Tag: Bank

FDIC, Wall Street scramble to pull together sale of First Republic Bank

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Formal bids for First Republic — which has seen heavy deposit outflows and suffered massive share price declines in recent weeks — are due to the FDIC by the middle of the day on Sunday, according to the people, who requested anonymity to provide details of the discussions.
Federal regulators are hoping to put an end to turmoil in the banking industry following the stunning collapse of Silicon Valley Bank and Signature Bank last month. First Republic’s problems largely stemmed from the panic that engulfed those two banks amid a run on deposits.
First Republic, until this year one of the more envied banking franchises in America with over $200 billion in assets at the end of the first quarter, would be the third-largest bank failure in U.S. history after SVB and Washington Mutual. First Republic issued a grim earnings report last week that showed just how fast deposits were racing away, replaced by more expensive loans, an unsustainable formula that helped spark the latest stock price collapse.
While JPMorgan and PNC Financial expressed interest in a First Republic deal on Thursday, the bidding process was formally opened up on Friday, which could clear the way for another large bank to also make the winning offer, one person familiar with the process said.
It also remains possible that the FDIC could decide that the bids they receive are insufficient and no deal could emerge. That would mean First Republic opening for business again on Monday and trying to survive at least until regulators agree to a subsequent bid.
First Republic, a California-based institution with a strong track record and highly desirable customer base, has been foundering and bleeding deposits since the failure of SVB and Signature. Like those two, First Republic has a large number of customers with deposits that exceed the FDIC-guaranteed limit of $250,000 in their accounts.
When the government rescued SVB and Signature, regulators hoped that their decision to backstop all deposits at both banks would send a message to depositors that they shouldn’t worry about the money in their bank accounts.
That worked to a degree but it did not stop rapid deposit outflows from First Republic or end a share price rout that saw the bank’s stock slide another 40 percent on Friday to close at just $3.51, a nearly 98 percent drop from this time last year. The consensus among investors is that First Republic will continue to founder if not rescued by a combined public and private sector deal by the time markets open on Monday.

A group of big banks including JPMorgan and PNC tried to shore up First Republic last month by injecting $30 billion in deposits. It did not work.
JPMorgan, PNC and the FDIC all declined to comment on the talks.
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#FDIC #Wall #Street #scramble #pull #sale #Republic #Bank
( With inputs from : www.politico.com )

April 30, 2023
JK Bank CEO Assures Continued Support To Industrial Sector During Interaction With Entrepreneurs

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SRINAGAR: J&K Bank’s MD & CEO, Baldev Prakash, engaged in a direct conversation with individuals associated with the industrial sector on Saturday. The interaction took place at the Industrial Growth Centre in Pulwama and involved representatives from the Industrial Association Lassipora, led by its president Haji Muzaffar. Accompanying the MD & CEO were senior officials of the bank, including General Manager Corporate Banking Ashutosh Sareen, General Manager Credit & Business Operations (Kashmir Division) Tabassum Nazir, Zonal Head Pulwama Tariq Ali, Zonal Head Srinagar Shabir Ahmad, and other high-ranking executives.
President of the Cold Stores Association, Majid Aslam Wafai, along with dozens of entrepreneurs, participated in the interactive session conducted by the Industrial Association Lassipora, representing hundreds of unit holders housed in one of the leading industrial centers of North India.
During the session, MD & CEO assured the participants of the bank’s continued patronage and handholding to the industrial sector within regulatory norms. He stated that establishing large credit units with dedicated and well-trained relationship managers was a step in the direction of easing and facilitating business for entrepreneurs. He further insisted that the turnaround time of credit proposals would be minimized further with the introduction of more digital platforms. He stated that it was time for the bank and the industrial sector to join hands to take the economic prosperity of the UT to another level.
Haji Muzaffar, while calling J&K Bank “Humara Apna Bank,” said, “It gives us immense pleasure that you have come to listen to the people who consider J&K Bank as their own bank and J&K’s backbone. We have gone through thick and thin, but our trust and connection with J&K Bank hasn’t dwindled a bit.” He added, “However, we expect J&K Bank to realign some of its strategies to keep pace with changing scenarios in the industrial sector.”
Majid Wafai hailed the bank management headed by MD & CEO for giving a patient hearing to unit holders. He stated, “Our units wouldn’t have materialized had there not been financial support from J&K Bank. The majority of us are first-generation entrepreneurs, and J&K Bank has guided and supported us in setting up these units. Our successful journeys are synonymous with J&K Bank, and it gives us heart and hope that our mentoring financial institution has embarked on the path of renewed success and profitability.”
During the interaction, General Manager Ashutosh Sareen highlighted various steps taken by the bank to encourage entrepreneurial excellence in the region. The session concluded with a vote of thanks by General Manager Tabassum Nazir, who stated that customer satisfaction was the cornerstone of the bank’s success.

