Private Banking – Pivdencom Bank http://pivdencombank.com/ Wed, 29 Jun 2022 02:17:21 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://pivdencombank.com/wp-content/uploads/2021/06/cropped-favicon-32x32.png Private Banking – Pivdencom Bank http://pivdencombank.com/ 32 32 SBI, Route Mobile J&K Bank, Tata Steel and others https://pivdencombank.com/sbi-route-mobile-jk-bank-tata-steel-and-others/ Wed, 29 Jun 2022 02:17:21 +0000 https://pivdencombank.com/sbi-route-mobile-jk-bank-tata-steel-and-others/

Nifty futures on the Singapore Stock Exchange traded 160.5 points, or 1.01%, at 15,681.50, signaling Dalal Street was heading for an early shift on Wednesday. The rally over the past hour of trading helped the market close with moderate gains over the past session, supported by autos, metals, IT, some FMCG stocks and Reliance Industries. However, gains were limited due to sales in private banking and financial services. Positive global indices also supported the market. The BSE Sensex rose 16 points to 53,177, while the Nifty50 climbed 18 points to 15,850.

Moving route

The company said the board has approved the proposal to buy back shares of the company up to Rs 120 crore at a price of up to Rs 1,700 per share. With this, the maximum redemption share size would be 7.05 lakh shares of capital, or 1.12% of the paid-up capital.

Tata Steel

Tata Steel Chairman N Chandrasekaran said on Tuesday that the company, having completed the acquisition, will increase the operation of Neelachal Ispat Nigam Ltd to a nameplate capacity of 1.1 million tonnes per annum over the next year.

soybean ruchi

Edible oil company Ruchi Soya Industries Ltd announced on Tuesday that the company’s name has been changed to Patanjali Foods Ltd effective June 24. In 2019, Patanjali Ayurved, led by Baba Ramdev, acquired Ruchi Soya for Rs 4,350 crore through an insolvency process.

Eastern Bell

The company announced the timely completion of two of the projects involving capital expenditure of Rs 20 crore. The capacity of the GVT tile factory in Sikandrabad (UP) has increased by 0.7 million square meters (MSM) per year and there has been a conversion of the factory in Dora (Gujarat) from ceramic flooring to vitrified soil with an additional volume potential of approximately 1.2 MSM per year.

National Bank of India

The country’s biggest lender has agreed to invest Rs 4 crore in shares of Perfios Account Aggregation Services Private Limited, the NBFC account aggregator. This investment would be subject to RBI approval. SBI will hold a 9.54% stake in Perfios Account Aggregation Services.

Hazoor Multi Projects

The company has received a work order from Nagpur Mumbai Super Communication Expressway Ltd for the execution of scope change works in Ahmednagar district of package-11 in EPC mode for Rs 14.11 crore.

Bank of Jammu and Kashmir

The bank said the board had approved the raising of equity up to Rs 500 crore in one or more tranches, and another Rs 1,500 crore through debentures on a private placement basis.

Power Godawari and Ispat

The company has acquired 37.79 lakh shares of Alok Ferro Alloys (AFAL) at a fair value comprising 78.96% of the paid-up share capital of AFAL. AFAL is in ferrous alloys with captive power generation, having operations in Raipur, Chhattisgarh only.

Alliance Shri Bajrang

The company has signed a contract with LULU Group International LLC, Abu Dhabi for the supply of GOELD frozen foods in the Middle East markets (UAE, Saudi Arabia, etc.) and also through their Indian network. Purchase orders for the first 2 batches have been received.

The views and investment advice of the experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before making any investment decision.

Read all the latest news, breaking news, watch the best videos and live TV here.

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Sanjay Sharma will lead SEI’s Pr https://pivdencombank.com/sanjay-sharma-will-lead-seis-pr/ Sun, 26 Jun 2022 17:05:49 +0000 https://pivdencombank.com/sanjay-sharma-will-lead-seis-pr/

SEI’s Leadership Evolution Reinforces Strategic Focus on Growth

OAKS, Pa., June 16, 2022 /PRNewswire/ — UTE® (NASDAQ: SEIC) today announced that Sanjay Sharma was appointed head of its Private Banking business segment. Sharma will be responsible for the overall strategy and growth of the business through the provision of comprehensive technology, operational and investment solutions for US and UK wealth management organisations. With over 25 years of global experience in the financial services industry, he brings deep knowledge to capitalize on current and future technology, operational and business trends.

Sharma has been with SEI for 14 years, previously serving as Chief Technology Officer and responsible for global IT strategy, execution and delivery of all SEI platforms and applications, including the SEI Wealth Platform.SM and SEI’s cloud strategy. Prior to joining SEI, Sharma ran a successful consulting business and held leadership positions overseeing revenue generation, market strategy and global delivery at top 10 IT consulting firms.

