BNP Paribas has begun to negotiate the purchase of RCS Investment Holdings, a consumer credit provider owned by Standard Bank and Foschini.
The commodity giant is puportedly trying to cut debt costs by looking for a R160-billion loan.
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/ 30 January 2008
Fresh write-offs at big European and Japanese banks on Wednesday drove investors’ attention firmly back onto the credit crunch after days gazing at Société Générale’s stunning losses, which it blames on a junior trader. With the Federal Reserve expected to cut interest rates for the second week running, Swiss bank UBS illuminated the depth of the crisis.