You should thoroughly consider your business needs when selecting a financial institution or bank for your small/home business. You may want to consider the following points:
- The types of products and services that are offered.
- The bank's criteria for qualifying for a loan.
- The minimum balances for accounts, interest rates and charges for account services.
- Location and Access to ATMs
- Online Banking Services
One bank may specialize in home loans or auto loans while another may focus on commercial loans for businesses. Some banks may only offer basic deposit accounts while others have lock box services, sweep accounts, and even online banking! It's very important to evaluate your business needs before you select your banker.Here are some of the things that your banker may be able to help you with:
- Help you with the cash management needs of your business.
- Offer investment products of varying maturities or risks.
- Provide advice regarding what it will take to qualify for the loan that best meets your needs.
- Provide special loan programs for small businesses, including SBA loan programs and other government-guaranteed or agency loans.
- Assist you with finding financial information on your industry.
So compare different banks in order to find the one that will serve your business's needs and will also provide support and assistance during the infancy stage of your business. Selecting a bank that you can work with will be especially important as your business grows.
Start shopping around by gathering information to help you make this important selection. Compare interest rates on deposit accounts and basic consumer loans (most business loans are negotiated, so the rates won't be posted at the banking center). Also, look carefully at the charges for services. Tell them about your business and the form of organization so that they can tell you what special products and services or restrictions might apply.
Before selecting a bank, be sure to have a good understanding of your own business needs, and what you need from your bank. If you know what you will need from a bank, it will be much easier to evaluate and compare between various services. Remember, it is a good idea to establish a relationship with a banker, before you need money. The right banker will be someone that understands the needs of emerging and growing businesses. They will be interested in your business dreams and will help you achieve them.
Showing posts with label Global Banks. Show all posts
Showing posts with label Global Banks. Show all posts
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World Stocks Plummet After Global Banks Take Action in Bid to Avoid Recession
Saturday, July 4, 2009
Saviour: The Bank of England has acted as a lender of last resort to Northern Rock
Change of heart: Mervyn King
Stocks worldwide have plummeted in the wake of yesterday's unprecedented decision by leading central banks to pump billions into money markets in a bid to avoid a worldwide recession.
The Bank of England has joined the U.S. Federal Reserve, the European Central Bank and their counterparts in Canada and Switzerland to pump at least £55billion into money markets.
However this morning the FTSE 100 fell more than 70 points to 6458.7 and the markets in Japan, Hong Kong and Taiwan all suffered nervous starts to the day's trading.
Investors are worried that the shock decision by the world's banks could mean that the credit crisis is likely to get worse.
It is hoped that the loans - £ 22.7billion of which will go to the UK - will help make lending between banks easier, avoiding any repeat of the Northern Rock crisis.
The Rock ran into trouble because the current economic climate has encouraged banks to hoard their cash, rather than lend it to each other.
Northern Rock could therefore not borrow the money it needed from other banks, and was forced to go to the Bank of England as a "lender of last resort" at punitive rates.
The central banks' decision is designed to stop other lenders getting into the same situation - and to avoid panic among both consumers and the City.
It came amid signs that Gordon Brown is bracing himself for a slowdown that could dent his credentials as the architect of Labour's record of economic stability.
A Bank of England spokesman said: "This co-ordinated set of actions is a response to stresses in the inter-bank markets, which have increased in recent weeks, reflecting sentiment about the global financial sector.
"The actions demonstrate that central banks are working together to try to forestall any prospective sharp tightening in credit conditions."
A source at the Bank added that the latest move is not designed to prop up any individual lender, but is rather aimed at alleviating pressures in the overall market.
This is significant, because the Bank is worried that City observers could interpret the massive loan as a covert way of getting cash to a particular lender which has got itself in trouble.
The co-ordinated move took the City by surprise, fuelling fears that the global credit crunch is threatening the economic health of the world's major powers.
With the housing market in turmoil, it was seen as a pre-emptive strike to prevent a worldwide financial meltdown on the back of the American "sub-prime" mortgage crisis.
Bankers hope it will make mortgages easier to arrange amid signs that credit is drying up on the High Street.
Downing Street welcomed the move as an example of the kind of "global co-operation and preventative action" that Mr Brown has called for in the past.
It came only a week after the Bank of England cut interest rates by a quarter point.
The Federal Reserve also reduced U.S. rates by a quarter point - the latest in a series of aggressive cuts.
Yesterday's announcement marked the first joint international effort to support the markets since the September 11 terror attacks.
Observers said the scale and nature of the cash injection is unprecedented.
It underlines the parlous state of the global banking system, where some lenders have been brought to the brink of collapse because of the problems in America's mortgage market.
Experts estimate the record defaults on so-called sub-prime loans advanced to Americans with poor credit histories could lead to up to £200billion of losses at global banks.
Giants such as Wall Street's Citigroup and Switzerland's UBS have gone cap in hand to Asian and Middle Eastern investors asking for cash to support their businesses after racking up tens of billions in losses.
Britain has been far from immune, with the run on Northern Rock leading the Bank of England to hand over billions of pounds of taxpayers' money to keep it afloat.
The Bank will next week offer £11.35billion to selected commercial lenders with a UK presence.
A similar auction for another £11.35billion will take place in the New Year.
Banks will "bid" for the cash and will have to pay a premium rate.
Major British-based lenders will also be able to apply for help from the other central banks.
The loans will last for three months and the Bank could step in again if the cash injection fails to have the desired effect.
The banks will still have to provide collateral and meet certain conditions in order to get help, and only those judged to be in sound financial condition will be able to participate.
The Bank of England held a similar auction for three-month loans in September.
However, there were no bidders, because banks were worried that the stigma attached to the auction would reduce confidence in them so soon after the run on Northern Rock.
That auction had a punitive minimum rate set at one per cent above the Bank's base rate, whereas the new auctions do not have a minimum rate.
The Bank has been accused of being slow off the mark in dealing with the stress in financial markets, and some experts described its decision to participate in the global loan scheme as another Uturn from its hardline stance.
Governor Mervyn King has been reluctant to rescue big banks which are in trouble because of their foolish investments - but with the world markets under increasing pressure, he has been forced to act.
The British Bankers' Association welcomed the move, calling it a "constructive and imaginative initiative".
It added: "It is also importantly an international solution to an international issue."
Julian Jessop, of analysts Capital Economics, said the move is welcome, but that further interest rate cuts would be needed to have a real effect.
He added: "Central banks have combined to reduce the risk that the credit crunch tips the most vulnerable economies into recession. But even if these measures are successful, the world economy is still facing a marked U.S-led slowdown in 2008.
"It does not resolve the more fundamental weaknesses in the world's major economies.
"Official interest rates will still have to be cut significantly further in the U.S. and the UK, and are likely to fall earlier than generally expected in the eurozone too."
Banks in Dubai
Thursday, June 4, 2009
| Bank | Address | Telephone | Fax | Website/Email | |
| Abu Dhabi Commercial Bank | Al Reqqa Street, Dubai | 04 2958888 | 04 2959310 | www.adcb.com | |
| Citibank (Main Branch) | Khalid Bin Al Waleed Street, Bur Dubai, Dubai | 04 5074110 | 04 3528654 | www.citibank.com/uae | |
| Commercial Bank of Dubai | Deira, Port Saeed, P.O. Box 2668, Dubai | 04 2121000 | 04 2121111 | www.cbd.co.ae | |
| Commercial Bank International (Main Branch) | Al Reqqa Street, Deira, Dubai | 04 2275265 | 04 2279038 | www.cbiuae.com | |
| Emirates Bank (Main Branch) | Beniyas Road, P.O. Box 2923, Dubai | 04 3160316 | 04 2264302 | www.ebi.ae | |
| First Gulf Bank | Al Yamamah Tower, P.O. Box. 52053, Deira, Dubai | 04 2941234 | 04 2949595 | www.fgb.ae | |
| HSBC | HSBC Bank Building Baniyas Square, Deira, Dubai | 04 2227161 | 04 2281714 | www.uae.hsbc.com | |
| Lloyds Bank | Al Wasl Road, Jumeirah, Dubai | 04 3422000 | 04 3422660 | www.lloydstsb.ae | |
| Mashreq Bank (Main Branch) | Omar Ibn Al Khatab Road, Next to Al Ghurair Center, Deira, Dubai | 04 2223333 | 04 2226061 | www.mashreqbank.com | |
| National Bank of Abu Dhabi | Bank Street, near Burjuman Centre, Dubai | 04 3599111 | 04 3517388 | www.nbad.com | |
| National Bank of Dubai | Baniyas Road, Deira, Dubai | 04 2222111 | 04 2283000 | www.nbd.com | |
| Royal Bank of Canada | API World Tower, Office 1002, 10th Floor, Sheikh Zayed Road, Dubai | 04 3313196 | 04 3313960 | www.rbcprivatebanking.com/dubai | |
| Standard Chartered Bank | Al Mankhool Road, P.O. Box 999, Dubai | 04 3520455 | 04 3527523 | www.standardchartered.com/ae | |
| Union National Bank | Al Maktoum Street (Al Maidan Tower), Dubai |
| Further are the details of different products that we offer: | |||||||||||||||||||||||||||||||||||||||||||||||||
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| Why Clients Should Choose Us? | |||||||||||||||||||||||||||||||||||||||||||||||||
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UBL Pakistan : Invesment Banking
Wednesday, April 15, 2009
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London Protesters Threaten Bankers, Evoke Executions
Tuesday, April 14, 2009
Mark Barrett, a professional tour guide, spent last Saturday painting Barack Obama’s election catchphrase “yes we can” on a banner that protesters will carry as they try to occupy London’s financial district April 1.