Sharma said:

“The financial services industry is undergoing tremendous change, and with that change comes opportunity. We are well positioned to help wealth management organizations meet the challenges they face and transform their businesses to meet the investor demands. I am thrilled to take on this new role and continue to work alongside the incredible talent at SEI.”

Commenting on the appointment of Sharma as CEO ryan hicke said:

“We are focused on investing in our talent, reviving our culture and transforming growth, and SEI’s evolution is key to unlocking our potential. Sanjay’s expertise in the technology and wealth management landscape will be invaluable in advancing our business strategy. is a clear intersection of technology and business growth in today’s wealth management market, and we believe this trend will only accelerate. Our success is driven by the strength of our people and our leadership, and I’m confident that Sanjay will continue to help position our business. and our customers to successfully seize opportunities that drive future growth.”

Sharma is currently a member of the Digital Client Advisory Board of a top ten IT consulting firm in the world, a member of the board of directors of the Philadelphia Alliance for Capital and Technology, a member of the advisory board of a major venture capitalist, member of the advisory board of SEI Ventures, member of the advisory board of SEI Diversity and Inclusion and founding member of the board of directors of Racial Justice Institution. He holds a master’s degree in engineering, specializing in systems engineering, indian institute of technology at Roorkee, India.

About SEI®
SEI (NASDAQ: SEIC) provides technology and investment solutions that connect the financial services industry. With capabilities in investment processing, operations and asset management, SEI works with corporations, financial institutions and professionals, as well as ultra-high net worth families, to solve problems, manage change and help protect assets, for today’s and tomorrow’s growth. . From March 31, 2022SEI manages, advises or administers approximately $1.3 trillion in assets. For more information, visit seic.com.

This press release contains forward-looking statements within the meaning of the rules and regulations of the Securities and Exchange Commission. In some cases, you can identify forward-looking statements by terminology, such as “may”, “will”, “expect”, “believe” and “continue” or “appear”. Our forward-looking statements include our current expectations as to:

  • the strategic initiatives and business areas we will pursue and those in which we will invest, and
  • the success, if any, of the business and strategic initiatives we pursue.

You should not place undue reliance on our forward-looking statements, as they are based on the current beliefs and expectations of our management and subject to significant risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe that the assumptions on which we base our forward-looking statements are reasonable, they may be incorrect. Some of the important risks and factors that could cause actual results to differ from those described in our forward-looking statements can be found in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended. December 31, 2021filed with the Securities and Exchange Commission.

favicon.png?sn=PH91722&sd=2022-06-16 Show original content to download multimedia:https://www.prnewswire.com/news-releases/sanjay-sharma-to-lead-seis-private-banking-business-301569752.html

SOURCE SEI Investment Company

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Wedge Capital Management LLP NC sells 2,593 shares of Sandy Spring Bancorp, Inc. (NASDAQ: SASR) https://pivdencombank.com/wedge-capital-management-llp-nc-sells-2593-shares-of-sandy-spring-bancorp-inc-nasdaq-sasr/ Sat, 25 Jun 2022 09:52:53 +0000 https://pivdencombank.com/wedge-capital-management-llp-nc-sells-2593-shares-of-sandy-spring-bancorp-inc-nasdaq-sasr/

Wedge Capital Management LLP NC reduced its position in shares of Sandy Spring Bancorp, Inc. (NASDAQ: SASRGet a rating) by 2.5% in the 1st quarter, Holdings Channel.com reports. The fund held 101,332 shares of the bank after selling 2,593 shares during the quarter. Wedge Capital Management LLP NC’s holdings in Sandy Spring Bancorp were worth $4,552,000 when it last filed with the SEC.

Several other institutional investors and hedge funds have also recently changed their positions in SASR. Invesco Ltd. increased its position in shares of Sandy Spring Bancorp by 5.5% during the third quarter. Invesco Ltd. now owns 76,926 shares of the bank valued at $3,524,000 after acquiring 3,996 additional shares last quarter. Janus Henderson Group PLC increased its position in shares of Sandy Spring Bancorp by 15.1% during the third quarter. Janus Henderson Group PLC now owns 756,453 shares in the bank valued at $34,661,000 after acquiring an additional 99,075 shares last quarter. Captrust Financial Advisors increased its position in shares of Sandy Spring Bancorp by 50.6% during the third quarter. Captrust Financial Advisors now owns 961 shares of the bank valued at $44,000 after acquiring 323 additional shares last quarter. Colony Group LLC increased its position in shares of Sandy Spring Bancorp by 62.0% during the third quarter. Colony Group LLC now owns 16,390 shares of the bank valued at $751,000 after acquiring an additional 6,272 shares last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Sandy Spring Bancorp by 89.0% during the third quarter. Bank of New York Mellon Corp now owns 608,912 shares of the bank valued at $27,900,000 after acquiring an additional 286,705 shares last quarter. 66.43% of the shares are held by institutional investors.

