Wachovia Bank NA will pay $160 million to the US authorities to settle allegations related to its anti-money laundering compliance programme.
Wachovia, one of the largest banks in the US, with an asset base of more than $700 billion, is set to diversify in India.
Wachovia's global operations were taken over by Wells Fargo last year and the two banks are in the process of integrating their operations.
US banking group Wachovia Corp. will pay $14.3 billion in stock to take over SouthTrust Corp, tapping fast-growth opportunities in the south, the two firms agreed Monday.
This effectively freezes the legal fight in the courts until Wednesday noon (2130 IST) following Wells Fargo and Wachovia announcement of $15 billion deal which bested the earlier deal with Citibank. Meanwhile, the Wall Street Journal said discussions to resolve the mess are continuing, with the most likely scenario resulting in Citigroup buying branches from Wachovia in the Northeast and mid-Atlantic region.
The US owners of Premier British League Football team Liverpool are looking to sell the club and have appointed Barclays Capital to find a buyer, a source familiar with the matter said on Sunday. American businessmen Tom Hicks and George Gillett are facing a demand to repay 100 million pounds ($153 million) of the club's 237 million pounds debt to its lenders, Royal Bank of Scotland and US bank Wachovia, in July.
Ten public sector banks and two private banks have an exposure of $1.08 billion to US financial majors Wachovia Corporation, Washington Mutual, AIG, Lehman Brothers and a European financial institution Fortis. About $445.60 million was fund-based exposure, while $634.20 million was non-fund based exposure.
Two Indians -- HDFC's Renu Sud Karnad and ICICI Venture's Renuka Ramnath -- have been named in the global list of top 25 Nonbank Women in Finance, compiled by American magazine USBanker.
We plowed through the financials of thousands of privately held companies to find the next pockets of trouble.
Liverpool's American owners are set to announce they have a sealed 350m pounds refinancing deal.
Tiger Woods is expected to be sidelined for between four and six weeks after having arthroscopic surgery on his left knee.
These elite up-and-coming companies have more than just great financials.
Tiger Woods failed to register a single birdie on his card for the first time in four years on the PGA Tour in Florida.
Third-party BPO company Genpact on Thrusday said it has signed a multi-year contract with Germany-based technology group Linde to provide finance and accounting services, valued at over $60 million.\n\n
Fiji's Vijay Singh ran down Sergio Garcia then outlasted Garcia and Jim Furyk in a three-way playoff to win the Wachovia title.
Indian ace Arjun Atwal failed to build on a good start on the front nine and slid to tied 69th place in the Wachovia Championship.
Arjun Atwal landed an eagle on the par-5 15th to claw his way back inside the cut line at the USD 6m Wachovia Championships
The world number one moved into a two-shot lead after the second round of the $5.6 million Wachovia Championship on Friday.
Tiger Woods will return to competition this week at the Wachovia Championship after a three-week layoff.
The world No. 1 was five shots adrift of leader Arron Oberholser in the Wachovia Championship.
The US market regulator Securities and Exchange Commission was doing what it could to stem the flow. It temporarily prohibited naked short-selling in the securities of major financial players including Freddie Mac and its sister firm Fannie Mae in July. But this didn't really help. It was only after global central banks pumped in unprecedented liquidity into global markets, that the storm was finally calmed.
According to experts, banks have found better arbitrage opportunities in dollar terms in mature economies with mortgage and leverage rather than take equity exposure on Indian real estate.
Raghavendra Kamath reports on what ails India's real estate sector.
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