Barrett is helping organize a protest outside the Bank of England, one of several called to express anger against banks and bankers and mark the arrival in London of leaders of the Group of 20 nations -- including Obama, now president.
“We want a very English revolution,” he says from a café near his home in north London. “The first English revolution in 1649 was about winning sovereignty for parliament over the king.” Now, protesters are campaigning for sovereignty for everyone.
All police leave has been canceled to increase security and financial workers have been told to wear casual clothes amid warnings that protests could turn violent.
“There are a lot of hacked-off people,” said Mike Bowron, commander of the City of London Police. “There’s potential for disruption and certain individual groups see violence as their raison d’etre.”
The global economic slump has raised unemployment to more than 2 million in the U.K., with more people joining jobless rolls last month than at any time since 1971. The economy shrank 1.6 percent in the fourth quarter, the most since 1980, and there is growing anger at the more than 40 billion pounds ($58 billion) the government has injected into ailing banks while insuring 585 billion pounds more in risky assets.
Beheading Charles I
Class War, an anarchist newspaper, has produced a special edition to promote the protest with an image of former Royal Bank of Scotland Group Plc CEO Fred Goodwin, whose house was vandalized this week, on a guillotine under the headline “Ready to Riot.” Another shows people dancing around a fire with the slogan “How to keep warm in the credit crunch -- Burn a Banker!” Public anger erupted at Goodwin’s 703,000 pounds annual pension after RBS was bailed out by the government.
The English Revolution culminated with the beheading of Charles I in 1649, ending the so-called divine right of kings in England. Today’s protesters say they draw inspiration from 17th century radicalism.
Four marches will converge on the Bank of England at midday on April 1 for a protest the organizers call “Financial Fools Day.” At the same time, there are plans for a blockade of the European Climate Exchange, in Bishopsgate, to protest against the market in carbon emissions.
Clog Up the Roads
“There’s an avowed intention on their behalf on the 1st of April to stop the City either by just clogging up the roads and preventing people getting into work or, if they’re allowed to, getting into some of those institutions,” said Commander Bob Broadhurst of the Metropolitan Police, who is in charge of the policing operation.
“What we’re seeing is unprecedented planning amongst protest groups,” he told reporters on March 21. “There are some clever, innovative people with lots of ideas.”
Police, who are detailed to provide security for the world leaders attending the April 2 G20 summit at the Excel Conference Centre in east London, will also have to deal with a labor union-organized protest march to Hyde Park tomorrow, demonstrations at the conference center itself and an anti-war march on the U.S. Embassy.
Around 10,500 officers will be available during the week and policing costs will be around 7.2 million pounds, Broadhurst said.
Tighter Security
City of London authorities are advising businesses to beef up security and protect building entrances and loading bays to thwart protesters who may attempt to break into buildings. The City district has around 300,000 workers, mostly in financial services, and contains JP Morgan Chase & Co.’s and Merrill Lynch & Co.’s European headquarters as well as large buildings of RBS and Deutsche Bank AG.
The organizers of the demonstrations in the financial district, who are expecting “several thousand” people to turn up, say they want them to be non-violent protests.
“We are organizing a peaceful creative demonstration with music, a carnival, parades and theater,” Barrett said. “I’ll be amazed if some individuals don’t act in ways considered to be violent, but it’s not something organizers are encouraging.”
Stewards will tell protesters to sit down if violence breaks out to show that it is only a minority involved, Barrett said. “We see the state and the finance system as being the violent part of this in the way that economic policy affects people around the world, dislocates them from the land and damages the environment,” he said.
Climate Exchange
The group planning to protest at the Climate Exchange say they will arrive outside its building at 62 Bishopsgate on April 1, pitch tents, string up bunting and set up a “climate camp,” which they expect to block the road. They hope to stay for 24 hours and there will be workshops, games and a farmers market, spokeswoman Mel Evans said.
“We want a space to discuss these issues and to take action to see some changes being made for the benefit of people across the world, not just a couple of bankers,” Evans said.
Sara Stahl, the exchange’s marketing manager, said it was company policy not to comment on the protests.
Spoof FT
A group of protesters have produced a spoof edition of the Financial Times newspaper, which was handed out at railway stations today. It imagines the headlines in 2020 and how the events of the G20 summit will be viewed in the future.
Chris Knight, a professor of anthropology at the University of East London, was suspended from his job yesterday after he told the British Broadcasting Corp. that “we’re going to be hanging a lot of people from lampposts” on April 1 “and I can only say let’s hope they are just effigies.”
Knight was suspended “pending investigation,” the university said. Knight didn’t immediately respond to an e-mail message.
The Bank of England, founded in 1694, has been the target of demonstrators before, according to the Bank’s Web site. In 1780 the bank, known as the Old Lady of Threadneedle Street, was provided with a military guard after it was threatened by a mob during anti-government riots. This was only discontinued in 1973.
There is also a history of protest at the Excel Centre, where the G20 leaders will meet, and campaigners believe it was chosen in place of the palaces and historic buildings of central London because it is easier to protect.
“It’s privately owned land and it’s very, very easy to close off so it’s easy to impose the sort of security which you can’t in central London,” said Kaye Stearman, of the Campaign Against the Arms Trade, which opposes the arms fairs held at the center. “It’s very difficult to protest.”
Some campaigners are traveling from mainland Europe for the demonstrations and, after London, plan to head for Strasbourg, France, and the North Atlantic Treaty Organization conference. “It’s the beginning of the season,” Barrett said.
Barrett is helping organize a protest outside the Bank of England, one of several called to express anger against banks and bankers and mark the arrival in London of leaders of the Group of 20 nations -- including Obama, now president.
“We want a very English revolution,” he says from a café near his home in north London. “The first English revolution in 1649 was about winning sovereignty for parliament over the king.” Now, protesters are campaigning for sovereignty for everyone.
All police leave has been canceled to increase security and financial workers have been told to wear casual clothes amid warnings that protests could turn violent.
“There are a lot of hacked-off people,” said Mike Bowron, commander of the City of London Police. “There’s potential for disruption and certain individual groups see violence as their raison d’etre.”
The global economic slump has raised unemployment to more than 2 million in the U.K., with more people joining jobless rolls last month than at any time since 1971. The economy shrank 1.6 percent in the fourth quarter, the most since 1980, and there is growing anger at the more than 40 billion pounds ($58 billion) the government has injected into ailing banks while insuring 585 billion pounds more in risky assets.
Beheading Charles I
Class War, an anarchist newspaper, has produced a special edition to promote the protest with an image of former Royal Bank of Scotland Group Plc CEO Fred Goodwin, whose house was vandalized this week, on a guillotine under the headline “Ready to Riot.” Another shows people dancing around a fire with the slogan “How to keep warm in the credit crunch -- Burn a Banker!” Public anger erupted at Goodwin’s 703,000 pounds annual pension after RBS was bailed out by the government.
