U.S. judge OKs JPMorgan $218 mln Madoff class-action settlement

NEW YORK, March 21 (Reuters) - A federal judge on Friday gave final approval to JPMorgan Chase & Co's $218 million settlement to resolve class-action litigation accusing the largest U.S. bank of playing a central role in the huge Ponzi scheme of former client Bernard Madoff. U.S. District Judge Colleen McMahon in Manhattan said the accord "easily meets the standards" for final approval, and provides "substantial and immediate" benefits to the swindler's former customers. She also awarded $18 million of fees to law firms that represented the customers: Entwistle & Cappucci, and Hagens Berman Sobol Shapiro. The settlement was part of a $2.24 billion global resolution of Madoff-related matters by JPMorgan, which was Madoff's main bank for more than 20 years. JPMorgan also agreed to pay $1.7 billion to settle civil claims by the U.S. government, and $325 million to settle claims by Irving Picard, the trustee liquidating Madoff's firm. Picard has estimated that Madoff customers lost $17.3 billion of principal. Madoff is serving a 150-year prison term. The cases are Hill et al v. JPMorgan Chase & Co, U.S. District Court, Southern District of New York, No. 11-07961; and Shapiro et al v. JPMorgan Chase & Co et al, U.S. District Court, Southern District of New York, No. 11-08331. (Reporting by Jonathan Stempel in New York; Editing by Tom Brown)

Canada sanctions Russia Bank Rossiya

Canada echoed the United States on Friday in imposing sanctions on Russia's Bank Rossiya because of Moscow's actions in Ukraine, and it added economic sanctions against 14 more Russian officials. "Together with our international allies, our Government is taking a strong stance in our support for Ukraine," Prime Minister Stephen Harper said in a statement. "We continue to take additional actions to limit the capabilities of specific individuals and Bank Rossiya, which are responsible for undermining Ukraine's sovereignty. "The so-called referendum that was held has no legitimacy, and any additional escalations by Russia will lead to further isolation from the international community," added Harper, who is en route to a visit in Ukraine.

candidate Credit Bank of Moscow eyes higher retail lending

 Credit Bank of Moscow, which is contemplating a possible London initial public offering, is aiming to increase the proportion of retail loans in its portfolio betting on the capital's resilience to Russia's spluttering growth.
Russia's economic growth slowed to 1.3 percent last year and events in Ukraine - where Russian forces have seized Crimea prompting Western calls for sanctions - could knock it further, causing lasting damage and pushing it into recession.
Credit Bank of Moscow, No. 13 in Russia by assets according to Interfax data, has a loan portfolio made up of 70 percent corporate loans and 30 percent retail. The retail loans part has grown 5 percentage points from a year ago and the bank aims for it to increase to 40 percent in the coming three-to-four years.
"The retail portion is growing, which is part of the strategy," Vladimir Chubar, chairman of the management board, told Reuters. "Next year we want to spend more time on the retail side."
The bank is considering several options to raise capital to grow the business, including a direct injection from existing shareholders, raising debt or conducting an IPO, he said. In the case of an IPO, the majority of shares sold would be in the form of primary shares, or new shares, for the company.
Preparations for an IPO are already advanced with Citi, Morgan Stanley and Sberbank organising the potential $500 million offering, a source familiar with the situation previously said.
However, the Ukraine crisis has meant transactions such as IPOs are on hold. A source familiar with the deal said the company was still considering an IPO this year but it would be difficult to get anything done in the current environment or second quarter.
German retailer Metro's plan for an imminent stock market listing of a stake in its Russian wholesale business is under threat, sources previously said. Shares in recently listed Russian hypermarket chain Lenta have fallen around 10 percent since their recent IPO

MOSCOW CONCENTRATION
The bank, majority owned by Russian businessman Roman Avdeev who is worth $1.4 billion according to Forbes magazine, relies mainly on its corporate client base to gain retail clients such as the clients' employees.
"The Moscow concentration is helping us because of the low unemployment rate," said Chubar, who added that he was not concerned about a credit bubble or a slowdown.
"We are only focused on Moscow (and the Moscow region). We see enough growth in (and around) Moscow."
Credit Bank of Moscow is also aiming to double its 5,000-strong payment terminals business, which allow people to pay bills via stand-alone machines, to around 10,000 in the next two-to-three years.
"For us, payment terminals have three (advantages) - service for clients, risk management ... and fees," said Chubar. "The transactional data (can be used to) protect our retail loan book from NPLs (as we use them to gather) data about the customer."
Non-performing loans (NPLs) amounted to 1.3 percent of its loans in 2013 versus 1 percent the prior year, reflecting the higher portion of retail loans held by the bank.
The company on Wednesday reported net income for 2013 which increased 54 percent to 8.9 billion roubles ($244 million), driven by higher net interest income which was helped by a 54 percent growth in its gross loan portfolio.

