The firm is a universal bank split into three strategic business units: Retail Banking, Corporate and Investment Banking and Investment Solutions (which includes Asset Management, custodial banking, and real estate services). BNP Paribas's four domestic markets are France, Italy, Belgium, and Luxembourg. It also has significant retail operations in the United States, Poland, Turkey, Ukraine, and North Africa, as well as large-scale investment banking operations in New York, London, Hong Kong, and Singapore.
BNP Paribas escaped the 2007/09 credit crisis relatively unscathed reporting a €3 billion net profit for the year of 2008, and €5.8 billion for 2009, both years boosted by profits from trading in its
The Banque National de Paris S.A. (BNP) resulted from a merger of two French banks BNCI and CNEP in 1966.
The Banque de Paris et des Pays-Bas S.A. (Bank of Paris and the Netherlands), or Paribas was formed from two investment banks based respectively in Paris and Amsterdam, in 1872. Les Pays-Bas The Low-Countries is French for the Netherlands.
In May 2000, BNP and Paribas merged to form BNP Paribas, which is thus descended from four founding banking institutions.
Background and heritage as four banks: 1820–2000
Main articles: Comptoir national d'escompte de Paris and Banque nationale pour le commerce et l'industrie
On 7 March 1848, the French Provisional Government founded the Comptoir national d'escompte de Paris CNEP in response to the financial shock caused by the revolution of February 1848. The upheaval destroyed the old credit system, which was already struggling to provide sufficient capital to meet the demands of the railway boom and the resulting growth of industry. The CEP grew steadily in France and overseas, although in 1889 there was a crisis in which it was temporarily placed in receivership.
Separately, on 18 April 1932, the French government replaced Banque nationale de crédit BNC, which failed as a result of the 1930s recession, with the new bank Banque nationale pour le commerce et l'industrie BNCI. The former banks headquarter and staff were used to create BNCI with fresh capital of 100 million francs. The bank initially grew rapidly through absorbing a number of regional banks that got into financial trouble. After the Second World War, it continued to grow steadily. It grew its retail business in France and its commercial business overseas in the French colonial empire.
After the end of the Second World War, the French state decided to "put banks and credit to work for national reconstruction". René Pleven, then Minister of Finance, launched a massive reorganization of the banking industry. A law passed on 2 December 1945 and which went into effect on 1 January 1946 nationalized the four leading French retail banks: Banque nationale pour le commerce et l'industrie BNCI, Comptoir national d'escompte de Paris CNEP, Crédit Lyonnais, and Société Générale.
In 1966, the French government decided to merge Comptoir national d'escompte de Paris with Banque nationale pour le commerce et l'industrie to create one new bank called Banque Nationale de Paris
The bank was re-privatised in 1993 under the leadership of Michel Pébereau as part of a second Chirac government's privatization policy....
Sunday, November 22, 2015
JPMorgan Chase
JPMorgan Chase & Co. is an American multinational banking and financial services holding company headquartered in New York City. It is the largest bank in the United States, and the world's sixth largest bank by total assets, with total assets of US$2.6 trillion. It is a major provider of financial services, and according to Forbes magazine is the world's third largest public company based on a composite ranking. The hedge fund unit of JPMorgan Chase is the second largest hedge fund in the United States. The company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.The J.P. Morgan brand, historically known as Morgan, is used by the investment banking, asset management, private banking, private wealth management, and treasury & securities services divisions. Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank, N.A.-the actual trustee. The Chase brand is used for credit card services in the United States and Canada, the bank's retail banking activities in the United States, and commercial banking. The corporate headquarters is located at 270 Park Avenue in Midtown Manhattan, New York City. The retail and commercial bank is headquartered in Chase Tower, Chicago Loop, Chicago, Illinois, U.S.JPMorgan Chase & Co. is considered to be a universal bank.
JPMorgan Chase is one of the Big Four banks of the United States, along with Bank of America, Citigroup, and Wells Fargo. According to Bloomberg, as of October 2011, JPMorgan Chase had surpassed Bank of America as the largest U.S. bank by assets.
