HSBC realigns staff structure
Mumbai: As part of HSBC India's plans to start 2004 "with a big bang" as it focuses on retail banking, the foreign bank has successfully realigned its staff structure. Its second round of voluntary retirement scheme (VRS), completed last month, attracted applications from 514 employees among banking assistants and the non-clerical staff.

This brings down the bank's staff strength to 2,800, and reduces the age profile as well as improves efficiency in the bank's operations. HSBC country head and chief executive officer Niall Booker said: "As we want to be more in retail it is necessary to initiate low cost processes."
Back to News Review index page  

IDBI acquires CMM Studios
Mumbai: The Industrial Development Bank of India (IDBI) has taken over the studios of CMM Studios under the Securitisation Act. The financial institution took over the property of CMM on 13 August. The financial institution had issued a notice under the Securitisation Act on 3 April. The channel owes Rs 49.18 crore to the institution. The other major lenders to the channel is State Bank of India to whom the channel owes around Rs 10 crore.

CMM Studios was a post production studio which had regular clients such as MTV, B4U, Channel V, Star and ETC. The studio also had facilities put up for recording, graphics and had equipment such as cameras and lights. CMM Studios' promoter and managing director Kirit Mehta said that the takeover was done by mutual consent.
Back to News Review index page  

HSBC Insurance gets IRDA nod for direct, reinsurance broking
Mumbai: HSBC Insurance Brokers (India) has received a licence from the Insurance Regulatory and Development Authority (IRDA) to operate as a composite insurance broking company. The licence will allow the company to function as a direct and a reinsurance broker.

HSBC Insurance Brokers (India) will offer companies - both local and international - partnership firms and financial institutions pro-active solutions to meet their risk management, insurance and employee benefit needs.
Back to News Review index page  

IOB is mulling over branch expansion this fiscal
Chennai: Indian Overseas Bank (IOB) will expand its branch network during the current financial year. The bank has already obtained licences from the Reserve Bank of India (RBI) for opening 30 more branches in India.

IOB chairman S C Gupta said IOB intends to open branches in places where the bank has no major presence and where there are business opportunities. "We are looking at opening at least 23 branches across the country by the end of December 2003 and another seven branches by March 2004. This will include branches in places like Madhya Pradesh, Rajasthan, New Delhi, Tamil Nadu, Kerala and Bangalore." The bank currently has a network of about 1,434 branches across the country.
Back to News Review index page  

UBI wants to return government capital
New Delhi: United Bank of India (UBI), the public sector bank which was declared sick earlier, is now planning to return a capital worth Rs 800 crore to the Indian government. At present, however, it faces no compulsion to resort to a public issue though it had been posting a profit for the last three years.

UBI chairman Madhukar said the possibility of returning capital worth around Rs 800 crore is on, but the board is yet to take a view on it after conducting a balance sheet analysis in depth.
Back to News Review index page