The Canadian government has given the country’s Wheat Board four years to come up with a plan to become a private company or cooperative under legislation that would end the board’s monopoly on marketing wheat and barley.
Commerzbank AG, Germany’s second- largest bank, had its credit rating cut one level as Europe’s deepening debt crisis prompted Moody’s Investors Service to downgrade seven lenders in the nation and three in Austria.
Erste Group Bank AG , Austria’s biggest publicly traded lender, hired a fixed-income sales team from Landesbank Baden-Wuerttemberg to expand its business with institutional clients in neighboring Germany.
Erste Group Bank AG reduced its management board’s bonus payments retroactively by about 35 percent after the group restated its 2010 profit due to a reclassification of credit default swaps, the bank said today.
Alior Bank SA’s main shareholder, Carlo Tassara SpA, is working with UBS AG to sell at least 30 percent of the bank that held Poland’s biggest initial public offering last year, three people familiar with the matter said.