BARCLAYS BANK
HDFC in talks with global banks to offload Rs 8,400 crore in loans
HDFC Bank, India's largest private sector lender, is negotiating with global banks like Barclays, Citigroup, and JPMorgan to sell up to $1 billion in loans. This move aims to align its credit book with deposits amid regulatory pressure. The bank's credit to deposit ratio has risen significantly following its merger with Housing Development Finance Corp.
UBS weighs wealth tie-up to compete in cutthroat Indian market
UBS Group AG is considering partnerships for wealth management in India to navigate the competitive market. Options include buying a stake in a local firm for a joint venture. This move aims to expand UBS's reach among India's wealthy, following its recent acquisition of Credit Suisse's team.
HDFC Bank taps retail bankers as wealth managers amid talent crunch
HDFC Bank is tackling a talent shortage in its wealth management sector by recruiting retail bankers from within and outside the organization. The bank's wealth team, which grows by up to 20% annually, manages wealthy clients in numerous cities. However, expanding in smaller towns is difficult due to a shortage of both high-net-worth individuals and qualified professionals.
Europe's STOXX 600 clocks best week in 3 months on rate optimism
European stocks ended the week on a positive note, buoyed by strong U.S. economic data. The pan-European STOXX 600 index saw a 2.4% rise for the week ahead of Jerome Powell's anticipated speech at Jackson Hole. The automobile sector led the gains, with Ferrari and Stellantis performing well, while Bayer's shares surged after a legal victory.
Bharti raises USD 1.8 billion from Barclays for BT stake buy
Bharti is buying the stake from BT’s largest shareholder, Altice UK. The BT stock has surged more than 10% this week to a market capitalisation of $18.55 billion following the stake purchase announcement. Depending on the valuation for the acquisition, the group will look to put in a mix of cash and debt for the rest of the deal, which could take some time, said the people cited, adding that a final decision on the additional debt amount will be taken then.
Barclays scraps EU bonus cap for British bankers
"The revised bonus cap will not alter the way Barclays sets its incentive pool, which is based on overall Group performance," a spokesperson for the bank, who confirmed the contents of the memo, said.
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Gupta, Patel... here are most common family names among India's top businesses
The 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses report highlights the most prominent family names in India's business sector. Leading the list is the Gupta family with nine entries, followed by the Patel and Agarwal families, each with eight entries. The Jain family has five representatives, while the Mehta, Desai, Singh, and Goenka families each have three.
State Bank of India forms a team of 2,000 bankers to attract the rich clients
State Bank of India, the largest lender in the country, made a renewed push into wealth management. By deploying 2,000 executives as relationship managers and focusing on smaller companies, SBI aimed to capture a share of the growing wealth. The bank also reported a slight profit increase for the quarter, exceeding market expectations.
Britain's top lenders could be dismantled smoothly in a crisis, says Bank of England
The Bank of England stated that Britain's major banks could now be wound down during a crisis without requiring taxpayer support. This development follows improved mechanisms that allow failing banks to continue operations and provide services while the financial burden is placed on shareholders and investors. This approach stems from lessons learned during the 2007-09 financial crisis.
UK weather rains on consumer spending in July
British shoppers reduced their spending in July as rainy weather continued to impact consumer activity, according to two surveys released on Tuesday. Barclays reported a 0.3% decline in spending on credit and debit cards compared to the previous year, marking the second drop since February 2021. This decrease follows a sharper 0.6% decline in June.
Mankind Pharma taps Barclays and Deutsche Bank for Rs 13,630 cr acquisition of Bharat Serums & Vaccines
Mankind Pharma has appointed Barclays and Deutsche Bank to arrange financing for its Rs 13,630 crore acquisition of Bharat Serums & Vaccines. The deal will be partly funded through Rs 4,000 crore in internal accruals and the rest via debt. Mankind’s board approved raising ₹7,500 crore in equity and increasing the borrowing limit to ₹12,500 crore.
Waste to energy firm SAEL to float $500-m bond overseas
SAEL is raising $500M through a 7-year USD 144A Reg S senior secured green bond, arranged by Barclays, HSBC, Standard Chartered Bank, and UBS, to repay debt and expand. Supported by DFC, Norfund, and rated BB+(EXP) by Fitch. Following Continuum's $650M raise, repayments come from cash sweeps, amortisation amid strong demand, lower costs in junk dollar bonds.
Piramal Capital eyes up to $400 million via bond issue
The company is looking to raise $300 million initially, potentially increasing to $400 million if demand is strong, adopting a conservative approach to better understand market dynamics.
HSBC taps metaverse to win business from India’s rich diaspora
HSBC expands offerings for India's affluent diaspora through a virtual bank in GIFT City, leveraging the metaverse. The bank aims to capture a share of the $112.5 billion remittances to India from non-residents. With the hiring of a UBS executive, HSBC eyes the potential $5.5 trillion wealth management industry in India by 2025.
