| (AFX UK Focus) 2007-11-21 15:03 GMT: Procredit Holdings' ratings affirmed - Fitch
MUMBAI (Thomson Financial) - Fitch Ratings said it has affirmed the ratings of ProCredit Holding AG (PCH) and the ProCredit banks in Albania, Bosnia & Herzegovina, and Serbia.
Fitch said PCH's long term IDR was affirmed at 'BBB-' and short term IDR at 'F3'. Its individual rating was affirmed at 'C/D' and support rating at '2'. The outlook is stable, Fitch said.
Fitch said the IDRs and support rating reflect its view of the strong potential support available from the company's owners, given the group's important developmental role in providing financing and other banking services to micro businesses, and small and medium-sized enterprise customers in developing markets. The individual rating reflects PCH's niche business, reasonable profitability, good risk management and strong asset quality.
Sumitomo Trust, Aozora Bank to form broad business tie-up
Sumitomo Trust & Banking Co. and Aozora Bank announced Tuesday they will form a comprehensive business tie-up in the three fields of real estate, trust and asset management. The two banks made the decision to survive intensifying competition from megabanks, but they stressed they will not form a capital tie-up. By offering services and financial products to each other's customers, the two banks plan to strengthen their foundation for higher profitability. The two banks said they will first set up a "tie-up promotion committee" consisting of senior officials of both banks. The committee will decide on the details of the tie-up by March next year, including a possible expansion of the alliance beyond the three fields. According to the agreement between the two banks, an Aozora group company with strength in collecting debts will support the rehabilitation of Sumitomo Trust's debt-ridden client companies using their real estate.
One of the initiatives you have undertaken after joining the bank was to dismantle the strategic business units?
Clearly, the major issue before IDBI today is that apart from the legal merger of two banks with IDBI, no actual merger took place on the ground. We have even tried to perpetuate different banks instead of integrating them by casting them into different silos terming them ‘strategic business units'. These SBUs, according to us, are a misnomer, because we were using the SBU term for justifying the non-integration of the merged entities. We are making a conscious attempt to do away with this terminology of SBUs and move towards integration of technology, business processes, and most importantly human resources.
How is the integration progressing?
We are second only to SBI, among public sector banks, to network all branches on a core banking platform. All branches of the three erstwhile entities are now on the same technology platform.
AT&T Teams with Wachovia, Sun Trust for Mobile Banking
SAN ANTONIO — AT&T is teaming up with Wachovia and Sun trust to offer mobile banking services.The offering allows AT&T wireless customers at the two banks to view account balances, transfer funds and pay bills from their mobile handsets.AT&T worked with mobile banking services provider Firethorn Holdings as well as CheckFree Corp. to create the service. "The ability to perform banking functions using a wireless handset is attractive for people who need to make financial decisions on the go — business travelers, college students and anyone who desires the flexibility that wireless delivers," said Mark Collins, vice president of consumer data for AT&T wireless. "Value-added services such as mobile banking and payments to the mobile device are part of our ongoing strategy to enrich the customer experience." The application to enable the service will be preloaded on AT&T handsets later this year.
Top bank groups' subprime hit limited
Profits at Japan's three major banking groups fell in the six months to September as they suffered losses linked to U.S. subprime mortgage loan woes, according to their business results, the last of which was announced Wednesday. Although the losses may seem small compared with the hit U.S. financial institutions have incurred, the subprime loan woes are steadily eroding the profits of Japanese banks. .
Haemonetics completes acquisition of analyzer business
Haemonetics Corp. said Wednesday that it has acquired Haemoscope Corp.'s TEG Thrombelastograph Hemostasis Analyzer business for $44 million cash. Braintree, Mass.-based Haemonetics (NYSE: HAE) said the TEG business has annual revenues of approximately $16 million. "The TEG business acquisition is strategic and strengthens our vision of being a global leader in blood management for our customers," said Chris Lindop, Haemonetics' chief financial officer. The deal is Haemonetics' third blood management-related acquisition this year. The company previously acquired Information Data Management, a software provider to blood banks and testing laboratories, and Infonale Inc., a provider of blood management consulting services to surgical hospitals.
Uganda: Commonwealth Aids Projects
UGANDA has started reaping big from hosting this year's Commonwealth Summit after the Commonwealth Business Council earmarked over $ 100m (about sh175b) to implement two huge business projects in the country. According to James Mulwana, the chairman for the 2007 Commonwealth Business Forum, the two projects include setting up zip-money centers (small banks) in all rural areas and an ICT Park in Kakungulu Estate (Wakiso district) .
|