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#Bank #CEO #Assures #Continued #Support #Industrial #Sector #Interaction #Entrepreneurs

( With inputs from : kashmirlife.net )

April 29, 2023
World Bank approves $1.25 bn financing for Bangladesh

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Dhaka: The World Bank has discussed a new Country Partnership Framework (CPF) for Bangladesh, spanning from 2023 to 2027, and approved $1.25 billion financing in three new projects, the lender said.
Of the projects, the bank said on Friday that it will provide $500 million for a project termed Program on Agricultural and Rural Transformation for Nutrition, Entrepreneurship, and Resilience (PARTNER).
Another $500 million will come as First Green and Climate Resilient Development Credit which will help the country’s transition to green and climate-resilient development, the lender said in a statement.

It approved $250 million for a project on microenterprise to help transform the micro-enterprise sector into a more dynamic, less-polluting, resource-efficient, and climate-resilient growth sector, Xinhua news agency reported.
“This Country Partnership Framework builds on five decades of strong partnership between the World Bank Group and Bangladesh,” said Abdoulaye Seck, World Bank country director for Bangladesh and Bhutan.
“As Bangladesh aims to be more prosperous, it will need stronger institutions and policies to serve the needs of an upper-middle-income country. This CPF will support the government’s reform programmes to deliver jobs and support inclusion and resilience,” Seck added.
“Bangladesh has been one of the world’s outstanding development growth stories. Additional reforms to spur the development of a more diversified and competitive private sector will grow exports and create quality jobs,” said Martin Holtmann, country manager of International Finance Corporation for Bangladesh, Nepal and Bhutan.

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#World #Bank #approves #financing #Bangladesh
( With inputs from www.siasat.com )

April 29, 2023
BRS party fund touches Rs 1,250 crore, earns Rs 7 cr as monthly bank interest

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Hyderabad: Bharat Rashtra Samithi (BRS) has a party fund of Rs 1,250 crore including Rs 767 crore bank deposits which are yielding Rs seven crore per month interest, the party supremo and Chief Minister K Chandrasekhar Rao has said.
Speaking at the BRS’ Foundation Day on Thursday, Rao said expenses for running the party, construction of party offices in districts and campaigning are met from the interest income.
“The party fund has reached Rs 1,250 crore, out of which Rs 767 crore was deposited in banks. Expenses incurred for running the party, construction of party offices in the districts, campaigning and infrastructure creation are met from this,” he said.

KCR on October 21, 2021 during the plenary had said the party (then TRS) had fixed deposits worth Rs 425 crore which were yielding an interest of Rs two crore per month.
The BRS in its meeting passed a resolution on the financial affairs of the party. As per the resolution, the party president will take care of the financial affairs of the party including opening of bank accounts in other states and setting up of systems for media coordination for the party’s campaign, among others.
The BRS party office in Delhi will be inaugurated on May 4, the party said.
Meanwhile, the party also decided to undertake TV advertisements and film production in future to take the party to the masses across the country and if necessary, the party will also run a TV channel.
KCR told his public representatives that transparency should be maintained in every aspect and advised them not to indulge in corruption under any circumstances.

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#BRS #party #fund #touches #crore #earns #monthly #bank #interest
( With inputs from www.siasat.com )

April 28, 2023
First Republic Bank shares fall 50% after reporting dramatic slump in deposits

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First Republic Bank’s shares closed down 50% on Tuesday, a day after the mid-sized US bank announced a dramatic slump in deposits.
On Monday the San Francisco-headquartered reported a more than $100bn plunge in deposits in the quarter in the aftermath, sparking fears that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.
Amid the biggest turmoil to hit the banking sector since 2008, the bank now faces tough options to turn around its business with the creation of a “bad bank” or asset sales possibilities, a source familiar with the matter said, after the lender showed the extent of deposit flight during last month’s banking crisis.
“If someone were to acquire them … there’s going to be some big writedowns that would have to be taken against some of the assets given the rate cycle,” Christopher Wolfe, head of North American banks at Fitch Ratings, told Reuters, referring to the bank’s mortgage loan book and securities portfolio.
“The options are very challenging and probably very costly, especially for shareholders,” Wolfe said. “Who’s going to bear the cost?”
First Republic said on Monday it was “pursuing strategic options” to quickly strengthen the bank, without providing details.
The lender was studying all options, a person familiar with the matter said on Monday, speaking on condition of anonymity because the discussions were private.
The source said the bank wanted the US government to help by convening parties that could buoy San Francisco-based First Republic’s fortunes, including private equity firms and big lenders.