Edward Glenn Hadden is under investigation by regulators at CME Group

(Reuters) - Morgan Stanley trader Edward Glenn Hadden is under investigation by regulators at CME Group over trades in Treasury futures four years ago while he was employedby Goldman Sachs , according to a regulatory filing.
Hadden is a managing director and head of global interest rates products at Morgan Stanley. Prior to joining Morgan Stanley, Hadden was a partner at Goldman Sachs, and head of government bond trading.
Regulators at CME Group, which runs commodity and futures exchanges, initiated a probe against Hadden over Treasury futures ordersplaced on the expiration date in December 2008, according to a "broker check" report published by the Financial Industry Regulatory Authority (FINRA).
The New York Times first broke news of the investigation.
Citing people briefed on thematter, the newspaper said the probe aimed to establishwhether Hadden's late trades had manipulated closing prices and, in turn, made other of his trades more profitable. (http://link.reuters.com/peh44t)
A Morgan Stanley spokesman confirmed to Reuters that Hadden is still employed with the bank but did not provide further information.

Standard Chartered Bank (China) has secured approval for a yuan-denominated loan quota on behalf of an American multi-national company,

Standard Chartered Bank (China) said on Monday it had secured approval for a yuan-denominated loan quota on behalf of an American multi-national company, becoming the first foreign bank to get such a cross-border quotafor a client.
The quota is part of a pilotprogramme that supports foreign and local multi-national companies which have plans to channel surplus yuan from mainland China to fund activities overseas.
Standard Chartered obtained a 3.3 billion yuan ($530 million) lending quota from the People's Bank of China Shanghai branch for an American client that specialises in global manufacturing and technology, the bank said in a statement.
It did not name the company.
This scheme has transformed the lending of yuan between companies from one based on a traditional entrustment loan - with banks as intermediary agents - to one where twoparties sign lending agreements directly, it added.
The quota is expected to support the company's Chinese office to lend yuan to its overseas parentor other related companies which can in turn settle yuan-denominated invoices.
"RMB cross-border lending brings huge flexibility of corporate treasury management," said Anthony Lin, Standard Chartered (China)'s head of Transaction Banking.
"It allows corporations to negotiate lending frequency and rate according to their actual needs. It also enables corporations to transfer onshore RMB surplus to their global cash pools for central deployment and use."
China has a tight grip overits capital account, but plans to fully liberalise it by 2020 and make the yuan one of the world's major currencies to reduce its reliance on the U.S. dollar.
The country has introduced various schemes to increase the global use of its currency, including yuan cross-border trade settlment, yuan overseas direct investment (ODI) and foreign direct investment (FDI).

Standard Chartered Bank (China) has secured approval for a yuan-denominated loan quota on behalf of an American multi-national company,

Standard Chartered Bank (China) said on Monday it had secured approval for a yuan-denominated loan quota on behalf of an American multi-national company, becoming the first foreign bank to get such a cross-border quotafor a client.
The quota is part of a pilotprogramme that supports foreign and local multi-national companies which have plans to channel surplus yuan from mainland China to fund activities overseas.
Standard Chartered obtained a 3.3 billion yuan ($530 million) lending quota from the People's Bank of China Shanghai branch for an American client that specialises in global manufacturing and technology, the bank said in a statement.
It did not name the company.
This scheme has transformed the lending of yuan between companies from one based on a traditional entrustment loan - with banks as intermediary agents - to one where twoparties sign lending agreements directly, it added.
The quota is expected to support the company's Chinese office to lend yuan to its overseas parentor other related companies which can in turn settle yuan-denominated invoices.
"RMB cross-border lending brings huge flexibility of corporate treasury management," said Anthony Lin, Standard Chartered (China)'s head of Transaction Banking.
"It allows corporations to negotiate lending frequency and rate according to their actual needs. It also enables corporations to transfer onshore RMB surplus to their global cash pools for central deployment and use."
China has a tight grip overits capital account, but plans to fully liberalise it by 2020 and make the yuan one of the world's major currencies to reduce its reliance on the U.S. dollar.
The country has introduced various schemes to increase the global use of its currency, including yuan cross-border trade settlment, yuan overseas direct investment (ODI) and foreign direct investment (FDI).

