Banking Notes

Written by fe Bureaus | Updated: Jan 27 2010, 03:23am hrs
Lancaster to join Reliance MF as CEO for Malaysian arm

Anil Ambani group firm Reliance Capital Asset Management on Monday announced appointment of Ian Lancaster as the CEO of its Malaysian subsidiary, which has been set up to tap the fast-growing market for products complying with Islamic law. Lancaster, with over 20 years of experience, would lead Reliance Capital AMCs venture in Islamic asset management business through the recently set up subsidiary in Malaysia, a company statement said.

IDBI Bank to repay SLR bonds

IDBI Bank on Monday said the repayment of 11.5% IDBI SLR Bonds 2010 56th Series will be paid on March 13, 2010. No interest will accrue on the bonds after March 13, the bank said in a press release. Book closure of the 56th Series will be observed with effect from February 13, after which no request for transfer will be entertained, the bank said. Investors holding the bonds in the form of Promissory Notes should tender the bonds at the concerned branch of IDBI Bank before February 20 to facilitate repayment in time, the release said.

ALL, Karur Vysya Bank pact

Ashok Leyland Ltd (ALL) and Karur Vysya Bank (KVB) have signed a memorandum of understanding, based on which KVB shall offer very attractive terms to all ALL commercial vehicle purchasers, especially SRTOs. KVB is very active in financing Ashok Leyland trucks and buses. Given KVBs wide client base among SMEs, and expertise in solving their funding needs, this association will be of immense benefit to our mutual customers, said K Sridharan, chief financial officer of ALL.

Indian Bank ups capital

Indian Bank has increased the authorised capital from Rs 1,500 crore to Rs 3,000 crore as per the recommondations by the Reserve Bank of India, the bank said in filing to BSE

Axis Bank Hindi website

Private sector lender Axis Bank has launched its website in Hindi on the eve of Republic Day. At present, the Hindi website has been launched with personal banking and 24 X 7banking sections, which covers the entire range of the products offered to the banks retail customers and add-on services like mobile banking, internet banking, phone banking. The remaining sections will be made live subsequently.

Magma Fincorp appointment

Non-banking financial company Magma Fincorp on Monday said that it has appointed Swaraj Krishnan as the chief executive officer designate of its general insurance venture, Magma HDI General Insurance. Krishnan would be responsible for business operations of Magma HDI General across the country.

Viswanathan joins BSFL

Bhartiya Samruddhi Finance Ltd (BSFL) has appointed Sajeev Viswanathan as managing director and CEO. Sajeev moved back to India from London, after a career spanning 18 years with Citi. At Citi, he was managing director in the global transaction services (GTS) business in charge of strategic product groups.