Dewan Housing to raise Rs 60 crore via securitisation
Mumbai: Dewan Housing Finance Corporation Ltd (DHFL) proposes to raise around Rs 60 crore to Rs 65 crore through a securitisation deal by December 2003. Although the details have yet to be finalised, Kapil Wadhawan, managing director, DHFL, said the funds raised will be used for onward lending to the company's borrowers.

DHFL expects a growth of 50-60 per cent this year, and this is excluding the recent acquisition of ING Vysya Bank's housing arm, now re-christened `DHFL Vysya Housing Finance'. DHFL now holds a 53 per cent stake in its subsidiary, DHFL Vysya Housing Finance, and the promoters hold the remaining equity, Wadhawan said. "The South has always been a desired market for us because the credit culture there has been good. This acquisition consolidates our position in the South and enhances our distribution leverage," he said.
Back to News Review index page  

Amadeus joins hands with Cholamandalam Finance
New Delhi: The global distribution system provider, Amadeus, has tied up with Cholamandalam Finance to offer online travel insurance solutions. The agreement allows Cholamandalam to offer its complete range of travel products and solutions, including medical expenses, medical repatriation, delay or loss of checked baggage, loss of passport, personal accident, hospital expenses, personal liability and financial emergency through the Amadeus system that will be accessed by a travel agent.

The travel agent, in turn, will be able to provide the traveller a travel insurance policy as well as a detailed package of air, car rentals and/or hotel bookings. Amadeus already offers travel insurance policies in India with Tata AIG and Bajaj Allianz. The travel agents, licensed by Cholamandalam to provide insurance, will be given product training by Amadeus. They will then be required to select the travel product offered on Amadeus and provide mandatory information such as details about the trip duration, date of birth, mailing address, emergency contact, passport number, and beneficiary's details for a particular passenger.
Back to News Review index page  

Andhra Bank board meet for interim
Hyderabad: Andhra Bank has informed the stock exchanges that the meeting of its board of directors would be held on December 6 to consider a proposal for declaration of interim dividend for the financial year 2003-04.
Back to News Review index page  

HSBC to cut about a third of equities jobs
London: Global bank HSBC Holdings Plc said on Thursday it would cut about a third of its equities staff worldwide as it unveiled its strategy for investment banking. HSBC has 1,450 equities staff and that number will shrink to less than 1,000 by February, co-head of investment banking Stuart Gulliver told analysts at a presentation. The bank is shedding people as it shifts equities away from acting for clients towards trading on its own balance sheet, he said.

"This review of the equities business is current and will continue through to January or February," Gulliver said. "There will be more reorganisation and restructuring taking place in research and sales," he added. The bank has cut between 100 and 200 equities staff since September in Europe and the United States, Gulliver said. Some of the remaining staff will be new hires, he added. HSBC makes about a third of its profit from investment and corporate banking but in recent years has had a low profile, causing some analysts to question chairman Sir John Bond’s commitment to the business. Most equities and corporate finance staff got no bonus for 2001, causing unrest and departures.
Back to News Review index page