UBS Trader Adoboli Is Jailed for Seven Years

Former UBS trader Kweku Adoboli was found guilty of fraud and sentenced to seven years in prison in connection with a $2.3 billion loss that hobbled the Swiss bank. Adoboli, a native of Ghana who joined the bank in 2003, initially said in an e-mail to a UBS accountant that he had booked fake hedges to hide the risk of his actions.He argued at trial that he was encouraged by superiors to exceed risk limits as he made profits from unauthorized trades. He said nothing he did was dishonest and he intended to make money for the bank.
Adoboli was sentenced bya London judge to seven years in jail on the fraud conviction, and must serveat least half of that term. The jury cleared him on charges of false accounting.
UBS said in a statement it was “glad the criminal proceedings have reached a conclusion.”
Britain’s Financial Services Authority and the Swiss Financial Market Supervisory Authority started formal enforcement actions against UBS over the loss in February. UBS found out in the aftermath of theincident that its internal controls designed to prevent or detect the use of unauthorized and fictitious transactions didn’t work.
“We have been absolutelydetermined to learn from this incident,” Ermotti said in a memo to employees before Adoboli’s trial started in September. “Wehave improved internal monitoring and controls toensure that something likethis does not recur, or if it does, to ensure that it is detected and dealt with swiftly.”
UBS introduced mandatory risk training forstaff globally and a redesigned training for supervisors, while adding risk management to employees’ performance objectives, according to information on its website.

France downgraded from AAA to Aa1 by Moody`s

Moody's Investors Service on Mondaydowngraded France, stripping it of its prized AAA credit rating due to concernsover its prospects for economic growth and its exposure to Europe's financial crisis.
Moody's lowered France's rating one notch to Aa1. It kept the rating's outlook at negative, meaning it could face future downgrades.
Greece narrowly avoids bankruptcy
Return of Europe recession isbad news for U.S.
Greece fine tunes its austeritymeasures as it awaits bailout
The ratings agency said that it is becoming increasingly difficult to predict how resilient France will be to future euro-area shocks.
But the agency noted that the country's rating remains high compared with many other European countries. It cited for this France's diversified economy and "a strong commitment to structural reforms and fiscal consolidation."
The downgrade will likely heighten fears that Europe's debt crisis is spreading from the so-called peripheral nations like Greece, Portugal and Ireland to the core of the euro region. Standard & Poor's, a rival rating agency, lowered its rating on France's debt one notch from AAA to AA+ in January, citing the deepening political, financialand monetary problems within the eurozone.
Pierre Moscovici, the French finance minister, blamed the downgrade on the policies of previous governments thathad failed to restore the competitiveness of the nation's economy.
"French debt still remains among the most liquid and safest of the eurozone," said Moscovici, a member of the ruling Socialist government."The French economy is large and diversified and the government has shown proof of its serious plan to implement structural reformsand restore public finances."

Big banks give $22 billion inmortgage relief under deal

(Reuters) - Five U.S. banks have provided about $22 billion in mortgage relief to customers under a deal to settle borrowers' accusations over foreclosures, a report bythe settlement's monitor saidon Monday.
The report said that Bank of America Corp ( BAC.N ), which owes the most, improved in providing first-lien mortgage modifications to customers, trailing only JPMorgan Chase & Co ( JPM.N ) through September.
Bank of America provided$889.2 million in first-lien modifications that reduced loan balances for consumers, a turnaround from August when the bank had completed none. JPMorgan Chase & Co's ( JPM.N ) total was $903.1 million in modifications, the most of thefive banks.
Monday's report by Joseph Smith, the former North Carolina Banking Commissioner who is serving as the settlement's monitor, said the five banks together have provided about $22 billion in customer relief, up from $10.6 billion in August.
The banks reached the settlement in February with state and federal officials to resolve allegations of faulty foreclosures. The pact requires banks to provide around $20 billion of consumer relief by taking actions such as reducing loanbalances for struggling borrowers and refinancing loans for customers whose homes are worth less than the value of their mortgages.
The banks, however, have not necessarily met their obligations yet because the settlement only provides for partial credit for certain kinds of relief. The banks only receive credit for $0.45 of every dollar of a writedown through a short sale, for example.
Short sales - in which borrowers sell their homes for less than the value of the mortgage - accounted for the largest portion of the total relief, about $13.1 billion.
Bank of America delivered$11.8 billion in total relief to consumers, the most of any bank, with short sales accounting for $7.4 billion ofits total. JPMorgan provided the second most relief - about $6 billion.
The other banks in the settlement are Wells Fargo &Co ( WFC.N ) ($2.5 billion in total relief), Citigroup Inc ( C.N ) ($1.1 billion) and Ally Financial Inc ($587.8 million).
"The relief the banks have reported is encouraging," Smith said in a statement, while noting that the banks' obligations still need to be reviewed and credited.
If a lender does not meet its required relief within three years, it will be required to pay a penalty of no less than 125 percent of its unmet commitment, the report said.
Bank of America, which acquired troubled lender Countywide Financial in 2008, owes the most out of five banks, about $11.8 billion in consumer relief and other payments. The bank has said it will meet its obligations within the first year. >

