After a long time, the government has agreed to return a part of equity capital in UCO bank. This returned equity capital will be converted into non-convertible preferences shares for 10 years.

The existing shareholder would definitely be benefited from this conversion, but the Govt. will be cost around Rs 900 crore at current market price. This conversion will lead to hike in the share price, and thus the move may be beneficial.

State Bank of Bikaner & Jaipur has fixed October 20 as the record date for the purpose of sub-division/stock split of Rs 100 per share of the bank into the shares of Rs 10 each.

The government on Monday appointed Finance Secretary Duvvuri Subbarao as the new 22nd governor of the Reserve Bank of India.

Mr. Subbaro had been chosen in the place of Y.V. Reddy, who would complete his term on 5th September.

“The order of appointment has been issued. He will assume office when Mr. Reddy demits office,” informed Finance Minister P. Chidambaram at a press conference.

Taipei- A Taiwan banking consortium on Tuesday agreed to cut the interest rate on its loan to the Taipei High-Speed Rail Corp (THSRC), which has gone into the red.

The banking consortium has agreed to cut the interest rate on its loan to the THSRC from 8.1 to 4.59 per cent, Broadcasting Corp of China (BCC) reported, apparently after being persuaded to do so by the government.

The reduced rate can help the THSRC to save 1.4 billion Taiwan dollars (45 million US dollars) annually in interest, BCC said.

Karvy Stock Broking Limited has maintained ‘buy’ rating on ICICI Bank stock with a target of Rs 700 within 1-3 days.

According to Karvy, interested traders can purchase the stock above Rs 660 with a strict stop loss of Rs 645. If the stock market remains positive, the stock pricing becomes more attractive, and reach above Rs 710.
 

Frankfurt - Germany's Commerzbank AG's shares fell sharply Monday after the Frankfurt-based bank agreed to pay 9.8 billion euros (14.4 billion dollars) to buy rival Dresdner.

While Commerzbank bank stock fell 7 per cent to 18.69 euros in early trading in Frankfurt, shares in Dresdner's parent, Allianz SE, slipped by about 1 per cent, as a result retracing some of the gains the giant insurer made last week.

The supervisory boards of Commerzbank and Allianz signed off on merging Germany's second and third biggest banks at separate meetings Sunday, as a result triggering a major reshaping of the country's fragmented banking business.