The English Revolution culminated with the beheading of Charles I in 1649, ending the so-called divine right of kings in England. Today’s protesters say they draw inspiration from 17th century radicalism.
Four marches will converge on the Bank of England at midday on April 1 for a protest the organizers call “Financial Fools Day.” At the same time, there are plans for a blockade of the European Climate Exchange, in Bishopsgate, to protest against the market in carbon emissions.
Clog Up the Roads
“There’s an avowed intention on their behalf on the 1st of April to stop the City either by just clogging up the roads and preventing people getting into work or, if they’re allowed to, getting into some of those institutions,” said Commander Bob Broadhurst of the Metropolitan Police, who is in charge of the policing operation.
“What we’re seeing is unprecedented planning amongst protest groups,” he told reporters on March 21. “There are some clever, innovative people with lots of ideas.”
Police, who are detailed to provide security for the world leaders attending the April 2 G20 summit at the Excel Conference Centre in east London, will also have to deal with a labor union-organized protest march to Hyde Park tomorrow, demonstrations at the conference center itself and an anti-war march on the U.S. Embassy.
Around 10,500 officers will be available during the week and policing costs will be around 7.2 million pounds, Broadhurst said.
Tighter Security
City of London authorities are advising businesses to beef up security and protect building entrances and loading bays to thwart protesters who may attempt to break into buildings. The City district has around 300,000 workers, mostly in financial services, and contains JP Morgan Chase & Co.’s and Merrill Lynch & Co.’s European headquarters as well as large buildings of RBS and Deutsche Bank AG.
The organizers of the demonstrations in the financial district, who are expecting “several thousand” people to turn up, say they want them to be non-violent protests.
“We are organizing a peaceful creative demonstration with music, a carnival, parades and theater,” Barrett said. “I’ll be amazed if some individuals don’t act in ways considered to be violent, but it’s not something organizers are encouraging.”
Stewards will tell protesters to sit down if violence breaks out to show that it is only a minority involved, Barrett said. “We see the state and the finance system as being the violent part of this in the way that economic policy affects people around the world, dislocates them from the land and damages the environment,” he said.
Climate Exchange
The group planning to protest at the Climate Exchange say they will arrive outside its building at 62 Bishopsgate on April 1, pitch tents, string up bunting and set up a “climate camp,” which they expect to block the road. They hope to stay for 24 hours and there will be workshops, games and a farmers market, spokeswoman Mel Evans said.
“We want a space to discuss these issues and to take action to see some changes being made for the benefit of people across the world, not just a couple of bankers,” Evans said.
Sara Stahl, the exchange’s marketing manager, said it was company policy not to comment on the protests.
Spoof FT
A group of protesters have produced a spoof edition of the Financial Times newspaper, which was handed out at railway stations today. It imagines the headlines in 2020 and how the events of the G20 summit will be viewed in the future.
Chris Knight, a professor of anthropology at the University of East London, was suspended from his job yesterday after he told the British Broadcasting Corp. that “we’re going to be hanging a lot of people from lampposts” on April 1 “and I can only say let’s hope they are just effigies.”
Knight was suspended “pending investigation,” the university said. Knight didn’t immediately respond to an e-mail message.
The Bank of England, founded in 1694, has been the target of demonstrators before, according to the Bank’s Web site. In 1780 the bank, known as the Old Lady of Threadneedle Street, was provided with a military guard after it was threatened by a mob during anti-government riots. This was only discontinued in 1973.
There is also a history of protest at the Excel Centre, where the G20 leaders will meet, and campaigners believe it was chosen in place of the palaces and historic buildings of central London because it is easier to protect.
“It’s privately owned land and it’s very, very easy to close off so it’s easy to impose the sort of security which you can’t in central London,” said Kaye Stearman, of the Campaign Against the Arms Trade, which opposes the arms fairs held at the center. “It’s very difficult to protest.”
Some campaigners are traveling from mainland Europe for the demonstrations and, after London, plan to head for Strasbourg, France, and the North Atlantic Treaty Organization conference. “It’s the beginning of the season,” Barrett said.
G20 rioters to hang banker effigies from lampposts as city staff are told to wear disguises
Monday, April 13, 2009
Thousands of City staff told to stay at home next week
Bankers told not to wear suits and 'dress down'
Additional 2,500 police deployed at cost of £10million
City workers are being urged to stay at home or to dress down during next week's G20 summit to avoid being targeted by anti-capitalist protesters.
Unprecedented measures are being put in place to prepare for thousands of demonstrators targeting the City and Canary Wharf.
About 3,000 anti-capitalist protesters are expected, with groups next Wednesday marching to the Bank of England, holding 'flashcamps' outside the European Climate Exchange in Bishopsgate, and marching on the US Embassy.
Demonstrators have vowed to hang effigies of bankers from lampposts along the protest route.
City workers have been warned not to wear suits, but to 'dress down' in chinos and loafers because they would be obvious targets.
Banks have been warned to take extra security precautions to protect their staff after vandals attacked former RBS chief Sir Fred Goodwin's Edinburgh home.
Security specialists at Kroll, the risk consultancy, said high profile bankers were 'easy targets'. Companies linked to the financial crisis are taking extra security measures for prominent staff.
An extra 2,500 police, including riot units and intelligence officers, are being deployed at a cost of £10million to tackle any violence, while security consultants are giving firms constant updates on threat levels.
The demonstrations, as 20 world leaders meet at the ExCeL Centre in Docklands to discuss how to end the world recession, are expected to be the biggest in London this decade.
Demonstrators will target the ExCeL centre the next day. Banks, insurers, accountancy firms and brokerages have all circulated emails to staff with security instructions.
One warns: 'The front door is to be permanently locked during these two days.'
Face of the financial crisis: Sir Fred
The London Chamber of Commerce have warned businesses to take security precautions, including making sure staff carry ID, keep movement in and out of the offices to a minimum and cancelling all but essential meetings.
Colin Stanbridge, chief executive of the LCCI, said: 'There will be concern among businesses at the protests but the vast majority of firms will have robust security arrangements in place.'
The financial advisory group Bluefin, which employs 500 staff in London-has told employees not to go to its office in Mark Lane in the City unless absolutely necessary.
A spokesman for the bank UBS said: 'We are telling people to be cautious. If you have client meetings do you need to have them here?"
Chris Knight, professor of anthropology at the University of East London, is organising protests under the banner G20 Meltdown.
He said: 'We are going to be hanging a lot of people like Fred the Shred from lampposts and I can only say let's hope they are just effigies. If he winds us up any more I'm afraid there will be real bankers hanging from lampposts.'
Meanwhile, the group claiming responsibility for vandalising the former Royal Bank of Scotland chairman's home has threatened further action against 'criminal' bank bosses.
A statement claiming to be from the group responsible for damage at his £3million mansion warned of further attacks, saying: 'This is just the beginning.'
The threat sparked fears of a terror campaign against those blamed for the collapse in the financial system.
Security adviser Dai Davies, a former head of Scotland Yard's Royalty Protection squad, said: 'Risk assessments will have to be carried out by the police on individuals who are concerned about their safety. If there is cause for concern then appropriate advice will be given and pre put in place.
'The developments at Sir Fred Goodwin's home will almost certainly make some other high-profile bankers want to review their own private security arrangements.'
Inside Obama's bank CEOs meeting
Sunday, April 12, 2009
The bankers struggled to make themselves clear to the president of the United States.
Arrayed around a long mahogany table in the White House state dining room last week, the CEOs of the most powerful financial institutions in the world offered several explanations for paying high salaries to their employees ? and, by extension, to themselves.
?These are complicated companies,? one CEO said. Offered another: ?We?re competing for talent on an international market.?
But President Barack Obama wasn?t in a mood to hear them out. He stopped the conversation and offered a blunt reminder of the public?s reaction to such explanations. ?Be careful how you make those statements, gentlemen. The public isn?t buying that.?
?My administration,? the president added, ?is the only thing between you and the pitchforks.?
The fresh details of the meeting ? some never before revealed ? come from an account provided to POLITICO by one of the participants. A second source inside the meeting confirmed the details, and two other sources familiar with the meeting offered additional information.
