Central Bank to raise stake in housing finance arm

October 4th, 2009 CHENNAI - City-based Repco Bank, a cooperative society floated 40 years ago to assist repatriates from Sri Lanka and Myanmar, is now looking at transforming itself into a commercial bank to tap the benefits of the sector, its officials say. "Our board has sought the permission of the Indian government to become a proper bank governed by RBI (Reserve Bank of India)," bank managing director M.

September 14th, 2009 NEW DELHI - Private sector lender Yes Bank Monday announced that it has entered into an agreement with Proparco, a French multilateral development finance agency, to raise $20 million (Rs.97.45 crore) subordinated debt. "The bank intends to raise up to Rs.500 crore by way of subordinated debt forming part of upper and lower tier II capital by end of March 2010," it said in a statement.

September 10th, 2009 NEW DELHI - The government Thursday approved one percent interest rate subvention for housing loans up to Rs.10 lakh, and okayed the allocation of Rs.1,000 crore for the scheme. "The one percent subvention would be for the first 12 EMIs (equated monthly instalments) on loans up to Rs.10 lakh," Information and Broadcasting Minister Ambika Soni told reporters after a cabinet meeting.

September 3rd, 2009 European Central Bank keeps rate steadyFRANKFURT — The European Central Bank has left its benchmark rate unchanged at 1 percent as markets wait for word that it may raise its economic forecasts. The ECB, which sets interest rates for the 16 countries that use the euro, will explain its decision at a press conference later Thursday.

September 3rd, 2009 Building of new West Bank housing dropsJERUSALEM — Israeli government statistics show that construction of new homes in the Israel's West Bank settlements fell by one-third in the first half of 2009 from a year earlier. The numbers bolster settlers' claims that Prime Minister Benjamin Netanyahu has partially frozen settlement construction under U.S.

July 29th, 2009 KOLKATA - American International Group (AIG), the insurance giant bailed out by the US government, has pulled out from a proposed joint venture with National Housing Bank (NHB), a top bank official said here Wednesday. Earlier, AIG had agreed to pick up 41 percent stake in a proposed mortgage guarantee company in which NHB will have a majority 43 percent stake.

July 22nd, 2009 MUMBAI - Listed companies could raise over Rs.159,000 crore if Finance Minister Pranab Mukherjee's proposal to reduce promoter stake in all listed companies to 75 percent becomes a policy, a report released Wednesday said. Of this, state-owned firms alone will contribute as much as Rs.138,000 crore, the report by broking firm SMC Capitals said.

July 11th, 2009 Regulators shut small Wyoming bankNEW YORK — Regulators on Friday shut Bank of Wyoming, marking the 53rd failure this year of a federally insured bank. The Federal Deposit Insurance Corp.

July 6th, 2009 NEW DELHI - Tax rates were not raised in the 2009-10 budget proposals as economic conditions remained difficult while tax relief for individuals would help boost consumption, Finance Secretary Ashok Chawla said here Monday. The finance minister has left unchanged the excise and customs duty cuts that were announced following the global economic meltdown because "the time is not yet right to raise any tax rate.

July 3rd, 2009 KOLKATA - State-run UCO Bank will invest Rs.45 crore in its proposed general insurance company, a top bank official said here Friday. "We will pick up a 30-percent stake in the general insurance venture, which will have a capital base of Rs.150 crore," the bank's chairman and managing director S.K.

June 10th, 2009 Citigroup launches public exchange offersNEW YORK — Citigroup Inc. on Wednesday launched a series of public exchange offers that will effectively give the government a 34 percent stake in the troubled bank.

May 14th, 2009 BofA sells $7.3B stake in China Construction BankCHARLOTTE, N.C. — Bank of America Corp.

May 6th, 2009 CCB shares slip amid report BofA may reduce stakeHONG KONG — Shares of China Construction Bank Ltd., the country's second-biggest commercial lender by assets, slid Wednesday on worries Bank of America may sell part of its stake in the company to cope with mounting losses. The Chinese lender fell 0.4 percent to close at HK$4.75 in Hong Kong trade.

December 30th, 2008 MUMBAI - Two more lending institutions - ICICI Bank and LIC Housing - Wednesday cut their interest rates on home loans by up to 75 basis points (bps). While LIC Housing Finance cut rates for existing home loan borrowers by 75 bps effective Thursday, ICICI cut rates by 50 bps with immediate effect.

December 29th, 2008 KOLKATA - India's apex housing finance institution, the National Housing Bank (NHB), expects housing finance companies to reduce lending rates, a top company official said here Tuesday. 'As we have reduced rates, we expect housing finance companies to reduce rates and pass on the benefits to consumers,' NHB chairman and managing director S.