Banking Sector

Allianz, American Express sell shares in Chinese bank

Allianz, American Express sell shares in Chinese bank Beijing  - Germany's Allianz Group and US-based American Express have sold shares valued at up to 2 billion dollars in China's biggest commercial bank, the Industrial and Commercial Bank of China (ICBC), the companies said on Tuesday.

Allianz said it had sold 3.216 billion shares, or half of its stake in ICBC, to "a select group of investors through a private sale."

Bank of Baroda Q4 net shoots up 172%; declares dividend of Rs 9 per share

Bank of Baroda Q4 net shoots up 172%; declares dividend of Rs 9 per shareBank of Baroda, the sixth largest bank of India, has reported growth of 172% in its net profit at Rs 752.69 crore for the fourth quarter ended March 31, 2009.

The bank had a net profit of Rs 276.44 crore in the March quarter of FY'08.

Further, the lender has registered 28.50 per cent jump in its total income to Rs 4,992.41 crore during the March quarter, from Rs 3,885 crore in the corresponding quarter last fiscal.

ICICI Bank registers 35% drop in its Q4 Net profit

ICICI Bank registers 35% drop in its Q4 Net profitIndia's second-largest lender ICICI Bank today announced 35% drop in net profit at Rs 743.76 crore for the quarter ended March 31, 2009 when compared to Rs 1149.84 crore in the year-ago period.

In addition, the lender's total income also fell to Rs 9203.36 crore from Rs 10390.92 crore in the corresponding period in the previous year.

For the full-year ended March, ICICI Bank's net profit fell 9.40% percent to Rs 3758.13 crore, as compared to Rs 4157.73 crore for the year ended March 31, 2008.

SBI Mutual Funds celebrates Akshaya Thrithiya week

SBI Mutual FundsWith Akshaya Thrithiya - an auspicious day by the Hindu calendar – falling on April 27, gold suppliers are hoping for a turnaround for the better so far as demand for gold is concerned! Since the gold prices in India having more or less hovered around the Rs 14,000-15,000 per 10-gram range for some time, the jewellery sales have plunged substantially. In fact, there was hardly any import of the yellow metal during February and March.  

Philippines bans pork imports from Mexico, US

PhilippinesManila - The Philippines' agriculture department Saturday ordered a ban on the importation of pigs and pork products from Mexico and the United States amid an outbreak of swine flu virus in the two countries. The virus is suspected to have killed 68 people in Mexico over the past three weeks, while at least eight people have been infected in the US.

Agriculture Secretary Arthur Yap said he ordered the import ban as a "precautionary measure" despite no links so far between swine farms and the outbreak.

US banks, markets, sweating "stress tests"

Federal Reserve chief Ben BernankeWashington  - As early as Friday, the US government is expected to announce the results of its "stress tests" for 19 major banks - a report that could force some banks to sell ownership stakes to the US government.

The examination has been underway since late February, when federal banking regulators said it could provide added capital to struggling large banks, according to the results of the "stress test."