Capital One Financial and Chevy Chase Bank have announced a definitive agreement under which Capital One will acquire Chevy Chase in a cash and stock transaction valued at approximately $520 million. Both the banks are based in the US.
Canada-based National Bank Financial Group has reported a net income of $70 million, or diluted earnings per share of $0.37, in the fourth quarter of 2008, compared to a net loss of $175 million, or diluted earnings per share of $1.14, in the same period of 2007.
Orange, a brand of France Telecom, in partnership with BNP Paribas, has launched Orange Money in Ivory Coast, reportedly the first mobile phone-based payment and money transfer service in western Africa.
Credit Suisse has announced that the cost efficiency initiatives that will be implemented across all divisions throughout the bank will result in a headcount reduction of 5,300, an 11% reduction of its workforce.