Fra

Non-banking finance companies (NBFCs) engaged in auto financing are hoping that banks requirement to meet priority-sector lending targets by March will give a much needed fillip to the auto financing business.

Typically, auto loans are converted into financial securities and sold to banks. This ensures that auto NBFCs do not carry the risk of default on their books. At the same time, since they get their money back immediately, they can go out in the market and lend again.

Zurich - The Swiss-based private bank EFG International said Wednesday its profit in 2008 dropped 33 per cent compared to the previous year. The bank's stock closed down about 35 per cent.

Meanwhile, the Pictet and Cie private bank based in Geneva said it would expand its wealth management business, in a move against the current of the global economic downturn.

Zurich - The Swiss-based private bank EFG International said Wednesday its profit in 2008 was down 33 per cent compared to the previous year. The bank's stock dropped about 20 per cent in morning trading.

The asset manager said its profit for 2008 was 221.9 million Swiss francs (191.6 million dollars) on total revenues of 946.3 million, a slight increase over the previous year. If adjusted for non-recurring items, net profit was 280.9 million.

Zurich - Shares in UBS fell Tuesday, hitting a new low on the Zurich exchange, as Switzerland's largest bank said it would fight to keep client information protected.

The stock hit 9.35 Swiss francs during trading, a record low, but did recover slightly to close at 9.85, down 1.5 per cent on the day.

A US judge on Monday gave UBS until April 30 to file a response to a summons against it by authorities there, demanding that the bank hand over some 52,000 names of US clients holding assets in Switzerland. The judge scheduled a trial for July 13.

Berlin  - Germany's publicly owned HSH Nordbank AG became on Tuesday the latest bank in the country to receive state aid to help it through the current global financial crisis.

Two German state governments - Schleswig-Holstein and Hamburg - agreed to to throw HSH a 13 billion-euro (16.6 billion dollar) financial lifeline to cover future losses incurred by the shipbuilding financier.