Transfin.
HomeNewsGuidesReadsPodcastsTRANSFIN. EOD
  1. News
  2. Explained

Indian Money in Swiss Banks, Girish Chaturvedi Appointed Part-Time Non-Executive Chairman et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jun 29, 2018 1:05 PM 2 min read
Editorial

End of Day Wrap-up (Friday / June 29, 2018) #Rupee #India #SwissBank #ICICIBank #GirishChaturvedi #LIC #IDBIBank #TataSteel #ThyssenKrupp #Amazon #healthcare #Xiaomi #IPO #HongKong #Transfin

Editor's Comment: Money of Indians in Swiss banks rise 50% to over INR7,000cr, according to Swiss National Bank. This comes as a surprise since the Indian Government’s clampdown on black money had resulted in a downward trend in the money put in Swiss banks since 2016.

 

ICICI Bank names former bureaucrat Girish Chaturvedi part time non-executive Chairman, with effect from 1st July as the ICICI Bank board looks to restructure top management. Chaturvedi comes with a lot of experience in the financial sector when he was a part of the Indian Administrative Services.

 

LIC plans INR13,000cr capital injection in IDBI Bank; deal shall reduce govt’s stake to less than 51%. IRDAI also to make an exception to its 15% investment cap in firms for insurance companies, as LIC will gain around 30% equity In IDBI Bank.

 

Tata Steel to get 45% stake in Thyssenkrupp joint venture, the deal which has cost $17.4bn for the creation of the joint venture will give both 50% voting rights each. The activist promoters of Thyssenkrupp negotiated a deal which allowed them to have more equity than Tata Steel.

 

Amazon to enter drug business, to buy online pharmacy PillPack for $1bn, as they look to push the joint venture in healthcare with JPMorgan and Berkshire Hathaway into play. PillPack has pharmacy licenses in 50 states in the US.

 

Xiaomi raises $4.7bn after pricing Hong Kong IPO on low end, sells 2.18bn shares in the range HK$17-22. Xiaomi’s price values the firm at around $54bn which is half the valuation predicted at the start of the year. This makes the capital market in Hong Kong a bit skeptical to the upcoming Meituan Dingping IPO as well.