Tiger Airways said on Friday its third quarter net profit rose 60% to $22.6 million due to stronger passenger volumes and higher average passenger fares.
“The growth is driven by contributions from new acquisitions made during the year (MLT expanded its portfolio by acquiring 14 assets worth about $500 million, increasing its portfolio size to $3.46 billion). We expect MLT to utilise its ample debt headroom ($470 million based on a gearing of 45%) to acquire accretively in 2011.”
SembMarine (S51.SG) is +1.6% at a 4-session high of $5.07 on optimism over the rig builder’s growing orderbook, which could expand by up to US$1.2 billion ($1.6 billion) if repeat customer Noble Corp. (NE) exercises its options under their latest contract.
The drilling group has just awarded US$400 million orders to SembMarine to build 2 rigs and options for another 4.
SembMarine (S51.SG) is +1.6% at a 4-session high of $5.07 on optimism over the rig builder’s growing orderbook, which could expand by up to US$1.2 billion ($1.6 billion) if repeat customer Noble Corp. (NE) exercises its options under their latest contract.
The drilling group has just awarded US$400 million orders to SembMarine to build 2 rigs and options for another 4.
JPMorgan’s <JPM.N> corporate bank has hired a senior banker from Royal Bank of Scotland <RBS.L> as its new Asia chief executive, as it seeks more business growth from emerging economies.
Muhammad Aurangzeb, who was last head of global banking and markets for RBS in Southeast Asia as well as country executive for Singapore, will join the US bank in February, a JPMorgan spokeswoman confirmed in an email to Reuters.
JPMorgan’s <JPM.SI> corporate bank has hired a senior banker from Royal Bank of Scotland <RBS.L> as its new Asia chief executive.
Muhammad Aurangzeb, who was previously head of global banking and markets for RBS in southeast Asia as well as country executive for Singapore, will join the US bank in February, a bank spokeswoman confirmed in an email to Reuters.
DBS Group Holdings, Southeast Asia’s biggest bank, said it will take over Royal Bank of Scotland Group Plc’s retail and commercial banking businesses in China.
RBS will transfer close to 25,000 clients in Shanghai, Beijing and Shenzhen to DBS China, Singapore-based DBS said in a statement today. DBS didn’t spend any money on the deal, Melvin Teo, chief executive officer of DBS China, said at a news conference in Shanghai.
DBS Group Holdings, Southeast Asia’s biggest bank, expects to keep up to 80% of the clients it won as part of its acquisition of Royal Bank of Scotland Group Plc.’s retail and commercial banking businesses in China, the Singapore bank’s Chief Financial Officer Chng Sok Hui told reporters today.
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DBS Group Holdings’s takeover of Royal Bank of Scotland Group Plc.’s retail and commercial banking businesses in China may add US$900 million ($1.2 billion) in deposits, lowering DBS China’s loan-to-deposit ratio to about 70%. The ratio is currently 79%, falling from 140% at the beginning of the year, Melvin Teo, chief executive officer of DBS China, said at a press briefing in Shanghai today.
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DBS Group Holdings, Southeast Asia’s biggest bank, said it will take over Royal Bank of Scotland Group Plc.’s retail and commercial banking businesses in China.
RBS will transfer close to 25,000 clients in Shanghai, Beijing and Shenzhen to DBS China, Singapore-based DBS said in a statement today. DBS didn’t spend any money on the deal, Melvin Teo, chief executive officer of DBS China, said at a news conference in Shanghai.
DBS Group Holdings said it paid no monetary compensation for Royal Bank of Scotland Group plc’s retail and commercial banking businesses in China, Melvin Teo, chief executive officer of DBS China, said at a press briefing in Shanghai today. DBS took over the business because RBS wanted to exit, Teo said.
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DBS’ (D05.SG) acquisition of RBS’ China assets is a small but positive transaction which involves the right geography and is part of the Singapore bank’s strategy to generate 30% of group revenue from Greater China, says JPMorgan, which has an Overweight call and a $18.00 target.
DBS’ (D05.SG) acquisition of RBS’ China retail and commercial banking business is unlikely to have a material impact on its shares in the near-term.
The operations won’t be contributing to DBS soon with the deal expected to be completed within 6 months.
The impact upon completion may also be modest as DBS will get only about 25,000 customers from RBS, which is selling its operations in Shanghai, Beijing and Shenzhen.
DBS Group (DBSM.SI), Southeast Asia’s biggest lender, is taking over Royal Bank of Scotland’s (RBS.L) retail and commercial businesses in three Chinese cities, expanding its client-base in the world’s second-biggest economy.
The agreement will give 25,000 customers of the British bank in Shanghai, Beijing and Shenzhen the option to transfer their existing accounts and deposits to DBS China, the Singapore bank said in a statement.
DBS Group (DBSM.SI), Southeast Asia’s biggest lender, said on Wednesday it will take over British bank RBS’s (RBS.L) retail and commercial business in three Chinese cities.
“DBS Bank and RBS today entered into an agreement to transfer RBS’ retail and commercial banking customer base, business portfolios and related employees in Shanghai, Beijing and Shenzhen to DBS China,” the Singapore bank said in a statement.
