One of Asia's largest private banks, Bank of Singapore, appointed Jason Moo, formerly of wealth manager Julius Baer, as its new Chief Executive Officer from March 6, 2023.
He will succeed Bahren Shaari who retired on December 31, 2022 after 13 years with the bank.
Moo has more than 25 years of experience in private banking, wealth management and capital markets including 22 years with Goldman Sachs.
The appointment came at a time of growing competition in Asia's private banking industry as global wealth management firms battle to expand their share in a fast-growing market.
India, ADB sign $1.2 bln Loan Agreements for Infrastructure Projects in Several States
The Indian government and the Asian Development Bank (ADB) signed a loan agreement of $1.22 billion to improve the connectivity of key economic areas in several states in India.
As per the finance ministry, the agreements would cover projects for improving the power sector and highways in the north-eastern states of Tripura and Assam, metro rail connectivity in the southern city of Chennai, and improvement of key economic areas in the western state of Maharashtra.
Hong Ju Jeon New MD of LG Electronics India
South Korean electronics major LG Electronics appointed Hong Ju Jeon as the company's a new Managing Director for LG Electronics India Pvt. Ltd.
Jeon was previously in charge of the Gulf region as its subsidiary president. Additionally, he also held other senior positions at LG Electronics as Managing Director of Iraq, Jordan, Lebanon and Syria subsidiaries.
LG India's previous Managing Director Young Lak Kim was promoted to the position of executive vice president.
LG Electronics India Pvt. Ltd. (LG Electronics) is a wholly-owned subsidiary of LG Electronics, South Korea. It was established in January 1997 in India.
NTPC Begins India's First Green Hydrogen Blending Operation in PNG Network
State-owned power generator NTPC Ltd. commissioned the country's first green hydrogen blending project.
Green hydrogen blending was started in piped natural gas (PNG) network of NTPC Kawas township, Surat. The project is a joint effort of NTPC and Gujarat Gas Limited (GGL).
The foundation stone of the project was laid by Prime Minister Narendra Modi in July 2022.
The blending project will supply H2- NG (natural gas) to households in the Kawas township at Adityanagar, Surat. The green hydrogen in Kawas is produced through the electrolysis of water using power from a 1 MW floating solar project.
HDFC Bank Partners with Microsoft for Digital Transformation Journey
HDFC Bank partnered with Microsoft in the next phase of its digital transformation journey and aims to unlock business value by transforming the application portfolio, modernising the data landscape, and securing the enterprise with Microsoft Cloud.
The bank, as a part of its 'future ready' strategy, is developing in-house intellectual properties (IP) as well as partnering with several companies, including fintechs, to co-create technology IPs.
The bank will leverage Microsoft Azure to consolidate and modernise its enterprise data landscape through a Federated Data Lake to scale its information management capabilities across enterprise reporting, and advanced analytics using artificial intelligence.
Jan 03, 2023
SBI, ICICI, HDFC Bank Continue to be Systemically Important Banks
According to the Reserve Bank of India (RBI), State Bank of India (SBI) and privately owned ICICI Bank and HDFC Bank continue to be Domestic Systemically Important Banks (D-SIBs) or institutions that are too big to fail.
It is the structure followed in 2021: ICICI Bank and HDFC Bank fall under bucket 1 and SBI falls in bucket 3. The classification is based on data collected from the banks as on March 31, 2022.
Under bucket 1, banks require 0.2 per cent of additional common equity Tier 1 (CET1) capital as a percentage of risk weighted assets (RWAs). Banks under bucket 3 require 0.6 per cent of CET1 capital as a percentage of RWAs.
In 2015 and 2016, RBI had classified SBI and ICICI Bank as D-SIBs. Further, based on data collected from banks as on March 31, 2017, HDFC Bank was also classified as a D-SIB, along with SBI and ICICI Bank.
Tata Group Remains the Top Business Group
The Tata Group remained India's top business group in terms of market capitalisation (m-cap) in 2022 but Adani Group companies were among the biggest gainers on the bourses for the second consecutive year. Tata companies ended CY22 with a combined group m-cap of Rs. 21.2 trillion, down 9.4 per cent year-on-year (YoY) from Rs. 23.4 trillion at the end of December 2021.
BharatPe CEO Suhail Sameer to Step Down
Home-grown fintech start-up BharatPe said that Suhail Sameer, who has been overseeing the firm's operations since its co-founder Ashneer Grover was ousted last year, will step down from his role as Chief Executive Officer (CEO) to Strategic Advisor effective January 7, 2023.
BharatPe's current CFO Nalin Negi will be taking over the position of interim CEO amid the major rejig in leadership positions.
Jan 02, 2023
IDBI MF Inks Pact to Transfer Schemes to LIC MF
IDBI Bank-promoted IDBI Mutual Fund signed an agreement with LIC Mutual Fund to transfer its schemes to the latter. The decision was taken to comply with the Section 7B of Securities and Exchange Board of India's (SEBI) Mutual Fund Regulations.
