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LKB
sets Rs.450 crore as price for acquisiton
Mumbai:
Lord Krishna Bank (LKB) wants over Rs450 crore as
acquisition price from Federal Bank, which is three times
its book value of Rs16.95 per share. Federal Bank is however,
willing to pay around Rs300 cr only
Sources said at the most Federal Bank may pay close to
two times the book value of LKB shares or around Rs300
crore. If the two parties agree then the deal will be
part cash, part share swap.
Both the banks are meeting this week for a final round
of talks. If they agree on the valuation, boards of the
banks will meet in the second week of October to seal
the deal.
Sources said among the old private banks, Dhanalakshmi
Bank could be the next takeover target. Federal Bank has
a book value of Rs110.27 and is trading at over 1.5 times
its book value.
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Assocham
reports rise in personal loans
New
Delhi: According to an Associated Chamber of Commerce
and Industry of India Eco Pulse Study, the personal loans
portfolios of domestic banks including housing, car finance
and consumer durables is expected to go up to a third
of the projected total bank credit allocation for 2006-07.
The
study says the personal loans portfolio has accounted
for the highest increase in credit allocation by banks
to Rs1,80,000 crore in 2003-04 from Rs34,800 crore in
1997-98.
Personal
loans formed 20.5 per cent share of the total bank credit
allocation in 2003-04, says the study.
The
number of personal loan borrowers was the highest in Maharashtra,
followed by Tamil Nadu, Karnataka, Andhra Pradesh and
Delhi, says the study.
The
housing loans portfolio registered the highest growth
of over 150 per cent among all personal loans in 2003-04.
The
number of housing loan borrowers was the highest in Maharashtra,
followed by Delhi, Tamil Nadu and Karnataka.
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HDFC
looks at Rs.700 crore turnover
Hyderabad:
Housing Development Finance Corporation (HDFC), is aiming
to achieve a Rs700-crore turnover during the current fiscal
against a turnover of about Rs450 crore last year.
According to the company growth in housing loan disbursement
continues to be not less than 30 per cent as is the case
in the first quarter of this fiscal.
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Countrywide
Fin to set up ITeS operations in Hyderabad
Hyderabad:
The Countrywide Financial Corporation of USA has decided
to establish ITeS operations in Hyderabad.
The state government has offered the company three acres
of land in the proposed Financial District near Hyderabad
for setting up its own campus.
However, the company will first start its operations in
a leased space of over 1 lakh square ft in Hitec City,
initially employing over 1,000 professionals. The number
would be raised to 2,000 in a span of two years.
Countrywide Financial will invest over US$18mn in the
Hyderabad BPO facility in a one-and-a-half-year period.
The company is expected to begin operations from March
2006.
Countrywide Financial Corporation provides diverse financial
services in mortgage banking, loan closing services, capital
markets, insurance services and banking.
It is the largest mortgage lender in United States with
about US$1 trillion, according to the press release.
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