ICICI Bank sees Rs 689-crore block deal
Mumbai: ICICI Bank, India's largest private sector bank, saw a huge block deal worth about Rs 689 crore of 2.60-crore equity shares in early trades on Bombay Stock Exchange on Monday. The block deal, which was in two tranches, totalled about 4.23 per cent of ICICI Bank's total equity, at an average price of about Rs 265 per share. Most market players pointed out towards foreign institutional investors (FIIs) as the party to the block deal.

They said both the sellers and buyers were FIIs. But the name of the FIIs could not be obtained. On the BSE, the stock of ICICI Bank closed up Rs 5.35 at Rs 255.25 on volume of 2.74 crore shares as against 6.35 lakh shares on Friday. On the National Stock Exchange, the stock closed at Rs 255.50, higher by Rs 5.40, on volume of 13.48 lakh shares.
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HSBC plans more investments in India
Mumbai: Michael R P Smith, CEO designate, HSBC, has said that the bank will be making more investments in India. It is also willing to relax its criteria of having a controlling stake in the potential acquisitions. "We have been growing organically in India. But there are limitations. We are looking for opportunities not only in banking but also in other financial services such as asset management and non-banking financial services."

HSBC, which launched its mutual fund business a year ago, has over Rs 3,000-crore assets under management. This is an area where the group is looking for expansion through acquisition. Smith, slated to take over as CEO by end of December, is currently on a familiarisation visit to this country. When asked about the voting right restrictions of shareholders in Indian banks, Smith said: "We have to be realistic and respect the local regulations. We can have smaller holdings in one or two entities."
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Canara Bank launches loan scheme for women
Kochi: Canara Bank has launched Can Mahila loan scheme exclusively for women with a reduced rate of interest. The purpose for meeting any genuine personal needs including buying household articles, gift, jewellery etc. Women both working and non-working between the age of 18 years and 55 years are eligible to avail themselves of the loan.

The scheme offers a loan of Rs 50,000 or 10 month's gross salary which ever is lower in the case of working women. In the case of non-working women, gross annual income of the family should not be less than Rs 1 lakh. The rate of interest is 11.50 per cent. The Canara Bank Thrissur main branch has opened a separate counter for considering the proposals and prompt disbursements of loans.
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Bank of Baroda to pay 30% interim
Mumbai: Bank of Baroda has declared an interim dividend of 30 per cent (Rs 3 per share, with a face value of Rs 10 each) for the financial year 2003-04.

The record date of payment has been fixed as December 12. The payout ratio comes to 20 per cent of the half-yearly profit.
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StanChart to launch second NBFC unit
Mumbai: Standard Chartered Bank's wholly-owned subsidiary, Standard Chartered Investments & Loans Ltd, a non-banking finance company (NBFC), will start operations in January. The NBFC, the second one to be set up by Standard Chartered Bank in India, will start with an equity capital of $7 million to be scaled up to $50 million subsequently. The NBFC is being set up with costing advantages in mind, said A Christopher M Low, CEO, India region, Standard Chartered group. It will raise corporate bonds/commercial papers in the market and transfer it to the bank.

This should fetch better rates for the bank since NBFCs do not have to provide CRR and SLR on their borrowings unlike banks, he explained at the sidelines of a press conference. The NBFC will not raise retail deposits since this would attract statutory requirements but will disperse wholesale loans. In September 2003, the government had cleared the foreign direct investment proposal of the bank to set up a 100-per cent wholly owned NBFC in India. Meanwhile, the bank has developed an Internet-based product to facilitate trade, financial transaction and logistics of the same.
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SBI launches trade finance solution
Chennai: Customers of State Bank of India's Leather and International Branch, Chennai, can now get their transactions (requests for import/inland letters, advising of export letters of credit, bill negotiation advices) processed on email. The branch inaugurated its Trade Finance Solution on Monday, which will enable the processing of such requests online. The branch does around Rs 3,000 crore business (export and import financing) annually.

Officials said that the system will reduce the transaction time to a few minutes compared to a few hours earlier. Since the system provides online updation of the centralised database located in the corporate centre in Navi Mumbai, it will also enable instant retrieval of export/import data, the officials add.
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Deutsche Bank unveils e-bills system
Mumbai: Deutsche Bank has launched an end-to-end payment and collection solution for corporates using `db-ebills,' the bank's B2B electronic presentment and payment system. Kaushik Shaparia, India head of Global Cash Management, Deutsche Bank, said the implementation of this global cash management system had begun and the bank had already bagged a contract from a multinational with a large manufacturing business in India.

Other companies had also expressed interest in this product, he said. Shaparia said customers are guaranteed incoming cash flows while their dealers will have alternative recourse during temporary shortfalls.
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