list of Banks in Brazil

A
*. ABC Brasil
B
*. Banco Bradesco
*. Banco Cruzeiro do Sul
*. Banco de Brasília
*. Banco do Brasil
*. Banco do Nordeste
*. Banco Safra
B cont.
*. Banco Votorantim
*. Banestes
*. Banrisul
*. BicBanco
*. Brazilian Development Bank
*. BTG Pactual
C
*. Caixa Econômica Federal
C cont.
*. Central Bank of Brazil
D
*. Daycoval
H
*. HSBC Bank (Brazil)
I
*. Itaú Unibanco
P
*. PanAmericano
*. Paraná Banco
S
*. Santander Brasil Banco Bradesco – One of the largest banks in Brazil along with Banco do Brasil, Itau Unibanco and BNDES. It was the largest private bank in Brazil until Banco Itaú and Unibanco merged in 2008.
Banco do Brazil – The largest bank in Brazil and Latin America with total assets of over R$981.0 billion(US$526.58 billion). It also has the largest ATM networkin Latin America, with over 45,000 ATMs.
Banco Safra – The ninth largest private bank in Brazil in terms of total assets and equity. As a full-service commercial bank, Banco Safra operates in all areas of the financial sector.
Banco Votorantim – One of the ten largest financial institutions in Brazil. Founded in 1988 as a securities dealer, Banco Votorantim started operating as a multiple bank in 1991. The bank is owned by Votorantim Group and Bancodo Brasil.
Banco ABC Brasil – A Brazilian subsidiary of Arab Banking Corporation (ABC), established in 1983. The bank's main target is the large and middle-sized Brazilian corporations.
Brazilian Development Bank(BNDES) was founded on June 20, 1952 and is the main provider of long-term financing in Brazil. It is the largest development bank inLatin America. The Bank offers several financial support mechanisms to Brazilian companies as well as public administration entities. In 2009, the Bank inaugurated its one branch in Montevideo (Uruguay) and a new subsidiary in Europe (London). BNDES is 100% owned by the FederalGovernment.
Caixa Economica Federal – A government-owned Brazilian commercial bank, established on January 12, 1861 by Emperor Dom Pedro II. With more than 38 million customers, it is one ofthe largest financial institutions in Latin America.
Central Bank of Brazil – The principal monetary authority of the country. The Bank wasestablished on December 31,1964. As of August 2011, Central Bank had total assets of 1.428 trillion reais.
HSBC Bank Brasil S.A. - Banco Múltiplo was established in 1997 and is a wholly-owned subsidiary of HSBC Holdings. It serves about 30 million customers in Brazil.
Itau Unibanco – The largest financial conglomerate in theLatin America and one of the10 largest banks in the world by market value. As ofSeptember 30, 2011, the bank had total assets of R$836.99 billion.
Mercantil do Brasil – A mid-sized bank with more than 1.1 million customers and about BRL 12.614 billion in assets as of June 30, 2012. The bank has over 160 domestic branches and branch in the Grand CaymanIsland.
Nossa Caixa – Nossa Caixa was the seventh largest bankby deposits with a presence in all 645 municipalities of São Paulo. It was incorporated into the Banco do Brasil in 2008.
Santander Brasil – The largest division of Spanish bank Santander in Latin America accounting for 20% of the total profit of the group.

