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☆ TSX set to open flat ahead of data-packed week
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. ET (1105 GMT), after finishing the week flat on Friday. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended higher on Friday, lifted by gains in energy stocks. Investors are also awaiting earnings from major Canadian banks, including Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and National Bank of Canada (NA.TO), reporting this week. Wall Street futures edged higher on Monday.

Persons: Chris Helgren, Canada's, Shashwat Chauhan, Shweta Agarwal Organizations: Toronto Stock Exchange, REUTERS, Bank of Canada, Toronto Stock, Bank of Montreal, Bank of Nova, National Bank of Canada, Wall, Brent, Thomson Locations: Toronto , Ontario, Canada, United States, China, Bank of Nova Scotia, Bengaluru

☆ Crypto Giant Binance Considers Russia Exit
▼ + stars: | 2023-08-28 | by ( ) www.wsj.com time to read: 1 min

Binance, the world’s largest cryptocurrency exchange, is reevaluating its Russian business, including the possibility of a full withdrawal from a once-important market that has turned into a headache. Last week, the Journal reported that Binance was helping Russians move money abroad—despite the company saying last year that it had stopped working in the country, was implementing Western sanctions requirements and had restricted trading on its platform in Russia. Binance later moved to limit peer-to-peer trading involving sanctioned Russian banks.

Persons: Binance, — Locations: Russia

☆ Binance Drops Sanctioned Russian Banks From Peer-to-Peer Service
▼ + stars: | 2023-08-25 | by ( Angus Berwick | Patricia Kowsmann | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/currencies/binance-drops-sanctioned-russian-banks-from-peer-to-peer-service-fef93a1d

Persons: Dow Jones

"We are seeing evidence of slowing labor markets as evidenced by slowing wage growth, lower job postings and an increase in Canadian unemployment. The country's second-largest bank Toronto-Dominion Bank (TD.TO), however, missed analysts' estimates for quarterly profit, which was hurt by higher expenses, rainy day funds to cover for unpaid loans and weakness in its U.S. business. RBC reported adjusted earnings of C$2.84 per share, beating analysts' estimates of C$2.71 per share, according to Refinitiv data. The bank's earnings were also impacted by a C$306 million payment related to the termination of its First Horizon acquisition. RBC and TD together account for half of the market share among the big six Canadian banks with a market capitalization of C$168 billion and C$151 billion respectively.

Persons: Dave McKay, McKay, May, John Aiken, Kelvin Tran, TD, Nivedita Balu, Manya Saini, Sri Hari, Pritam Biswas, Shilpi Majumdar, Mark Potter, Sharon Singleton Organizations: Royal Bank of Canada, RBC, Barclays, Dominion Bank, Bank of Canada, Thomson Locations: China, Toronto, Canada, Bengaluru

The country's second-largest bank Toronto-Dominion Bank (TD.TO), however, missed Bay Street estimates for quarterly profit hurt by higher expenses and rainy day funds to cover for unpaid loans. The bank's earnings were also impacted by a C$306 million charge related to the termination of its First Horizon acquisition. "The higher interest rate would put pressure on the consumer. The banks set aside more money for bad loans compared to the prior quarter as consumers struggle to make payments amid high costs of living. RBC set aside C$616 million for credit losses, up from C$340 million a year ago, and TD set aside C$766 million, a jump from C$351 million.

Persons: Mark Blinch, Dave McKay, John Aiken, Kelvin Tran, Nivedita Balu, Sri Hari, Pritam Biswas, Shilpi Majumdar, Mark Potter Organizations: Royal Bank of Canada, REUTERS, RBC, Barclays, Dominion Bank, The Bank of Canada, Thomson Locations: Toronto, Canada, Sri, Bengaluru

☆ Dedollarization suffers a blow as the greenback's share in global payments hits a record high
▼ + stars: | 2023-08-24 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

The international drive to end the dollar's dominance has suffered a blow, with the greenback's role in global payments hitting a record high. SWIFT data showed as much as 46% of foreign-exchange payments in July via the messaging system involved the dollar. The jump in dollar usage comes at a time when countries including China and Russia are trying to move away from the greenback. AdvertisementAdvertisementThe jump in dollar-based SWIFT payments raises challenges to the movement to end the greenback's supermacy of global payments and fund transfers. Some market experts however have ridiculed the so-called dedollarization efforts, with one calling the proposed BRICS currency plan "embarrassing."