As of June 2008, the JPMorgan logo used for the company's Investment Banking, Asset Management, and Treasury & Securities Services units
JPMorgan Chase, in its current structure, is the result of the combination of several large U.S. banking companies since 1996, including Chase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns and Washington Mutual. Going back further, its predecessors include major banking firms among which are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank. Its original predecessor, the Bank of the Manhattan Company, was the second oldest banking corporation in the United States, and the 31st oldest bank in the world, having been established on September 1, 1799 by Aaron Burr.
The New York Chemical Manufacturing Company was founded in 1823 as a maker of various chemicals. In 1824, the company amended its charter to perform banking activities and created the Chemical Bank of New York. After 1851, the bank was separated from its parent and grew organically and through a series of mergers, most notably with Corn Exchange Bank in 1954, Texas Commerce Bank (a large bank in Texas) in 1986, and Manufacturer's Hanover Trust Company in 1991 (the first major bank merger "among equals"). In the 1980s and early 1990s, Chemical emerged as one of the leaders in the financing of leveraged buyout transactions. In 1984, Chemical launched Chemical Venture Partners to invest in private equity transactions alongside various financial sponsors. By the late 1980s, Chemical developed its reputation for financing buyouts, building a syndicated leveraged finance business and related advisory businesses under the auspices of pioneering investment banker, Jimmy Lee. At many points throughout this history, Chemical Bank was the largest bank in the United States (either in terms of assets or deposit market share).
In 1996, Chemical Bank acquired Chase Manhattan. Although Chemical was the nominal survivor, it took the better-known Chase name. To this day, JPMorgan Chase retains Chemical's pre-1996 stock price history, as well as Chemical's former headquarters at 270 Park Avenue.
The logo used by Chase following the merger with the Manhattan Bank in 1954
The Chase Manhattan Bank was formed upon the 1955 purchase of Chase National Bank (established in 1877) by the Bank of the Manhattan Company (established in 1799),the company's oldest predecessor institution. The Bank of the Manhattan Company was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank.
According to page 115 of An Empire of Wealth by John Steele Gordon, the origin of this strand of JPMorgan Chase's history runs as follows:
At the turn of the nineteenth century, obtaining a bank charter required an act of the state legislature. This of course injected a powerful element of politics into the process and invited what today would be called corruption but then was regarded as business as usual. Hamilton's political enemy-and eventual murderer-Aaron Burr was able to create a bank by sneaking a clause into a charter for a company, called the Manhattan Company, to provide clean water to New York City. The innocuous-looking clause allowed the company to invest surplus capital in any lawful enterprise. Within six months of the company's creation, and long before it had laid a single section of water pipe, the company opened a bank, the Bank of the Manhattan Company. Still in existence, it is today J. P. Morgan Chase, the largest bank in the United States.
Led by David Rockefeller during the 1970s and 1980s, Chase Manhattan emerged as one of the largest and most prestigious banking concerns, with leadership positions in syndicated lending, treasury and securities services, credit cards, mortgages, and retail financial services. Weakened by the real estate collapse in the early 1990s, it was acquired by Chemical Bank in 1996, retaining the Chase name. Before its merger with J.P. Morgan & Co., the new Chase expanded the investment and asset management groups through two acquisitions. In 1999, it acquired San Francisco-based Hambrecht & Quist for $1.35 billion. In April 2000, UK-based Robert Fleming & Co. was purchased by the new Chase Manhattan Bank for $7.7 billion......
HSBC
HSBC has around 6,600 offices in 80 countries and territories across Africa, Asia, Oceania, Europe, North America and South America, and around 60 million customers. As of 2014, it was the world's sixth-largest public company, according to a composite measure by Forbes magazine.
HSBC is organised within four business groups: Commercial Banking; Global Banking and Markets investment banking Retail Banking and Wealth Management; and Global Private Banking.
HSBC has a dual primary listing on the Hong Kong Stock Exchange and London Stock Exchange and is a constituent of the Hang Seng Index and the FTSE 100 Index. As of 6 July 2012 it had a market capitalisation of £102.7 billion, the second-largest company listed on the London Stock Exchange, after Royal Dutch Shell. It has secondary listings on the New York Stock Exchange, Euronext Paris and the Bermuda Stock Exchange.
