All articles by Duygu Tavan
Duygu Tavan
Isbank to snap up Bank of Sofia
Turkeys largest private sector lender, Isbank, is to snap up regional Russian lender, Bank of Sofia, in a deal worth around $40m. The acquisition is the first post-crisis deal between a commercial bank in Russia and an international lender. Isbank deputy director general Aykut Demiray said: “Isbanks business strategy is to expand its retail and commercial banking services in unsaturated markets by buying small-sized banks.”
Card Issuers Face Fresh Fed Crackdown
The US Federal Reserve is to amend existing credit-card regulations next year to crack down on banks who sidestep existing regulations. The amendments will include outlawing practices that card issuers have introduced to avoid fee regulations enacted at the start of the year.
Axis interim earnings up by 35%
Private-sector Indian bank, Axis, has reported a strong first half year net profit ofINR14.8bn ($333.6m), up 35% from the corresponding period a year ago Second quarter profits, for the three months ending in September, increased by 39% to INR7.4bn.