Latest news with #WoS
Business Standard
6 days ago
- Business
- Business Standard
Caplin Point Laboratories announces acquisition of Triwin Pharma S.A DE C.V
Through its WoS - Caplin Point Far East, Hong Kong Caplin Point Laboratories announced that the Company's wholly owned Subsidiary Caplin Point Far East, Hong Kong, had executed Share Purchase Agreement dated 03 June 2025 for acquiring the entire stake in Triwin Pharma S.A DE C.V, a Mexican Company. The target company is engaged in marketing and distribution of pharmaceutical products. The acquisition was a strategic decision, as it provides a local partner in Mexicoenabling participation in government tenders and also supporting the establishment of a stock-and-sale model, in line with our successful strategy in other LATAM markets.
Time of India
09-05-2025
- Business
- Time of India
Japan's SMBC to buy 20% in Yes Bank
Image used for representative purposes MUMBAI: Five years after a group of Indian lenders led by SBI stepped in to rescue Yes Bank, Japan's Sumitomo Mitsui Banking Corporation (SMBC) will acquire a 20% stake in the private lender for Rs 13,483 crore, making it the largest shareholder. The deal, India's biggest cross-border banking investment, marks a shift in ownership of the bank once run by veteran banker Rana Kapoor. Kapoor lost control in 2020 after the bank nearly collapsed due to bad loans, which wiped out its net worth. RBI then mandated a reconstruction scheme under which eight Indian banks took equity stakes. SBI will now sell a 13.2% stake, cutting its holding to just over 10%. ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Axis Bank, IDFC First Bank, Federal Bank, and Bandhan Bank will offload a combined 6.8%. Operation Sindoor PM Modi meets NSA, chiefs of armed forces amid spike in tensions with Pak India's air defence systems shoot down Pak drones in J&K, Punjab & Rajasthan Several airports in India to be closed till May 15 - check list The deal is priced at Rs 21.5 per share, above the recent market price and more than double what the rescuing banks invested. SMBC, a unit of Japan's second-largest bank by assets, will become Yes Bank's anchor investor after securing regulatory and shareholder approvals. The deal may reshape the bank's strategy and comes amid SMBC's broader push into Asia. Its parent, Sumitomo Mitsui Financial Group, has $2 trillion in assets and recently took full ownership of its Indian NBFC arm, SMFG India Credit (formerly Fullerton). SMFG sees India as a counterweight to Japan's ageing population and low growth. The firm is betting on India's demographics and macroeconomic momentum. On May 6, after reports of SMBC's interest, Yes Bank denied knowledge of any unannounced developments, causing shares to erase a 10% gain. The stock again surged 10% on Friday ahead of the announcement. Banking industry observers are waiting to see if SMBC takes the wholly-owned subsidiary (WoS) route in Yes Bank. In the past, both DBS and State Bank of Mauritius used the WoS route to acquire a local banking licence. Most large foreign banks operate as branches and need permission to open new ones. SMBC will also have to deal with a bank that has a bloated equity base, following massive capital infusions. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Independent
06-02-2025
- Business
- The Independent
Watches of Switzerland ‘confident' after strong festive season
Rolex retailer Watches of Switzerland has hailed a robust festive season for the group as it cheered further signs of a recovery in the luxury watches and jewellery market. The London-listed group said it had seen 'further stabilisation' of the market in the UK thanks to 'good' trading over the crucial festive quarter to January 26. It comes after a difficult past couple of years, which saw cost-of-living pressures knock discretionary spending on luxury goods. Watches of Switzerland (WoS) – the UK's biggest seller of Rolex and Omega watches which has 221 showrooms across Britain, the US and Europe – said the American market has also seen 'continued momentum'. WoS said: 'Given our trading performance over the first nine months of the fiscal year, visibility of supply in both markets, certainty on the timing of key showroom openings, and expectations of new product launches, we remain confident in delivering our 2024-25 guidance.' WoS is expanding significantly into the US market, which it hopes will soon make up half of all group sales. It is integrating its recent Robert Coin acquisition in the US while increasing showroom stock levels in America and looking to open new stores in the country. In the UK, the group is set to open its flagship Rolex boutique in Old Bond Street in London, which it hopes will be a 'major destination for Rolex in the UK market' Retail expert David Hughes at Shore Capital said: 'Given the worsening views on the economic outlook of the UK, and a number of recent profit downgrades from retailers following a softer seasonal period, a report of good trading and maintained 2024-25 guidance should reassure.'