In February 2015 the International Consortium of Investigative Journalists released information about the business conduct of HSBC under the title Swiss Leaks. The ICIJ alleges that the bank profited from doing business with tax evaders and other clients. BBC reported that HSBC had put pressure on media not to report about the controversy, with British newspaper The Guardian claiming HSBC advertising had been put "on pause" after The Guardian's coverage of the matter.Peter Oborne, chief political commentator at The Daily Telegraph resigned from the paper; in an open letter he claimed the newspaper suppressed negative stories and dropped investigations into HSBC because of the bank's advertising.
The HSBC Main Building in 1901 in Hong Kong, the headquarters of the Hongkong and Shanghai Banking Corporation from 1886 to 1933 for its Hong Kong operation.
The HSBC Building in 2005 in Shanghai, the headquarters of the Hong Kong and Shanghai Banking Corporation from 1923 to 1955 for its Shanghai operation.
For more information on the history of HSBC prior to the founding of HSBC Holdings in 1991, see The Hongkong and Shanghai Banking Corporation.
The Hong kong and Shanghai Bank was founded by Scotsman Sir Thomas Sutherland in the then British colony of Hong Kong on 3 March 1865, and in Shanghai a month later, benefiting from the start of trading into China, including opium trading. It was formally incorporated as The Hongkong and Shanghai Banking Corporation by an Ordinance of the Legislative Council of Hong Kong on 14 August 1866 In 1980, HSBC acquired a 51% shareholding in US-based Marine Midland Bank, which it extended to full ownership in 1987. On 6 October 1989, it was renamed by the Legislative Council, by an amendment to its governing ordinance originally made in 1929, The Hongkong and Shanghai Banking Corporation Limited, and became registered as a regulated bank with the then Banking Commissioner of the Government of Hong Kong.
HSBC Holdings plc, originally incorporated in England and Wales, in the United Kingdom, as "Vernat Trading Company Limited" on 1 January 1959 and then renamed "Vernat Eastern Agencies Limited" later in the same year, was by then a non-trading, dormant shelf company under a different, nominal name, when it completed its transformation on 25 March 1991into the parent holding company to the Hongkong and Shanghai Banking Corporation Limited now as a subsidiary, in preparation for its purchase of the UK-based Midland Bank and the impending transfer of sovereignty of Hong Kong to China. HSBC Holdings' acquisition of Midland Bank was completed in 1992 and gave HSBC a substantial market presence in the United Kingdom. As part of the takeover conditions for the acquisition, HSBC Holdings plc was required to relocate its world headquarters from Hong Kong to London in 1993.
Major acquisitions in South America started with the purchase of the Banco Bamerindus of Brazil for $1bn in March 1997 and the acquisition of Roberts SA de Inversiones of Argentina for $600m in May 1997. In May 1999, HSBC expanded its presence in the United States with the purchase of Republic National Bank of New York for $10.3bn.
The HSBC Main Building in Hong Kong, which was designed by Norman Foster and completed in 1985
Expansion into Continental Europe took place in April 2000 with the acquisition of Crédit Commercial de France, a large French bank for £6.6bn. In July 2001 HSBC bought Demirbank, an insolvent Turkish bank.In July 2002, Arthur Andersen announced that HSBC USA, Inc., through a new subsidiary, Wealth and Tax Advisory Services USA Inc. WTAS, would purchase a portion of Andersen's tax practice. The new HSBC Private Client Services Group would serve the wealth and tax advisory needs of high-net-worth individuals. Then in August 2002 HSBC acquired Grupo Financiero Bital, SA de CV, Mexico's third largest retail bank for $1.1bn.
In November 2002, HSBC expanded further in the United States. Under the chairmanship of Sir John Bond, it spent £9 billion (US$15.5 billion) to acquire Household Finance Corporation HFC, a US credit card issuer and subprime lender In a 2003 cover story, The Banker noted "when banking historians look back, they may conclude that it was the deal of the first decade of the 21st century". Under the new name of HSBC Finance, the division was the second largest subprime lender in the US.