List of banks found in Hong Kong

A BN AMRO Bank
38/F Cheung Kong Centre
2 Queen's Road Central, Hong Kong
Tel: (852) 2176 8888
Fax: (852) 2845 9049
E-mail: customer.feedback@hk.abnamro.com
Website: www.abnamro.com.hk
Agricultural Bank of China
23/F, Tower I, Admiralty Centre, 18 Harcourt Road, Hong Kong
Tel: (852) 2861 8033
Fax: (852) 2866 0133
E-mail:
Website: www.abchina.com.hk
American Express Bank Ltd
36th Floor, One Pacific Place,88 Queensway,
Hong Kong
Tel: (852) 2844 0688
Fax: (852)2845 3637
E-mail:
Website: www.americanexpress.com/hk/
Asia Commercial Bank Ltd
Asia Financial Centre 120 DesVoeux Road,
Central,Hong Kong
Tel: (852) 2545 3115
Fax: (852) 2815 3157
E-mail: contact@afh.com.hk
Website: www.abchina.com.hk
Australia & New Zealand Banking Group
Suites 3101-5, One ExchangeSquare
8 Connaught Place, Central, Hong Kong
Tel: (852) 2843 7111
Fax: (852) 2868 0089
E-mail: chank5@anz.com
Website: www.anz.com
B ank of China
1 Garden Road, Hong Kong
Tel: (852) 2291 8000
Fax: 852) 2537 1266
E-mail:
Website: www.bochk.com
Bank of East Asia
10 Des Voeux Road, Central, Hong Kong
Tel: (852) 2842 3200
Fax :(852) 2845 9333
E-mail: info@hkbea.com
Website : www.hkbea.com
Baden-Wurttembergische Bank, B-W Bank
20/F., Entertainment Building
30 Queen's Road Central, Hong Kong
Tel: (852) 2849 9680
Fax: (852) 2849 9600
E-mail: hongkong.branch@bw-bank.com.hk
Website: www.bw-bank.com
Banca di Roma
16/F., The Hong Kong Club Building 3A Chater Road, Central Hong Kong
Tel: (852) 2521 2221
Fax: (852) 2868 0034
E-mail:
Website: www.bancaroma.it
Banca Intesa S. P. A.
33/F., Edinburgh Tower, TheLandmark 15 Queen's Road Central Hong Kong
Tel: (852) 2532 2700
Fax: (852) 2845 0209
E-mail:
Website: www.bancaintesa.it
Banca Monte dei Paschi di Siena, S.P.A.
15/F., International Finance Centre 1 Harbour View Street, Central Hong Kong
Tel: (852) 2295 2800
Fax: (852) 2295 3131
E-mail:
Website: www.mps.it
Banca Nazionale del Lavoro S.P.A.
Suite 1501, 15/F., Cheung Kong Centre 2 Queen's Road Central, Hong Kong
Tel: (852) 2101 0700
Fax: (852) 2810 5243
E-mail:
Website: www.bnl.it
Banco Bilbao Vizcaya Argentaria, S.A.
33/F., Two International Finance Centre, 8 Finance Street, Central, Hong Kong.
Tel: (852) 2582 3111
Fax: (852) 2824 4868
E-mail:
Website: www.bbva.es
Bangkok Bank Public Company Ltd
Bangkok Bank Building 28 Des Voeux Road Central Hong Kong
Tel: (852 )2801 6688
Fax: (852) 2810 5679
E-mail:
Website:
Bank Melli Iran
Room 704 - 706 Wheelock House 20 Pedder Street, Central Hong Kong
Tel: (852) 2521 1127
Fax: (852)2868 4692
E-mail:
Website:
Bank of America (Asia) Ltd
41/F Two International Finance Centre
8 Finance Street, Central,Hong Kong
Tel: (852) 2805 2383
Fax: (852) 2597 3300
E-mail:
Website: www.bankofamerica.com/hk
Bank of Communications
20 Pedder Street Central Hong Kong
Tel: (852) 2269 9699
Fax: (852) 2810 6993
E-mail: enquiry@bankcomm.com.hk
Website: www.bankcomm.com.hk
Bank of India
2/F., Dina House, 11 Duddell Street, Central Hong Kong
Tel: (852) 2524 0186
Fax: (852) 2877 1178
E-mail: boihk@netvigator.com
Website: www.bankofindia.com.hk
Bank of Baroda (HK) Ltd.
Room. 302, Ruttonjee Centre,Dina Hse., 11 Duddell Street,Central, Hong Kong
Tel: (852) 25215166
Fax: (852) 28684702
E-mail: bobhkg@netvigator.com
Website:
Bank of Montreal
3606 One Exchange Square Central Hong Kong
Tel: (852) 2522 4182
Fax: (852) 2810 4520
E-mail: enquiry@bmo.com.hk
Website: www.bmo.com.hk
Bank of New York
6/F., New Henry House 10 Ice House Street, Central Hong Kong
Tel: (852) 2840 9888
Fax: (852) 2810 5279
E-mail:
Website: www.bankofny.com
Bank of Nova Scotia
25/F., United Centre 95 Queensway Hong Kong
Tel: (852) 2529 5511
Fax: (852) 2527 2527
E-mail:
Website: www.scotiabank.com
Bank of Scotland
15/F., Jardine House 1 Connaught Place Hong Kong
Tel: (852) 2521 2155
Fax: (852) 2845 9007
E-mail:
Website: www.bankofny.com
Bank of Taiwan
4/F 9 Queen's Road Central Hong Kong
Tel: (852) 2521 0567
Fax: (852) 2869 4957
E-mail: enquiry@bmo.com.hk
Website: www.bot.com.tw
Bank of Tokyo-Mitsubishi
14/F., Tower 1, Admiralty Centre 18 Harcourt Road Hong Kong
Tel: (852) 2823 6666
Fax: (852)2529 3821
E-mail:
Website: www.bankofny.com
Bank SinoPac
23/F., Two International Finance Centre, 8 Finance Street, Central, Hong Kong
Tel: (852) 2801 2801
Fax: (852) 2851 3163
E-mail:
Website: www.banksinopac.com.tw
Barclays Bank Plc
42/F., Citibank Tower, 3 Garden Road, Hong Kong
Tel: (852) 2903 2000
Fax: (852) 2903 2999
E-mail: internationalbanking@barclaysasia.com
Website: www.barclays.co.uk/hongkong
Bayerische Hypo- und Vereinsbank AG
13/F Citic Tower 1 Tim Mei Avenue, Central
Hong Kong
Tel: (852) 2533 4000
Fax: (852) 2533 4700
E-mail:
Website: www.hvbasia.com
Bayerische Landesbank
19/F Standard Chartered Bank Building 4-4A Des Voeux Road Central Hong Kong
Tel: (852) 2978 8333
Fax: (852) 2877 3817
E-mail:
Website: www.blb.de
Belgian Bank
33/F ICBC Tower
3 Garden Road, Central, Hong Kong
E-mail: info@belgianbank.com.hk
Website: www.belgianbank.com.hk

