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Impacts of applying the IFRS 13 accounting standard on the consolidated results of the Dexia Group as at 30 June 2013

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Applying this accounting standard, and in order to comply with the principles of derivative valuation most commonly used on the market, as from its H1 2013 closing Dexia Group will use a discount curve based on a daily rate (OIS)1, allowing calculation of the net asset value of collateralized derivatives. At the same time, Dexia will adapt its methodology in measuring Credit Value Adjustment (CVA)2 and will recognize a Debit Value Adjustment (DVA)3. These changes of the parameters used for the valuation of derivatives will lead, in the first... Read More »

Bertrand Cizeau appointed BNP paribas group head of brand, communications and quality

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Bertrand Cizeau previously served as Head of Communication & Advertising at BNP Paribas Personal Finance (then operating under the Cetelem brand) from 2001 to 2011, before becoming Deputy Head of Brand, Communications and Quality for the BNP Paribas Group in 2012, working alongside Antoine Sire. BNP Paribas Group CEO Jean-Laurent Bonnafé commented: “During his 16 years at the head of Group Communications, Antoine Sire has steered the process of building the BNP Paribas brand, from the communication work supporting the merger of BNP a... Read More »

VTB finances Defence Ministry contract

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The customer is the United Aircraft Corporation and the supplier is the United Engine Corporation. The loan will be issued to the Perm Engine Company, a subsidiary of the United Engine Corporation. "Supporting Russian producers is strategically important aspect of VTB's business,” VTB Bank Management Board Member Valery Lukyanenko said at the contract signing ceremony. “I hope that cooperation with VTB will help Russian engine producers maintain their market positions and will contribute to the continued growth and development of their busin... Read More »

Delhaize Group, disclosure of major shareholding

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On June 7, 2013, Silchester International Investors LLP notified Delhaize Group that as of June 6, 2013 Silchester International Investors LLP owned 10 167 223 Delhaize Group shares, representing 9.98% of its voting rights. This is a decrease of 75 338 shares compared to the previous notification of ownership of 10 242 561 shares received on October 22, 2012. Silchester International Investors LLP is controlled by Silchester Partners Limited, which holds over 90% of its capital interests. Stephen C. Butt, Silchester’s Chairman and Chief Inve... Read More »

Nokia to fully acquire Siemens’ stake in NSN

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The purchase price for Siemens' stake is EUR 1.7 billion and the transaction is expected to close during the third calendar quarter of 2013. Upon closing of the planned acquisition, Nokia Siemens Networks will become a wholly owned subsidiary of Nokia. Stephen Elop, President and CEO of Nokia, commented: "With its clear strategic focus and strong leadership team, Nokia Siemens Networks has structurally improved its operational and financial performance. Furthermore, Nokia Siemens Networks has established a clear leadership position in LTE, whic... Read More »

Disclosure made according to the requirements of the Law of 2 May 2007

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According to its obligation under article 14 of the Belgian Law of 2 May 2007 on the disclosure of significant shareholdings in listed companies, Anheuser-Busch InBev publishes the content of the notification that it has received. Date: Notification of 26 June 2013  Reason for the notification: downward crossing of the threshold of 3%  Notification by (ultimate parent company of several legal entities with common voting policy): BlackRock, Inc. 55 East 52nd Street , New York, NY 10055, USA  Denominator: 1,607,209,135 shares  Date th... Read More »

Small enterprises: Commission campaign to support debt recovery across borders

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This is especially damaging in the current economic crisis, when going abroad to do business is no longer merely an option but in many cases has become an obligation to become more competitive. Therefore, the European Commission today kicked off a campaign to help SMEs recover debts across borders. The campaign will inform SMEs on how to take advantage of existing laws and tools in order to more easily and successfully pursue debtors in other countries. To this end events will be organized in all 27 EU Member States plus Croatia. The campaign i... Read More »

Citigroup declares preferred dividends

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8.125% Non-Cumulative Preferred Stock, Series AA, payable August 15, 2013, to holders of record on August 5, 2013. Holders of depositary receipts, each representing one-thousandth of a full preferred share, will be paid $0.5078125 for each receipt held. 5.950% Fixed Rate/Floating Rate Noncumulative Preferred Stock, Series A, payable July 30, 2013, to holders of record on July 19, 2013. Holders of depositary receipts, each representing one-twenty-fifth of a full preferred share, will be paid $44.79027778 for each receipt held. 5.90% Fixed Ra... Read More »

Employees, partnering with Bankers without Borders, volunteer to provide vital finance and business know-how to microfinance institutions

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A team of employees has been working on the nonprofit Grameen Foundation’s Mobile Technology for Community Health (MOTECH) initiative, a life-saving technology platform designed to reduce high infant and mother mortality rates in developing nations by disseminating information about health services to expectant mothers via their mobile phones, and encouraging  demand for vital services during women’s pregnancy and baby’s first year of life. When the developer was struggling to accurately assign a value to the platform – a stumbling block in ... Read More »

66,000 Citi volunteers mark company’s annual global community day with service activities in 95 countries

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Volunteerism is a central part of the Citi employee experience, with Citi volunteers regularly engaging in community service year-round. Global Community Day spotlights and reinforces a shared commitment among Citi employees, clients, alumni, family and friends around the world to collaborate and dedicate their time and expertise to local community needs, including literacy and education, housing, environmental stewardship, health and human services, and disaster relief. Last year’s Global Community Day on June 16, 2012, was a cornerstone of... Read More »

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