Persons: SWIFT Organizations: Service, Society, Worldwide Interbank Financial Telecommunication, Bloomberg Locations: China, Russia, Wall, Silicon, India, Ukraine

As of January 2023, residential mortgage debt stood at C$2.08 trillion ($1.53 trillion), according to the Canada Mortgage and Housing Corporation (CMHC). Mortgage rates tend to track moves in the bond market with a lag. At 6.79%, the five-year mortgage rate posted by major Canadian banks has climbed to its highest since November 2008, data from the Bank of Canada shows. When it is time for renewal, options for homeowners hoping to shop for better interest rates might be limited as they would have to re-qualify for the stress test at the latest interest rates with their new lender. "It certainly is going to be problematic for the Canadian economy if rates stay at this level."

Persons: that's, James Laird, Laird, Daniel Foch, Foch, Stephen Brown, Nivedita Balu, Fergal Smith, Denny Thomas, Jonathan Oatis Organizations: TORONTO, Bank of Canada, Canada Mortgage, Housing Corporation, Ratehub.ca, Bank of, Toronto Regional Real Estate Board, Greater Toronto Area, Reuters, North, Capital Economics, Thomson Locations: United States, Toronto, Greater Toronto, Canada, North America

A Royal Bank of Canada (RBC) logo is seen on Bay Street in the heart of the financial district in Toronto, January 22, 2015. The shares of the top five banks - Royal Bank of Canada , TD Bank (TD.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and CIBC (CM.TO) - have lost between 2% and 8% so far this year. Reuters GraphicsRoyal Bank of Canada and TD Bank will kick off third-quarter results on Thursday. RBC analyst Darko Mihelic forecast a 9% third-quarter revenue decline from a year ago for the capital-market business of the large Canadian banks. Investors will also watch for any updates on Bank of Nova Scotia's (BNS.TO) turnaround plan for its international business.

Persons: Mark Blinch, Mike Rizvanovic, Darko Mihelic, Cowen, RBC's Mihelic, Nivedita Balu, Matthew Lewis Organizations: Royal Bank of Canada, REUTERS, RBC, TD Bank, Bank of Montreal, Bank of Nova, CIBC, National Bank, Toronto Stock, Bank of Canada, Reuters Graphics Royal Bank of Canada, HSBC Canada, Laurentian Bank, Thomson Locations: Toronto, dealmaking, TORONTO, Bank of Nova Scotia

☆ Colombia's Grupo Aval posts 75% fall in profit as bank margins fall
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

People walk in front of the Banco de Bogota, belonging to Grupo Aval, in Bogota, Colombia, October 31, 2019. REUTERS/Luisa Gonzalez/File photo Acquire Licensing RightsAug 16 (Reuters) - Colombian financial conglomerate Grupo Aval reported a 75.4% year-over-year fall in net profit in the second quarter, according to a securities filing on Wednesday, despite a strong boost in interest income. In the three-month period to June, net profit reached 166.2 billion pesos ($40.6 million). The financial portfolio of Grupo Aval (GAA.CN) includes Colombian banks Banco de Bogota (BBO.CN), Banco Popular (BPO.CN), Banco AV Villas (VLL.CN) and Banco de Occidente (BOC.CN). ($1 = 4,096.08 Colombian pesos)Reporting by Noe Torres in Mexico City, Writing by Isabel WoodfordOur Standards: The Thomson Reuters Trust Principles.

