Citibank announced to its customers that they have accelerated the pace of change by realigning Citi into two distinct businesses, Citicorp and Citi Holdings.
According to Citi, Citicorp will be focusing on leveraging the competitive advantages of the company's global reach which extends to over 100 countries and on services which include Consumer Banking and Cards, Commercial Banking, Corporate and Investment Banking, Global Transaction Services and Citi Private Bank.
Citi Holdings on the other hand will be comprised of brokerage and asset management, local consumer finance and a special asset pool.
On top of announcing it's new alignment to be officially split apart last Friday, Citigroup also acknowledged a USD $18.7 billion loss in 2008.
CEO Vikram Pandit is said to run Citigorp with someone else to take over Citi Holdings. The new structure fits as to what Pandit said last spring of which Citi businesses he would keep and those he could do without.
Sunday, January 18, 2009
Wednesday, January 7, 2009
Bank of America Sells 5.62 B shares in Chinese Bank
On Wednesday Bank of America Corp sold 5.62 billion shares in China Construction Bank at HK $3.92 per share at an 11.91 percent discount, reaping a total of HK $22.03 billion. However, Bank of America still has a holding in the mainland bank at 16.6 per cent down from 10.13 per cent.
China Construction Bank had been notified of Bank of Americas transaction and understood that the US Bank had sold its shares due to the financial situation at this time. The shares were sold to other long-term institutional investors. In terms of relativity, the disposal of shares only accounted for 29 per cent of the total shares that had its 3-year lock up period expired.
In related news, Mr. Li Ka-shing sold his stake in Bank of China for HK$4.06 billion. Mr. Li sold his shares at HK$1.98 to 2.03 each for 5.14 to 7.48 per cent lower than yesterday’s HK$2.14 close.
Foreign financial groups and other investors are being compelled to sell their shares in many mainland banks due to the need to raise cash. Bank of China, Bank of Communication, Industrial and Commercial Bank of China are also banks that have foreign institutions which hold a stake.
China Construction Bank had been notified of Bank of Americas transaction and understood that the US Bank had sold its shares due to the financial situation at this time. The shares were sold to other long-term institutional investors. In terms of relativity, the disposal of shares only accounted for 29 per cent of the total shares that had its 3-year lock up period expired.
In related news, Mr. Li Ka-shing sold his stake in Bank of China for HK$4.06 billion. Mr. Li sold his shares at HK$1.98 to 2.03 each for 5.14 to 7.48 per cent lower than yesterday’s HK$2.14 close.
Foreign financial groups and other investors are being compelled to sell their shares in many mainland banks due to the need to raise cash. Bank of China, Bank of Communication, Industrial and Commercial Bank of China are also banks that have foreign institutions which hold a stake.
Sunday, January 4, 2009
CITIC Pacific Investigated by the SFC
CITIC Pacific announced that its chairman Larry Yung Chi-kin and managing director Henry Fan Hung-ling are being investigated by the Securities and Futures Commission.
17 directors in total are being probed at the moment due to CITIC Pacific's disclosure in October that it was facing estimated losses of HK$15.5 billion from unauthorized currency trades.
Hamilton Ho Hau-hay of New World Development and directors Vernon Francis Moore and Hansen Loh Chung-hon OF CLP.
New World and CLP said they have no reason to believe that the SFC's investigation concerns, either directly or indirectly, any aspect of the affairs of their companies.
Mainland Bourses Rise in Strong Finish
After Premier Wen Jiabao's promised measures to help the steel and auto sectors, mainland shares closed up 3.29 percent.
The benchmark Shanghai Composite Index closed at 59.91 points higher at 1,880.72 on a turnover of 46.1 billion yuan.
Hong Kong share prices closed today 3.5 percent higher, buoyed by the rally in Shanghai and other strong Asian markets. The Hang Seng Index closed up 520.5 points at 15,563.31. Today's turnover was HK$49.42 billion Hong Kong.
17 directors in total are being probed at the moment due to CITIC Pacific's disclosure in October that it was facing estimated losses of HK$15.5 billion from unauthorized currency trades.
Hamilton Ho Hau-hay of New World Development and directors Vernon Francis Moore and Hansen Loh Chung-hon OF CLP.
New World and CLP said they have no reason to believe that the SFC's investigation concerns, either directly or indirectly, any aspect of the affairs of their companies.
Mainland Bourses Rise in Strong Finish
After Premier Wen Jiabao's promised measures to help the steel and auto sectors, mainland shares closed up 3.29 percent.
The benchmark Shanghai Composite Index closed at 59.91 points higher at 1,880.72 on a turnover of 46.1 billion yuan.
Hong Kong share prices closed today 3.5 percent higher, buoyed by the rally in Shanghai and other strong Asian markets. The Hang Seng Index closed up 520.5 points at 15,563.31. Today's turnover was HK$49.42 billion Hong Kong.
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