Banking Sector
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SunTrust Bank’s Brokerage Revenue Slips in the Second Quarter

SunTrust Bank’s Brokerage Revenue Slips in the Second Quarter

The second quarter financial results of the SunTrust Bank on Friday revealed that the wealth management businesses faced a slowdown in revenue growth.

The revenue from the Bank's trust and investment management services dropped eleven percent to $75 million compared to $84 million last year same quarter. Revenue in Q2 remained flat compared to the earlier quarter.

Dallas Based Comerica to Trim Almost 800 Jobs and Shutter 40 Branches

Dallas Based Comerica to Trim Almost 800 Jobs and Shutter 40 Branches

Dallas, Texas based financial service company, Comerica, which is also the second-largest bank in Michigan said, it plans to trim about 800 jobs and shutter forty branches. The action is part of a cost cutting effort and perk up profitability in the ever growing competitive market and challenging environment for the retail division of the financial sector.

However, it was not clear how the planned job cuts will affect numbers in Michigan or its branches in the state.

South Africa Post Office gets Permission from the SA Reserve Bank to Launch its Own Bank

Reserve BankThe South African Reserve Bank has granted license to the Post Office allowing it to corporatize its bank division.

The license will allow Postbank to offer more than just savings accounts. It will now be able to offer banking cards and other services. To permit it operate as a full- fledged bank, the Postbank will be re-registered as a new company.

Leading Abu Dhabi banks to merge to create new giant

Leading Abu Dhabi banks to merge to create new giant

Two leading Abu Dhabi banks, National Bank of Abu Dhabi and First Gulf Bankare planning to merger in order to create a financial giant in the region.

The proposed merger will create the largest bank in the Middle East and North Africa region with AED 642 billion or $175 billion of assets and a combined market capitalisation of approximately AED 106.9 billion or around $29.1 billion. The new entity will be a financial powerhouse and will advance the UAE's position in the global financial market.

National Bank of Abu Dhabi to merge with First Gulf Bank

National Bank of Abu Dhabi to merge with First Gulf Bank

The National Bank of Abu Dhabi and First Gulf Bank, both based in Abu Dhabi, are planning to merger in order to create a financial giant in the region.

The proposed merger will create the largest bank in the Middle East and North Africa region with AED 642 billion or $175 billion of assets and a combined market capitalisation of approximately AED 106.9 billion or around $29.1 billion. The new entity will be a financial powerhouse and will advance the UAE's position in the global financial market.

People’s United Bank Acquiring N.Y Based Suffolk Bancorp for $402 Million

People’s United Bank Acquiring N.Y Based Suffolk Bancorp for $402 Million

People's United Bank of Connecticut is acquiring Suffolk Bancorp in a deal of close to $402 million. With that the bank will be able to expanding its foothold in the New York Metro area.

On Monday, Suffolk Bancorp's shares climbed more than twenty five percent after the announcement of the definitive agreement with People's United Financial Inc. In the announced of a definitive agreement, the companies said that the transaction will be an all-stock deal that is valued close to $402 million.

National Bank of Abu Dhabi and First Gulf Bank in talks for a merger

National Bank of Abu Dhabi and First Gulf Bank in talks for a merger

National Bank of Abu Dhabi and First Gulf Bank, both based in Abu Dhabi, have confirmed that they are holding discussions for a possible merger that would create one of the largest banks in the Middle East and Africa.

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