JPMorgan, Credit Suisse paying $417million in SEC case

WASHINGTON -- JPMorgan Chase and Credit Suisse have agreedto pay a combined $417 million to settle federal civil charges of deceiving investors through sales of risky mortgage bonds ahead of the 2008 financial crisis.
The Securities and Exchange Commission saysJP Morgan failed to tell investors that mortgages tied to the bonds were delinquent. And both banks failed to properly disclose practices that allowed them to profit while investors lost millions.
JPMorgan is paying$296.9 million. Credit Suisse will pay $120 million. The money will go to the investors, the SEC said.

list of Banks found in Canada

The banking industry includes 24 domestic banks, 25 foreign bank subsidiaries, 24 full-service foreign bank branches and five foreign bank lending branches operating in Canada. In total,these institutions manage close to $3.6 trillion in assets Bank of Montreal - The bank provides corporate, institutional, and investment banking services in selected marketsacross the continent, with a strong presence in personaland commercial banking inthe U.S. Midwest and all regions of Canada. Have a look to HQ - Bank of Montreal Virtual Head Office for Small Businesses.
*. Business Development Bank of Canada - Canadian non-depositary bank exclusively serving small and medium-size enterprise: financial services, business consulting services, and venture capital.
*. La Caisse Desjardins - International financial institution with more than 5million members.
*. Canada Trust - Canada Trust is a Canadian Financial Institution with$37 billion in deposits and$168 billion in assets underadministration.
*. Canadian Imperial Bank of Commerce - CIBC is one of the Canadian top six banks.
*. Citibank Canada - Issuer of VISA Cards all over Canada.
*. Citizens Bank of Canada - Avirtual bank with a full range of consumer bankingservices.
*. Citizens Trust - A provider of high competitive GICs, RRSPs, foreign exchange and mortgage lending services.
*. The Credit Union Central ofCanada - Offering community-based financial services, an alternative to banks and trust companies.
*. ING Direct Canada - ING DIRECT is the operating name of ING Bank of Canada, a member of ING Group. With worldwide banking and insurance assets exceeding $800 billion, ING Group is one ofthe largest financial servicescompanies in the world. Our offices and operations are located in Toronto and Vancouver, and are run with a distinctively Canadian flavour by Canadians. Internet banking with international support and presence.
*. HSBC Holdings plc
*. Hong Kong Bank of Canada - Hongkong Bank of Canada and its subsidiaries offers Global Financial services - RRSPs, RRIFs, mutual funds, GICs, term deposits, discount trading, asset management, retirement and investment planning.
*. KS Bank of Toronto - A privately owned bank based in Toronto Canada, providing loans and deposits to small businessesand people in general!
*. Laurentian Bank of Canada
*. National Bank of Canada - An active social and economic force for the past 140 years, the National Bank of Canada is today thesixth largest chartered bank in Canada with assets of $69 billion. The NationalBank's head offices are located in Montreal and its Canadian network boasts 655 branches. In all, more than 17,300 employees are responsible for the traditionof excellence that has cometo characterize National Bank of Canada.
*. - Off Shore Financial Services (Canadian company) - Tax Heaven & Asset Protection. Bahamas, Belize, British Virgin Islands, Cayman Island, Seychelles, Turks & Caicos Islands.
*. Pace Credit Union
*. Royal Bank of Canada - TheRoyal Bank Group is amongNorth America's largest providers of integrated financial services with morethan 9.5 million personal and business clients. The bank ranks first among all financial institutions in Canada in stock market capitalization and total assets, and first or second in almost every type of financial service provided in the Canadian market, except insurance. The services are provided through one of the largest banking networks in the world.
*. Scotiabank - One of the largest banks in Canada. Also has links to ScotiaMcLeod, the bank's brokerage subsidiary. This site provides information onthe bank's products and services.
*. Toronto Dominion Bank - Canada's Premier Financial Institution on the Internet. This award winning websitefeatures extensive, up to the minute content on banking and securities.
*. Vancouver City Savings Credit Union - Located in Vancouver, British Columbia Canada, Vancity ist the largest single Credit Union in Canada with over 300,000 members.

