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HSBC Holdings Acquires Bank Ekonomi

The Hongkong and Shanghai Banking Corporation Limited (HSBC)has completed the acquisition of 88.89% of PT Bank Ekonomi Raharja Tbk (Bank Ekonomi) for $607.5 million in cash. The transaction took place through its subsidiary HSBC Asia Pacific Holdings (UK).

Hong Kong Monetary Authority (HKMA) has approved National Bank of Abu Dhabi (NBAD) to launch full-fledged operations in Hong Kong. The bank is expected to open its branch during the second half of 2009.

In order to boost trade, eight Vietnamese banks has signed financing agreements with the Asian Development Bank (ADB), as a part of ADB’s $1 billion Trade Finance Facilitation Program (TFFP). The program is expected to garner up to $15 billion in trade support in Asia by the end of 2013.

BankUnited, Florida's largest bank, has been acquired by a consortium of private equity firms led by John Kanas, the former Chairman and CEO of North Fork Bancorporation. Experts view it as one of the largest bank failures to occur this year.

Berkshire Hills Bancorp and CNB Financial announced that they have revised their merger agreement that will help the former to acquire CNB and its subsidiary, Commonwealth National Bank. According to the revised terms of the merger agreement, the stockholders of CNB will receive 0.4292 shares of Berkshire common stock for each share.

Investors Savings Bank, a wholly-owned subsidiary of Investors Bancorp, has signed a purchase and assumption agreement with Banco Popular North America to takeover $250 million of deposits and its six New Jersey branch offices for a deposit premium of 1%.

TD Bank Financial, a unit of Toronto-Dominion Bank and a group of private-equity firms, including Carlyle Group and Blackstone Group, along with billionaire investor Wilbur Ross have submitted bids for BankUnited Financial, a report says.

The Bank of England's Monetary Policy Committee has agreed to expand its stimulus policy in order to boost the country’s economy. The bank has announced that it would increase its spending by £50 billion to £125 billion.

Ohio-based Huntington Bancshares, a $52 billion bank holding company, has announced additional capital actions that are expected to add approximately $675 million in regulatory common equity.

PrivateBancorp has raised $217 million in new capital following the closure of the previously announced underwritten public offerings of newly issued common stock.

SCBT Financial Corporation has become the first bank in the Carolinas, and one of the first twenty banks in the US to return the Capital Purchase Program (CPP) funds to the US Deparment of Treasury.