The accounts demonstrate that despite the public comments on both sides that the meeting was cordial, the tone in the room was in fact one of mutual wariness. The titans of finance ? men used to being the most powerful man in almost any room ? sized up a new president who made clear in ways big and small that he expected them to change their ways.
There were signs from the outset that this was a business event, not a social gathering. At each place around the table sat a single glass of water. No ice. For those who finished their glass, no refills were offered. There was no group photograph taken of the CEOs with the president, which typically happens at ceremonial White House gatherings but not at serious strategy sessions.
?The only way they could have sent a more Spartan message is if they had served bread along with the water,? says a person who attended the meeting. ?The signal from Obama?s body language and demeanor was, ?I?m the president, and you?re not.??
According to the accounts of sources inside the room, President Obama told the CEOs exactly what he expects from them, and pushed back forcefully when they attempted to defend Wall Street?s legendarily high-paying ways.
Arrayed around a long mahogany table in the White House state dining room last week, the CEOs of the most powerful financial institutions in the world offered several explanations for paying high salaries to their employees ? and, by extension, to themselves.
?These are complicated companies,? one CEO said. Offered another: ?We?re competing for talent on an international market.?
But President Barack Obama wasn?t in a mood to hear them out. He stopped the conversation and offered a blunt reminder of the public?s reaction to such explanations. ?Be careful how you make those statements, gentlemen. The public isn?t buying that.?
?My administration,? the president added, ?is the only thing between you and the pitchforks.?
The fresh details of the meeting ? some never before revealed ? come from an account provided to POLITICO by one of the participants. A second source inside the meeting confirmed the details, and two other sources familiar with the meeting offered additional information.
The accounts demonstrate that despite the public comments on both sides that the meeting was cordial, the tone in the room was in fact one of mutual wariness. The titans of finance ? men used to being the most powerful man in almost any room ? sized up a new president who made clear in ways big and small that he expected them to change their ways.
There were signs from the outset that this was a business event, not a social gathering. At each place around the table sat a single glass of water. No ice. For those who finished their glass, no refills were offered. There was no group photograph taken of the CEOs with the president, which typically happens at ceremonial White House gatherings but not at serious strategy sessions.
?The only way they could have sent a more Spartan message is if they had served bread along with the water,? says a person who attended the meeting. ?The signal from Obama?s body language and demeanor was, ?I?m the president, and you?re not.??
According to the accounts of sources inside the room, President Obama told the CEOs exactly what he expects from them, and pushed back forcefully when they attempted to defend Wall Street?s legendarily high-paying ways.
Bank Creditors Still Sitting Pretty
Saturday, April 11, 2009
NEW YORK (AP) -- American taxpayers and stock owners have taken it on the chin in this financial crisis. The same can't be said of bondholders who lent money to the most troubled banks.
The Obama administration is now ordering General Motors Corp.'s creditors to make sacrifices to save the ailing automaker. Yet bondholders of financial companies such as Citigroup Inc. and Bank of America Corp. so far have been mostly left off the hook, even though the government has given the banks billions of dollars in bailout money.
Many those bondholders, in fact, are still profiting from their investments so long as they haven't had to sell, while the rest of us deal with vanishing wealth.
"The sum total of the policy responses to this crisis has been to defend the bondholders of distressed financial institutions at the public expense," said John Hussman, who runs an investment firm in Ellicott City, Md.
Hussman is among critics who say bank bondholders shouldn't be shielded from all that has gone wrong in the past two years. "When one lends money to a financial institution, one also assumes the risk and responsibility of bearing the losses," Hussman observed.
The White House has been sending out the same message as it turns up the heat on GM's creditors. In addition to forcing CEO Rick Wagoner to resign, Obama administration officials told GM bondholders over the last week they must make concessions or else the automaker will be headed for a bankruptcy reorganization that likely would diminish the value of their holdings.
Creditors of GM, which has received $13.4 billion in federal loans, had been balking at restructuring their debt, betting the government wouldn't dare force the giant automaker into bankruptcy. But White House economic adviser Austan Goolsbee called their bluff: "They're going to have to make some sacrifices," he said in an interview on CNBC.
Too bad bank creditors aren't under the same pressure. They're still living in a financial world of the past, where corporate bond investors -- whether they be individuals, pension plans or hedge funds -- loan companies money and get regular interest payments. If they keep the investment until it matures, they reclaim their principal.
For example, investors who took part in a $1 billion 30-year bond offering by Citigroup in 2002 are still being paid a 6.625 percent yearly return on each $1,000 invested and are scheduled to be paid back in full when the bonds mature in 2032. If they sold now, they would get about half that value since bonds of that vintage are currently trading at around 56 cents on the dollar.
Federal officials have been reluctant to force any changes to the terms of bank debt. That's because they fear setting off another global financial panic -- much like what happened after the collapse of investment bank Lehman Brothers last September -- by suddenly altering bondholder agreements.
Bank creditors also are harder to push around. If they're forced to take haircuts on their investments they could threaten to close off future lending to banks, cutting off a vital supply of oxygen to financial service providers who depend heavily on debt to fund their operations.
Consider that about 20 percent of the $12.5 trillion in liabilities on bank balance sheets at the end of 2008 came from corporate bonds and other debt vehicles, according to data from the Federal Deposit Insurance Corp.
At a company like Citigroup, about $500 billion of its nearly $1.8 trillion in liabilities comes from debt to the company's bondholders. Citigroup has received $45 billion in rescue funds from the federal government.
That doesn't mean bank creditors couldn't take action on their own, say, offering to restructure the debt of the most distressed companies in order to help them stay alive.
If those investors are willing to convert some of their debt into equity, the effect could be huge. That could encourage banks to lend more by reducing the claims debtholders have on their capital.
It's the same thing Washington wants from GM's bondholders. Too bad we can't count on the same from bank creditors.
Rachel Beck is the national business columnist for The Associated Press. Write to her at rbeck(at)ap.org
The Obama administration is now ordering General Motors Corp.'s creditors to make sacrifices to save the ailing automaker. Yet bondholders of financial companies such as Citigroup Inc. and Bank of America Corp. so far have been mostly left off the hook, even though the government has given the banks billions of dollars in bailout money.
Many those bondholders, in fact, are still profiting from their investments so long as they haven't had to sell, while the rest of us deal with vanishing wealth.
"The sum total of the policy responses to this crisis has been to defend the bondholders of distressed financial institutions at the public expense," said John Hussman, who runs an investment firm in Ellicott City, Md.
Hussman is among critics who say bank bondholders shouldn't be shielded from all that has gone wrong in the past two years. "When one lends money to a financial institution, one also assumes the risk and responsibility of bearing the losses," Hussman observed.
The White House has been sending out the same message as it turns up the heat on GM's creditors. In addition to forcing CEO Rick Wagoner to resign, Obama administration officials told GM bondholders over the last week they must make concessions or else the automaker will be headed for a bankruptcy reorganization that likely would diminish the value of their holdings.
Creditors of GM, which has received $13.4 billion in federal loans, had been balking at restructuring their debt, betting the government wouldn't dare force the giant automaker into bankruptcy. But White House economic adviser Austan Goolsbee called their bluff: "They're going to have to make some sacrifices," he said in an interview on CNBC.
Too bad bank creditors aren't under the same pressure. They're still living in a financial world of the past, where corporate bond investors -- whether they be individuals, pension plans or hedge funds -- loan companies money and get regular interest payments. If they keep the investment until it matures, they reclaim their principal.
For example, investors who took part in a $1 billion 30-year bond offering by Citigroup in 2002 are still being paid a 6.625 percent yearly return on each $1,000 invested and are scheduled to be paid back in full when the bonds mature in 2032. If they sold now, they would get about half that value since bonds of that vintage are currently trading at around 56 cents on the dollar.
Federal officials have been reluctant to force any changes to the terms of bank debt. That's because they fear setting off another global financial panic -- much like what happened after the collapse of investment bank Lehman Brothers last September -- by suddenly altering bondholder agreements.
Bank creditors also are harder to push around. If they're forced to take haircuts on their investments they could threaten to close off future lending to banks, cutting off a vital supply of oxygen to financial service providers who depend heavily on debt to fund their operations.
