Bear Stearns and CITIC set alliance
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NEW YORK/SHANGHAI  - Bear Stearns Cos, the U.S. investment bank battered by slumping mortgage markets, and China's CITIC Securities Co have agreed to swap stakes in each other and form a broad alliance, the firms said on Monday.
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Citigroup's  involvement in most transactions announced on the latest "Merger Monday" helped it edge ahead of rivals in the M&A advisory league tables for announced global deals.
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Citigroup Inc. C.N the world's  largest financial services company, said on Tuesday it will  acquire First American Bank in the quickly-growing Texas  market.
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U.S. stocks were expected to nudge  higher at Tuesday's open with fourth-quarter earnings from  investment banks Morgan Stanley MWD.N and Bear Stearns Cos.  Inc. BSC.N taking center stage.
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Bear Stearns Cos. Inc.  on Friday said it would provide up to $3.2 billion in financing for a struggling hedge fund it manages, and said a second fund that took greater risk is still working out a restructuring plan with creditors.
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China has set up a money broker joint venture with ICAP, the world&#39;s largest inter-dealer broker headquartered in London, state media said Friday, providing a tool for domestic banks to hedge risks.
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U.S. and European banks including  Citigroup Inc  and HSBC Holdings PLC  are mulling  sales of parts of their businesses from branches to entire  units in a nod to crunch times ahead, the Wall Street Journal  reported on its Web site on Thursday.
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An agreement has been reached on the sale of Cheyne Finance, a structured investment vehicle now known as S.I.V. Portfolio, to bidders including Goldman Sachs, the fundâs receivers, Deloitte & Touche said. The $7 billion S.I.V. Portfolio, managed by the hedge fund Cheyne Capital Management, went into receivership in September. The agreement comes after talks with a number of bidders over the last few weeks and consultation with the informal creditorsâ committees, Deloitte said. Under the deal, certain reinvestment opportunities will be offered to some existing creditors of the company. S.I.V.âs, held by banks, hedge funds or other institutions, issue a mixture of short-term debt and capital and buy longer-term assets, which may pay more interest than the amount they pay on their notes. The vehicles encountered trouble in August when liquidity in the credit markets dried up as investors faced exposure to the subprime market.
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Citigroup Inc. , the biggest US bank, offered $10.8 billion to buy investment-banking partner Nikko Cordial Corp. after the Japanese brokerage was battered by an accounting scandal.
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A consortium led by Citigroup Inc.   has won final regulatory approval for its $3.1 billion  purchase of 85.6 percent of Guangdong Development Bank (GDB),  the China Banking Regulatory Commission said on Monday, paving  the way for a restructuring of the troubled southern China  lender.
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Reclusive billionaire Joseph C. Lewis, who made his fortune trading currencies, has taken a 7 percent stake in Bear Stearns Cos Inc , snapping up $860.4 million worth of the investment bank's sagging stock to become one of its largest shareholders in less than a month.
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Goldman Sachs Group Inc.  and Bear Stearns Cos. Inc.  are learning that it's a tough time to be in the U.S. mortgage business.
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SYDNEY (Dow Jones)--British Airways Plc (BAB) Wednesday confirmed that investment bank Citigroup Inc. (C) will handle the sale of its 18.
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Bear Stearns &amp; Companies said Tuesday that its asset management arm had agreed to acquire the TimesSquare Capital Management bond business of the Cigna Corporationin New York.
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NEW YORK -- Investment bank Bear Stearns Cos. and Chinese bank Citic Securities Co. said Monday they will form a strategic partnership that includes $1 billion in cross-investments and the creation of a new Asian joint venture.
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Joseph C. Lewis, who became a billionaire trading currency, has taken a 7 percent stake in Bear Stearns Cos Inc , snapping up about $860 million worth of the investment bank's stock over the past two months.
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Citigroup Inc  is combining two groups of traders focused on global credit markets, which have been in turmoil this month.