SASR has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods downgraded shares of Sandy Spring Bancorp from an “outperforming” rating to a “market performance” rating and reduced their target price for the stock from $53.00 to $50.00 in a Friday, April 22 research report. StockNews.com launched a hedge on Sandy Spring Bancorp shares in a research report on Thursday, March 31. They issued a “maintaining” rating for the company. Finally, DA Davidson launched a hedge on Sandy Spring Bancorp stock in a research report on Tuesday, March 22. They issued a “buy” rating and a target price of $61.00 for the company.

NASDAQ: SASR opened at $40.17 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt ratio of 0.25. Sandy Spring Bancorp, Inc. has a 12-month low of $37.61 and a 12-month high of $52.04. The company has a market capitalization of $1.82 billion, a PE ratio of 9.26 and a beta of 1.03. The company has a 50-day simple moving average of $40.47 and a two-hundred-day simple moving average of $44.66.

Sandy Spring Bankcorp (NASDAQ: SASRGet a rating) last released its quarterly results on Thursday, April 21. The bank reported earnings per share of $0.99 for the quarter, beating the consensus estimate of $0.92 by $0.07. The company posted revenue of $122.05 million for the quarter, compared to $126.05 million expected by analysts. Sandy Spring Bancorp had a net margin of 37.99% and a return on equity of 13.08%. During the same quarter last year, the company posted EPS of $1.20. Research analysts expect Sandy Spring Bancorp, Inc. to post earnings per share of 3.9 for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 18. Shareholders of record on Wednesday, May 11 received a dividend of $0.34 per share. This represents an annualized dividend of $1.36 and a dividend yield of 3.39%. The ex-dividend date was Tuesday, May 10. Sandy Spring Bancorp’s dividend payout ratio is currently 31.34%.

Profile of Sandy Spring Bancorp (Get a rating)

Sandy Spring Bancorp, Inc operates as a bank holding company for Sandy Spring Bank which provides commercial and retail banking, mortgage, private banking and trust services to individuals and businesses. It operates through three segments: Community Banking, Insurance and Investment Management. The Community Banking segment offers financial products and services, including various loan and deposit products.

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Institutional ownership by quarter for Sandy Spring Bancorp (NASDAQ:SASR)



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DNB Asset Management AS increases its equity position in First Republic Bank (NYSE:FRC) https://pivdencombank.com/dnb-asset-management-as-increases-its-equity-position-in-first-republic-bank-nysefrc/ Thu, 23 Jun 2022 09:09:16 +0000 https://pivdencombank.com/dnb-asset-management-as-increases-its-equity-position-in-first-republic-bank-nysefrc/

DNB Asset Management AS has increased its equity stake in First Republic Bank (NYSE: FRCGet a rating) by 4.9% in the first quarter, Participation channel reports. The company held 28,732 shares of the bank after purchasing an additional 1,337 shares during the quarter. DNB Asset Management AS’s holdings in First Republic Bank were worth $4,657,000 at the end of the last quarter.

A number of other large investors also changed their stake in the company. Vigilant Capital Management LLC increased its stake in First Republic Bank by 5.3% during the first quarter. Vigilant Capital Management LLC now owns 139,115 shares of the bank worth $22,551,000 after purchasing an additional 7,009 shares during the period. Telemus Capital LLC increased its stake in First Republic Bank by 4.0% during the first quarter. Telemus Capital LLC now owns 10,617 shares of the bank worth $1,721,000 after purchasing an additional 408 shares during the period. First Financial Bank Trust Division increased its stake in First Republic Bank by 5.0% during the first quarter. First Financial Bank Trust Division now owns 60,860 shares of the bank worth $9,866,000 after purchasing an additional 2,880 shares during the period. First Advisors Inc. Securities acquired a new stake in First Republic Bank during the fourth quarter at a value of approximately $347,000. Finally, Norges Bank acquired a new stake in First Republic Bank during the fourth quarter for a value of approximately $330,444,000. Institutional investors hold 94.41% of the company’s shares.

FRC action opened at $140.78 on Thursday. The company has a market capitalization of $25.29 billion, a P/E ratio of 17.87, a PEG ratio of 1.32 and a beta of 1.11. First Republic Bank has a 12-month low of $133.37 and a 12-month high of $222.86. The company has a 50-day simple moving average of $148.84 and a 200-day simple moving average of $169.05. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt ratio of 0.44.

