$24 million bid for bank in Chinatown

Article Abstract:

First Commercial Bank of Philadelphia, PA, will be acquired by HSBC Holdings PLC, formerly the Hongkong & Shanghai Banking Co., through HSBC's Marine Midlands Bank of Buffalo, NY, for $23.8 million, or about $41 a share. The purchase has to be approved by the shareholders of First Commercial as well as by the federal and state regulators. The acquisition will mark the entry of HSBC into the Philadelphia market. HSBC is an Anglo-Chinese company that is managed by British executives from its headquarters in London, United Kingdom. The largest single investor of the finance firm is the government of Hong Kong.

Comment:

Will be acquired by HSBC Holdings PLC, formerly the Hongkong & Shanghai Banking Co., for $23.8 mil, or about $41 a share

Commercial Banks, Commercial Banking, Asset sales & divestitures, Article, First Commercial Bank (Philadelphia, PA)

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Hedge funds helped sweeten the pension pot, Pa. says

Article Abstract:

The State Employees' Retirement System (SERS) bought hedge funds, which yielded $885 million in 2002 in profit as a result of which SERS boosted its hedge-fund investments from $3 billion to $5 billion in the year 2003. SERS and the larger state teachers' pension system expected to receive subsidies total more than $1.5 billion in 2004.

Legal issues & crime, Government regulation (cont), Financial management, Government regulation, Management dynamics, Legal/Government Regulation, Management, Laws, regulations and rules, Company investment, Investments, Company business management, Hedge funds, Pennsylvania. State Employees' Retirement System

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