Scotiabank has concluded the acquisition of ING DIRECT Canada from Netherlands ING Group,

Canada-based Scotiabank has concluded the acquisition of ING DIRECT Canada from Netherlands ING Group, following the receipt of all regulatory approvals.
Acquisition follows an agreement signed between the two parties for a total cash consideration of C$3.1bn (€2.5bn) in August 2012.
Commenting on the deal, Scotiabank Group Canadian Banking head Anatol von Hahn said the acquisition supports the firm's strategic goals and enables to broaden its funding base, while ING DIRECT's revenues and earnings support the overall growth objectives.
"ING DIRECT will continue to operate as a separate and distinct wholly-owned subsidiary, providing low cost and highly competitive products to self-directed customers," Hahn added.
Both organisations will remain distinct in the initial stages and changes to name or branding of ING DIRECT will not happen in the next few months, but options will be explored in future.
ING is selling its direct banking businesses to streamline operations and repay the state aid it received during the 2008 financial crisis.
With assets of $670bn as at 31 July 2012, Scotiabank manages over 81,000 employees and serves about 19 million customers in morethan 55 countries across the globe through its affiliates.

What are simplified employee pension plans (SEPs)?

An employer may sponsor a simplified employee pensionplan or SEP. SEPs are relatively uncomplicated retirement savings vehicles. A SEP allows employers to make contributions on a tax-favored basis to individual retirement accounts (IRAs) owned by the employees. SEPs are subject to minimal reporting and disclosure requirements.
Under a SEP, the employee must set up an IRA to acceptthe employer's contributions. As a general rule, the employer can contribute up to 25 percent of the employee's pay into a SEP each year, up to a maximum of $40,000.
Starting January 1, 1997, employers may no longer setup Salary Reduction SEPs. However, the Small BusinessJob Protection Act of 1996 (Public Law 104-188) permitted employers to establish SIMPLE IRA plans beginning in 1997. A SIMPLE IRA plan allows salary reduction contributions up to $6,000 in2001 ($7,000 in 2002).

What are defined benefit and defined contribution pension plans?

there are two types of pension plans: defined benefit plans and defined contribution plans. A defined benefit plan promises participants a specified monthly benefit at retirement. The plan may state this promised benefit asan exact dollar amount, suchas $100 per month at retirement. Or, more commonly, it may calculate abenefit through a plan formula that considers such factors as salary and service -for example, 1 percent of average salary for the last 5 years of employment for every year of service with anemployer.
A defined contribution plan, on the other hand, does not promise a specific amount of benefits at retirement. In these plans, the participant or the employer (or both) contribute to the participant's individual account under the plan, sometimes at a set rate, such as 5 percent of their earningsannually. These contributions generally are invested on the participant's behalf. The participant will ultimately receive the balance in their account, which is based on contributions plus or minus investment gains or losses. The value of the account willfluctuate due to changes in the value of investments. Examples of defined contribution plans include 401(k) plans, 403(b) plans, employee stock ownership plans, and profit-sharing plans. The general rules of ERISA apply to each of thesetypes of plans, but some special rules also apply.
A money purchase pension plan is a plan that requires fixed annual contributions from an employer to a participant's individual account. Because a money purchase pension plan requires these regular contributions, the plan is subject to certain funding and other rules.

