IDBI Bank has started its first overseas branch at the Dubai International Financial Centre (DIFC), to offer corporate banking services, including financial advisory and syndication of credit. The branch was opened by Union Minister of State for Finance Namo Narain along with IDBI Bank’s Deputy MD B P Singh and other dignitaries.
French car major Peugeot is ready to re-enter the Indian market which it left in the late 1990s. It anticipates good sales due to availability of cheap car loans. Peugeot-Citroen is presently scouting locations throughout the country, to establish a manufacturing plant.
Life Insurance Corporation (LIC), plans to venture into the reverse mortgage sector. LIC is in initial talks with the home loan regulator, National Housing Bank (NHB), for offering this scheme to its clients, a top official in the company said.
Mahindra & Mahindra, India’s biggest sport-utility carmaker, will start conducting due diligence on Ssangyong Motor within 2 days, as the company plans to expand abroad. A bid will be decided on the inspection’s observations into Ssangyong, Mahindra & Mahindrapresident Pawan Goenka said.
World’s cheapest car, Tata Nano, will be sold without advance booking from August 2010, a top company officer said. The company expects good sales due to cheap Car Loans. Manoj Arora, senior manager, Tata Motors said, “From this August-September, customers will be able to walk into our showroom and drive out in a Nano,”.
ICICI Bank, the biggest private sector bank in the country has nurtured plan of expanding its rural and semi urban presence. It also intends to lower its exposure to personal loans. Chanda Kochhar, MD and CEO of the bank said, “As we focus on enhancing our capabilities to serve our corporate and retail customers across… Read More »
With the housing market set to recover, home loan company Sundaram BNP Paribas Home Finance (SBNPPHF) is now planning to expand and boost its presence with more investments in the 4 southern markets this year. The housing finance associate of Sundaram Finance obtained a 39% increase in disbursements in 2009-10.
India’s biggest lender, State Bank of India plans to raise Rs. 20,000 crore through rights issue by the end of this fiscal. It also plans to continue with its teaser rate on car loans. SBI chairman OP Bhatt said, “It is still at the conversation stage (with the government)… If at all it comes up,… Read More »
Public sector bank, Allahabad Bank is planning to increase its merchant banking arm called AllBank Finance Ltd. It presently operates only in the eastern part and wants to increase by getting out of the east. J P Dua, chairman and MD, Allahabad Bank said, “The merchant banking arm has just completed one mandate, and we… Read More »
State Bank of India, the biggest lender in the country is all ready to buy stake valued at 30% in Tata Motors Finance. The only thing pending is the authorization from RBI. SBI Chairman O P Bhatt said, “The proposal (to pick up stake in Tata Motors Finance) is pending with RBI”.