Persons: Luisa Gonzalez, Noe Torres, Isabel Woodford Organizations: Banco, Bogota, Grupo Aval, REUTERS, Colombian, Grupo, Banco de Bogota, Banco Popular, Banco AV Villas, Occidente, Thomson Locations: Bogota, Colombia, Colombian, Mexico City

The need to reintroduce stringent capital controls comes as Russian authorities grapple with a sharply weakening rouble, which tumbled past 100 to the dollar on Monday. One source at an exporting firm said the discussions concerned the forced conversion of up to 90% of exporters' revenues. Exporters who fail to return revenues to Russia could lose government support measures, too. One Russian banking source told Reuters that about $39 billion is stuck in Indian banks, which oil companies are unable to return to Russia. The high-level source said a minimal level of revenues was held in rupees, with even less in roubles.

Persons: Dado Ruvic, Central Bank Governor Elvira Nabiullina, Elena Fabrichnayaand Anastasia Lyrchikova, Gleb Stolyarov, Alexander Marrow, Gareth Jones, Nick Macfie Organizations: REUTERS, Reuters, RBC, FX, Central Bank Governor, Thomson Locations: Russia, Ukraine MOSCOW, Ukraine, Russia's, Moscow, India, Tbilisi

☆ Hindenburg Research targets $4.6 billion Kazakh brokerage for allegedly helping Russian oligarchs evade sanctions
▼ + stars: | 2023-08-15 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Timur Turlov, CEO of Freedom Finance brokerage speaks to Reuters during the interview in the office in Moscow, Russia October 10, 2019. Freedom Holding Corp. was founded in Moscow in 2008, before later moving to Kazakhstan, and listed on the Nasdaq in 2019. After Russia invaded Ukraine early last year, U.S. sanctions essentially severed ties between American and Russian banks and companies. But according to a report from Hindenburg on Tuesday, those ties remain tight. One former senior executive alleged to Hindenburg that Russian money laundering was rampant.

Persons: Timur Turlov, Jack Dorsey's Block, Carl Icahn, Freedom, Hindenburg's, Hindenburg, OFAC, I've Organizations: Freedom Finance, Reuters, Hindenburg Research, Freedom Holding, Nasdaq, Freedom, noncompliance, U.S . Treasury Department's, Foreign Assets, SEC, European Union, Freedom's, Ukraine Locations: Moscow, Russia, Kazakhstan, Ukraine, Hindenburg, Russian, United Kingdom, Belizean

☆ Aussie lender NAB's quarterly margins decline on stiff competition
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. A high interest rate environment has benefited Australian banks, but they now face headwinds from rising bad debt and increasing competition for mortgages. Last week, the country's biggest lender Commonwealth Bank of Australia (CBA.AX) posted record annual profit on the back of rising interest rates, but warned higher living costs were pushing up debt arrears and competition was squeezing margins. NAB's net interest margin - a key measure of profitability - slipped to 1.72% in the April-June quarter from 1.77% as at March 31. The country's second-biggest lender, however, reported a 5% increase in cash earnings from higher interest rates.

Persons: Daniel Munoz, NIM, Ross McEwan, Upasana Singh, Archishma Iyer, Shilpi Majumdar, Shinjini Organizations: National, REUTERS, National Australia Bank, Commonwealth Bank of Australia, NAB, CBA, Analysts, Thomson Locations: Sydney, Australia, 3Q23, Bengaluru

☆ Aussie lender NAB's Q3 margins decline; shares up on cash earnings beat
▼ + stars: | 2023-08-14 | by ( Archishma Iyer | ) www.reuters.com time to read: +2 min

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. Shares of the country's second-biggest bank rose 1.3% to trade at A$28.70 at 0115 GMT. Last week, the country's biggest lender Commonwealth Bank of Australia (CBA.AX) posted record annual profit but warned higher living costs were pushing up debt arrears and competition was squeezing margins. "Consensus NIM expectations might need to moderate down, but the current run rate in earnings would suggest NAB is on track to deliver on fourth quarter FY23 cash earnings expectations," analysts from UBS wrote. It posted cash earnings of A$1.90 billion, compared with A$1.80 billion a year earlier and beating a Visible Alpha consensus of A$1.83 billion.