Consider that about 20 percent of the $12.5 trillion in liabilities on bank balance sheets at the end of 2008 came from corporate bonds and other debt vehicles, according to data from the Federal Deposit Insurance Corp.
At a company like Citigroup, about $500 billion of its nearly $1.8 trillion in liabilities comes from debt to the company's bondholders. Citigroup has received $45 billion in rescue funds from the federal government.
That doesn't mean bank creditors couldn't take action on their own, say, offering to restructure the debt of the most distressed companies in order to help them stay alive.
If those investors are willing to convert some of their debt into equity, the effect could be huge. That could encourage banks to lend more by reducing the claims debtholders have on their capital.
It's the same thing Washington wants from GM's bondholders. Too bad we can't count on the same from bank creditors.
Rachel Beck is the national business columnist for The Associated Press. Write to her at rbeck(at)ap.org
Obama administration seeks to avoid restrictions, including limits onpay
Friday, April 10, 2009
The Obama administration is engineering its new bailout initiatives in a way that it believes will allow firms benefiting from the programs to avoid restrictions imposed by Congress, including limits on lavish executive pay, according to government officials.
Administration officials have concluded that this approach is vital for persuading firms to participate in programs funded by the $700 billion financial rescue package.
The administration believes it can sidestep the rules because, in many cases, it has decided not to provide federal aid directly to financial companies, the sources said. Instead, the government has set up special entities that act as middlemen, channeling the bailout funds to the firms and, via this two-step process, stripping away the requirement that the restrictions be imposed, according to officials.
Although some experts are questioning the legality of this strategy, the officials said it gives them latitude to determine whether firms should be subject to the congressional restrictions, which would require recipients to turn over ownership stakes to the government, as well as curb executive pay.
The administration has decided that the conditions should not apply in at least three of the five initiatives funded by the rescue package.
This strategy has so far attracted little scrutiny on Capitol Hill, and even some senior congressional aides dealing with the financial crisis said they were unaware of the administration's efforts. Just two weeks ago, Congress erupted in outrage over bonuses being paid at American International Group, with some lawmakers faulting the administration for failing to do more to safeguard taxpayers' interests.
Rep. Edolphus Towns (D-N.Y.), chairman of the House Oversight and Government Reform Committee, said the congressional conditions should apply to any firm benefiting from bailout funds. He said he planned to review the administration's decisions and might seek to undo them. "We have to make certain that if they are using government money in any sort of way, there should be restrictions," he said.
A Treasury spokesman defended the approach. "These programs are designed to both comply with the law and ensure taxpayers' funds are used most effectively to bring about economic recovery," spokesman Andrew Williams said.
Middleman
In one program, designed to restart small-business lending, President Obama's officials are planning to set up a middleman called a special-purpose vehicle ? a term made notorious during the Enron scandal ? or another type of entity to evade the congressional mandates, sources familiar with the matter said.
In another program, which seeks to restart consumer lending, a special entity was created largely for the separate purpose of getting around legal limits on the Federal Reserve, which is helping fund this initiative. The Fed does not ordinarily provide support for the markets that finance credit cards, auto loans and student loans but could channel the funds through a middleman.
At first, when the initiative was being developed last year, the Bush administration decided to apply executive-pay limits to firms participating in this program. But Obama officials reversed that decision days before it was unveiled on March 3 and lifted the curbs, according to sources who spoke on condition of anonymity because the discussions were private.
Obama's team is also planning to exempt financial firms that participate in a program designed to find private investors to buy the distressed assets on the books of banks. But Treasury officials are still examining the legal basis for doing so. Congress has exempted the Treasury from applying the restrictions in a fourth program, which aids lenders who modify mortgages for struggling homeowners.
Lavish pay practices
Congress drafted the restrictions amid its highly contentious consideration of the $700 billion rescue legislation last fall. At the time, lawmakers were aiming to reform the lavish pay practices on Wall Street. Congress also wanted the government to gain the right to buy stock in companies so that taxpayers would benefit if the firms recovered.
The requirements were honored in an initial program injecting public money directly into banks. That effort was developed by the Bush administration and continued by Obama's team. The initiative is on track to account for the bulk of the money spent from the rescue package. All the major banks already submit to executive-compensation provisions and have surrendered ownership stakes as part of this program.
Yet as the Treasury has readied other programs, it has increasingly turned to creating the special entities. Legal experts said the Treasury's plan to bypass the restrictions may be unlawful.
"They are basically trying to launder the money to avoid complying with the plain language of the law," said David Zaring, a former Justice Department attorney who defended the government from lawsuits involving related legal issues. "They are trying to create a loophole to ignore Congress, and I think the courts will think that it's ridiculous."
The federal watchdog agency overseeing the bailout is looking into the matter, trying to determine whether the Treasury's actions are legal.
Of the two major restrictions imposed by Congress in the bailout legislation, the limit on executive pay has been the most politically explosive issue.
Obama himself has called for these limits. "We've got to make certain that taxpayer funds are not subsidizing excessive compensation packages on Wall Street," he said earlier this year.
Private meetings
But officials at the Treasury and the Fed said they worry harsh pay limits will undermine critical bailout programs by discouraging financial firms from participating. Although many of these companies could survive without government help, they might lack money to ramp up lending, which officials consider critical to turning the economy around.
In private meetings with officials in both the Bush and Obama administrations, firms' leaders have pushed back against pay limits.
Administration officials have concluded that this approach is vital for persuading firms to participate in programs funded by the $700 billion financial rescue package.
The administration believes it can sidestep the rules because, in many cases, it has decided not to provide federal aid directly to financial companies, the sources said. Instead, the government has set up special entities that act as middlemen, channeling the bailout funds to the firms and, via this two-step process, stripping away the requirement that the restrictions be imposed, according to officials.
Although some experts are questioning the legality of this strategy, the officials said it gives them latitude to determine whether firms should be subject to the congressional restrictions, which would require recipients to turn over ownership stakes to the government, as well as curb executive pay.
The administration has decided that the conditions should not apply in at least three of the five initiatives funded by the rescue package.
This strategy has so far attracted little scrutiny on Capitol Hill, and even some senior congressional aides dealing with the financial crisis said they were unaware of the administration's efforts. Just two weeks ago, Congress erupted in outrage over bonuses being paid at American International Group, with some lawmakers faulting the administration for failing to do more to safeguard taxpayers' interests.
Rep. Edolphus Towns (D-N.Y.), chairman of the House Oversight and Government Reform Committee, said the congressional conditions should apply to any firm benefiting from bailout funds. He said he planned to review the administration's decisions and might seek to undo them. "We have to make certain that if they are using government money in any sort of way, there should be restrictions," he said.
A Treasury spokesman defended the approach. "These programs are designed to both comply with the law and ensure taxpayers' funds are used most effectively to bring about economic recovery," spokesman Andrew Williams said.
Middleman
In one program, designed to restart small-business lending, President Obama's officials are planning to set up a middleman called a special-purpose vehicle ? a term made notorious during the Enron scandal ? or another type of entity to evade the congressional mandates, sources familiar with the matter said.
In another program, which seeks to restart consumer lending, a special entity was created largely for the separate purpose of getting around legal limits on the Federal Reserve, which is helping fund this initiative. The Fed does not ordinarily provide support for the markets that finance credit cards, auto loans and student loans but could channel the funds through a middleman.
At first, when the initiative was being developed last year, the Bush administration decided to apply executive-pay limits to firms participating in this program. But Obama officials reversed that decision days before it was unveiled on March 3 and lifted the curbs, according to sources who spoke on condition of anonymity because the discussions were private.
Obama's team is also planning to exempt financial firms that participate in a program designed to find private investors to buy the distressed assets on the books of banks. But Treasury officials are still examining the legal basis for doing so. Congress has exempted the Treasury from applying the restrictions in a fourth program, which aids lenders who modify mortgages for struggling homeowners.
Lavish pay practices
Congress drafted the restrictions amid its highly contentious consideration of the $700 billion rescue legislation last fall. At the time, lawmakers were aiming to reform the lavish pay practices on Wall Street. Congress also wanted the government to gain the right to buy stock in companies so that taxpayers would benefit if the firms recovered.
The requirements were honored in an initial program injecting public money directly into banks. That effort was developed by the Bush administration and continued by Obama's team. The initiative is on track to account for the bulk of the money spent from the rescue package. All the major banks already submit to executive-compensation provisions and have surrendered ownership stakes as part of this program.
