Word: bankses
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What Chinese banks are likely to do is to focus on Asia and other emerging markets, particularly in places where globalizing Chinese businesses are expanding. Industrial and Commercial Bank of China (ICBC) paid $5.6 billion in 2007 for 20% of Standard Bank, South Africa's largest lender, in part to...
Other buying opportunities will arise as Western banks, particularly those that have been bailed out by their governments, exit the world stage in order to refocus on their home markets. When these institutions regain their strength and start venturing out again, however, they may well find Chinese and other Asia...
Francis Jamiel said his company would have been out of business had it not been for the stimulus package. Jamiel owns a shoe store in Providence, R.I. He told of eight different banks that turned him down late last year when his 73-year-old business, struggling from the economic...
Joe Robson, president of the National Association of Home Builders, volunteered that the stimulus plan has done little to stop the flood of homebuilders who have been forced out of business or had to default on loans. Those loans to builders are a big concern for local banks, and Robson...
When Treasury Secretary Timothy Geithner unveiled the details of his plan to save America's banks a little over two months ago, the markets raved, the country sighed with relief and Geithner went from punch line to potential hero overnight. Now the plan is in trouble, as parts of it...