On 22 November 2001, the Hongkong and Shanghai Banking Corp would provide a fixed-rate mortgage to buyers of Cheung Kong Holdings Victoria Towers residential development.
The new headquarters of HSBC Holdings at 8 Canada Square, London officially opened in April 2003.
In September 2003 HSBC bought Polski Kredyt Bank SA of Poland for $7.8m. In June 2004 HSBC expanded into China buying 19.9% of the Bank of Communications of ShanghaiIn the United Kingdom HSBC acquired Marks & Spencer Retail Financial Services Holdings Ltd for £763m in December 2004.Acquisitions in 2005 included Metris Inc, a US credit card issuer for $1.6bn in August and 70.1% of Dar es Salaam Investment Bank of Iraq in October. In April 2006, HSBC bought the 90 branches in Argentina of Banca Nazionale del Lavoro for $155m In December 2007 HSBC acquired the Chinese Bank in Taiwan.In May 2008, HSBC acquired IL&FS Investment, an Indian retail broking firm.
In 2005, Bloomberg Markets magazine accused HSBC of money-laundering for drug dealers and state sponsors of terrorism. Then-CEO Stephen Green said that "This was a singular and wholly irresponsible attack on the bank's international compliance procedures", but subsequent investigation indicated that it was accurate and proved that the bank was involved in money laundering for the Sinaloa Cartel and throughout Mexico.] U.S. Assistant Attorney General Lanny Breuer characterised HSBC compliance during this period as "stunning failures of oversight - and worse .The record of dysfunction that prevailed at HSBC for many years was astonishing."
In March 2009, HSBC announced that it would shut down the branch network of its HSBC Finance arm in the U.S., leading to nearly 6,000 job losses and leaving only the credit card business to continue operating. Chairman Stephen Green stated, "HSBC has a reputation for telling it as it is. With the benefit of hindsight, this is an acquisition we wish we had not undertaken.According to analyst Colin Morton, "the takeover was an absolute disaster
Although it was at the centre of the subprime storm, the wider group has weathered the financial crisis of 2007–2010 better than other global banks. According to Bloomberg, "HSBC is one of world's strongest banks by some measures". When HM Treasury required all UK banks to increase their capital in October 2007, the group transferred £750 million to London within hours, and announced that it had just le In March 2009, it announced that it had made US$9.3bn of profit in 2008 and announced a £12.5bn US$17.7bn; HK$138bn rights issue to enable it to buy other banks that were struggling to survive. However, uncertainty over the rights' issue's implications for institutional investors caused volatility in the Hong Kong stock market: on 9 March 2009 HSBC's share price fell 24.14%, with 12 million shares sold in the last few seconds of trading....
China Construction Bank
China Construction Bank, Shenyang
CCB was founded on 1 October 1954 under the name of People's Construction Bank of China Chinese: pinyin: Zhōngguó Rénmín Jiànshè Yínháng), and later changed to China Construction Bank on 26 March 1996.
In January 2002, CCB Chairman Wang Xuebing resigned from the bank after being charged with accepting bribes while he was employed with Bank of China; he was sentenced to 12 years in prison. In March 2005, his successor, Zhang Enzhao, resigned for "personal reasons". Just prior to his resignation, he had been charged in a lawsuit with accepting a US$1 million bribe. He was later sentenced to 15 years in jail in connection with the case
China Construction Bank Corporation was formed as a joint-stock commercial bank in September 2004 as a result of a separation procedure undertaken by its predecessor, China Construction Bank, under the PRC Company Law. Following the China Banking Regulatory Committee's approval on 14 September 2004, the next day the bank (Jianyin) became a separate legal entity, owned by the Chinese government holding company, Central Huijin Investment Company or simply Huijin.
During the 2013 Korean crisis, the China Construction Bank halted business with a North Korean bank accused by the United States of financing Pyongyang's missile and nuclear programs.
In 2014, China Construction Bank ranks the 2nd in Forbes’ 11th annual Global 2000 ranking of the biggest, most powerful and most valuable companies in the world.
