18 November 2000

Standard Life increases its stake in HDFC Bank
Mumbai: Standard Life, the insurance partner of HDFC, has increased its relationship with HDFC by stepping up its holding in HDFC Bank. It recently purchased close to 1.5 per cent of the bank's equity from Chase Capital Partners, who were strategic investors in the bank.

The transaction was concluded through the stock market around 10 days ago at the then prevailing market price of around Rs 250 and has reportedly given Chase Capital a profit of over Rs.60 crore.

15 November 2000

Citibank pips others to the post: IMD mop-up
New Delhi: Despite being short of its self-imposed target, Citibank, with an impressive collection figure of $685 million, was way ahead of all other banks in the sweepstakes for the State Bank of India-sponsored, India Millennium Deposit programme.

Following Citibank in the pecking order were, HSBC ($550 million), Stanchart ($480 million), Credit Llyonnais ($400 million ) and ABN-AMRO ($385 million).

The collection figures of domestic banks were not available.

For the MNC banks the incentive to collect the deposits for the IMD was SBI's promise of giving 50 per cent the amount collected by the arranger banks back to them as a loan at a concessional interest rate of 10 per cent.