Yet as the Treasury has readied other programs, it has increasingly turned to creating the special entities. Legal experts said the Treasury's plan to bypass the restrictions may be unlawful.
"They are basically trying to launder the money to avoid complying with the plain language of the law," said David Zaring, a former Justice Department attorney who defended the government from lawsuits involving related legal issues. "They are trying to create a loophole to ignore Congress, and I think the courts will think that it's ridiculous."
The federal watchdog agency overseeing the bailout is looking into the matter, trying to determine whether the Treasury's actions are legal.
Of the two major restrictions imposed by Congress in the bailout legislation, the limit on executive pay has been the most politically explosive issue.
Obama himself has called for these limits. "We've got to make certain that taxpayer funds are not subsidizing excessive compensation packages on Wall Street," he said earlier this year.
Private meetings
But officials at the Treasury and the Fed said they worry harsh pay limits will undermine critical bailout programs by discouraging financial firms from participating. Although many of these companies could survive without government help, they might lack money to ramp up lending, which officials consider critical to turning the economy around.
In private meetings with officials in both the Bush and Obama administrations, firms' leaders have pushed back against pay limits.
Global Bank Regulators Likely to Strengthen Capital Standards Over Time
Thursday, April 9, 2009
Global banking regulators are committed to strengthening capital requirements over time.
• The Basel Committee on Banking Supervision put out a press release yesterday providing colour on initiatives banking supervisors might undertake long term in response to the events of the last two years.
• We had highlighted most of these issues in a July 2008 report ("Bank capital ratios high but face pressure"), and do not believe that they have implications for share prices near term.
• The new capital requirements, if implemented, would lead to lower and more stable ROEs for the global banking system versus the pre-crisis model, in our view.
• The impact on Canadian banks is less clear as they already operate under stricter capital constraints than many of their global peers.
• The Basel Committee on Banking Supervision put out a press release yesterday providing colour on initiatives banking supervisors might undertake long term in response to the events of the last two years.
• We had highlighted most of these issues in a July 2008 report ("Bank capital ratios high but face pressure"), and do not believe that they have implications for share prices near term.
• The new capital requirements, if implemented, would lead to lower and more stable ROEs for the global banking system versus the pre-crisis model, in our view.
• The impact on Canadian banks is less clear as they already operate under stricter capital constraints than many of their global peers.
Banks Of India In Union Territories
Wednesday, April 8, 2009
Andaman and Nicobar Islands
Chandigarh
Dadra and Nagar Haveli
Daman and Diu
Lakshadweep
Pondicherry
National Capital Territory of Delhi
- Andaman and Nicobar State Co-operative Bank Ltd. Maulana Azad Road, Portblair. (India) It has around 41 branches on these islands, some of which are in Billiground, Baratang, Hut Bay, Nancowry, Ferrer Gunj, Kadamtala and Diglipur.
Chandigarh
- Chandigarh Urban Cooperative Bank
- Punjab State Cooperative Bank
Dadra and Nagar Haveli
Daman and Diu
Lakshadweep
Pondicherry
- Pondicherry State Cooperative Bank
- Mahe Service Co-operative Bank, Mahe
National Capital Territory of Delhi
- Delhi State Co-operative Bank
List of Co-Operative Banks in India
Tuesday, April 7, 2009
Contents
1. In States
1.1 Andhra Pradesh
1.2 Arunachal Pradesh
1.3 Assam
1.4 Bihar
1.5 Chhattisgarh
1.6 Goa
1.7 Gujarat
1.8 Haryana
1.9 Himachal Pradesh
1.10 Jammu and Kashmir
1.11 Jharkhand
1.12 Karnataka
1.13 Kerala
1.14 Madhya Pradesh
1.15 Maharashtra
1.16 Rajasthan
1.17 Sikkim
1.18 Tamil Nadu
1.19 Tripura
1.20 Uttarakhand
1.21 Uttar Pradesh
1.22 West Bengal
2. In Union Territories
2.1 Andaman and Nicobar Islands
2.2 Chandigarh
2.3 Dadra and Nagar Haveli
2.4 Daman and Diu
2.5 Lakshadweep
2.6 Pondicherry
2.7 National Capital Territory of Delhi
In States
Andhra Pradesh
Arunachal Pradesh
Assam
Bihar
Chhattisgarh
Goa
Gujarat
Haryana
Himachal Pradesh
Jammu and Kashmir
Jharkhand
Karnataka
Kerala
Madhya Pradesh
Maharashtra
Rajasthan
Sikkim
Tamil Nadu
Uttarakhand
Uttar Pradesh
West Bengal
1. In States
1.1 Andhra Pradesh
1.2 Arunachal Pradesh
1.3 Assam
1.4 Bihar
1.5 Chhattisgarh
1.6 Goa
1.7 Gujarat
1.8 Haryana
1.9 Himachal Pradesh
1.10 Jammu and Kashmir
1.11 Jharkhand
1.12 Karnataka
1.13 Kerala
1.14 Madhya Pradesh
1.15 Maharashtra
1.16 Rajasthan
1.17 Sikkim
1.18 Tamil Nadu
1.19 Tripura
1.20 Uttarakhand
1.21 Uttar Pradesh
1.22 West Bengal
2. In Union Territories
2.1 Andaman and Nicobar Islands
2.2 Chandigarh
2.3 Dadra and Nagar Haveli
2.4 Daman and Diu
2.5 Lakshadweep
2.6 Pondicherry
2.7 National Capital Territory of Delhi
In States
Andhra Pradesh
- Eluri co-operative bank.
- Andhra Pradesh Mahesh Co-Op Urban Bank Ltd.
- Charminar Coop.Urban Bank Ltd.
- Vasavi Coop Urban Bank Limited.
- Mulkanoor co-operative Rural Bank and Marketing Society Ltd.,
Arunachal Pradesh
- The Arunachal Pradesh State co-operative Apex Bank Ltd.
Assam
- The Assam Co-operative Apex Bank Ltd.
Bihar
- The Bihar State Co-Operative Bank Ltd. The Motihari Central Cooperative Bank Limited
Chhattisgarh
- The Chhattisgarh RajyaSahakari Bank Maryadit
Goa
- The Bicholim Urban Co-operative Bank Ltd.
- The Goa state co-operative bank ltd.
- The Margao Urban co-operative bank ltd
- Candolin Urban Co-operative Credit Society
- Citizen Co-op Bank
- Goa Urban Co-operative Bank
- Goan Peoples Urban Co-op Bank
- Saraswat Co-op Bank
- Shamrao Vithal Co-op Bank
- Womens Co-operative Bank
Gujarat
- Valsad District Central Co-operative Banks Ltd
- Textile Traders Co-operative Bank Ltd
- Navnirman Co-operative Bank Ltd
- Mahesana Nagrik Co-operative Bank Ltd
- Nagrik Bank LTD. (Rajkot)
- MERCANTILE CO-OPERATIVE BANK LTD
- Ahmedabad District Cooperative Bank Ltd.
- Junagadh Commercial Co-operative Bank Ltd.
- Amreli Dist Co-Operative Bank Ltd.
- Surat national co-operative bank Lt
Haryana
- The Haryana State Co-operative Apex Bank Ltd.
Himachal Pradesh
- Kangra Co-operative Bank Ltd.
- Jogindra Co-operative Bank
Jammu and Kashmir
- The Jammu and Kashmir State Co-operative Bank Ltd.
Jharkhand
Karnataka
- Sirsi Urban Bank
- Suco Bank
- The Karnataka State Co-operative Apex Bank Ltd
- Guardian Souharda Sahakari Bank Niyamitha
Kerala
- Kerala State Co-Op Bank
- Dist. Co-Op Bank,Trivandrum (Thiruvanandapuram)
- Dist. Co-Op Bank,Quilon (Kollam)
- Dist. Co-Op Bank,Pathanamthitta
- Dist. Co-Op Bank,Alleppey (Alapuzha)
- Dist. Co-Op Bank,Kottayam
- Dist. Co-Op Bank,Idukki
- Dist. Co-Op Bank,Ernakulam
- Dist. Co-Op Bank,Trichur
- Dist. Co-Op Bank,Palghat (palakkade)
- Dist. Co-Op Bank,Malappuram
- Dist. Co-Op Bank,Calicut (Kozhikode)
- Dist. Co-Op Bank,Wayanad
- Dist. Co-Op Bank,Cannannore (Kannur)
- Dist. Co-Op Bank,Kasargode
- Pala Urban Co-Op Bank
- PERIYE SERVICE CO-OP BANK, KASARAGOD DIST.
