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Barclays reorganizes management of investment bank

LONDON (Reuters) - Barclays <BARC.L> announced a number of promotions in its investment bank's management on Friday as it continues a review of the division that contributes about half of group profit. The British lender said in a statement that it had appointed Eric Felder as head of markets, supervising the investment bank's global sales and trading businesses across all asset classes. Felder, who joined Barclays from now-defunct U.S. investment bank Lehman Brothers in 2008, was previously co-head of securities.

Sanctions trump patriotism for Russian banks in Crimea

By Alissa de Carbonnel and Elizabeth Piper SIMFEROPOL, Crimea/MOSCOW (Reuters) - In the rush to serve clients keen to open ruble accounts, staff at the first Russian bank to open its doors in Crimea have yet to find time to open the boxes stacked in the entrance or put up a proper sign. Instead they are relying on a plastic banner with letters in red saying: "Russian National Commercial Bank: Your Russian bank in Crimea!"

Citibank Korea to downsize branches

SEOUL, April 8 (Yonhap) -- Citibank Korea Inc., the South Korean unit of U.S.-based Citigroup Inc., said Tuesday that it plans to close or consolidate its branches operating across the country by 30 percent, a move seen to help beef up its falling profitability. The lender said the number of its branches will be reduced to 134 from 190. It also said it will focus on wealthy customers in Seoul and other major cities such as Busan, denying rumors that it would pull out of the country.

Tesco finance director set to resign: report

LONDON (Reuters) - Tesco <TSCO.L> finance director Laurie McIlwee is set to resign as early as next week, days before Britain's biggest retailer is expected to announce another sharp decline in profitability, the Financial Times reported. McIlwee became the focus of investor disquiet in October after Tesco shocked investors by reporting a collapse in profits at its central European unit, which he had failed to signal.

RBC Wealth Management hires financial adviser from Barclays

(Reuters) - RBC Wealth Management said it had hired an international financial adviser from Barclays Bank. Ileana Platt, who joined RBC Wealth's International Advisor Group-USA in March, is based at the company's Miami office. She will work with high net worth clients who have financial interests in the United States. At Barclays, Platt was the director of wealth and investment management, focusing on Peru, Panama and Mexico.

Brazil watchdog lifts suspension of Oi offer, paves way for merger

By Joan Magee and Guillermo Parra-Bernal NEW YORK/SAO PAULO (Reuters) - Brazil's securities industry watchdog CVM on Tuesday lifted a suspension on Grupo Oi SA's 6 billion real ($2.7 billion) share offering, paving the way for the Brazilian telecommunications company's merger with Portugal Telecom SGPS SA.

Brazil watchdog lifts suspension of Oi offer, paves way for merger

By Joan Magee and Guillermo Parra-Bernal NEW YORK/SAO PAULO (Reuters) - Brazil's securities industry watchdog CVM on Tuesday lifted a suspension on Grupo Oi SA's 6 billion real ($2.7 billion) share offering, paving the way for the Brazilian telecommunications company's merger with Portugal Telecom SGPS SA.

Singapore's OCBC offers $4.95 billion for Wing Hang Bank in bet on China growth

By Saeed Azhar and Eveline Danubrata SINGAPORE (Reuters) - Oversea-Chinese Banking Corp Ltd (OCBC) <OCBC.SI> has offered to pay almost $5 billion for one of Hong Kong's last remaining family-owned banks, in a deal that would give the Singapore lender a much sought-after gateway to the Greater China region.

Developing Asia can sustain growth pace, risks easing: ADB

By Rosemarie Francisco MANILA (Reuters) - Developing Asia is poised to sustain its current growth momentum and is well positioned to manage risks coming from a slightly slower Chinese economy and possible uneven demand from major industrialized nations, the Asian Development Bank said. Asian nations can undertake preemptive measures to protect the region's growing economy from unpredictable capital inflows, said the Manila-based lender as it unveiled its forecasts for the region for 2014 and 2015.

OCBC offers US$4.95 bn for Hong Kong's Wing Hang Bank

Singapore's Oversea-Chinese Banking Corp. (OCBC) said Tuesday it has offered to buy Hong Kong's Wing Hang Bank for $4.95 billion as it seeks to boost its presence in the giant Chinese market. OCBC said in a statement the acquisition would provide it with a platform to grow its yuan-denominated businesses, and broaden its access to US and Hong Kong dollar funds. Hong Kong is the world's biggest offshore market for the yuan, which is gaining international significance in tandem with China's growing economic might.
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