Bank of the First Republic (NYSE: FRCGet a rating) last released its quarterly results on Wednesday, April 13. The bank reported earnings per share of $2.00 for the quarter, beating the consensus estimate of $1.90 by $0.10. First Republic Bank had a return on equity of 12.91% and a net margin of 27.93%. The company posted revenue of $1.40 billion in the quarter, versus a consensus estimate of $1.40 billion. During the same period last year, the company earned earnings per share of $1.79. The company’s revenue for the quarter increased 27.3% on an annual basis. Research analysts predict that First Republic Bank will post an EPS of 8.45 for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, May 12. Investors of record on Thursday, April 28 received a dividend of $0.27 per share. The ex-dividend date was Wednesday, April 27. This is an increase from First Republic Bank’s previous quarterly dividend of $0.22. This represents an annualized dividend of $1.08 and a dividend yield of 0.77%. First Republic Bank’s dividend payout ratio (DPR) is currently 13.71%.

FRC has been the subject of a number of recent research reports. Goldman Sachs Group cut its price target on First Republic Bank shares from $209.00 to $178.00 and set a “neutral” rating on the stock in a Monday, April 4 research note. Royal Bank of Canada raised its price target on First Republic Bank shares from $184.00 to $187.00 and gave the stock an ‘industry performance’ rating in a Thursday research note April 14. Morgan Stanley raised its price target on First Republic Bank shares from $173.00 to $180.00 and gave the stock an “equal weight” rating in a Thursday, April 14 research note. Credit Suisse Group has upgraded First Republic Bank shares from an ‘underperforming’ to a ‘neutral’ rating and set a price target of $187.00 for the stock in a Tuesday research note April 5. To finish, StockNews.com purported coverage of First Republic Bank shares in a Thursday, March 31, research note. They issued a “holding” rating on the stock. One analyst gave the stock a sell rating, seven gave the company a hold rating and six gave the company a buy rating. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $199.69.

Profile of the Bank of the First Republic (Get a rating)

First Republic Bank, together with its subsidiaries, provides private banking, private corporate banking, and private wealth management services to customers in metropolitan areas of the United States. It operates through two segments, Commercial Banking and Wealth Management. The Company accepts deposit products, such as non-interest bearing checks, interest bearing checks, money market checking accounts, money market savings accounts and passbook accounts, as well as certificates of deposit.

Further reading

Want to see which other hedge funds hold FRCs? Visit HoldingsChannel.com to get the latest 13F deposits and insider trades for First Republic Bank (NYSE: FRCGet a rating).

Institutional ownership by quarter for First Republic Bank (NYSE:FRC)



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Helena Gottschling sells 405 shares of Royal Bank of Canada (TSE:RY) https://pivdencombank.com/helena-gottschling-sells-405-shares-of-royal-bank-of-canada-tsery/ Tue, 21 Jun 2022 21:52:20 +0000 https://pivdencombank.com/helena-gottschling-sells-405-shares-of-royal-bank-of-canada-tsery/

Royal Bank of Canada (TSE:RY – Get a rating) (NYSE:RY) Chief executive Helena Gottschling sold 405 shares of the company in a trade on Tuesday, June 21. The stock was sold at an average price of CA$126.27, for a total transaction of CA$51,140.36. As a result of the transaction, the insider now owns 1,373 shares of the company, valued at approximately C$173,372.14.

Helena Gottschling also recently made the following trade(s):

  • On Friday, April 22, Helena Gottschling sold 404 shares of Royal Bank of Canada. The stock was sold at an average price of CA$135.38, for a total transaction of CA$54,692.51.

TSE RY traded at CA$0.41 during Tuesday trading hours, hitting CA$126.38. 2,864,992 shares of the company were traded, with an average volume of 3,953,101. The stock has a market capitalization of C$177.20 billion and a P/E ratio of 11.05. Royal Bank of Canada has a 1-year low of C$123.30 and a 1-year high of C$149.60. The company’s 50-day simple moving average is C$130.45 and its 200-day simple moving average is C$136.26.

Royal Bank of Canada (TSE:RY – Get a rating) (NYSE:RY) last reported results on Thursday, May 26. The financial services provider reported earnings per share of C$2.99 ​​for the quarter, beating analyst consensus estimates of C$2.67 by C$0.32. The company had revenue of C$11.22 billion for the quarter. As a group, equity analysts predict Royal Bank of Canada will post EPS of 12.0076448 for the current year.

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US soldiers can carry up to 20 pounds of lithium batteries! In fact, almost all US weapon defense systems require lithium batteries.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 24. Shareholders of record on Tuesday, July 26 will receive a dividend of $1.28 per share. This represents a dividend of $5.12 on an annualized basis and a yield of 4.05%. The ex-dividend date is Monday, July 25. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.20. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 39.86%.

