Dewan housing finance limited has decided to buy Andromeda’s loan distribution , mortgage , financing and financial instruments business. Mumbai based holding company CASA holding holds 80% of Andromeda’s stake . The total deal value will be amounted somewhere between 200 and 250 crores.
Altamount capital is advising CASA capital for the deal . The deal comes 4 years after Malaysians capital fund Navis Capital sold Andromeda for Rs 180 crore to CASA capital holding. Andromeda currently operates in 16 cities across India and has disbursed loans worth more than Rs 5000 crores.
Andromeda is facing tough competition from competitors like Bank Bazar and Loan adda. These two banking and financial platform boasts more than 9 million visitors per month and offer more than 11 financial products with a collaboration of 40 banking partners
HDFC bank has said that it beginning to see green shots in Corporate loans as the companies started to borrow and spend again after two years . With governments current focus on Make in India campaign and reduction in bureaucracy or red tape culture has shown a positive demand in the market .According to Managing Director Aditya Puri he sees an early recovery of money among automobiles . telecom and consumer goods.
“This is more working capital (demand) at the beginning, but we are starting to see term loan growth in the last month or two,” he said in an interview at the bank’s Mumbai headquarters.
He is optimistic on the current market sentiment and that he sees his bank 5 – 6 points ahead of other competitors. “There is no need to go up the risk ladder or down the margin ladder,” he said, adding HDFC Bank focuses on India’s “middle and upper middle”.
Bharti Enterprises and AXA life has confirmed that It would increase its stake from 26% to 49% in its life and general insurance business. The company has presently two joint ventures with Bharti , Bharti AXA Life Insurance and Bharti AXA General Insurance. The increase in stake would further enhance Bharti’s market dominance in the Insurance business and would help them augment their portfolio in this field.
In a statement issued by Rahul Bhatnagar, Managing Director & CFO, Bharti Enterprises, he said “This is a significant milestone in the journey of the Bharti-AXA joint ventures, and underlines the partnership’s long-term commitment to the Indian market”.
According to Jean-Louis Laurent Josi, CEO of AXA Asia, “Our long-standing partnership with Bharti, a leading Indian conglomerate, positions us ideally to succeed in this highly promising market”.
The company has recorded a premium of 4.7 billion in fiscal year 2014-15 and has been growing aggressively with 28% growth rate.
British Banking giant HSBC has said that it will end its private banking business in India. The move is said to be because of ongoing investigation by Income Tax department against individuals who have undeclared accounts in Swiss Bank . The company plans to complete this move by first quarter of 2016 and move some its customers to premier banking . According to a HSBC spokesperson ” We will work closely with our clients to minimize the impact of this decision on them, offering them the choice to move to HSBC Premier, our global banking and wealth management proposition, wherever appropriate. n view of the tax evasion inquiry, HSBC’s private banking compliance was enhanced, as a result of which it became impossible for them to do business with these very demanding high net worth clients
The move can be attributed to the names of the account holder the Income Tax department revealed who have undisclosed amount and swiss bank accounts. Names of almost 1200 account holders were revealed by a investigative journalist in February this year.
The closure of the bank would not lead to any job losses as according to senior executive of the bank ” There are about 70 people in the business here. Some of them will move out and likely take their clients with them. We are already exploring what opportunities it holds for us.
HSBC is said to be one of the top private banker of the country as it managed funds of worth more than $2 billion . It had about 1000 clients and was among the top banker in the country. It will be interesting to see how this move effects the global business of the bank.
American president Barak Obama named Indian origin Swati Dandekar as the director for Asian Development Bank.She will replace Robert M Orr and will hold an ambassador post.
Along with Swati eight other administrative posts were also announced. In a statement issued by The White House , the President said that “”I am confident that these experienced and hardworking individuals will help us tackle the important challenges facing America, and I am grateful for their service. I look forward to working with them.”
Dandekar is an American citizen of Indian origin . She did her graduate from Nagpur University and Post graduate from Bombay University. Prior to this appointment she served in Lowa state senate from 2009 to 2011 and was part of the Iowa Sate House of representative from 2002 to 2008.
Private Lending company Yes bank signed a MOU with London stock exchange to work toghtether on an debt and equity issuances in the form of bonds.The company will list green bonds worth $500 m by December 2016 to raise funds.The initiative is the part of bank strategy to raise $1billion equity.Global Depository Receipts popularly known as (GDR) will be one of the known vehicle to raise funds.
“We will endeavour to improve the access to long term overseas funds for corporate in India, through capital markets in the UK particularly towards Green Infrastructure Financing, which is high on India’s agenda. We also look forward to working with the LSE in establishing London as the leading centre for rupee denominated offshore capital raising.” said Rana Kapoor, Managing Director & CEO of Yes Bank
Previously IFC listed a $3.15 billion bond through masala bonds on London Stock Exchange.