Entries Tagged 'Bank News' ↓

ABN AMRO will be renamed as Royal Bank of Scotland and will be operated as RBS which has recently bought the Deutshe Bank for Euro 71 billion. ABN Amro is one of the leading foreign banks in India and has currently covers 30 to 40 percent revenue from India. Taking ABN AMRO’s strong presence in India, Royal Bank of Scoltand aims to become one of the India’s top foreign bank. ABN Amro bank’s country executive Meera H Sanyal has said that the transformation of ABN Amro to RBS will be achieved smoothly and there would not be any any radical change in strategy but, it will be based on the existing strengths combined with those of RBS’s verticals.

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All India Bank Employees Association has said that the employees and officers working in associate banks of the SBI will go for a strike on September 27 to protest against the merger of their banks with State Bank of India.

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The United Forum of Bank Unions, a body of nine bank unions, has announced a nationwide strike on September 12, 2007 after recent talks with the chief labour commissioner over the implementation of a Memorandum of Understanding (MOU) on pension, compassionate appointments and to oppose outsourcing of the normal banking jobs.

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The country’s largest commercial bank, State Bank of India (SBI) has chalked out an innovative strategy to widen its network and reach out to the remotest villages of India. It has decided to tie up with post offices for this purpose. “SBI is tying up with post offices to give credit to remotest villages of India,with over 9,000 branches, SBI has the largest bank branch network in the country. Chidambaram later told Business Line that SBI has already launched pilot projects in Maharashtra in association with postal department.

Vijaya Bank is mulling to float life and non-life insurance companies following the bank’s decision to pull out of its insurance joint venture - PNB Principal Insurance Advisory Company Private Ltd - with the Punjab National Bank (PNB) and the Principal Financial Group of the US.

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 State-run Andhra Bank plans to raise up to Rs 400 crore through debt in the year to March 2008, its top official said on Thursday.

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Birla Sun Life Asset Management Company Ltd (BSLAMC) the Investment Managers of Birla Sun Life Mutual Fund has entered into an Agreement with Dena Bank, a leading Public sector bank, for distribution of its Mutual Fund Products through select branches of the Bank across the Country. The Memorandum of Understanding (MOU) was exchanged between Mr Mukul Gupta, Chief Executive officer, Birla Sun Life Asset management Company Ltd and Mr. P. L. Gairola, Chairman and Managing Director Dena Bank.

SBI Funds Management Pvt. Ltd (A joint venture between State Bank of India and Société Générale Asset Management, France) – Investment Managers for SBI Mutual Fund, one of the largest mutual funds in the country has formalized its tie-up with Dena Bank, a leading public sector bank, to qualitatively enhance its reach in the category of mutual fund investors across the country.

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Public sector banks’ overall credit exposure to small and medium enterprises grew 25.81 per cent in fiscal year 2006-07 to Rs 1,84,589 crore, surpassing the minimum 20 per cent year-on-year growth targeted for this sector.

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Mangalore: Corporation Bank is planning to use the ‘branchless banking’ model to bring more villages under financial inclusion in un-banked areas.

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