Russia govt proposes to amend banking legislation

The Russian federal government and the central bank have submitted amendments to banking laws to the Duma. The government proposed these same bills back in 1999, on the insistence of international financial organisations.

Heavy interest in seized Turkish banks

Turkey's banking watchdog on Friday said there is significant foreign and domestic interest in purchasing some of 10 banks with bad debts of $7bn that it has taken into receivership.

IBRA speeds up sale of Salim corporate assets

The Indonesian Bank Restructuring Agency (IBRA) is speeding up the sale of corporate assets once owned by the Salim Group even as the two sides prepare to face off in a test of wills that could have severe ramifications for the country's economic…

Norges Bank supports MeritaNordbanken's buy

The Norwegian central bank, Norges Bank, said Thursday it recommends to the Norwegian banking and insurance authority that Nordic Baltic Holding and its unit MeritaNordbanken (S.MNB) be allowed to acquire Christiania Bank og Kreditkassen (Y.CBK).

Fraga welcomes BSCH bid for Banespa bank

Spain's Banco Santander Central Hispano was the surprise high bidder for Banespa yesterday, claiming Brazil's state bank for an unexpectedly high US$3.6bn. Arminio Fraga, Brazil's central bank president, welcomed the bid.

Second Nicaraguan bank collapses

Nicaragua is facing a crisis in its fragile financial system after the regulator moved to take over the second bank to fail in the past 100 days, and attacked the government for refusing to guarantee its customers' deposits.

Iran's Bank Melli to open branch in Moscow

Iran's Bank Melli will soon open a branch in Moscow with a capital of over $10m, Central Bank of Iran governor Mohsen Nurbakhsh said in a meeting with his Russian counterpart Viktor Gerashchenko.

Pakistan might adopt Islamic banking gradually

Pakistan may try to convert gradually to a full Islamic banking system rather than make a sudden transformation by the middle of next year - the Supreme Court's deadline to end all interest driven transactions, which are considered contrary to Islam -…

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