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EBRD President Lemiere stepping down after eight years

EBRD President Jean Lemierre said on Sunday there was ever more need now for the high quality investments of a strong European Bank for Reconstruction and Development as financial and economic risks increased around the world, said EBRD in a press release. Speaking to the Bank’s Board of Governors in Kiev as he prepares to step down after two full terms as President, Mr Lemierre looked back on profound and successful changes in the EBRD region over the years since the collapse of communism. The prospects were positive but turbulent financial markets and increased investor hesitancy also gave rise for caution. “Once again, difficult times are a reminder of the need for a strong EBRD as a committed investor with high standards,” Mr Lemierre said. Volatility might detalii


EBRD in € 72 million credits to Raiffeisen subsidiaries

Raiffeisen Bank Aval, the second-largest bank in Ukraine, will receive a 32 million euros mortgage loan to finance local residential mortgage loans, said the bank in a statement. The loan will provide long-term financing to Raiffeisen Bank Aval for on-lending to individuals for purchasing, building, renovating, repairing and re-mortgaging residential property in Ukraine. An additional 300,000 euros in technical cooperation funds for administrative capacity building will be provided by the Canadian International Development Agency. Raiffeisen Bank Bosna i Hercegovina, also the second-largest bank in the country, will receive 30 million euros to continue to focus on SMEs located across the country, taking advantage of its sizeable regional network, and to increase the availability detalii


ING DIRECT to make public takeover bid for Germany's largest mortgage distributor Interhyp

ING DIRECT N.V. announced today its plan to launch a public tender offer for Interhyp AG, Germany’s largest independent residential mortgage distributor, at EUR 64 per share, valuing the company at EUR 416 million. The founders and co-CEOs Robert Haselsteiner and Marcus Wolsdorf have irrevocably committed to tender their approximate 32% stake of Interhyp. ING DIRECT intends to launch its public offer in June, which will last for at least four weeks. Consequently, Interhyp shareholders will still be entitled to the dividend of Interhyp AG for the fiscal year 2007 in the amount of EUR 2.10 per share, plus an additional one time payment of EUR 2.00 per share, to be distributed after the general shareholder’s meeting held on 4 June 2008. Including these dividends, ING detalii


S&P Launches Global Agribusiness Composite Index

Standard & Poor’s, the world’s leading index provider, today announced the launch of the first index to offer exposure to both equities and commodities across the entire agribusiness industry, said the company in a statement. The newly-launched S&P Global Agribusiness Composite Index incorporates the new S&P Global Agribusiness Index and the existing S&P GSCI Agriculture and Livestock Index, which is a subset of the S&P GSCI designed to provide liquid exposure to the agriculture and livestock commodities markets through futures contracts. “The new S&P Global Agribusiness Composite Index provides complete exposure to the global agribusiness industry by combining the downstream exposure offered by equities with the upstream exposure available through commodities. detalii

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