Persons: Daniel Munoz, NIM, Ross McEwan, Upasana Singh, Archishma Iyer, Shilpi Majumdar, Shinjini, Sohini Organizations: National, REUTERS, National Australia Bank, Commonwealth Bank of Australia, NAB, UBS, Thomson Locations: Sydney, Australia, 3Q23, Bengaluru

☆ Iran says unblocked S.Korea funds to be used for 'non-sanctioned goods'
▼ + stars: | 2023-08-12 | by ( ) www.reuters.com time to read: +1 min

The sign of the Central Bank of the Islamic Republic of Iran is seen in Tehran, Iran January 25, 2023. Majid Asgaripour/WANA (West Asia News Agency)/Handout via REUTERS/File PhotoAug 12 (Reuters) - Iran's central bank chief said on Saturday that all of Iran's frozen funds in South Korea had been unblocked and would be used for "non-sanctioned goods". White House spokesperson John Kirby said Iran could only access the funds "to buy food, medicine, medical equipment that would not have a dual military use." The five Americans will be allowed to leave Iran once the funds are unfrozen, a source familiar with the matter told Reuters. He added that the costs of converting the funds from South Korea's won currency to euros would be accepted by the "third country" where the money would be deposited to buy "non-sanctioned goods".

Persons: Majid Asgaripour, Mohammad Reza Farzin's, John Kirby, Farzin, Helen Popper Our Organizations: Central Bank of, West Asia News Agency, REUTERS, Reuters, South Korea's, Dubai, Thomson Locations: Islamic Republic of Iran, Tehran, Iran, South Korea, Washington, Tehran ., Qatar

☆ Italy sets 0.1% cap for new bank tax after market rout
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

Intesa Sanpaolo bank logo and decreasing stock graph are seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/IllustrationROME, Aug 9 (Reuters) - Italy has set a cap at 0.1% of total bank assets for the new tax targeting profits lenders reaped from higher rates, after the surprise announcement of the new levy sparked a market sell-off on Tuesday. Italian banks closed down 7.6%, with sector leader Intesa Sanpaolo (ISP.MI) losing 8.6% and mid-sized BPER (EMII.MI) down 10.9%. In a bid to reassure markets, the Treasury late on Tuesday said the proceeds from the tax would not amount to more than 0.1% of lenders' total assets. As the European Central Bank raised official rates, banks have been hiking the cost of loans while holding off on rewarding depositors more for their cash.

Persons: Dado Ruvic, Intesa Sanpaolo, Giorgia Meloni, Alvise Armellini, Valentina Za, Stephen Coates Organizations: REUTERS, Treasury, Tuesday Citi, European Central Bank, Thomson Locations: Italy, Spain, Hungary, Rome

☆ European markets climb with inflation, Italian banks in focus
▼ + stars: | 2023-08-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LONDON — European markets advanced on Wednesday, as traders digested China's disinflation and Italy's weakening of a surprise windfall tax on banks. The European blue chip index closed the Tuesday session 0.2% lower, with banks shedding 2.7% after the Italian government announced a surprise windfall tax on excess profits. Shares of Italian banks took a tumble on Tuesday as a result of a tax on net interest income announced on Monday. Citi analysts estimated that the levy represent around 19% of Italian lenders' net profits for the year. A Reuters poll of economists produced a consensus forecast for the July print of 3.3% year-on-year, up from 3% in June.

Persons: Hong Kong, Moody's Organizations: Novo Nordisk, Monday, Citi, Global, U.S, CPI, Federal, ABN Amro, TUI Locations: Stocks, China, Hong, Europe

☆ Stock Market Today: Dow Futures Edge Up; WeWork Stock Tumbles
▼ + stars: | 2023-08-09 | by ( ) www.wsj.com time to read: +1 min

Stock futures were muted in early trading Wednesday, suggesting U.S. markets could stabilize after a pullback in the previous session . European shares were more buoyant, with Italian banks clawing back losses after Rome watered down a planned windfall tax. Stock futures edged higher. Oil prices rose. Italian banks recouped some of the previous day’s big losses, after Rome partially walked back plans for a windfall tax.

