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Commerzbank has announced that it is selling the Kleinwort Benson business to RHJ International, a financial holding company, which will acquire both Kleinwort Benson Channel Islands Holding Limited and Kleinwort Benson Private Bank Limited corporation.
The deal still requires the regulatory green light, and should it be forthcoming is expected to close during the first quarter of next year.
The sale is part of the agreement regarding the Special Fund Financial Market Stabilization (SoFFin) with the EU Commission.
After the takeover of Dresdner Bank, Commerzbank has opted to pri
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marily focus upon Private Customers and Mittelstandsbank, the client-focused investment banking business, in addition to Central and Eastern Europe.
The deal comes shortly after Commerzbank announced the sale of Dresdner Van Moer Courtens and the Belgian branch of its subsidiary Commerzbank International S.A. Luxembourg (CISAL).
Earlier in the year Commerzbank also sold the Global Agency Securities Lending business of Dresdner Bank to Deutsche Bank.
Pay cuts are occurring more frequently than at any time since the Great Depression.

Deutsche Bank has announced the appointment of Andre Silva as MD and co-head of Debt Capital Markets for Latin America.
He joins Deutsche Bank from JP Morgan, where he served in the Latin American Debt Capital Markets business as an executive director.
Earlier in his career he was an executive director for Morgan Stanley, working in Brazil.
In his New York-based role Silva will be responsible for Deutsche Bank’s expansion in Latin America’s debt capital markets.
Silva will report directly to Alberto Ardura, head and MD of Debt Capital Markets & Client Cov
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erage Group for Latin America.
Ardura has warmly welcomed his appointment, and praised Silva as a talented banker.
Representative Barney Frank says credit card issuers have taken advantage of a delay in putting changes in place by raising customers’ rates.

Global investment bank Nomura has announced that Dr. Mingchun Sun, chief economist for China, has been appointed to the newly created position of China equity research head.
Two years ago he was one of the first to predict a sharp economic decline in China exposing an over-abundance of capacity, and a year later was one of the first to predict a V-shaped recovery.
He joined Nomura in October last year as chief China economist, having previously worked for Lehman Brothers.
Dr. Sun will lead the drive to expand the firm’s China equity research franchise and co-ordinate Nomur
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a’s economic, strategic, and sector research within the Far Eastern superpower.
Dr. Hua He, head of equity and fixed income research for Asia ex-Japan, has described Dr. Sun as a natural leader benefiting from a strong professional background and great depth of experience.
Commerzbank has announced the sale of Dresdner Van Moer Courtens and the Belgian branch of its subsidiary Commerzbank International S.A. Luxembourg (CISAL), subject to regulatory approval.
The sale will be to the management, the details of which remain undisclosed.
Dresdner Van Moer Courtens is only a year old and was created when Damien Courtens and Van Moer Santerre merged. It focuses upon wealthy private clients and securities trading.
Commerzbank will, however, retain the Brussels branch of Commerzbank AG Frankfurt.
It has been a busy year for Commerzbank in the field o
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f mergers and acquisitions, with the firm acquiring Dresdner Bank following an agreement with Allianz to accelerate the speed of the takeover.
Since then Deutsche Bank made a deal with Commerzbank to acquire the Global Agency Securities Lending business of Dresdner Bank, and on 1 September the Dresdner Kleinwort brand ceased to be and became known as Commerzbank.
By paying a set amount each year until an investor’s death, fixed life annuities can help deal with uncertainties.

Asian-based investment bank Nomura has announced the appointment of Peter Westaway as chief economist for Europe.
Locally he will report to Jim McCormick, Head of Fixed Income Research, EMEA, and globally he will be responsible to Paul Sheard, Global Chief Economist and Head of Economic Research, based in New York.
Westaway will be based in London and be tasked with running the European economic research team and leadership of UK economic research.
Westaway brings tremendous experience to the bank, having occupied senior roles at the Bank of England, UK Treasury and National Ins
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titute of Economic and Social Research and having experience of macro economic forecasting, policy and financial market analysis.
McCormick has welcomed the appointment and stated that Westaway’s experience of macro solutions from the Bank of England will prove invaluable to the firm’s efforts in this area.
Fannie Mae and Freddie Mac are offering financing incentives for buyers of foreclosed homes that Fannie and Freddie own.

Royal Bank of Scotland (RBS) shareholders are preparing to sue former directors of the group.
The bank is currently 73% state owned, following is near collapse a year ago, and investors are looking for up to £9 billion in compensation, claiming that they were misled by RBS’s former chief executive, Sir Fred Goodwin, and other board members.
Spokesman for the RBS Shareholders’ Group, Roger Lawson, has warned: “All the directors on the board at the time of the buyout will be targeted by this action.”
Matters centre on the £12 billion rights issue undertaken by R
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BS six months before its demise.
The fundraising has already been called “the biggest crime in financial history in the UK” by Michael Lamoureux, founder of the RBS shareholder action group.
Investors were offered new shares at 200p but the value of the stock plummeted to 48p prior to the Government’s rescue.
According to reports, the Financial Services Authority is already examining the role of former RBS board directors in relation to the rights issue, to establish whether the stock market was kept properly informed about the bank’s financial position in the run up to the fundraising.
Meanwhile, a class action is being brought in the US by local authority shareholders in Merseyside and North Yorkshire, with the entire RBS board at the time of its demise named in the law suit.
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