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Economy & Finances

Sberbank and BNP Paribas Personal Finance have agreed to expand the activity of their joint venture after its good performances in the Russian car financing market


Cetelem Bank is a joint point-of-sale finance bank of Sberbank and BNP Paribas Personal Finance, the consumer lending division of the BNP Paribas Group. The bank is operating in the Russian consumer and car loan market and specializes in point-of-sale lending – retail stores and auto dealers. The transfer is a part of a large-scale internal reorganization within Sberbank Group. Sberbank will continue issuing car personal loans at its branches and the car loan partnership programs with car manufacturers and car dealers will be transferred fro... Read More »

J.P. Morgan to use Central Securities Depository service owned by London Stock Exchange Group


This development is in response to the European Market Infrastructure Regulation (EMIR), which requires margin and default contributions posted to a central counterparty (CCP) to be held with a securities settlement system, where possible. CCPs will become subject to this requirement when they obtain authorization under EMIR. LSEG’s new CSD, subject to regulatory approval, is expected to be operational in the first half of 2014, in order to provide services to CCPs when they become authorized. Kelly Mathieson, global head of Collateral Manag... Read More »

Abu Dhabi Commercial Bank Wins Trade Finance Award


he Awards for Excellence by Trade Finance Magazine is an annual landmark poll of the best performing trade finance institutions as voted for by the industry. ADCB is the first UAE local bank to be amongst the top five ranking banks in the MENA region for its Trade Finance services. Mr. Krishnakumar Duraiswamy – Head of Trade Finance, at ADCB said, “The Awards for Excellence by Trade Finance is one of the most prestigious awards in the industry. Over the last twelve months we have worked tirelessly to enhance our offering and to raise the qua... Read More »

Aegon and Banco Santander complete exclusive 25-year partnership in Spain


Consolidates Aegon's strong position in Spain Supports Aegon's broader strategy to become a leader in its chosen markets Aegon has completed an exclusive 25-year strategic partnership with Banco Santander, Spain's largest financial group, first announced last December. Under the terms of the agreement, Aegon has acquired a 51% stake in both a life insurance company as well as in a non-life insurance company for a consideration of EUR 220 million. The joint ventures will distribute life and general insurance products through Banco Santan... Read More »

ArcelorMittal announces final tender results of its offer to purchase any and all of ArcelorMittal USA’s USD 6.500% notes due 2014


The Offer was made pursuant to an offer to purchase dated June 17, 2013 (the “Offer to Purchase”), which sets forth a more comprehensive description of the terms of the Offer. Capitalized terms used but not otherwise defined in this press release shall have the meanings given to them in the Offer to Purchase. On July 1, 2013, the Offerors made a payment in cash for all Notes tendered prior to 11:59 p.m., New York City time, on June 28, 2013 (the “Early Tender Time”). As of the Early Tender Time, the Offerors had received tenders in respect o... Read More »

No place for tax cheats


One way cheats avoid paying tax is to hide income earned in another country from authorities in the country where they live and are normally taxed. The EU tries to prevent this from happening within its borders. Current EU rules require the United Kingdom, Ireland and all other member countries to collect information on income earned on their territory by non-residents. UK and Irish authorities must then provide this information to the EU countries where these people actually live, so the income can be taxed – and EU countries must also send... Read More »

Support for Romanian SMEs: EIB signs loan contract with ING Bank Romania


The intermediated loan will allow for financing of small and medium-sized projects that will be undertaken by SMEs and by midcap companies (i.e. companies with up to 3000 employees) as well as by public sector entities or other types of private sector promoters in Romania. With today’s signature, the EIB has so far signed a total of 9.4 billion Euros since the beginning of the Bank’s lending activities in Romania in 1993. 700 million Euros were signed over the last five years, to support almost 2,900 SME projects. EIB’s Vice-President Mihai ... Read More »

Daimler’s Board of Management Chairman buys company’s own shares for approximately €1.2 million


“With this share purchase, Dieter Zetsche is underscoring his confidence in a sustained and positive development for Daimler. At the same time, it is a signal to all the other Daimler shareholders,” stated Jörg Howe, Corporate Spokesman and Head of Global Communications at Daimler AG. For the acquisition of the shares, Dr. Zetsche applied the proceeds he had just received from the exercise of an existing stock option plan (in this case, options of the plan from the year 2004). ... Read More »

First EIB loan after Croatia’s EU accession: EUR 250 million for smaller projects


EIB Vice-President Anton Rop stated: “I very much welcome the fact that the first EIB loan signed after Croatia joined the Union addresses the key lending priority of the EIB – to improve the extremely tight financing conditions for SMEs and mid-caps in the current prolonged economic crisis. Better availability of long-term financing is vital for further development of this sector, which is the backbone of the Croatian economy and the main driver of growth and employment.” “There is high demand for HBOR’s loans: in the first six months of th... Read More »

Successful launch of Dexia Crédit Local EUR 1.5 billion inaugural government guaranteed transaction


Going out with a spread guidance of OLO + 30 basis points, the issue quickly gathered momentum with a primary order book reaching more than EUR 1 billion from around 50 different investors mainly from Germany, France and the UK. With a final order-book close to EUR 1.7 billion, Dexia Crédit Local achieved a highly granular transaction with almost 80 accounts participating. This enabled the issuer to price a successful EUR 1.5 billion benchmark. France and the UK represented the largest investor groups in terms of volume with 29% and 28% resp... Read More »

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