Frankfurt - Germany's Commerzbank AG and Allianz SE are expected to announce Sunday a deal worth up to 9 billion euros (13 billion dollars) to sell the giant insurer's banking offshoot, Dresdner, to Commerzbank.

The supervisory boards of Allianz and Commerzbank are to meet Sunday and are widely predicted to sign off on a merger between the two banks, which would be the biggest restructuring in the German banking system in more than seven years.

The Reserve Bank of India (RBI) warns against the slowdown of economy following global pressure. It also clarified that there is not always guarantee of continuity of growth for the emerging economies of the world. The global circumstances can affect the shining growth story of country and it is not immune to global pressures. It also expressed uncertainty over the capital flows form the foreign investors.

Kalpana Morparia, who had been working for ICICI for more than 30 years, has finally quit her job to get even better opportunities. The veteran woman had been a recognized public face of ICICI bank and now it is in news that she has moved on to work for JP Morgan and handle their financial services operations in India.

During here time with ICICI bank, Ms Morparia had worked really hard to transform ICICI from a development finance institution into the country’s second-largest bank.

Stock market analysts have maintained ‘buy’ rating on ICICI Bank with an intraday target of 650.

According to them, interested traders can purchase the stock above Rs 635 with a strict stop loss of Rs 630. If the stock market remains positive, the stock pricing becomes more attractive, and reach above Rs 660.
 

Karachi - US-based Citibank has advised Pakistan to secure help from the International Monetary Fund (IMF) to avoid default on its foreign debt repayments in the face of an ongoing political crisis.

The report, "Pakistan: Could the Political Chaos Lead to Sovereign Default?" released in New York Wednesday, cited a rising chance of default over mounting political instability, dwindling foreign exchange reserves and the weakening Pakistani rupee.

Leading public sector lender Union Bank of India will soon ink a Memorandum of Understanding (MoU) with KBC Management Services, a 100% subsidiary of KBC Group of Belgium.
 
The source close to the bank said that after signing the MoU at Mumbai, State-run Union Bank of India will be the owner of 51% partnership while 49% will be owned by KBC Management Services.

KBC asset management has deep rooted presence in central eastern Europe and Belgium.

Recently, the bank has formed alliance with Wealth Advisors, with the target to offer Wealth Management Services to about 600 customers by March 2009.