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IFCI needs restructuring, says IDBI
Calcutta: The Industrial Development Bank of
India, which is a 30 per cent equity holder in Industrial Finance Corporation of India,
feels there is an urgent need for restructuring of IFCI. IDBI chairman G.P. Gupta says the
proposed equity issue by IFCI will not solve the developmental finance organisation's
problems as it has a high level of non-performing assets and a low capital adequacy ratio.
Mr Gupta indicated that one of the options could be
a merger of the two organisations.
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IDBI too plans insurance
venture
Calcutta: The Industrial Development Bank of
India is in talks with Principal Financial Group of the US and ING of the Netherlands for
its proposed insurance venture. IDBI plans to enter the pension business initially and
then other sectors. Plans are to set up a new company with the selected foreign partner to
run the insurance business. Principal Financial Group is already IDBI's partner in its
asset management company, IDBI Investment Management Company.
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HDFC Bank to set up B2C
system
Mumbai: HDFC Bank is aligning with BPL to
offer Internet-based business-to-business e-commerce services to companies. The bank
has already installed facilities in Mumbai to enable its customers, including brokers,
banks and stock exchanges to settle payments electronically. The link-up with BPL will
also cover a supply chain management system under which dealers and vendors can transact
business online.
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Income tax collection
up in Mumbai
Mumbai: Income tax collections from Mumbai
have gone up 18 per cent during 1999 compared to 1998. However, there has been a three per
cent decrease in corporate tax collections. Chief commissioner of income tax, Mumbai, B.
Mishra, says the combined income tax and corporate tax collections from Mumbai during the
year have increased by Rs 100 crore over last year's level. The year’s collection is
in the range of Rs 20,000 crore, he added. Mumbai has 1.85 million tax payers, up by 2.5
lakh compared to last year.
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GIC finalises on
consultant
Mumbai: The General Insurance Corporation of
India has finalised on the consultancy firm to advise it on restructuring. GIC has
appointed a board sub-committee to oversee the restructuring so that it and its four
subsidiaries can function effectively after the insurance sector is opened up.
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JM Mutual, Centurion Bank
in tie-up
Mumbai: JM Mutual Fund and Centurion Bank
have entered into a marketing tie-up. Under the arrangement, Centurion Bank will market JM
Mutual’s various schemes to its customers. The arrangement is, however,
non-exclusive, and JM Mutual Fund intends to tap other banks.
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Newbridge Capital
buys Korea First
Seoul: Newbridge Capital, a US investment
firm, will buy Korea First Bank. An agreement has been signed to this effect under which
Newbridge will pay $442 million to take a 51 per cent equity holding in Korea First, which
is one of Korea’s top five banks. Newbridge will assume operational control of the
bank.
While the state-run Korea Deposit Insurance will retain a
49 per cent holding in the bank and the bank’s stocks will be listed on the Korean
Stock Exchange, there will not be any trading in the shares. The bank will have a new
chairman, Robert Barnum, a former president of American Savings Bank.
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