- Cherpulasseri Service Co-op Bank
- Cheruthazham Service Co-Op Bank
- Ottapalam Co-op Bank, Ottapalam
- Valapuzha Service Co-op Bank
- The Co-operative Service Bank Limited, Parakode.
- People's Urban Co-operative Bank Ltd, Thrippunithura
- Madappally Service Co-operative Bank Ltd. Kottayam District. Estd. 1920.
- Kottakkal Co-operative Urban Bank Ltd, Kottakkal, Malappuram Dist
- Kanakkary Service Co-op Bank
- Pallippurathusserry Service Co-op Bank
Madhya Pradesh
- The Madhya Pradesh Rajya Sahakari Bank The Mananthavady Farmers Service Co.operative bank ltd. Mananthavady; Wayanad
Maharashtra
- The Nasik District Central Co-op Bank Ltd., Nasik.
- The Bassein Catholic Co-Operative Bank Ltd., Papdy, Vasai.
- Abhyudaya Co-op. Bank Ltd.
- Bharat Co-op. Bank Ltd.
- The Deccan Merchants Co-operative Bank Ltd., Mumbai
- Kodoli Urban Co-op. Bank Ltd. Kodoli.(erstwhile Nagari Sahkari Bank Kodoli)
- Shri Balbhim Coop Bank Ltd., Kolhapur
- The Maharashtra State Co-op Bank Ltd
- Shree Warana Sahakari Bank Ltd. Warananagar
- Solapur Siddheshwar Sahakari Bank, Solapur
- Solapur janta Sahakari Bank, Solapur
- Saraswat Co-Op Bank
- Ichalkaranji Janata Sahakari Bank Ltd
- Vasantdada Shetkari Sahakari Bank Ltd.,Sangli
- Shamrao Vitthal Cooperative Bank
- Samarth Sahakari Bank, Solapur
- Punjab and Maharashtra cooperative bank ltd
- Panchaganga Sahakari Bank, Kolhapur
- Dwarkadas Mantri Nagari Sahakari Bank Ltd.,Beed
- Deogiri Nagari Sahakari Bank Limited, Aurangabad
- Ajintha Urban Co-operative Bank Limited, Aurangabad
- Lokvikas Nagari Sahakari Bank Limited, Aurangabad
- The Akola Urban Co-operative Bank Limited, Akola
- Autangabad District Central Co-operative Bank Limited, Aurangabad
- Adarsha Mahila Nagari Sahakari Bank Limited, Aurangabad
- Abhinav Co-operative Bank
- Dombivli Co-operativ Bank
- The Cosmos Co-operative Bank Limited, Pune, Maharashtra, India
- Nanded district co-operative Bank.Nanded,Maharastra
- The Nagar Urban Co-operative Bank Ltd,Ahmednagar
- Shahar Sahakari Bank Ltd, Ahmednagar
- The Ahmednagar Merchnats Co-operative Bank Ltd,Ahmednagar
- The Bhingar Urban Co-Operative Bank Ltd,Ahmednagar
- The Rajapur Urban Co-Operative Bank Ltd.Rajapur (Ratnagiri)
- Vikas Sahakari Bank Ltd., Solapur
- Vita Merchant Co-Operative Bank Ltd. Vita
- Vyapari Sahakari Bank Ltd., Solapur
- Mammandir Co-Operative Bank Ltd., Vita
- Mahesh Sahakari Bank Ltd., Solapur
- The Pandharpur Urban Co-Operative Bank Ltd., Pandharpur
- The Pandharpur Merchants Co-Operative Bank Ltd., Pandharpurar
- Ahmednagar District Central Co-Operative Bank Ltd., Ahmednagar
- Bhingar Urban Co-Operative Bank Ltd.,Bhingar,Ahmednagar
- Thane Janata Sahakari Bank, Thane
- Wai Urban Co-operative Bank Ltd., Wai, Satara
- The vita urban co op. bank ltd,vita ,sangki
Rajasthan
- The Rajasthan State Co-operative Bank Ltd. integral co op bank jaipur central co-operative bank
Sikkim
- The Sikkim State Co-operative Bank Ltd.
Tamil Nadu
- The Tamil Nadu State Apex Co-operative Bank Ltd.
- The Shamarao Vital Co-operative Bank Ltd.
- Chennai Central Co-operative Bank Ltd.
- Tripura
- The Tripura State Co-operative Bank Ltd. this is good privatise co operative bank but please trust it in your self
Uttarakhand
- Pithoragarh Gramin Bank.
- Dist. Sahkarita Bank.
Uttar Pradesh
- NAVYA ETDS SOFTWARE
- AKVS MARKETING PRIVATE LIMITED
West Bengal
- The West Bengal State Co-operative Bank Ltd.
Regional Rural Banks (RRBs)
Monday, April 6, 2009
Regional Rural Banks (RRBs)
- Adhiyaman Grama Bank
- Alaknanda Gramin Bank
- Aligarh Gramin Bank
- Avadh Gramin Bank
- Aryavart Gramin Bank
- Balasore Gramya Bank
- Ballia Kshetriya Gramin Bank
- Banaskantha Mehsana Gramin Bank
- Bareilly Kshetriya Gramin Bank
- Baroda Uttar Pradesh Gramin Bank
- Bijapur Grameena Bank
- Bilaspur-Raipur Kshetriya Gramin Bank
- Bolangir Anchalik Gramya Bank
- Bundelkhand Kshetriya Gramin Bank
- BundiChittorgarh KshetriyaGraminBank
- Cauvery Grameena Bank
- Chaitanya Grameena Bank
- Chambal Kshetriya Gramin Bank
- Champaran Kshetriya Gramin Bank
- Chhatrasal Gramin Bank
- ChhindwaraSeoniKshetriyaGraminBank
- Chitradurga Gramin Bank
- Cuttack Gramya Bank
- Damoh Panna Sagar Kshetriya Gramin Bank
- Devipatan Kshetriya Gramin Bank
- Dhenkanal Gramya Bank
- Dungarpur Banswara Kshetriya Gramin Bank
- Ellaquai Dehati Bank
- Farrukhabad Gramin Bank
- Gaur Gramin Bank
- Gurgaon Gramin Bank
- Hadoti Kshetriya Gramin Bank
- Himachal Gramin Bank
- Hissar-Sirsa Kshetriya Gramin Bank
- Indore Ujjain Kshetriya Gramin Bank
- Jaipur Nagaur Aanchalik Gramin Bank
- Jamnagar Rajkot Gramin Bank
- Jamuna Gramin Bank
- Jhabua-Dhar Kshetriya Gramin Bank
- Kakathiya Grameena Bank
- Kalpatharu Grameena Bank
- Kamraz Rural Bank
- Kanpur Kshetriya Gramin Bank
- Kapurthala Ferozpur Kshetriya Gramin Bank
- Kashi Gomti Samyut Gramin Bank
- Kisan Gramin Bank, Budaun
- Kolar Gramin Bank
- Krishna Grameena Bank
- Kshetriya Gramin Bank, Hoshangabad
- Kutch Grameen Bank
- Malaprabha Grameena Bank
- Mandla Balaghat Kshetriya Gramin Bank
- Manjira Grameena Bank
- Marwar Ganganagar Bikaner Gramin Bank (Previously : Marwar Gramin Bank)
- Mewar Aanchalik Gramin Bank
- Nagarjuna Grameena Bank
- Netravati Grameena Bank
- Nimar Kshetriya Gramin Bank
- North Malabar Gramin Bank
- Panchmahal Vadodara Gramin Bank
- Pandyan Grama Bank
- Pinakini Grameena Bank
- Pragjyotish Gaonlia Bank
- Prathama Bank
- Raigarh Kshetriya Gramin Bank
- Rani Lakshmi Bai Kshetriya Gramin Bank
- Ratlam Mandsaur Kshetriya Gramin Bank
- Rayalaseema Grameena Bank
- Rewa-Sidhi Gramin Bank
- Sahyadri Gramin Bank
- Samyut Kshetriya Gramin Bank
- Sangameshwara Grameena Bank
- Shahjahanpur Kshetriya Gramin Bank
- Shivpuri Guna Kshetriya Gramin Bank
- South Malabar Gramin Bank
- Sree Anantha Grameena Bank
- Sri Saraswati Grameena Bank
- Sri Visakha Grameena Bank
- Surat Bharuch Gramin Bank
- Thar Aanchalik Gramin Bank
- Tripura Gramin Bank
- Tungabhadra Gramin Bank
- Vidur Gramin Bank
- IDBI BANK
Private Sector Indian Banks
Sunday, April 5, 2009
Private sector banks
- Axis Bank (formerly UTI Bank)
- Bank of Rajasthan
- Bharat Overseas Bank
- Catholic Syrian Bank
- Centurion Bank of Punjab (Merged with HDFC bank)
- City Union Bank
- Development Credit Bank
- Dhanalakshmi Bank
- Federal Bank
- HDFC Bank
- ICICI Bank
- IndusInd Bank
- ING Vysya Bank
- Jammu & Kashmir Bank
- Karnataka Bank Limited
- Karur Vysya Bank
- Kotak Mahindra Bank
- Lakshmi Vilas Bank
- Lord Krishna Bank (now Centurion Bank of Punjab)
- Nainital Bank
- Nedungadi Bank (now Punjab National Bank)
- Ratnakar Bank
- Rupee Bank
- Saraswat Bank
- SBI Commercial and International Bank
- South Indian Bank
- Tamilnad Mercantile Bank Ltd
- Thane Janata Sahakari Bank
- Bassein Catholic Bank
- United Western Bank (now IDBI Bank)
- YES Bank
Nationalized banks in India
Saturday, April 4, 2009
Nationalized banks in India
- Allahabad Bank
- Andhra Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Corporation Bank
- Dena Bank
- Indian Bank
- Indian Overseas Bank
- Oriental Bank of Commerce
- Punjab & Sind Bank
- Punjab National Bank
- Syndicate Bank
- Union Bank of India
- United Bank of India
- UCO Bank
- Vijaya Bank
- State Bank of India (nationalized in 2007)
The GBBOIF: WB Reconstruction Plan
Tuesday, March 31, 2009
