Amsterdam: Dutch bank Rabobank ended its multi-million euro backing of professional cycling on Friday, the latest sponsor scared away by a doping scandal that has engulfed seven-times Tour de France winner Lance Armstrong.
The bank is the biggest backer of the high profile Dutch Rabobank team, with total sponsorship worth 15 million euros a year in a cycling-mad nation with as many bikes as people.
The decision shows the damage being done to cycling after the U.S. Anti-Doping Agency (USADA) said Armstrong had taken part in and organised a sophisticated doping scheme on his way to success.
"We are no longer convinced that the international professional world of cycling can make this a clean and fair sport. We are not confident that this will change for the better in the foreseeable future," Bert Bruggink, a Rabobank board member, said in a statement....more
10:25 PM, Oct 19, 2012
New Delhi: UK-based HSBC is likely to sell stake in private sector lenders Axis Bank and Yes Bank as part of its global strategy and is understood to have appointed merchant bankers for the deals. To be done through block deals by HSBC Securities, the two stake-sales could be worth about Rs 2,430 crore at the prevailing market price of the India-based lenders. HSBC has 4.75 per cent stake amounting...
03:56 PM, Jun 28, 2012