Zurich - Credit Suisse became the first major European bank to unveil its third-quarter earnings Thursday warning that the banking business faced continuing tough conditions after the big Swiss bank confirmed a 1.26 billion Swiss-franc (1.08 billion dollars) quarterly loss.

Unveiling the third quarter results, the chief of Switzerland's second biggest bank Brady Dougan said: "We expect the market environment to remain very challenging and we are cautious with regard to the outlook for the fourth quarter."

Dougan went on to say that the third-quarter result was "clearly disappointing" but "understandable" considering the turmoil that has engulfed financial markets in recent weeks.

Stockholm - Sweden's central bank said Thursday it was to cut its interest rate by 0.50 percentage points to 3.75 per cent, the second cut this month.

The cut was to take effect October 29, the Riksbank said.

The bank's board of governors said "the interest rate cuts are aimed at alleviating the effects of the financial crisis" and added that the inflation target of 2 per cent remained.

Sweden was also experiencing the impact of the global financial crisis, and the economy was slowing down, the Riksbank said, adding that effects included higher loan costs for companies and households.

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Munich  - Troubled German state bank BayernLB announced Wednesday a review of all its costs just one day after it said was tapping the government's financial rescue plan for 5.4 billion euros (7.1 billion dollars).

"We will be looking at all positions," said a spokesman of the Munich-based bank, which has been badly hit by the global financial crisis and which became the first German financial house to apply for financial support from Berlin's 480 billion-euro bank rescue package.

The cost review includes the 19,000 BayernLB's world-wide labour force with the bank having already warned that it might not be able to avoid job cuts.

The Bavarian state bank is planning a 400-million saving project in the next three years.

Government has decided to restructure the equity capital of UCO Bank and Punjab & Sind Bank.

The Indian government holds the majority stake in both the Banks i.e. 74.98 percent stake in UCO Bank and 100 percent stake in Punjab & Sind Bank.

The total paid up capital of UCO Bank is approximately Rs. 800 crores out of which Rs. 250 crores will be converted into perpetual non-Convertible preference shares.

Stockholm - Swedish banking group Handelsbanken on Wednesday outdid analyst expectations and reported higher third-quarter operating profits and net interest income.

Handelsbanken was the first of the Nordic nation's four major banking groups to report results amid the ongoing financial turmoil.

Operating profits were up 6 per cent to 3.78 billion kronor (510 million dollars), the group said attributing this to "higher net interest income and lower costs."