Industry News

Religare Enterprises Ltd, plans to raise Rs650 crore through a sale of stock to existing shareholders to boost its capital adequacy ratio, two people close to the development said. The so-called rights issue comes against the backdrop of the company writing off its large exposure to ABG Shipyard Ltd. The exposure is estimated at Rs180 crore. Religare Finvest has a capital adequacy ratio of below 10%."/>
Religare Finvest plans to raise Rs650 crore through rights issue [Mint, New Delhi]
Ujjivan Financial Services Ltd, which plans to start small finance bank operations by the first quarter of the next calendar year, on Wednesday said it would reduce borrowing costs by 0.75% with effect from 1 October. This is the second interest reduction by the company in past one year. Ujjivan's interest rate stands at 22%."/>
Ujjivan Financial Services to reduce borrowing costs by 0.75% from 1 October [Mint, New Delhi]
United Breweries Ltd chairman Vijay Mallya, at the centre of a money laundering probe, told shareholders on Thursday he was confident that charges against him will be dropped, hours after the company posted an over-13-fold rise in net profit. Net profit at United Breweries, India's largest brewer, rose to Rs.29.47 crore in the June quarter from Rs.2.16 crore in the same period a year ago, a BSE filing showed. The embattled business tycoon told the annual general..."/>
Vijay Mallya confident of judicial relief in pending cases [Mint, New Delhi]
Has Opec kicked the can down the road again? [Mint, New Delhi]
Standard Chartered Bank Co Ltd announced on Thursday the launch of direct trading business for Chinese currency with the UAE dirham and Saudi riyal and claimed that it became the first batch of direct trading market-makers for yuan against the two Gulf currencies in China's inter-bank forex market. Last week, China agreed to establish a direct trading pair between yuan, also called RMB, and the two Gulf currencies effective from September 26.."/>
StanChart launches dirham-yuan direct trading [Khaleej Times, Dubai, United Arab Emirates]
SolarCity's cash crunch continues to ease. The solar energy systems installer plans to raise $347 million to fund solar installations at homes and small businesses through a pair of funds arranged through Citigroup. The financing, coupled with a $305 million cash equity funding deal earlier this months, will give SolarCity more than $650 million in new financing to pay for its solar installations, many of which are sold using SolarCity's no-upfront cost sales model."/>
Citigroup, SolarCity reach deal to cover upfront installation costs for systems [The Buffalo News, N.Y.]
Sunshine Bancorp, Inc., the parent holding company of Sunshine Bank, and FBC Bancorp Inc., the parent holding company for Florida Bank of Commerce, today announced the results of their Special Meetings of Shareholders held on September 28 and September 29. Both meetings resulted in the approval of the proposal to adopt and approve the Merger Agreement of the companies. In addition to shareholder approval, as contemplated by the Merger Agreement, the Sunshine..."/>
Sunshine Bancorp, Inc. and FBC Bancorp Inc. Announce Shareholder Approval of Merger
Dime Community Bancshares, Inc. announced today that the Company was named to the Class of 2016 Sandler O'Neill+ Partners, L.P. To earn 2016 All-Star status, banks and thrifts with market capitalization below $2.5 billion needed to outperform industry peers in terms of balance sheet growth, profitability, credit quality, and capital strength. Kenneth J. Mahon, Dime's President and Chief Operating Officer, said, "Dime is honored to be recognized by Sandler..."/>
Dime Community Bancshares Named 2016 Sandler O'Neill Small Cap All-Star
Allstate Chairman and Chief Executive Officer Tom Wilson in the Washington Post. "Corporations should be encouraged and rewarded for stepping up to solve society's problems," Wilson wrote. "That will require a change in mind-set."/>
A View from Allstate's CEO: How Corporations Can Be a Force for Good
WSFS Financial Corporation, the parent company of WSFS Bank, today announced that WSFS Bank was named a 2016 Bank& Thrift“ Sm-All Star” by Sandler O’ Neill+ Partners.. The 27 top performing publicly traded small-cap banks and thrifts throughout the United States comprise the class of 2016. Sandler O’ Neill+ Partners, an investment banking firm and broker-dealer focused on the financial services sector, evaluated more than 400 publicly traded banks and..."/>
WSFS Bank Named 2016 Bank & Thrift “Sm-All Star” by Sandler O’Neill + Partners
Och-Ziff Capital Management Group LLC today announced that it has reached settlements with the Department of Justice and the Securities and Exchange Commission, resolving their investigations into the Firm’ s former private investment business in Africa and a 2007 investment by the Libyan Investment Authority in certain of the Firm’ s funds. As part of the settlements, the Firm’ s parent company, Och-Ziff Capital Management Group LLC, has entered into a..."/>
Och-Ziff Reaches Settlements with U.S. Department of Justice and U.S. Securities and Exchange Commission to Resolve FCPA Investigation

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