Finance Sector

Bajaj Finserv, Alliance Global enter into Indian asset management joint venture

Bajaj Finserv, Alliance Global With Bajaj already has life insurance and general insurance business tie-ups with Allianz since eight years, the Rahul Bajaj-owned Bajaj Finserv lately entered into a shareholders' deal with Allianz Global Investors, which is venturing into the asset management arena in India.

The Munich, Germany-based insurer will hold a majority stake of 51 percent in the asset management joint venture.

IDBI to raise Rs 5000 crore from domestic market

IDBI to raise Rs 5000 crore from domestic marketIndustrial Development Bank of India Limited (IDBI) a leading public sector bank, has revealed its plan to raise capital worth Rs 5,000 crore through senior, upper and lower Tier II bonds in 2009-10.

The decision was taken by the company to shore up its capital adequacy ratio for supporting business growth.

US accounting standards relaxed to help banks out of crisis

The Financial Accounting Standards Board (FASB)Washington  - US accounting standards were relaxed Thursday to allow banks to take a longer-term view on the value of toxic mortgage assets, which have already cost the industry more than 1 trillion dollars and lie at the heart of the financial crisis.

The Financial Accounting Standards Board (FASB), an industry group, voted that banks would not have to tie the value of mortgage securities to current market prices.

Slash lending rates for infrastructure projects: FICCI

Slash lending rates for infrastructure projects: FICCIIndustry body, Federation of Indian Chamber of Commerce and Industries (FICCI) asked for lower interest rates in the range of 7 to 8 per cent for infrastructure projects in the country, blaming high lending rates a major cause of stagnation in the growth rate.

FICCI Chairman, Harsh Pati Singhania, while addressing the inauguration summit on infrastructure, said, "The rise in interest rates for project financing in the country have increased and are jeopardizing the financial viability of projects under the PPP mode."

Aditya Birla completes buyout of Apollo Sindhoori

Aditya Birla NuvoAditya Birla Nuvo, a diversified conglomerate, has notified that it has completed the acquisition of 76 per cent stake in the retail broking firm of the Apollo Hospitals Group.

The group bought 56 per cent in Apollo Sindhoori Capital Investment from the promoters and another 20 per cent through an open offer.

The acquired company is a leading player in the financial services sector with over 10 years of experience in the share broking business. The firm's principal activities are providing financial services, stock broking, commodity broking and related activities.

PNC Financial to slash dividend to 10 cents per share

PNC Financial to slash dividend to 10 cents per sharePittsburgh-based PNC Financial Services Group Inc. today announced that its Board of Directors will slash the company's quarterly common stock dividend from $.66 to $.10 per share in aim to save $1 billion a year and boost liquidity.

The dividend cut comes as executives at many banks are feeling pressure to reconsider their companies' dividends as their stock prices fall and the market puts a greater premium on capital preservation.

The next dividend is expected to be declared in early April.