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News Roundup: Only HSBC, Stanchart May Be Left In Race For RBS Assets

02 May, 2009

Only HSBC, Stanchart May Be Left In Race For RBS Assets – The race for the Royal Bank of Scotland’s (RBS) assets in India is likely to boil down to two contenders, HSBC and Standard Chartered Bank since RBI is believed to be uncomfortable in issuing regulatory clearance to Australian major ANZ. ANZ’s involvement in the Harshad Mehta scam and its decision to exit India in 2000 would make it difficult to get a green light from the regulator. All the three international banks have entered the second round of bidding. (The Economic Times)

Citi Sells Japanese Securities Units to Sumitomo for $5.5 Billion – Citigroup Inc, under pressure toraise capital, agreed to sell its Japanese securities units to Sumitomo Mitsui Financial Group Inc for 545 billion yen ($5.5 billion). Sumitomo Mitsui is buying the Nikko Cordial Securities Inc brokerage and the underwriting divisions of Nikko Citigroup Ltd. Less than two years ago, Citigroup purchased the businesses and others, including asset- management affiliates that aren’t part of Friday’s deal, for 1.6 trillion yen. The acquisition of Japan’s third-largest brokerage will help Sumitomo Mitsui close the gap with Nomura Holdings Inc, the nation’s largest brokerage, and Mizuho Financial Group Inc in the securities business. (The Economic Times)

Suzlon Pays Second Tranche to Martifer – Pune-based Suzlon Energy, India’s largest and the world’s fifth-largest wind turbine manufacturer, has made the second tranche payment due to Martifer Group of Portugal for purchase of the 22.4% stake held by it in Germany-based REpower Systems for €270 million. As per the payment schedule agreed upon by the two companies in December last year, Martifer was to get €65 million that very month, followed by €30 million in April and €175 million in May this year. Now only the final tranche remains to be paid.Once the entire payment has been made, Suzlon will have a stake of 91% in Repower. (DNA Money)

RIL May Not Raise Fresh Funds, To Focus on Consolidation – India’s most valuable company Reliance Industries (RIL) may neither start any greenfield initiative nor raise new funds in the current financial year, as the oil-to-retail conglomerate looks to consolidate its diverse portfolio of businesses and improve operational efficiency. The group will focus on consolidation of business for the next two years. It plans to consolidate its 900 Reliance Retail stores before further scaling up the numbers. This will be a sharp departure from previous company policy of investing heavily in new projects. (The Economic Times)

Sobha May Finalise Fund Raising Options Next Week – Sobha Developers, Bangalore-based real estate developer, has announced that a meeting of its board of directors will be held on May 4 to consider the various alternatives available towards raising of additional capital. The company is evaluating offloading around 25 per cent stake through preferential allotment and is expected to also evaluate the QIP route. The company hopes to raise around Rs 350 crore. (Business Standard)

 


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News Roundup: Only HSBC, Stanchart May Be Left In Race For RBS Assets

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