Options include an asset sale of up to $100bn, a source familiar with the situation said. Bloomberg News earlier reported the chance of asset sales and said buyers might receive incentives such as warrants or preferred equity.
The bad bank possibility, earlier reported by CNBC, is a crisis-type method of isolating financial assets that have problems.
The latest woes in the banking sector were felt among other banks and the broader market with the KBW Regional Banking Index dropping 3.8% and the broader S&P 500 bank index down 2.6%.
Wall Street analysts expect challenges to extend through the year after failures at Silicon Valley Bank and Signature last month created a liquidity crunch at a slew of regional lenders.
The bank has been reeling as it navigates the twin challenges of assuring customers their deposits remain safe and investors that it has liquidity to emerge from the crisis.
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“Although deposits have stabilized since quarter-end, the company’s liquidity questions have turned into earnings questions,” said analysts at Piper Sandler.
The sector-wide upheaval has led to the KBW Regional Banking Index contracting nearly 22% this year, while First Republic shares dived roughly 87% in the fallout.
“The question is whether the risk was First Republic specific or whether it will lead to larger banking concerns,” brokerage JonesTrading wrote in a note.
First Republic said on Monday it plans to shrink its balance sheet and slash expenses by cutting executive compensation, paring back office space and laying off 20% to 25% of employees in the second quarter.
Last month, concerns about the bank’s health had prompted top power brokers including US Treasury Secretary Janet Yellen, Federal Reserve chair Jerome Powell and JPMorgan’s CEO Jamie Dimon to put together an unprecedented $30bn rescue deal.
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#Republic #Bank #shares #fall #reporting #dramatic #slump #deposits
( With inputs from : www.theguardian.com )

April 26, 2023
JK Bank Bags Award For Outstanding Contribution Under PM Awas Yojana

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SRINAGAR: J&K Bank today received an award from Housing and Urban Development Corporation Ltd (HUDCO) for its outstanding contribution towards housing sector of the country under Pradhan Mantri Awas Yojana (Urban) – Credit Linked Subsidy Scheme (CLSS) through various innovative initiatives.
The Bank’s General Manager (C&CB) Narjay Gupta received the award at the hands of Secretary, Ministry of Housing and Urban Affairs, Manoj Joshi in presence of Chairman & Managing Director (HUDCO) Kuldip Narayan, Bank’s Zonal Head (Delhi) Rakesh Magotra, HUDCO’s board of directors and other dignitaries during HUDCO’s 53rd Foundation Day Celebrations held today in New Delhi.
The function was inaugurated by the Union Minister of Housing & Urban Affairs and Petroleum & Natural Gas Hardeep S. Puri.
Commenting upon the felicitation, MD & CEO, Baldev Prakash said, “It is an honour for the entire J&K Bank Family to be felicitated at such a prestigious national platform for our contribution towards country’s housing sector under Prime Minister Awas Yojana (PMAY)-U that envisaged ease-of-living through a pucca house to all urban dwellers.”
“Such an acknowledgement will further boost our efforts as we continue to serve the weaker and vulnerable sections of society through more such effective financial interventions”, he added.
Earlier, in a communication to Bank, Chairman & MD (HUDCO) Kuldip Narayan expressed his deep appreciation for J&K Bank’s outstanding contribution towards housing sector under PMAY-CLSS through its different innovative initiatives.

