RBI lifts PwC Ban

RBI lifted ban on PwC auditing banks & NBFCs.

PwC was banned from auditing banks and NBFCs following its association with the now failed Global Trust Bank as its auditor for financial years 2002 and 2003. RBI had found that PwC underprovided for NPAs.

GTB eroded networth due to over exposure to Capital Markets. It tried to make up for the capital by roping in Newbridge Capital, but RBI disapproved on grounds of questionable source of money. Since bank was not able to make up for capital, it was put under moratorium and then a quick takeover by OCB.

India, China are Asia's top M&A destination - Are you surprised??

India & China are top M&A destination...havn't we heard this often enough. India is a party destination for the Financial services industry, and everyone wants to cover this party.

PWC has come out with a survey reiterating the above. “China and India still remain the top two targets for M&A in the region due to underlying economic growth conditions,” an annual report presented by the financial advisory firm said, as reported by Mint.

The survey which polled 230 senior financial executives in Asia, Europe, North America and the Middle East, showed interest in India had increased slightly from 37% in 2005 to 39% in 2007.
By comparison, 47% of executives answered that they expected to execute a merger or buyout in China over the next five years.

Taiwan, Pakistan and Vietnam were also fast emerging as M&A hot spots, the report said.
Managers also signalled particularly strong expectations for Hong Kong, Singapore and Indonesia over the next five years.

Among those surveyed, nearly three quarters predicted that their companies would undergo a significant merger or acquisition some time in the next five years, up from 68% last year. Already, transaction value in Asia last year totalled $64 billion (Rs2,59,711 crore), a jump of 66% from 2005.

The sun is shining...and we all know whos making hay