Persons: Rome, Brent Organizations: Nasdaq, Dow, Treasury, CSI Locations: Government, Europe, Rome

☆ European stocks dip as Italian banks, downbeat data weigh
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 7, 2023. By 0707 GMT, the pan-European STOXX 600 index (.STOXX) was down 0.3%. Germany's DAX index (.GDAXI) fell 0.4% after data showed inflation eased to 6.5% in July, but was in line with economist expectations. Shares of Glencore (GLEN.L) slumped nearly 3% after the global miner said its earnings had halved in the first half. Reporting by Shashwat Chauhan and Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Matteo Salvini, Germany's DAX, Shashwat Chauhan, Sruthi Shankar, Sherry Jacob, Phillips Organizations: REUTERS, Staff, MIB, Thomson Locations: Frankfurt, Germany, China, United States, Beijing, Bengaluru

☆ European markets lower ahead of key inflation prints; Italian banks sink on windfall tax
▼ + stars: | 2023-08-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The pan-European Stoxx 600 index slipped 0.3% at the open, with basic resources shedding 1.4% to lead losses as most sectors and major bourses traded in the red. The European blue chip index closed Monday's session up 0.1% as markets appeared to enter suspended animation after last week's global pullback, as investors took profits near the end of earnings season and risk sentiment returned to focus. A Reuters poll of economists produced a consensus forecast for the July print of 3.3% year on year, up from 3% in June. Roughly 85% of S&P 500 stocks have reported quarterly results, and nearly 80% of them have beaten Wall Street's expectations, according to FactSet. Back in Europe, Deutsche Wohnen , Porsche , Bayer, ABRDN and Glencore all report Tuesday.

Organizations: Federal, Deutsche Wohnen, Porsche, Bayer, ABRDN Locations: China, United States, Beijing, The U.S, Asia, Pacific, Europe

☆ Stock Market Today: Dow Drops 400 Points; Eli Lilly, Novo Nordisk Stocks in Focus
▼ + stars: | 2023-08-08 | by ( ) www.wsj.com time to read: +2 min

Shares of regional banks, including U.S. Bancorp, Key and Comerica, were among the biggest decliners in the S&P 500. The pullback stood to reverse some of Monday’s stock-market gains, which included a roughly 400-point increase for the Dow . Stock indexes fell. The S&P 500, Dow industrials and Nasdaq all declined by more than 1%. Eli Lilly led the S&P 500 higher.

Persons: Dow, Eli Lilly Organizations: U.S . Bancorp, Key, Comerica, Bank of America, JPMorgan Chase, Citigroup, Dow, United Parcel Service, Dow industrials, Nasdaq, Treasury, Shanghai, Nikkei, Bank, Commodities Locations: Europe, Rome, U.S

☆ Italian windfall tax sends euro zone bank stocks tumbling
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: 1 min

Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoLONDON, Aug 8 (Reuters) - An index of euro zone banks (.SX7E) fell as much as 3.4% on Tuesday, after Italy approved a 40% windfall tax on banks for 2023. The index is on track for its biggest daily drop since the turmoil in the banking sector in March. BPER Banca (EMII.MI) fell to the bottom of the STOXX 600 and was last down 8.8% while Intesa Sanpaolo (ISP.MI) was last down 8%. The pan-European STOXX 600 (.STOXX) was last down 0.3%, while a broader index of European banks fell 2%.