Hinduja rejigs fundraise plan for Reliance Capital deal
Hinduja Group, the winning bidder for Reliance Capital, is reworking its fundraising plan to raise ₹7,500 crore from domestic and overseas private credit funds at 15%. The Reserve Bank of India seized control of Anil Ambani-owned Reliance Capital due to governance concerns. Nageswara Rao Y was appointed as the administrator.
US Fed likely to remain on pause and pare back rate cut expectations
The US Federal Reserve is likely to keep interest rates unchanged this week, but could pare back the number of cuts it has penciled in for this year, as policymakers digest a mixed bag of economic data. But with the data still painting a mixed picture, he is unlikely to rock the boat too much this week, according to Oxford Economics chief US economist Ryan Sweet.
Rupee falls most in over a year as vote count shows narrower win for Modi-led alliance
Traders said the Reserve Bank of India (RBI) likely stepped in to limit the rupee's decline. State-run banks were spotted offering dollars near 83.50 levels, likely on behalf of the RBI. The sales were intended to plug likely outflows instead of pushing the dollar-rupee pair lower, a foreign exchange trader at a large private bank said.
Rupee falls most in over a year as vote count shows narrower win for Modi-led alliance
The Indian rupee slumped on Tuesday after vote counting trends signalled that Prime Minister Narendra Modi's Bharatiya Janata Party-led alliance would win a narrower majority than was expected, spurring a selloff in local equities.
Rising heat cools mfg PMI to 3-mth low as input costs bite
Manufacturing activity decreased to 57.5 in May from 58.8 in the previous month due to heatwaves and rising costs, as per a private survey by HSBC. The sector saw a softer rise in new orders and output, impacting work hours and production volumes for manufacturing firms.
Rupee logs best intraday rise in over five months
The rupee's strengthening also spurred importer hedging on Monday, which eroded the currency's gains, while traders also cited bids from state-run banks when the local currency rose above 83.
Economy expands 7.8% in Q4, lifting FY24 growth to 8.2%
This is the highest annual growth since FY17, excluding the 9.7% post-Covid rebound in gross domestic product (GDP) in FY22 after the 5.8% contraction in FY21. The advance estimate released in February had pegged FY24 growth at 7.6%. Economists and government expect the high growth to continue though tepid private consumption remains a concern.
RBI's ₹2 lakh-crore boost may help India's new govt have an easy-peasy run to achieve a goal
The RBI on May 22 announced a record-high dividend transfer to the government equivalent to 0.6 per cent of GDP ( Rs 2.1 lakh) from its operations in FY24. The figure has surpassed the 0.3 per cent of GDP expected in the FY25 budget from February. Hence, the rating agency said that it will aid the authorities in meeting near-term deficit reduction goals.
India’s index-eligible bonds set for best performance in a year
Indian government bonds set for inclusion in JPMorgan Chase & Co. index demonstrate strong performance with foreign inflows surging post record central bank payout. Analysts view IGBs as attractive despite yield drops, suggesting potential in swaps.
RBI's record dividend presents a delicious dilemma for new Indian government
As India prepares for a new government by June 4, a significant Rs 2.11 lakh crore windfall awaits allocation. Options range from faster deficit reduction to increased spending. Analysts anticipate positive investor sentiment, though preferences vary between deficit reduction and expenditure. The BJP-led government's cautious approach contrasts with opposition promises
Government gets Rs 2.11 lakh crore from RBI by way of dividend
The Reserve Bank of India (RBI) has transferred a record surplus of Rs 2.1 lakh crore to the central government for FY’2023-24, exceeding expectations. This windfall, largely from interest income on overseas securities and income from LAF operations, strengthens the government's fiscal position and may lead to a reduction in borrowing. The surplus, determined by the Economic Capital Framework (ECF), represents 25.5% of RBI's total assets.
Rs 2.1 lakh crore: RBI’s record dividend swells govt coffers
The benchmark bond yield retreated below 7% on expectations that New Delhi would now need to borrow less this fiscal year. “The higher dividend is welcome, of course,” finance secretary TV Somanathan told ET. “It exceeds our estimate by 0.2-0.3% of GDP.” In the interim budget, North Block had factored in receipts of Rs 1.05 lakh crore under dividends and profits.
Hindujas' acquisition of Reliance Capital hits financing hurdle
"IndusInd International Holdings (IIHL) is trying to reduce the cost by nearly one percentage point and is seeking a cheaper loan through ongoing discussions with the lenders," one of the sources said. "The loan arrangement must be finalised before May 27, as IndusInd International Holdings needs to close the Reliance Capital deal by then," the person added.
Taylor Swift's Eras Tour set to add over a billion dollar to UK's economy
Taylor Swift's Eras Tour is estimated to boost the UK economy by nearly £1 billion, with fans spending on tickets, travel, and merchandise, according to Barclays bank. The tour has achieved significant milestones and is projected to double its ticket sales by the end of the year.
London's FTSE 100 hits new high after BoE signals rate cuts
Britain's FTSE 100 scaled a record high on Thursday after the Bank of England kept interest rates unchanged but investors cheered increasing indications that more policymakers are warming up to cutting borrowing costs soon.
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