In the wake of the G8 meetings at which the World Bank and the EU decided to join forces on the reconstruction of Brynania, the WB has made an attempt to ammend and clarify the “Get Brynania Back on Its Feet” to reflect the current situation and concerns voiced a the summit. Below, are the three major parts detailing the activities of the World Bank, and elaborated upon further below:Part A: Reconstruction of Brynania1. Building the Brynania Rural road infrastructure2. Micro credit3. Restructuring and rebuilding financial sectorPart B: Research and Operational Support and Guidance1. Political Economy Analysis2. Peacebuilding and development linkages3. State buildingPart C: Partnerships1. Policy coordination2. Establishment of multilateral assistance in implementing GBBOIF
China Said To Be Leaning Away From Capitalism
Tuesday, March 24, 2009
UK Economy Teeters On Brink Of Deflation
Read Mervyn King's Letter To The Chancellor
Investors Flock To Barclays' IShares
Interest In The Company's ETF Business Widens.
London Stocks Edge Ahead On US Rescue Proposal
The London Stock Market Opened Higher This Morning But The FTSE 100 Index Failed To Surmount The Psychologically Significant 4,000 Barrier. London Opened About 40 Points Higher On The FTSE, Hovering Around The 3,900 Mark.
European Shares Ended Lower, With Energy Producers Pacing The Declines On The Fall In Oil Prices. London's FTSE Fell 0.7%.
Ring Fences, Rustlers and a global bank insolvency
Sunday, March 22, 2009
In this week which has seen so much speculation on the fate of Lehman Brothers, it seems only sensible to review how an international insolvency of a major bank works and what it might mean for international creditors. The insolvency treatment of international banks has remained one of the stubbornly difficult areas of law to harmonise and huge uncertainty and complexity remains. For excellent background, see Cross-border bank insolvency by Rosa Maria Lastra of Queen Mary, University of London.Although markets are global, and Lehman Brothers operations span the globe, all insolvency is local. The basic premise is that each jurisdiction buries its own dead and keeps whatever treasure or garbage it finds with the corpse. Local creditors get to recover their claims out of the locally available assets. If, and only if, there are any assets left over will international creditors be invited to make a claim for the rest. Europe has managed to harmonise cross-border insolvency for banks under directives and local law to embody principles of universality and unity within the EU, but that only works equitably if enough assets are in the EU when the bank fails, and local insolvency law still applies in all its divergent complexity.Claims against a bank are deemed located wherever the contract creating the claim is undertaken. If it is under US law then the claimant must look to the liquidator in the United States and assets under his control for recovery. If the claim is in Hong Kong, then the claimant looks to the Hong Kong receiver and assets.The key to having a happy insolvency, if such a thing exists, lies in ensuring that when a globalised bank goes bust, all the best assets are inside your borders and subject to seizure by your liquidators on behalf of your creditors. Everyone else outside your borders is on their own. As the US dollar is the reserve currency of banking and US Treasuries, Agencies and other assets are the highest preferred asset class, the US is almost always in a good position in an international bank failure.The principle of using local assets for local recovery is known as the “ring fence” – the idea being that insolvency drops an invisible “ring fence” around any valuable assets at the borders to meet claims arising within the borders. No country is more assiduous in weaving the ring fence than the United States of America. It is a very successful strategy for US creditors. US creditors of failed international banks tend to recover disproportionately relative to creditors anywhere else. The ring fence contains all these choicest assets for US creditors, and all the international creditors are forced to pick among the dross of foreign assets to eke out a recovery, only receiving any residual US assets remaining after US creditors get 100 percent recovery.Lehman has been deeply troubled and subject to speculation since the early spring. That was just about the time that we started to see a marked sell off in foreign markets where Lehman has long been a major player. Recently, along with intensification of that sell off, we have seen a strengthening of the US dollar and US asset markets.If one were cynical, and one believed that Lehman was going to be allowed to fail pour encouragement les autres one might wonder if Lehman was quietly bidden – or even explicitly ordered – to sell off its foreign holdings and repatriate the proceeds to asset classes within the US ring fence. This would ensure that US creditors of Lehman received a satisfactory recovery at the expense of foreign creditors. It would also contribute to a nice pre-election illusion of a “flight to quality” as US dollar and assets strengthened on the direction of flow.If one were really cynical, one might even think that a wily bank supervisor might arrange to ensure 100 percent recovery for its creditors with a bit of creative misappropriation thrown in the mix. Broker dealers normally hold securities and other assets in nominee name on behalf of their investor clients. Under modern market regulation, these nominee assets are supposed to be held separately from a firm’s own assets so that they can be protected in an insolvency and restored to the clients with minimal loss and inconvenience. Liberalisations and financial innovations have undermined the segregation principle by promoting much more intensive use of client assets for leverage (prime brokerage and margin lending) and alternative income streams (securities lending). As a result, it is often very difficult to discern in a failed broker who has the better claim to assets which were held to a client account but reused for finance and/or trading purposes. The main source of evidence is the books of the failed broker.On the wholesale side, margin and collateralisation in connection with derivatives and securities finance arrangements mean that creditors under these arrangements should have good delivery and secure legal claims to assets provided under market standard agreements. As a result, preferred wholesale creditors could have been streamed the choicest assets under arrangements that will look above suspicion on review as being consistent with market best practice.If Lehman were to go into insolvency, I will be interested to discover whether US creditors achieve a much higher proportion of recovery than their global peers in other locations where Lehman did business. If so, it will likely be because of the US ring fence and the months of repatriation of assets and funds back into the confines of the ring fence before the failure was finally orchestrated. It will also be because the choicest assets were preferentially delivered to preferred US creditors under market standard margin and collateral arrangements.Unfortunately, the pace of an international insolvency means that any retrospective evaluation will be so far down the road that I will likely be almost alone in looking backwards to see what the final distribution effects are and what they mean for equitable principles of international banking practice.
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