RY has been the subject of several research reports. CIBC lowered its price target on Royal Bank of Canada shares from C$149.00 to C$146.00 in a Tuesday, May 17 report. Canaccord Genuity Group raised its target price on Royal Bank of Canada shares from C$131.50 to C$134.00 in a report released Friday, May 27. National Bankshares raised its price target on Royal Bank of Canada shares from C$147.00 to C$148.00 and gave the company an “outperform” rating in a report released Friday, May 27. Fundamental Research reiterated a “buy” rating and issued a price target of C$142.00 on Royal Bank of Canada shares in a Wednesday, June 8 report. Finally, Argus raised its target price on Royal Bank of Canada shares to C$157.00 and gave the company a “buy” rating in a Tuesday, June 7 report. Two research analysts gave the stock a hold rating and thirteen gave the company a buy rating. According to MarketBeat data, Royal Bank of Canada currently has a consensus rating of “Moderate Buy” and a consensus target price of C$146.86.

Profile of Royal Bank of Canada (Get a rating)

Royal Bank of Canada is a globally diversified financial services company. The Company’s Personal and Commercial Banking segment offers checking and savings accounts, home equity financing, personal loans, private banking, indirect loans, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, commercial products and services to small and medium commercial enterprises.

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Insider buying and selling by quarter for Royal Bank of Canada (TSE:RY)

This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]

Should you invest $1,000 in Royal Bank of Canada right now?

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Skandinaviska Enskilda Banken AB (publ) (OTCMKTS:SVKEF) Given the average recommendation of “Hold” by brokerage houses https://pivdencombank.com/skandinaviska-enskilda-banken-ab-publ-otcmktssvkef-given-the-average-recommendation-of-hold-by-brokerage-houses/ Sat, 18 Jun 2022 14:27:57 +0000 https://pivdencombank.com/skandinaviska-enskilda-banken-ab-publ-otcmktssvkef-given-the-average-recommendation-of-hold-by-brokerage-houses/

Shares of Skandinaviska Enskilda Banken AB (publ) (OTCMKTS: SVKEF – Get an assessment) received an average rating of “Hold” from the seven brokerages that currently cover the business, reports Marketbeat Ratings. One analyst rated the stock with a sell rating, one issued a hold rating and three issued a buy rating on the company. The average 1-year price target among brokerages that updated their coverage on the stock in the last year is $107.00.

Several research companies have recently weighed in on SVKEF. Credit Suisse Group raised its price target on Skandinaviska Enskilda Banken AB (publ) to 99 SEK in a Thursday, April 28 report. UBS Group upgraded Skandinaviska Enskilda Banken AB (publ) from a “neutral” rating to a “buy” rating in a research report on Tuesday, May 3. Cheuvreux upgraded Skandinaviska Enskilda Banken AB (publ) from a “hold” rating to a “buy” rating and set a price target of SEK 134 on the stock in a Wednesday April 20 research note. Barclays lowered its price target on Skandinaviska Enskilda Banken AB (publ) from SEK 111 to SEK 105 in a research note on Wednesday April 6. Finally, JPMorgan Chase & Co. cut its price target on Skandinaviska Enskilda Banken AB (publ) from SEK 110 to SEK 90 and set an “underweight” rating for the company in a Monday, March 14 report.

Shares of OTCMKTS SVKEF traded down $0.10 at midday on Friday, hitting $10.00. 142 shares of the company were traded, against an average volume of 161. The company has a market capitalization of $21.60 billion, a P/E ratio of 7.35 and a beta of 0.89. The company has a debt ratio of 3.78, a current ratio of 1.45 and a quick ratio of 1.45. The company’s 50-day moving average is $11.02 and its two-hundred-day moving average is $12.17. Skandinaviska Enskilda Banken AB has a 1 year minimum of $9.65 and a 1 year maximum of $16.05.

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Company profile Skandinaviska Enskilda Banken AB (publ) (Get an assessment)

Skandinaviska Enskilda Banken AB (publ) provides corporate, retail, investment and private banking services. It operates through the Corporate and Financial Institutions, Corporate and Private Clients, Baltic, Life and Investment Management divisions. The company offers research and strategy services; analysis, advisory, execution and trading services in the foreign exchange, fixed income, equity and commodity markets; transaction services, including cash management, trade and supply chain finance and corporate services; and investor services.

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Analyst Recommendations for Skandinaviska Enskilda Banken AB (publ) (OTCMKTS: SVKEF)

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]]> IDB BANK ANNOUNCES DANIEL ROBERTS AS NEW CHIEF RISK OFFICER https://pivdencombank.com/idb-bank-announces-daniel-roberts-as-new-chief-risk-officer/ Thu, 16 Jun 2022 21:56:00 +0000 https://pivdencombank.com/idb-bank-announces-daniel-roberts-as-new-chief-risk-officer/

Roberts will bring more than three decades of leadership experience in the financial sector to the IDB.

