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Indian Bank Q4 net flat at Rs 241.67 cr

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State Bank of India’s (SBI) clients may book losses up to Rs 700 crore this year on account of losing positions in foreign exchange derivatives. Further, SBI will make a provision of $10 million for mark-to-market (MTM) losses stemming out of the subprime crisis, SBI chairman and managing director OP Bhatt said on Wednesday.
“SBI has […]

In one of the biggest exits by a private equity firm in India, UTI Ventures has made 50 times its investment by selling its 35.5% stake in e-learning firm Excelsoft Technologies for Rs 125 crore to hedge fund DE Shaw.
UTI Ventures had invested Rs 2.5 crore in 2001 in the Mysore-based firm. Other firms reportedly […]

Yes Bank has zeroed in on two banks as possible acquisition targets and could execute the buy-out in the next 18-24 months, a top bank official said.
“We have one or two banks on our radar…In 18-24-month time, we should be looking at this (a possible acquisition),” Yes Bank Managing Director and CEO Rana Kapoor said […]

Sabare International, a Karur-based home furnishings company, has taken ICICI Bank to court over a foreign exchange derivative contract. The company has requested the Karur civil court to declare the contract void.
This is the second company to have gone into a legal dispute with ICICI Bank after the Chennai-based Sundaram Multi Pap, which had alleged […]

HSBC Financial Services Middle East has picked up a 4.99 per cent stake in Yes Bank in the secondary market.The global investment arm of HSBC has been investing in the bank since January. “Like Rabo Bank investments, HSBC Financial Services Middle East’s investment in Yes Bank should be viewed as a financial investment. There is […]

Deal does not include mutual fund distribution business.
Infrastructure Development Finance Company (IDFC) has bagged Standard Chartered’s asset management business (AMC) in India for a total consideration of $205 million (around Rs 820 crore) in an all-cash deal.
This amounts to 5.67 per cent of the total assets under management of Rs 14,141 crore of StanChart’s AMC […]

Andhra Bank has informed that Andhra Bank, Bank of Baroda and Legal and General Insurance U.K., have signed the Subscription and Shareholders Agreement on March 04, 2008, for a Joint Venture to launch Life Insurance operations.
The Memorandum of Understanding for the Joint Venture was signed on November 16, 2007.

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Anil Ambani’s Reliance Capital, one of the country’s biggest finance companies, has been allowed to trade in bad loans. On Tuesday, the company received the RBI approval that will enable its asset reconstruction firm to buy stressed assets from the Indian financial system. The system is estimated to have Rs 1,65,000 crore worth of stressed […]

State Bank of India’s subsidiary SBI Capital Markets plans to set up a $(US) 100 million (about Rs 400 crore) venture capital fund to invest in knowledge-based sectors in the country.
The SBI Capital Markets has already entered into a 50:50 joint venture Softbank Investment Holdings Inc of Japan for the fund.
The India Knowledge Fund will […]