SWFI First Read, April 30, 2017
LIA Turns its Legal Sights on Société Générale via Derivative Trades
The Libyan Investment Authority (LIA) is going after its next target, Société Générale S.A. This is in relation to derivative trades made back in 2007 and 2009, a similar pursuit made by LIA to Goldman Sachs. The case is being taken up in London’s High Court.
WE’RE BACK: Citigroup Saudi Arabia Gets Investment Banking License in Saudi Arabia
On April 25, 2017, the Saudi Capital Market Authority had authorized Citigroup Saudi Arabia to get its investment banking license, enabling the firm to conduct dealings as underwriters arranging and advising on securities business activities. The current CEO of Citigroup Saudi Arabia is Carmen Haddad.
Citibank had its first office in Saudi Arabia in Jeddah in 1955. By 1980, through legislation by Saudi Arabia, Citibank transformed its Saudi banking unit into a joint venture with Saudi American Bank (Samba). By 2004, Citibank had sold its last remaining interest in Samba.
Purdue University to Buyout Kaplan University
On April 27, 2017, Purdue University made a big move to form a new public university after agreeing to buy an online university. Purdue University has agreed to buyout Kaplan University. Kaplan University is the for-profit higher education business of Kaplan Inc. Kaplan Inc is ultimately owned by Graham Holdings Co. This deal include the acquisition of its 15 campuses and learning centers.
According to the press release by Purdue University, “all existing Kaplan University students and faculty will transition to the new university, which will use the Purdue name in some fashion not yet identified.”
The release added, “the new university will formally begin operations upon approval from the U.S. Department of Education and the Higher Learning Commission. Purdue plans to take immediate steps to commence those approval processes. Both Purdue and Kaplan universities are accredited by the HLC.”
China Merchants Bank Makes Private Banking Push in Singapore
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