According to these regulations, the sponsor of a mutual fund and the asset management company of the mutual fund cannot individually, collectively, directly or indirectly hold more than 10% of the shareholding or voting rights in another asset management company or trustee company. In the event of a merger or an acquisition, sponsors of fund houses have one year to comply with the norms.
Ajay Kumar Srivastava New MD and CEO of Indian Overseas Bank
Ajay Kumar Srivastava was elevated as Managing Director and CEO of Indian Overseas Bank from his posting as Executive Director.
He started his banking career as a probationary officer in 1991 with Allahabad Bank where he worked in various capacities in different parts of the country. He is an astute and hardcore banker with vast field-level experience and has the distinction of having successfully led the largest and most critical areas of Uttar Pradesh, Gujarat, and Delhi while working at a senior level in Allahabad Bank.
After the successful completion of about 27 years in Allahabad Bank he was elevated as Executive Director of IOB in October 2017. At Indian Overseas Bank as Executive Director, he had a very challenging journey. Bank was incurring losses since 2014, was in PCA since 2015 and financial parameters were in bad shape besides many other challenges.
Jan 01, 2023
Reserve Bank of India Imposes Monetary Penalty on Mynd Solutions Private Limited
The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 13.9 lakh on Mynd Solutions Private Limited citing non-compliance with certain rules.
The penalty was imposed for not complying with the guidelines on trade receivables discounting system (TReDS) updated as on July 02, 2018.
It was imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act).
This action was based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers.
India-Australia FTA to Provide Relief to Indian Textile Exporters
As per the Confederation of Indian Textiles Industry, the India-Australia Economic Cooperation and Trade Agreement, which came into force on December 29, is set to provide a big relief to Indian textile exporters.
Under the pact, Australia is offering zero-duty access to India for about 96.4 per cent of exports (by value) from day one.
India's goods exports to Australia stood at USD 8.3 billion and imports from the country aggregated to USD 16.75 billion in 2021-22.
Adani Group Acquires NDTV Promoters' additional 27.26% Stake
Billionaire Gautam Adani now owns a majority stake in Prannoy and Radhika Roy-promoted news broadcasting company New Delhi Television Ltd.
Adani Enterprises, through its indirect subsidiary RRPR Holdings, acquired additional 1.76 crore shares of NDTV for around Rs. 602 crore (Rs. 342.65 apiece) from the Roys, amounting to 27.26% in the company.
The transfer of shares was done through an inter-se transfer under the Securities and Exchange Board of India Regulations, 2011, which allows share transfer at a premium to current market price, if the company is an existing promoter group.
The Adani Group owns 64.71% in NDTV after acquiring Roy's stake.
Dec 31, 2022
Eicher Motors to Pick 10.35% Stake in Spain-based Stark Future
Indian automotive major Eicher Motors, the parent company of Royal Enfield announced a strategic collaboration in the space of electric motorcycles with Spain-based Stark Future SL.
The board of directors of Eicher Motors cleared an investment of €50 million for close to 10.35 per cent equity stake in Stark Future.
With this investment, Eicher will have a seat on Stark Future's board and will explore further opportunities to collaborate in the space of electric mobility.
MOIL Appoints Ajit Kumar Saxena as Chairman, MD
Ajit Kumar Saxena was appointed as the Chairman-cum-Managing Director of MOIL. Saxena will hold charge of the post till the date of his superannuation, i.e. 31 December 2025, or until further orders, whichever is earlier.
Saxena has 36 years' experience in steel sector with wide experience in technical, operational and project management areas. Prior to this assignment, Saxena held the position of director (Operations) at RINL-Vishakhapatnam Steel Plant. He started his career as a management trainee (Technical) in Steel Authority of India Ltd (SAIL) in 1986 and thereafter, held various positions during his long tenure in SAIL such as chief general manager, Mills, IISCO, Burnpur and general manager, Bhilai Steel Plant, etc.
MOIL is one of the largest manganese ore producers of the country.
Government Owned WAPCOS Ranked as Top Consulting Firm by the Asian Development Bank
In a major breakthrough for WAPCOS, a Government of India Enterprise under the Ministry of Jal Shakti, the Asian Development Bank (ADB) in its report released on Annual Procurement, ranked WAPCOS as top amongst Consulting Services Firm in Water and other Infrastructure Sectors, with highest sanctioned financed amount.
In another report on its Members' Fact Sheet - 2022 released by the ADB, WAPCOS figured amongst the top 3 Consultants from India involved in Consulting Services Contracts under ADB Loan, Grant and Technical Assistance Projects in Energy, Transport and Water & other Urban Infrastructure Sectors. WAPCOS is the only Indian Public Sector featuring in the above categories.
WAPCOS is a leading technology driven Consultancy and Engineering, Procurement and Construction (EPC) organization in the fields of Water Resources, Power and Infrastructure Development.
Apart from India, the company has successfully completed/on-going consultancy assignments in more than 51 countries covering Asia, Africa, CIS, Pacific Islands and South America.
It was established by the government of India in 1969 under the aegis of the Ministry of Water Resources to utilize India's knowledge and expertise in the field of water resources by sharing and exporting technology to friendly developing nations.
+91-85588-96644