NEW YORK, June 16, 2022 /PRNewswire/ — IDB Bank, a New Yorkprivate and commercial bank, announced the appointment of Daniel Robert as the new Chief Risk Officer (CRO). In his role, Roberts will be responsible for overseeing and maintaining the Bank’s ability to identify, measure and manage financial and operational risks. He will report to Ziv BironPresident and CEO of IDB Bank.

“I am delighted to have Daniel join our management team,” said the President and CEO of IDB Bank. Ziv Biron. “Daniel shares our IDB values ​​and brings a wealth of experience and strong leadership. He will play a vital role as a member of our management team as we continue to grow our bank and execute our long-term growth strategy.”

Roberts is a seasoned executive with over three decades of banking experience and risk management expertise. He joins the IDB from People’s United, where he spent the past nine years as CRO and Chief Audit Executive (CAE), leading all audit and risk functions as the bank grew from $25 billion to end $60 billion in assets. Prior to joining People’s United, Daniel spent over 25 years at Citigroup, where he held several leadership positions in their risk and audit divisions.

“It’s an exciting time for IDB Bank, and I’m delighted to be part of the team,” said Roberts. “I am impressed with the strategic direction and vision set by the management team to seamlessly bring innovative technology and expertise to investors. A strong risk culture is an important factor in enabling companies to achieve their strategic growth objectives.”

Roberts graduated from Gettysburg Collegewhere he earned his Bachelor of Science in Accounting.

About Israel Discount Bank New York (“IDBNY” or “IDB Bank”)
The IDB Bank is a New York State-chartered commercial bank, member of the FDIC and wholly owned subsidiary of Israel Discount Bank LTD., one of Israel’s major banks. In addition to his manhattan head office and branches in Brooklyn, New York, Staten Island, New York and Short Hills, New Jerseythe Bank has other full-service branches in South Florida and Southern California. The Bank offers a full range of private banking and commercial banking services to US and international clients.

For 70 years, IDB Bank has built its business by fostering close relationships with its customers, rapid decision-making and the ability to develop tailor-made solutions for its national and international clientele. To learn more about IDB Bank, visit www.idbny.com

IDB Bank is a registered service mark of Israel Discount Bank of New York. FDIC MEMBER.

SOURCE IDB Bank

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CrossFirst in Kansas buys Central Bancorp to move into Colorado, Mexico https://pivdencombank.com/crossfirst-in-kansas-buys-central-bancorp-to-move-into-colorado-mexico/ Tue, 14 Jun 2022 14:15:00 +0000 https://pivdencombank.com/crossfirst-in-kansas-buys-central-bancorp-to-move-into-colorado-mexico/

CrossFirst Bankshares of Leawood, Kansas, has agreed to pay $75 million in cash to acquire Central Bancorp of Clayton, New Mexico, the holding company of Farmers & Stockmens Bank, with assets of $567.5 million .

Monday’s deal, which is expected to close in the second half of 2022, would give CrossFirst’s $5.5 billion in assets entry points in Colorado and New Mexico, as well as expanded capabilities in the in small business administration and agricultural lending, as well as in private banking, CEO Mike Maddox said in a press release.

“This transaction represents an exciting milestone for our business, allowing us to enter dynamic new markets and expand our capabilities by partnering with an impressive team of bankers,” Maddox said.

Farmers & Stockmen, 104, operates five branches spread between Clayton, Roy and Des Moines in New Mexico, and Denver and Colorado Springs in Colorado. CrossFirst expects the agreement to serve as a springboard for new expansion opportunities in both states. The combined company would have assets of $6.2 billion, deposits of $5.3 billion and loans of $4.9 billion. CrossFirst has offices in Texas, Oklahoma, Missouri, and Arizona, in addition to its home state of Kansas.

According to the SBA, Farmers & Stockmens completed 19 7(a) loans totaling $17 million between Oct. 1 and May 31. CrossFirst entered into 10 7(a) loans totaling $8.5 million during the same period. The 7(a) program is the SBA’s largest, with issuances for fiscal year 2022 totaling $16.3 billion through June 10.

CrossFirst forecasts cost savings of 20% based on Central Bancorp’s noninterest expenses, which totaled $5.3 million in the quarter ending March 31 and $17.9 million in 2021. Cross First expects the deal to be 11.7% accretive to earnings per share in 2023. CrossFirst reported earnings of $16.8 million, or $0.33 per share, for the first quarter of 2022.

“We believe this combination will create extraordinary value for our shareholders, customers, employees and communities,” Maddox said.

While Central Bancorp has agreed to sell Farmers & Stockmens, it plans to retain its wealth management subsidiaries, the Corundum Group and Corundum Trust Company.

“We have built a successful and differentiated franchise in our local communities, and this combination will provide our customers with the complete set of CrossFirst products, services and systems,” Farmers & Stockmens CEO Scott Page said in the release. Press.