Persons: Dado Ruvic, Intesa, Lucy Raitano, Alun John Organizations: REUTERS, BPER Banca, Thomson Locations: Italy, EMII.MI

☆ Italian bank shares slide after government surprises with windfall tax
▼ + stars: | 2023-08-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Italian banking shares took a beating on Tuesday morning after Italy's cabinet approved a 40% windfall tax on lenders' profits in 2023. As of around 9:45 a.m. in Rome, BPER Banca shares had plunged 8% and Intesa Sanpaolo was down 7%, while Banco BPM, UniCredit and Finecobank all dropped more than 6%. The one-off tax on extra profits will be equal to around 19% of banks' net profits for the year, analysts at Citi estimated based on currently available data. "We see this tax as substantially negative for banks given both the impact on capital and profit as well as for cost of equity of bank shares. Banks are required to pay the tax within six months after the end of the financial year.

Persons: Carlo Nordio, Adolfo Urso, Matteo Salvini, Francesco Lollobrigida, Orazio Schillaci, Palazzo Chigi, Sanpaolo, Salvini, Azzurra Guelfi, Banks Organizations: Enterprise, Transport, Agriculture, Health, Palazzo, Ministers, BPER Banca, Banco, European, Citi, Citi Equity Research, UCI Locations: Italy, Rome

☆ Italy slaps 40% windfall tax on bank profits
▼ + stars: | 2023-08-08 | by ( ) edition.cnn.com time to read: +1 min

European bank shares tumbled on Tuesday after Italy approved a 40% windfall tax on banks for 2023, sending shivers across the sector that has recorded surging profits as global interest rates have risen. A gauge of euro zone banks fell 3.7%, and was set for its biggest daily drop since the turmoil in the banking sector in March, when Credit Suisse collapsed. Analysts at Bank of America estimated the new tax could cost Italian banks between 2% and 9% of their earnings. For 2023 alone, Italy will tax 40% of banks’ net interest margin, a measure of income banks derive from the gap between lending and deposit rates. Proceeds from the windfall tax will be used to help mortgage holders and cut taxes, Italy’s deputy prime minister said.

Persons: shivers, Intesa, ”, Gilles Guibout, Stuart Cole Organizations: Credit Suisse, Axa Investment, Bank of America, Spain’s Banco Santander, Germany’s Deutsche Bank, DB, Reuters, Equiti Locations: Italy, Europe, Spain, Paris

☆ Stock Market Today: Dow, Nasdaq Close Lower; Big Bank Stocks Slide
▼ + stars: | 2023-08-08 | by ( ) www.wsj.com time to read: +2 min

A broad sell off in regional bank shares—including KeyCorp and Comerica—made financial stocks among the worst performers in the S&P 500. ET:Stock indexes fell. The S&P 500 and Dow industrials pared some of their losses from earlier in the day, but still ended down. Eli Lilly led the S&P 500 higher. Bank shares were among the biggest losers, with UniCredit and other Italian banks sinking after Rome said it plans a windfall tax.

Persons: Dow industrials, Eli Lilly, Wall Organizations: KeyCorp, Comerica, Bank of America, JPMorgan Chase, Citigroup, United Parcel Service, Dow, Nasdaq, Treasury, Shanghai, Nikkei, Bank Locations: Government, Europe, Rome

☆ State Bank of India first-quarter profit nearly triples to all-time high
▼ + stars: | 2023-08-04 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata, India, February 9, 2018. Net profit was at a record 168.84 billion rupees ($2.04 billion) for the quarter ended June 30, compared with 60.68 billion rupees a year earlier. Rivals HDFC Bank (HDBK.NS) and ICICI Bank (ICBK.NS) have reported double-digit net interest income growth for the fiscal first quarter. The net NPA ratio rose to 0.71% from 0.67% in the prior three months. The bank expects its net NPA ratio to fall to 0.5% in the next few quarters, Khara said.

Persons: Chowdhuri, Dinesh Kumar Khara, Khara, SBI's, Siddhi Nayak, Sonia Cheema Organizations: State Bank of India, REUTERS, Rivals HDFC Bank, ICICI Bank, Reserve Bank of India, Siddhi, Thomson Locations: Kolkata, India, MUMBAI, BENGALURU

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