Monday, June 8, 2009

China's ICBC Bank closer to acquiring Thailand's ACL Bank

ASIAN BANKER PERSPECTIVES
Published June 8, 2009

Week of June 8, 2009

The following are notes from our Monday morning meeting.

Luxembourg’s treasury minister Luc Frieden is calling for UBS, HSBC and other custodian banksto stand by their “clear obligations” to compensate Madoff investors.

The appointment of four new directors to Bank of America's board is loosening CEO Ken Lewis’ hold on his position, while the FDIC is still pushing for the ouster of Citi CEO Vikram Pandit.

The Namibian government is supporting the creation of a bank that caters to SMEs and is looking to raise capital to launch it.

Bahrain's Al Salam Bank will acquire Bahraini Saudi Bank for $71.6 million.

Korea’s Kookmin Financial Group is reportedly seeking to raise $2 billion, most likely to launch a second attempt to acquire Korea Exchange Bank.

China’s ICBC will pay $73 million for a 70% stake of Bank of East Asia’s 6-branch Canadian subsidiary, while it also moves closer to acquiring Thailand’s ACL Bank.

Taiwan’s Ta Chong Bank is said to be in talks with several Chinese lenders for a potential share swap deal to expand its presence in China.

Vietnam’s central bank governor has reportedly said that he expects lending to grow 25% this year as efforts to stave off the recession take hold.

Banco de Oro, the Philippines’ largest lender, remains on the lookout for acquisitions even after swallowing GE Money Bank, saying it wants to expand its consumer lending business.

The Reserve Bank of India is contesting what it claims are the “inflated” salaries of CEOs of state-owned banks ING Vysya Bank, Axis Bank and Development Credit Bank.

The respective CEOs of ANZ and Commonwealth Bank of Australia, Mike Smith and Ralph Norris, are calling for a global effort to end wholesale funding guarantees.

https://www.theasianbanker.com/A556C5/Update.nsf/0/8863FFE8DCA2E5A8482575CF0015D8F3?OpenDocument

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