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Banks Won’t Let You Shuffle That Home Loan
Banks are inserting new clauses in home loan agreements to protect their books amid hardening interest rates and rising defaults. These loan conditions will make life a little more difficult for borrowers who are struggling to pay higher EMIs. Some banks have stopped giving fixed rate loans beyond a few years, a few have set an early reset clause while others are insisting on a lock-in period during which a switch from fixed to floating rates (and the other way round) isn’t possible.
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ICICI Bank Raises Ł350 Mn In UK
After raising debt in Japan and United States, ICICI Bank tapped investors in the United Kingdom. The bank has raised Ł350 Mn. An official said that the money would be used by overseas branches to lend to Indian companies. The subscription to the bond came from 32 investors and most of them were from the UK. Also, most of the investors were investment funds while a few were insurance agencies and pension funds.
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Sahara Plans To Enter Housing Finance Market
Sahara India plans to diversify into the housing finance business. The move could be seen as an attempt by the company to integrate financing with its residential real estate business. The company may leverage its existing presence in para-banking for getting a foothold in housing finance. Sahara Infrastructure and Housing (SIH) Head Sushanto Roy said, “It’s still in very preliminary stages and we will be able to talk about it in more details in the next 3-4 weeks.”
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BNP Paribas Acquires 49.9% Stake In SHFL
French banking group BNP Paribas SA will acquire 49.95% stake in Sundaram Home Finance Ltd (SHFL) for Rs. 1.9698 Bn, a move which will give the foreign firm an increasing presence in the booming housing loans market of India. The French firm would pay around Rs. 1.4698 Bn to SHFL, while Rs. 500 Mn would be invested directly in the company.
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Banks Won’t Let You Shuffle That Home Loan
Banks are inserting new clauses in home loan agreements to protect their books amid hardening interest rates and rising defaults. These loan conditions will make life a little more difficult for borrowers who are struggling to pay higher EMIs. Some banks have stopped giving fixed rate loans beyond a few years, a few have set an early reset clause while others are insisting on a lock-in period during which a switch from fixed to floating rates (and the other way round) isn’t possible.
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NHB Not To Entertain Small HFCs
National Housing Bank (NHB) appears to have reached zero-tolerance level in case of small housing finance companies (HFCs) that operate with a less than Rs. 20 Mn net worth. In a recent directive, NHB - the apex bank for promoting and regulating HFCs - has asked smaller entities to attain a minimum net-owned fund (NOF) of Rs. 20 Mn by Mar ’08. There are about a dozen registered HFCs which fall into the less than Rs. 20 Mn NOF category.
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StanChart Buys 49% In UTI Sec
Standard Chartered (StanChart) Bank has won the race for a 49% stake in stock broking firm UTI Securities for Rs. 1.47 Bn. The deal values the brokerage at Rs. 3 Bn - roughly four times the revenues it had generated in 2005-06. The remaining 51% will continue to be held by State Trading Corporation of India (STCI).
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Insurer Max NY Life Eyes Mutual Fund Foray
Insurance company Max New York Life is looking to enter the mutual fund business in India. The move is part of the company’s strategy to diversify from its existing line of business. “The mutual fund market in India is diversified with only a few players, so there is an opportunity and we will look at it,” Max New York Life MD Gary Bennett said.
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HDFC Buys Out Chubb In Non-Life JV
HDFC has bought out its US partner Chubb from its non-life insurance joint venture. After the buyout, HDFC Chubb General Insurance will be a wholly-owned subsidiary of HDFC. The corporation is likely to bring in another foreign partner in the future. HDFC has already been approached by insurance groups from the US, Europe and Japan for its proposed non-life venture.
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Reliance MF AUM Cross Rs. 500 Bn Mark
Reliance Mutual Fund on May 10 cemented its position as country’s largest fund house with its assets under management (AUM) crossing Rs. 500 Bn level. Reliance Mutual Fund, part of Reliance Capital, bagged the ISO 9001:2000 certification, which is valid for its products’ design and development, and sales and customer support services.
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With $88 Bn Assets, Indian MF Club Ranks 24th In The World
With $88 Bn worth of assets under management, India’s mutual fund industry ranks a lowly 24th in the world. And despite the rapid growth in assets, fuelled by a booming economy and stock market, India has managed to improve its ranking by only a notch in 2006, displacing Taiwan.
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Blackstone Eyes HDFC’s 50% Stake In Intelenet Global
The ownership of one of India’s earliest third party BPOs, Intelenet Global Services, is set to change hands yet again. HDFC, one of the original promoters of the BPO, has put its 50% stake on the block and private equity firm Blackstone is learnt to be in the race to acquire it. British bank Barclays holds the other 50% in the firm.
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Infosys BPO And TV 18 Launch Source 18
Infosys BPO has announced a strategic alliance with TV 18 Group, India’s leading full play media conglomerate to launch Source 18. Source 18 will provide a full spectrum of services to Media and Entertainment companies globally. Infosys BPO with its global delivery capabilities, technological know-how and process understanding will provide the initiative, the much needed process and technological support while TV 18 would bring in domain knowledge and expertise to the alliance.
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