Investment by Bank of America
In 2005, Bank of America acquired a 9% stake in China Construction Bank for US$3 billion. It represented the company's largest foray into China's growing banking sector. Bank of America currently has offices in Hong Kong, Shanghai, and Guangzhou and sought to expand its Chinese business as a result of this deal.
On or about 5 June 2008, Bank of America purchased 6 billion H-shares for approximately HK$2.42 per share using call options under a formula in the initial acquisition agreement. Bank of America now holds about 25.1 billion H-shares, representing about 10.75% of CCB's issued shares. Bank of America may not sell the 6 billion shares that it purchased from Huijin using the call option before 29 August 2011 without prior consent of CCB. Bank of America still has the option to purchase additional shares.
In May 2009, speculation was raised that US$7.3 billion worth of CCB shares had been sold by BoA, to help bolster capital during stress testing.
On August 29, 2011, Bank of America announced it would sell approximately half its stake in CCB 13.1 billion shares worth about US$8.3 billion to an undisclosed group of investors.
In September 2013, Bank of America sold its remaining stake in the China Construction Bank for as much as $1.5 billion.........
Industrial and Commercial Bank of China
Industrial and Commercial Bank of China Ltd. ICBC; simplified Chinese traditional Chinese: pinyin: Zhōngguó Gōngshāng Yínháng, more commonly just Gōngháng is a Chinese multinational banking company, and the largest bank in the world by total assets and by market capitalization. It is one of China's 'Big Four' state-owned commercial banks the other three being the Bank of China, Agricultural Bank of China, and China Construction Bank. It was founded as a limited company on January 1, 1984. As of Mar Generally considered the largest bank in the world by assets; it is the first Chinese bank to achieve such a feat It ranks number 1 in The Banker's Top 1000 World Banks ranking and number 1 on Forbes Global 2000 list of the world's biggest public companies.Recentism.svg
This article or section may be slanted towards recent events. Please try to keep recent events in historical perspective September 2009
ICBC opened a branch in Luxembourg which became the European headquarters of the bank in 2011. ICBC (Europe) S.A. operates a network covering branches in major European cities, namely Paris, Amsterdam, Brussels, Milan, Madrid, Barcelona, Warsaw and Lisbon.
The bank's Hong Kong operations are listed under the name ICBC Asia. It has purchased the Hong Kong subsidiary of Fortis Bank and rebranded it under its own name on 10 October 2005.
In the runup to its planned initial public offering, on 28 April 2006, three "strategic investors" injected US$3.7 billion into ICBC :
Goldman Sachs purchased a 5.75% stake for US$2.6 billion, the largest sum Goldman Sachs has ever invested-
Dresdner Bank (a wholly owned subsidiary of Commerzbank) invested US$1 billion.
American Express invested US$200 million.
World's largest IPO at the time
ICBC Bank in Beijing
The ICBC building in Xi'an
The ICBC building in Shanghai
The ICBC building in Tokyo
ICBC Canada
Torre Madero Office, the actual ICBC building in Buenos Aires
ICBC was simultaneously listed on both the Hong Kong Stock Exchange and Shanghai Stock Exchange on 27 October 2006. It was the world's largest IPO at that time valued at US$21.9 billion, surpassing the previous record US$18.4 billion IPO by Japan's NTT DoCoMo in 1998. In 2010, AgBank broke ICBC's IPO record when it raised $22.1 billion. China's largest commercial bank was also the first company to debut simultaneously on both the Hong Kong and Shanghai stock exchanges.
ICBC raised at least US$14 billion in Hong Kong H-shares and another US$5.1 billion in Shanghai A-shares. Due to heavy subscriptions, the greenshoe (i.e. over-allotment) placements were exercised and ICBC's take rose to US$21.9 billion 17% of ICBC's market value before the IPO, divided in US$16 billion in Hong Kong and US$5.9 billion in Shanghai. Following the global offering, the free float of shares was 22.14% of the market capitalization.
