IN BRIEF
RBI
Banks can buy 10% of trusts
Banks can buy up to 10% of Indian real estate
investment trusts and infrastructure investment
trusts (InvITs), the Reserve Bank of India has
said.
The investments will be subject to the overall
ceiling of 20% of a bank’s net worth for direct
investments in shares, convertible bonds,
debentures, equity-oriented mutual funds and
Alternate Investment Funds, a statement from
the central bank says.
The RBI had allowed banks to invest in REITs
and InvITs, but had not specified how much they
could invest. As a result, banks did not invest in
the IPOs of IRB InvIT Fund and India Grid Trust,
the two listed InvITs.
Citigroup
New jobs to support Belt and RoadCITIGROUP plans to add at least 25 bankers in
countries linked to China’s Belt and Road initiative,
the US bank said in a press release last Tuesday.
The additions will be a mix of external hires and
relocating corporate bankers. They will focus
on a range of areas, including corporate and
investment banking, capital markets, hedging
and risk management.
“We’re seeing more and more multinational
customers benefiting from Belt and Road,
mostly through supplying into the Belt and
Road projects, particularly companies in the
industrial sector,” Christine Lam, Citigroup chief
executive for China, told Reuters in an interview
on September 21.Lam said Citigroup had banking relationships
with more than 80% of Fortune 500 companies
in China and provided services in 58 markets in
Belt and Road countries.
Citigroup already has nine China desks – in
Hong Kong, Singapore, London, New York,
Dubai, Johannesburg, Sao Paulo, Kazakhstan
and Kenya – to support mainland companies
doing business overseas.
The Belt and Road scheme, which China President
Xi Jinping outlined in 2013, involves billions of
dollars of infrastructure investment designed to
reinvigorate the ancient overland silk trading route
and develop a new maritime equivalent.
Other banks have been trumpeting their
capabilities to leverage Belt and Road
opportunities. In May, Deutsche Bank and China
Development Bank signed a memorandum
of understanding to work together to finance
infrastructure projects worth up to US$3bn.Please send job moves to
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