Singapore - The Qatar National Bank has upgraded its Singapore operations from a representative office to a branch offering a range of commercial services and products, the bank said Wednesday.
Qatar's biggest bank and the first from the country to operate in Singapore said in a statement that it would offer such services as project finance, trade finance, fixed deposits, current accounts and corporate loans.
The branch was established as "emerging opportunities will boost the business trade between Qatar, Singapore and other Asian countries," the statement said.
Leading financial services group in Asia, DBS Bank, has announced the opening of its branch in Bangalore, five months after getting sanction from the RBI, to expand its footprints across the country.
The bank will stretch its products and services to multinational corporations, public sector undertakings, blue-chip corporates, SMEs and individual customers in the city.
Washington - In potentially the largest financial bailout in US history, the rescue of mortgage giants Fannie Mae and Freddie Mac was necessary to shore up an economy going through one of its worst crises since the Great Depression, US officials argued.
The decision to place Fannie and Freddie in conservatorship represents the government's most significant intervention to date in the struggling mortgage industry. A series of dramatic steps by the Federal Reserve to provide fresh capital have not been enough to keep the two lenders afloat.
London - Banking shares led a strong rally on European markets Monday, following the announcement that the United States government would bail out the embattled mortgage lenders Fannie Mae and Freddie Mac.
In London, Halifax Bank of Scotland (HBOS) was the strongest performer, gaining 13 per cent to 310.25 pence, followed by a rise of 26.25 cents for Royal Bank of Scotland and 37.5 cents for Barclays.
In Frankfurt the DAX index of the 30 top German shares clawed back much of last week's losses, with banking stocks leading the way.
Deutsche Bank was up 8 per cent to above 61 euros (87 dollars). All 30 shares benefited from the positive sentiment.
London - Britain's leading building society, Nationwide, said Monday it would merge with two smaller lenders facing growing pressure from the credit crunch.
The Nationwide Building Society said the merger with two of its smaller rivals, the Derbyshire and Cheshire Building Societies, would take place with the approval of financial regulators.
The Derbyshire and Cheshire had approached the Nationwide to help them survive the tough economic climate.
Both firms said they expected to make a loss in the first six months of 2008 as a result of the declining property market.
The Derbyshire has assets of 7.1 billion pounds (12.6 billion dollars), 50 branches and 485,000 members.
Washington - The US government seized control of Fannie Mae and Freddie Mac Sunday, seeking to deflect the rising threat of mortgage defaults to the two companies that manage about half of the US home loan market.
US President George W Bush indicated the urgency of the situation, saying that the takeover would "prevent a disruption of our financial system."
The Federal Housing Financing Agency (FHFA) is taking over Fannie and Freddie under a so-called conservatorship and replacing their chief executives and eliminating their dividends.
Singapore - The Qatar National Bank has upgraded its Singapore operations from a representative office to a branch offering a range of commercial services and products, the bank said Wednesday.
Leading financial services group in Asia, DBS Bank, has announced the opening of its branch in Bangalore, five months after getting sanction from the RBI, to expand its footprints across the country.
In potentially the largest financial bailout in US history, the rescue of mortgage giants Fannie Mae and Freddie Mac was necessary to shore up an economy going through one of its worst crises since the Great Depression, US officials argued.
