Three state-run banks to set up joint Malaysian subsidiary

October 7th, 2009 Julius Baer buys ING's Swiss subsidiary for $505MZURICH — Julius Baer, Switzerland's largest private bank, said Wednesday it is buying the Swiss subsidiary of Dutch bank ING for 520 million Swiss francs ($505 million) in cash. Analysts at Bank Vontobel welcomed the deal, noting that the purchase price for the ING unit was "attractive." Shares in Julius Baer rose 2.4 percent to 40.14 francs ($39.07) on the Zurich exchange.

October 3rd, 2009 CHENNAI - City-based Repco Infrastructure Development Co is in talks with the Tamil Nadu government to develop vacant land on build-operate-transfer (BOT) basis. "We are discussing various BOT projects with the Tamil Nadu government, the total value of which is around Rs.100 crore," M.

October 1st, 2009 CEO of NC-based RBC Bank to retire next monthRALEIGH, N.C. — The chief executive of North Carolina-based RBC Bank is retiring.

September 25th, 2009 CHENNAI - City-based Cholamandalam DBS Finance, a non-banking finance company, has decided sell its mutual fund subsidiary Cholamandalam Asset Management to L&T Finance for Rs.45 crore. "We have been taking several initiatives to strengthen the company's core business.

September 2nd, 2009 Marshall & Ilsley shares down after Fitch watchNEW YORK — Shares of banking company Marshall & Ilsley Corp. were down Wednesday, after Fitch Ratings put the banking holding company's debt ratings on negative watch citing elevated loan losses.

August 18th, 2009 CBI unit wins $40 million ethylene plant contractTHE WOODLANDS, Texas — A subsidiary of Chicago Bridge & Iron NV said Tuesday it won a contract worth about $40 million to supply eight heaters to an ethylene plant in Taiwan. The Lummus Technology subsidiary said it won the contract from CTCI Corp.

July 31st, 2009 CHENNAI - Abrasives and ceramics manufacturer Carborundum Universal (CUMI) is planning to restructure its Chinese operations by hiving off its abrasives business into a new subsidiary. "The Chinese operations registered a steep decline due to lower export sales of abrasives and diamond tools.

July 31st, 2009 EU approves German bad bank programBRUSSELS — Germany won European Union approval Friday for a program that purchases troubled assets from banks to encourage them to keep lending. Many banks have curbed new loans when they were forced to put aside large amounts of capital to cover huge potential losses from the sliding value of risky securities and other investments such as those based on U.S.

July 30th, 2009 Commerzbank sells Swiss subsidiaryFRANKFURT — Germany's Commerzbank AG said Thursday that it is selling a Swiss subsidiary which specializes in private banking to Vontobel Group of Switzerland. Financial details of the sale of Commerzbank (Switzerland) were not disclosed.

July 1st, 2009 KOLKATA - Despite the current uncertainty in the global steel industry, Japan's Kobe Steel has set up a subsidiary here to market machinery and related equipment, a senior company official said. "We planned this project two years back.

June 23rd, 2009 Applied Materials reduces stake in joint ventureSANTA CLARA, Calif. — Chip manufacturing equipment maker Applied Materials Inc.

May 8th, 2009 Gov't sets June 8 deadline for banks' capital planWASHINGTON — The nation's biggest banks that are found to need more capital after government stress tests will have one month to come up with a plan to raise the additional resources, federal regulators said Wednesday. The government said that after the results of the stress tests are released Thursday, the banks found to need more capital will have until June 8 to get a plan approved by their regulators.

March 31st, 2009 MUMBAI - Reserve Bank of India (RBI) Deputy Governor Rakesh Mohan has said that triad banking model - state-run, private and foreign banks - is working well in India. Mohan said that the growth of each sector has spurred healthy competition.

February 4th, 2009 NEW DELHI - The government Thursday approved a proposal to set up two greenfield electric and diesel locomotive factories in Bihar at an estimated investment of Rs.20 billion (Rs.2,000 crore). The factories will be set up in Madhepura and Saran districts as a joint venture between Indian Railways and an international manufacturer.

January 29th, 2009 CHENNAI - Three Indian banks - Indian Overseas Bank (IOB), Bank of Baroda and Andhra Bank - will soon float a Malaysian banking joint venture to take advantage of the opportunities there, said a top official. 'We hope to get the green signal from the Malaysian authorities to start banking operations there by March,' IOB's chairman and managing director S.A.