Fuction of ERISA

Requires plans to provide participants with information about the plan including important information about plan features and funding. The plan must furnish some information regularly and automatically. Some is available free of charge, some is not.
*. Sets minimum standards for participation, vesting, benefit accrual and funding. The law defines how long a person may be required to work before becoming eligible to participate in a plan, to accumulate benefits, and tohave a non-forfeitable rightto those benefits. The law also establishes detailed funding rules that require plan sponsors to provide adequate funding for your plan.
*. Requires accountability of plan fiduciaries. ERISA generally defines a fiduciary as anyone who exercises discretionary authority or control over a plan's management or assets, including anyone who provides investment advice to the plan. Fiduciaries who do not follow the principles of conduct may be held responsible for restoring losses to the plan.
*. Gives participants the right to sue for benefits and breaches of fiduciary duty.
*. Guarantees payment of certain benefits if a definedplan is terminated, througha federally chartered corporation, known as the Pension Benefit Guaranty Corporation.

What is Employment Retirment Income Security Act? (ERISA)

The Employee Retirement Income Security Act of 1974,or ERISA, protects the assets of millions of Americans so that funds placed in retirement plans during their working lives will be there when they retire.
ERISA is a federal law that sets minimum standards for pension plans in private industry. For example, if an employer maintains a pension plan, ERISA specifies when an employee must be allowed to become a participant, how long they have to work before they have a non-forfeitable interest in their pension, howlong a participant can be away from their job before it might affect their benefit, and whether their spouse has a right to part of their pension in the event of their death. Most of the provisions of ERISA are effective for plan years beginning on or after January 1, 1975.
ERISA does not require any employer to establish a pension plan. It only requires that those who establish plans must meet certain minimum standards. The law generally does not specify how much money a participant must be paid as a benefit.

List of Banks in India

Allahabad Bank - Allahabad Bank is over 125years old bank in India. It is headquartered in Calcutta. It is a profitable and professional nationalised bank.
*. Bank of Baroda - Bank of Baroda which set on sail in a small country craft in 1908 from a small town of Baroda, is today catering to the high seas as the flagship of Indian Banking Industry. Having weathered many a storm during its 91 year long voyage, the bank is continuing its quest for excellence through exploring new horizons of banking.
*. Bank of India
*. Bank of Madura - An innovative high-tech oriented Bank on the high growth path yet maintaining its traditional strength of better, knowledgeable customet service with personal touch.
*. Corporation Bank - Corporation Bank is a leading Public sector Bank in India offering a full range of Banking services.
*. Dena Bank
*. Federal Bank
*. ICICI Bank's - ICICI Bank has been promoted by ICICI, India's premier financial institute. The site istargeted at Non Resident Indians
*. idbi - Industrial devolopment bank of india.
*. SBI - State Bank of India - The State Bank of India is the oldest and largest commercial bank in India, with its presence covering all time zones in the world. SBI has a network which extends to every nook and corner of India, with a spread of more than 8700 offices across the country. Its foreign network comprises of 50 offices in 34countries.
*. UTI BANK LTD. - UTI Bank is among the first private sector banks in India. Sincethe commencement of its operations in 1994, the Bank has grown to be highly competitive in termsof its products and services.
*. Vysya Bank Ltd. - The largest private sector bank with a wide network and with a technology driven products.

Goldman Sachs to wind down South Korea asset management unit

US based investment banking and securities firm Goldman Sachs Group is considering to shut down its South Korean asset management unit in the nextsix months.
A London-based spokesman for Goldman Sachs Asset Management Niklas Ekholm said in a statement, "Our expectations for the local Korean asset management business have not been met."
The bank, which launched its asset management business five years ago, said that severe competition and dominance of local companies have reduced theprofit margins in the country.
Approximately 40 members currently employed at the Korean unit may be absorbed in other divisions of the firm, according to the company's Hong Kong-based spokesman.
The bank will continue offering funds to Korean investors.
The Korean asset management unit has nearly$4bn under management, most of which are from institutional investors.