘indifferent’ to disbursing loans under the PMEGP.
Assembly Speaker C.P. Singh asked Das to take up the issue with the union finance minister to improve the loan disbursals.
State Bank of India | State Bank of India Result | State Bank of India Written Test Exam Result | State Bank of India Written Test Exam Result 2009 | State Bank of India Recruitment Result | SBI Bank | SBI Recruitment of 11000 Clerical Staffs Result | SBI Result | SBI 11000 Clerk Written Test Exam Result | SBI Written Test Exam Result | www.statebankofindia.com
State Bank of India (SBI), Mumbai invites online applications from Indian citizens for appointment of 11000 Clerical Cadre posts. Date of written exam is on 8th and 15th November 2009.
State Bank of India (SBI), Mumbai Has Declared The Recruitment Clerical Cadre Post Written Test Exam Result 2009.
For More About SBI Written Test Exam Result Website : http://www.statebankofindia.com/
Direct Link To Written Exam Test Result : http://crpd.sbi.co.in/
State Bank of India (SBI), Mumbai invited online applications from Indian citizens for appointment in the 11000 Clerical Cadre posts. SBI conducted written test on 8th and 15th November 2009. SBI India will soon publish 11000 clerks results.
Founders Bank – U.S. Bank Regulators – Founders Bank Worth il – Millennium State Bank of Texas – Rock River Bank – Bank Failures 2009 – First National Bank of Danville – Federal Deposit Insurance Corp – Financial Institution – The PrivateBank and Trust Co
The Federal Deposit Insurance Corp., busied itself seizing seven banks after the close of business this 4th July 2009.
Seven banks which were seized by the FDIC yesterday are Founders Bank in Worth, IL, John Warner Bank in Clinton, IL, First State Bank of Winchester in Winchester, IL, Rock River Bank in Oregon, IL, The Elizabeth State Bank in Elizabeth, IL, First National Bank of Danville in Danville IL, and Millennium State Bank of Texas in Dallas, Texas.
Founders Bank, Worth, IL, was the 52nd FDIC-insured institution to fail in the nation this year 2009 .
Here is the report from Reuters:
U.S. bank regulators closed Founders Bank, of Worth, Illinois, the largest of 7 financial institutions seized on Thursday.
The Federal Deposit Insurance Corp, said as of April 30, 2009, Founders had $962.5 million in assets and approximately $848.9 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $188.5 million.The PrivateBank and Trust Co of Chicago will assume all of the deposits of Founders Bank.