Indian Finance Observer

BNP Paribas to buy Fortis

BNP Paribas SA, France's biggest bank, stated that it would take control of the Belgian and Luxembourg businesses of the troubled finance group Fortis NV via a €8.25 billion (US $11.3 billion) stock deal.

Insurance Industry growth to be driven by Health & Micro Insurance, says CII

Confederation of Indian Industry (CII) and Ernst & Young released a report on the agenda of the Indian insurance industry titled, 'Indian insurance industry: The task ahead'. The report sets out directional recommendations for sustaining the projectile growth of the industry from a regulatory as well as industry perspective.

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Tata AIG Life introduces InvestAssure Health

Tata AIG Life Insurance Company Limited (Tata AIG Life) has introduced Tata AIG Life InvestAssure Health – its first ever unit-linked health product.

Apna Loan partners with Reliance Money

Apnaloan, the pioneer and largest market place for loans and credit cards has partnered with Reliance Money, the largest broking and distribution house in India, to offer information about personal finance on their website.

Polaris Software buys SEEC Inc

Chennai-based, Polaris Software Lab, a speciality application provider in banking, financial and insurance sectors, has signed a definitive agreement to buy SEEC Inc, a US-based product and component services company for insurance vertical in an all cash deal.

Corporation Bank launches overseas with Dubai office

Corporation Bank has forayed into overseas market for the first time with a representative office in Dubai.

IOSCO Technical committee members coordinate to monitor market conditions

The Technical Committee members note that short-selling plays an important role in the market for a variety of reasons, including providing more efficient price discovery, mitigating market bubbles, increasing market liquidity, facilitating hedging and other risk management activities and, importantly, limiting upward market manipulations.

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SBIH and Temasek holdings to introduce new fund

SBI Holdings Inc has informed that SBIH and Fullerton Fund Management Company Ltd, a wholly owned unit of Temasek Holdings, which is one of Singapore's governmental investment firms, will partner to introduce new fund that will invest in the Asian financial sector.

Reliance Money gets merchant banking license

Reliance Money, the largest broking and distribution house in the country and part of the Reliance Anil Dhirubhai Ambani Group, has obtained Category I merchant banking license from the Securities and Exchange Board of India (SEBI).

UBS to slash more jobs, says reports

Swiss bank UBS might declare additional job cuts of 1,900 people in its investment banking, fixed income and equities business at its October 2 shareholders' meeting, as per international media reports.