Page, which served as CEO of CoBiz Bank in Denver from 2014 to 2018, is expected to remain with the combined company, alongside Farmers & Stockmen’s market executives for Colorado and New Mexico and leaders of its SBA lending and private banking teams.

Monday’s deal comes less than a week after Maddox announced he had ceded the role of president from the holding company’s CrossFirst Bank subsidiary to credit manager Randy Rapp. Maddox remains President and CEO of CrossFirst Bankshares and CEO of CrossFirst Bank. Maddox said he has taken a lesser role in managing day-to-day operations at CrossFirst Bank to focus more on overall business strategy.

The $75 million transaction price represents 1.63 times the tangible book value of Central Bancorp. For CrossFirst, this would result in a tangible book value dilution of 5.8% with a payback period of 2.7 years.

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Summary of Executive Wealth Management Moves in Asia Pacific – April 2022 https://pivdencombank.com/summary-of-executive-wealth-management-moves-in-asia-pacific-april-2022/ Sun, 12 Jun 2022 21:18:23 +0000 https://pivdencombank.com/summary-of-executive-wealth-management-moves-in-asia-pacific-april-2022/

A roundup of industry moves and appointments in April. Several notable appointments have been made at companies such as Standard Chartered, Citigroup and BNP Paribas.

Deutsche Bank’s international private banking arm has made two appointments to its Asia-Pacific discretionary portfolio management arm. Stefanie Holtze-Jen has been named Head of Asia-Pacific DPM and Harsh Agarwal has been named Head of Fixed Income DPM in Asia.

Based in Singapore, Holtze-Jen assumed responsibility for DPM, Asia-Pacific, in addition to her role as Chief Investment Officer, Asia-Pacific. She reports to Tuan Huynh, Global Head of Discretionary Portfolio Management, in addition to her CIO line.

Agarwal, who reports to Holtze-Jen, joined Deutsche Bank in 2013 and has over 15 years of fixed income markets experience, spanning local currency credits, investment grade, high yield, distressed debt and convertible bonds. He was most recently co-head of strategy for credit bureau APAC and a senior member of the investment bank’s global credit trading team.

Manulife Investment Management has appointed Jessie Liu as Head of Transactions and Portfolio Management, Real Estate, Private Markets, Asia. In her new role, she will report to Marc Feliciano, Global Head of Real Estate, Private Markets, and join Manulife Investment Management’s Global Real Estate Leadership Team. Since joining Manulife Investment Management in 2019, Liu has led and executed multiple investment transactions across major Asian markets across different property types including logistics, commercial and multi-family. She is based in Hong Kong.

Channel Islands-based financial services firm PraxisIFM Group has appointed Katja Daborn as managing director of its Hong Kong office. Daborn, who has been with the firm for 15 years, leads a team of 15 people. She began her career by obtaining an LLB (Hons) law degree specializing in German law. With prior experience in employment law, Daborn is also experienced in employment law and can speak many languages ​​including English, German and French.

Julius Baer has appointed Wai Meng Loh, a former senior UOB Private Bank official, to lead the Greater China team. Wai Meng Loh is based in Singapore. Wai Meng Loh worked for five years at UOB, most recently as senior team leader for the North Asia market. Prior to that, he worked at the senior management level at AirAsia, Singapore Press Holdings and OCBC Bank.

T Rowe Price has appointed Ramon Maronilla as Bond Portfolio Specialist, based in Hong Kong. Maronilla has joined the firm’s group of investment specialists, which has 46 specialists worldwide. Maronilla reports to Sydney-based Nick Beecroft, head of the investment specialist group for Asia-Pacific. Previously, he spent 11 years at JP Morgan Asset Management, where he was Managing Director and Head of Bond Investment Specialists for Asia-Pacific ex-Japan.

Sumitomo Mitsui Banking Corporation has appointed Tomofumi Watanabe as General Manager and Co-General Manager of Structured Finance Department, Asia-Pacific Division. Watanabe was previously based in Tokyo where he served as Managing Director of the Global Structured Finance Department in Tokyo. He has over 10 years of experience overseeing various structured finance transactions including telecommunications, theme parks, transportation, shipping, energy, power and other infrastructure. Watanabe was also responsible for overseeing the opening of the SMBC office in Silicon Valley, California. In his new role, based in Singapore, Watanabe oversees the bank’s regional portfolio focused on sustainable energy, infrastructure and natural resources. Watanabe, who succeeded Ken Tomisaki, reports to the managing directors and co-heads of the Asia-Pacific division – Yuichi Nishimura and Rajeev Kannan.