At the end of its first day of trading, the bank's shares closed up almost 15% at HK$3.52 in Hong Kong, compared with the listing price of HK$3.07, which was set at the top of the indicative range due to the strong demand. According to Bloomberg, ICBC's market capitalisation at the end of trade based on its Hong Kong shares was US$156.3 billion, making its equity the world's fifth highest among banks, just behind JPMorgan Chase. Meanwhile, ICBC's Shanghai-listed A-shares recorded more modest gains and ended up 5.1% from the offering price of RMB 3.12......
Friday, November 13, 2015
Air Lease Corporation
Air Lease Corporation ALC is an American aircraft leasing company founded in 2010 and headed by Steven Udvar-Házy. Air Lease purchases new commercial aircraft through direct orders from Boeing, Airbus, Embraer and ATR, and leases them to its airline customers worldwide through specialized aircraft leasing and financing.As of the end of 2014, Air Lease reported that it owns 213 Airbus, Boeing, Embraer, and ATR aircraft, which it leases to over 80 airlines across 47 countries in every major geographical region in the world.
Air Lease provides airlines with net operating leases, which require the lessee to pay for maintenance, insurance, taxes and all other aircraft operating expenses during the lease term.
As of 2015, Air Lease has on order approximately 400 aircraft, worth over US$30 billion, and had a 2014 market capitalization of US$ 4.0 billion.
Steven Udvar-Házy, chairman and chief executive of Air Lease, was a founder of Century City aircraft leasing giant International Lease Finance Corp. ILFC and stayed on as chief executive after it was sold to American International Group Inc AIG in 1990.Udvar-Házy left ILFC to start Air Lease in 2010 following a dispute with AIG.
Udvar-Házy started Air Lease in February 2010 with former ILFC chief operating officer John Plueger, who has the same role at the new company. On April 19, 2011, AL had an initial public offering of Class A stock on the New York Stock Exchange, and raised an estimated total of US$ 965.6 million. Udvar-Hazy, estimated by Forbes in 2015 to have a net worth of $3.7 billion, has a 7 percent stake.......
East West Bank
The current Chairman and Chief Executive Officer is Dominic Ng and the President and Chief Operating Officer is Julia S. Gouw.
East West Bank was founded in 1973 as a savings and loan company targeting the Chinese American community in Southern California. It became a state-chartered commercial bank in 1995. The Chinese name is not a direct translation of east and west, rather it is two characters, which depend on context. can mean magnificent or splendid, but is often used in conjunction with other characters to refer to China and Chinese overseas. Likewise can mean 'pretty' or 'USA, American'.
Map of cities with East West Bank branches.
In August 2004, East West Bancorp, the parent company of East West Bank, acquired Trust Bank, a Chinese American bank that was based in Monterey Park, California and had assets valued at $235 million. All four branches of Trust Bank were rebranded to East West Bank's name and shareholders of Trust Bank received a total value of $32.9 million in East West Bank stock for the acquisition. According to East West Bankcorp's press release, the acquisition was estimated to be accretive to 2004 earnings per share by $0.02.
In March 2006, East West Bank again merged with another Chinese American bank when East West Bankcorp acquired Standard Bank, headquartered in Monterey Park, California. Standard Bank had six branch locations, all located in Los Angeles county, and had assets valued at $923 million. A total value of $200.3 million was paid in the acquisition, consisting of $70.1 million in cash and 3,547,314 shares of common stock in East West Bancorp.
In 2007, it purchased Desert Community Bank, a community bank operating in the Victor Valley region of California. Desert Community Bank branches remain branded as such and did not change to East West Bank, however DCB members have access to the East West Bank network and vice versa.
In 2009, it purchased the assets of failed United Commercial Bank, via a transaction by the Federal Deposit Insurance Corporation. This expanded East West Bank's reach with UCB's 63 U.S. branches, including 17 in Southern California and into the Chinese American communities of Houston, Boston, and Atlanta, as well as branches in Hong Kong and China.
East West Bank similarly assumed the deposits, some assets, and all four branches of Washington First International Bank in Seattle upon the latter's failure on June 11, 2010.
Its spokeswoman used to be figure skater Michelle Kwan. East West Bank also purchased the naming rights to the East West Ice Palace, an ice rink arena in Artesia, California. It also owns the naming rights to the East West Bank Classic, a tennis tournament on the WTA Tour.......
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