Development Credit Bank Ltd. (DCB), one of India’s private sector banks is pleased to announce the appointment of Mr. Susheel Kak as Chief Credit and Risk Officer (CCRO), effective September 15, 2006. Susheel Kak brings with him around 30 years of corporate and commercial banking experience. He has worked with several large national, private and foreign banks before joining DCB.
While announcing the appointment, Gautam Vir, MD & CEO, said, “I am delighted to report that we have a new CCRO on board. Susheel has an exciting role of enhancing the credit portfolio quality, processes, reducing turnaround and implementing enterprise wide risk processes. He has extensive experience in Corporate & Commercial banking, Trade Services, Cash Management, Loan Syndication, which will be important skills in support of our growth strategy.”
He further added that, “We are very fortunate to bring someone with Susheel's risk assessment and corporate portfolio management capabilities into the CCRO role at the opportune time, and I am looking forward to working with him.”
Before joining DCB, Susheel Kak was the Head of Corporate Banking, IDBI Bank Ltd. Prior to IDBI Susheel was with the Deutsche Bank AG (DB) holding various positions and before resigning was Director & Head, Corporate Relationship and Global Banking, Northern Region. He also worked as Acting CEO of DB Financial Services Co., a joint venture of DB with the Unilever Group (Brooke Bond India Ltd). Susheel has also supported Head Office Special Audit & Special Audit of RBI, which formed part of an Indian Parliamentary investigation (Stock market scam of 1992). He started his career as a Probationary Officer with State Bank of India.
Susheel Kak is a Certified Associate of the Indian Institute of Bankers (CAIIB) and holds a Bachelor degree in Arts and Law from Mumbai University.
AMD AND ATI ANNOUNCE MERGER CONTROL CLEARANCES IN CONNECTION WITH PROPOSED ACQUISITION
Dubai, UAE, September 13, 2006 - Advanced Micro Devices, Inc. (NYSE: AMD) and ATI Technologies Inc. (TSX: ATY, NASDAQ: ATYT) today announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, relating to the proposed acquisition of ATI by AMD, has expired. In addition, the Commissioner of Competition issued an advance ruling certificate in connection with the proposed acquisition under the Canadian Competition Act, and the German Federal Cartel Office likewise has cleared the transaction. As a result, the conditions to the acquisition relating to U.S., Canadian and German antitrust approvals are now satisfied.
The proposed acquisition was announced on July 24, 2006 and remains subject to the approval of ATI shareholders, court approval of the plan of arrangement, and certain other regulatory approvals, including approval by the Minister of Industry under the Investment Canada Act and prior clearance under competition laws in Taiwan, as well as other customary closing conditions. The transaction is expected to be completed during ATI's first quarter of fiscal 2007, which ends November 30, 2006.
A special meeting of ATI shareholders to approve the transaction is scheduled to be held on October 13, 2006 in Toronto. A court hearing to confirm, among other things, the mechanics of the mailing of the Notice of Special Meeting and Management Information Circular, and the meeting date, has been scheduled for September 13, 2006.
"We are pleased to pass through the HSR waiting period and receive clearance from the Canadian Competition Bureau and the German Federal Cartel Office," said AMD Chairman and CEO Hector Ruiz. "We look forward to the October 13th ATI shareholder vote and additional regulatory approvals, and to merging the companies to drive growth, innovation and choice for our customers, partners and the industry."
"Our integration planning is underway and the more closely we get to know the team at AMD, the more excited we are about the opportunities and potential for the combined organization and our customers once the deal is completed," said David Orton, President and Chief Executive Officer of ATI.
About AMD
Advanced Micro Devices (NYSE: AMD) is a leading global provider of innovative microprocessor solutions for computing, communications and consumer electronics markets. Founded in 1969, AMD is dedicated to delivering superior computing solutions based on customer needs that empower users worldwide. For more information visit www.amd.com.
About ATI
ATI Technologies Inc. is a world leader in the design and manufacture of innovative 3D graphics, PC platform technologies and digital media silicon solutions. An industry pioneer since 1985, ATI is the world's foremost graphics processor unit (GPU) provider and is dedicated to deliver leading-edge performance solutions for the full range of PC and Mac desktop and notebook platforms, workstation, set-top and digital television, game console and handheld device markets. With fiscal 2005 revenues of US $2.2 billion, ATI has approximately 4,000 employees in the Americas, Europe and Asia. ATI common shares trade on NASDAQ (ATYT) and the Toronto Stock Exchange (ATY).