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#Bank #Bags #Award #Outstanding #Contribution #Awas #Yojana

( With inputs from : kashmirlife.net )

April 25, 2023
Eid Shopping: JK Bank Records Rs 564 Cr Transfer During The Day

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SRINAGAR: The markets across Kashmir did not exhibit any indication of revival even after the delayed crescent added a day to the Eid shopping in the subcontinent. People remained busy in managing the basics including bread, mutton, vegetables and other foods.
Jammu and Kashmir Bank that is the custodian of almost two-thirds of deposits in Jammu and Kashmir has made public some basic information about the transactions in their system. Till 5 pm, on April 21, the data suggested Rs 564 crore was transacted through a total of 16.72 lakh transactions. This includes Rs 331.89 crore of transactions using the MPay as the card transactions were at Rs 118.5 crore and UPI transactions at Rs 115.08 crore.
In the last three days, as already reported, the bank transacted Rs 2510 crore.
However, the business transactions were not very encouraging. Insiders in the banking sector told TheNewsCaravan that not much of the transactions took place using the POS (point of sale) machines that most of businesses use. During the entire day, one insider said Rs 8.51 crore was transacted in 60232 sales, which is very insignificant given the tradition and practices on the eve of Eid.
Even the cash that moved out of the banking system during the day was too little – only Rs 89 crore in 177292 crore.
“Transactions did take place but people avoided spending the money,” one banker said. “People tend to spend as less as possible. Most of the transactions did not result in movement of cash out of the system and the digital transfer in business was too little.”
In the last three days, the traders thought that the inclement weather was playing the spoilsport but Friday exhibited that while people were out and there were no rains, people avoided markets. Most of the markets remained deserted for the entire day. “Compare the figures of last Eid with this Eid, you will come to understand where the economy is heading,” one senior trader said.
Market insiders hope that the onset of marriage season may trigger some turnaround.

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#Eid #Shopping #Bank #Records #Transfer #Day
( With inputs from : kashmirlife.net )

April 21, 2023
Know RBI declared bank holiday for Eid-ul-Fitr in Telangana
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The Reserve Bank of India (RBI) has declared a bank holiday for Eid-ul-Fitr in Hyderabad. The banks in Hyderabad will remain closed on Saturday, April 22. The holiday is recognized under the Negotiable Instruments Act.
It is important to note that bank holidays vary from state to state, so not all banks across the country will be closed on Eid-ul-Fitr.
Types of banks in Hyderabad and other cities
Hyderabad and other parts of India have several types of banks, each with its own unique characteristics and functions. Some of them are

Public sector banks
Private sector banks
Co-operative banks
Regional rural banks
Payment banks
Small finance banks, and
Foreign banks
Eid-ul-Fitr in Hyderabad
Eid-ul-Fitr is a significant festival for Muslims in Hyderabad. This year, it will be celebrated on either Saturday or Sunday, depending on the sighting of the moon.
If the moon is sighted on Friday, Hyderabad will celebrate Eid-ul-Fitr on Saturday; otherwise, it will be celebrated on Sunday.
In addition, the Telangana government has declared holidays for Eid-ul-Fitr in Telangana. As per the Telangana State Portal Calendar for 2023, the Eid-ul-Fitr holidays in Telangana will be observed on April 22 and 23.
Both holidays have been listed under ‘General Holidays’. April 22 has been declared a holiday due to Eid-ul-Fitr, while April 23 is a holiday for the ‘following day of Ramzan’.
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#RBI #declared #bank #holiday #EidulFitr #Telangana
( With inputs from www.siasat.com )
April 20, 2023
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April 17, 2023
ED freezes 150 bank accounts in illegal betting case

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New Delhi: The Enforcement Directorate (ED) said on Saturday that it recently carried out a search operation at a fintech company which resulted in the identification and freezing of 150 bank accounts in a case related to an illegal betting racket involving a person named Rakesh R. Rajdev and others.
The ED said that these accounts were involved in the layering of funds received from individual persons, who placed bets through the website www.wolf777.com.
“Subsequent to the searches, an amount of Rs 3.05 crore lying in 10 bank accounts was freezed under the provisions of the Prevention of Money Laundering Act (PMLA),” said an ED official.

The ED said that the bank statements of rest of the entities whose accounts were freezed during the course of search were called for from the banks and analysed by the probe agency.
“In the account analysis, we found that funds amounting to Rs 46.10 crore are lying in these accounts, which were routed through various dummy entities. Thus, a total amount of Rs 49.15 crore has been seized by the ED in this case till date,” the official said.
The ED initiated the investigation after recording an Enforcement Case Information Report (ECIR) based on an FIR lodged by the DCB police station in Ahmedabad.
During investigation, proceeds of crime, i.e., the money generated through the betting app www.wolf777.com, were traced and it was found that bank accounts in the names of various fictitious entities were opened for routing and layering of money which was then sent abroad through bogus entities in the guise of import.

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( With inputs from www.siasat.com )

April 15, 2023