American Express Bank opens new branch in Bangalore
American Express Bank on Thursday opened its fifth branch in India at Bangalore.

The bank has branches in four metros. The Chennai one was the last to come into being in 1992.

In Bangalore, the bank is currently present in consumer and corporate cards, travellers cheques, business travel and consumer loans.
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HDFC increases stake in Gruh Finance
Housing Development Finance Corp has purchased around 18 lakh shares of GRUH Finance from ACC thereby increasing its stake in Gruh Finance from 54.5% to 61.3%.

"ACC wanted to sell its holding and instead of letting the shares be sold in the open market we decided to acquire them. There is nothing more to the deal," said Keki Mistry, managing director, HDFC.
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LIC Housing Fin contemplates ADR/GDR Issue
LIC Housing Finance (LICHF) is exploring possibilities of an ADR or GDR issue after one-two years to raise cheaper funds for carrying out its future expansion.

"We may have to consider ADR/GDR issue to raise cheaper funds. We are still discussing it. We will take the approval from the LIC board once it is finalised," official sources said.
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OM Kotak targets Rs 65-crore premium income
OM Kotak Mahindra Life Insurance Company Ltd, the 74:26 joint venture between Kotak Mahindra and Old Mutual, is targeting Rs 1,300 crore of sum assured and Rs 65 crore of premium income.

Mr Shivaji Dam, Managing Director, stated this at a press conference to mark the launching of Kotak Child Advantage Plan. Mr Hasan Askari, Director of OM Kotak Mahindra Life Insurance and an advisor of Old Mutual Plc for emerging markets, was also present at the meeting.
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Jaswant Singh on IMF board
The Finance Minister, Mr Jaswant Singh, has been appointed India's Governor to the International Monetary Fund (IMF). The Finance Minister is the ex-officio Governor on the board of Governors of the IMF. The appointment of Mr Singh follows the recent Cabinet reshuffe.
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ABN-AMRO launches 2 credit cards
ABN-AMRO Bank (India) has launched two globally valid credit cards in association with Mastercard, called `Smart' Gold Card and `Freedom' Silver Card.
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Bajaj Allianz launches mediclaim with cashless claim facility
Bajaj Allianz General Insurance has launched its first mediclaim policy with a cashless claim settlement facility.

An insured under this policy can avail of cashless treatment from 41 hospitals across the country to the extent of sum insured and for ailments that are covered.
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