BNP Paribas has appointed Stanley Song, a former member of Deutsche Bank, to the newly created position of Head of BNP Paribas Securities Services in China. Song is based in Shanghai and reports to CG Lai, managing director of BNP Paribas China Limited and Franck Dubois, head of Asia-Pacific for BNP Paribas Securities Services. He joins Philippe Kerdoncuff, who headed BNP Paribas Securities Services since 2016 as joint manager. Prior to this role, Song was Head of Securities Services for Deutsche Bank China. Previously, he held senior client management and fund services roles at HSBC, State Street and Standard Chartered in China.

Standard Chartered has appointed long-serving senior executive Sachin Bhambani as head of wealth management for South Korea. Based in Singapore as a life insurance group leader, Bhambani moved to Seoul, South Korea in May. Bhambani reports to Hojune Ryan Chang, Head of Consumer, Private and Commercial Banking, South Korea and Marc Van de Walle, Global Head of Wealth Management.

Bhambani joined Standard Chartered in India in 2000, holding senior positions in Segment Management, Branch Banking, Cash Equities, Bancassurance, Managed Investments and Wealth Lending before moving to Thailand as Head wealth management. He then moved to Singapore to join the group’s wealth management team in 2017 as group head of non-life insurance before becoming group head of life insurance from 2020.

Tim Tu, managing director of Credit Suisse‘s joint venture in China, has resigned to pursue other opportunities within the Swiss banking group. Tu has been CEO of Credit Suisse Securities China Limited (CSSCL) since July 2020 after the bank secured a 51% stake in the securities joint venture. Daniel Qiu has been named interim CEO of CSSCL.

Qiu took on this role alongside his current responsibilities as Head of Investment Banking and Capital Markets (IBCM) at CSSCL – a position he has held since October 2020. Joining the bank in Hong Kong in 2010 in As Managing Director of IBCM, Qiu has over 20 years of experience in the global financial services industry, including in the United States, Singapore, Hong Kong and Mainland China.

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Market watch: June 10 | rdnewsnow.com https://pivdencombank.com/market-watch-june-10-rdnewsnow-com/ Fri, 10 Jun 2022 21:29:20 +0000 https://pivdencombank.com/market-watch-june-10-rdnewsnow-com/

On Wednesday, the three major U.S. indexes essentially gave up on Tuesday’s gains, as investors eagerly await Friday’s U.S. consumer price index data. Meanwhile, the Organization for Economic Co-operation and Development (OECD) has cut its outlook for global growth to 3% for 2022, down from a December forecast of 4.5%.

On Thursday, the European Central Bank laid out plans to hike interest rates for the first time in more than a decade as the central bank seeks to tackle rising inflation in Europe. In response to the announcement, North American indices opened lower and fell sharply late in the session. As of Thursday’s close, the Dow fell 638 points, while the S&P 500 and Nasdaq plunged 98 and 332 points, respectively. In Canada, the TSX lost 228 points, weighed down by healthcare and energy stocks.

Finally, according to a Reuters poll, economists surveyed expect inflation to have remained stable at 8.3% in May. The official CPI report is expected to be released on Friday morning.

Markets lose ground

For the four trading days covered in this report, the Dow Jones fell 627 points to close at 32,273, the S&P 500 fell 90 points to 4,018, while the tech-heavy Nasdaq lost 259 points to close at 11,754. In Canada, the TSX fell 227 points to close at 20,564.

Strategy

US inflation hit a new 40-year high in May

US inflation hit a new 40-year high in May as widespread pressures continue to push prices higher. The CPI unexpectedly accelerated to 8.6% year on year in May, beating consensus expectations for an 8.3% gain and up from the April reading of 8.3%.

Record gasoline prices, coupled with relentless food and housing costs, are putting severe pressure on Americans’ cost of living, suggesting the US Federal Reserve is likely to continue its path of 50 basis point rate hikes. basis throughout the summer and possibly into the fall. Energy prices climbed 34.6% from a year earlier, the highest since 2005, including a nearly 49% rise in gasoline costs. So far, gasoline prices in June have hit new highs, signaling upward pressure in upcoming CPI reports and thus keeping the Fed on its current course.

Grocery prices rose 11.9% annually, the most since 1979, while electricity rose 12%, the most since August 2006. Rent for the primary residence rose 5.2 % over the previous year, the most since 1987. Air fares increased by 12.6%. in May, a slight moderation from the previous month, but still the highest on a yearly basis since 1980. Prices for hotel stays, meanwhile, rose 22.2% year-on-year ‘other. Used car prices, which had slowed in recent months, rose 1.8% in May, the highest this year. Prices for new vehicles rose 1%.

Next Wednesday’s policy decision is accompanied by new summary economic projections and a new Dot Plot. Growth may be revised down but the group’s inflation forecast will most likely be raised and we believe it is possible that the Dot Plot will show a higher terminal policy rate for this cycle. While a 75 basis point hike is possible, we believe it is unlikely given the number of indications issued by Fed members for 50 basis point hikes in June and July.

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