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Federal Bank has become the country’s first private sector lender to cut its base rate, or the minimum lending rate, after the Reserve Bank of India (RBI) changed its stance on monetary tightening last year. The Kerala-based bank cut its base rate by 10 basis points to 10.65 per cent. The new rate is effective from yesterday.
Earlier, two state-run lenders, Union Bank of India and Bank of Maharashtra, had reduced their base rates by 10 basis points each. For Union Bank of India, the rate has now been revised to 10.65 per cent. For Bank of Maharashtra, the minimum lending rate has been changed to 10.6 per cent.
Federal Bank on Tuesday said it planned to open 100 branches this Saturday. This would expand its network to 938. The move is aimed at improving the mobilisation of low-cost current account and savings account deposits.
Managing director and chief executive officer Shyam Srinivasan said, “This expansion of branches will propel the business growth of the bank in the coming years.” Last year, the bank hired 2,000 employees. It plans to add another 1,000 staff by March 2013. Currently, the bank has 9,000 employees.
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Hong Kong stocks rose, led by a rebound in shares that had driven a slump on Thursday.
The Hang Seng Index advanced 1% as of 08:26 as Industrial & Commercial Bank of China and Ping An Insu
Brazil stocks were higher after the close on Friday, as gains in the Basic Materials, Financials and Public Utilities sectors led shares higher.
At the close in Sao Paulo, the Bovespa rose 0
Asian and European markets rose yesterday, with Japan’s Nikkei clocking up a record-equalling 14 straight wins, while the dollar also rallied on hopes for Donald Trump’s tax cut plans.
Blackstone Group LP made a splash in May when it announced a $100 billion ambition for infrastructure investments. On Thursday, it got more specific with its plans.
The private equity gian
The largest Shariah bank in Malaysia and ASEAN in terms of total assets, Maybank Islamic Berhad won the Best Global Islamic Financial Institution award at the Global Finance Awards 2017 in Washington