Wal-Mart’s venture in India loses chief
The head of Wal-Mart Stores Inc.’s Indian venture is no longer with the company though it was not immediately known why he left. The Bentonville-based retailer said Wednesday that Ramnik Narsey, senior vice president for Walmart International, is interim leader for Wal-Mart’s business in India, replacing Raj Jain, who was chief executive officer of the Bharti-Walmart joint venture.
Jain was on the job six years with Wal-Mart in India, where the retailer’s lobbying efforts have been brought into question by the Indian government.
Wal-Mart on Tuesday gave Narsey its full confidence. Before joining the company in May, he served as chairman and CEO for Woolworths India.
“Ramnik brings significant management and leadership experience to the role,” said Scott Price, president and CEO for Walmart Asia. “We remain optimistic about our business in India and look forward to our future in India under Ramnik’s leadership.”
- Cyd King
Solid cost savings seen in banks’ deal
Cost savings for Home BancShares after it acquires Liberty Bancshares should be significant, Matt Olney, an analyst with Stephens Inc., said Wednesday in a research brief.
Olney owns no stock in Home BancShares.
Conway-based Home BancShares, which owns Centennial Bank, said Tuesday that it has agreed to buy Jonesboro-based Liberty Bancshares.
Olney expects Home BancShares to reduce expenses at Liberty partially from a reduction of employees and the elimination of duplications in Liberty’s record-keeping department.
Olney also said the average salary at Liberty is $63,400, compared with $50,500 at Home Banc-Shares, and that Liberty’s salaries likely will be reduced.
Home BancShares said Tuesday that it would probably not make any more acquisitions for as long as a year, but Olney said that “considering [Home BancShares’ acquisition] appetite,” the bank could resume its Florida acquisition strategy in early 2014.
- David Smith
Arkansas Index up; Conway bank soars
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, increased 1.12 to 273.40 Wednesday.
In heavy trading, Conway-based Home Banc-Shares Inc. gained 12.23 percent to finish at $25.61.
JB Hunt Transport Services Inc. gained 1.68 percent to close at $70.39.
First Federal Bancshares of Arkansas Inc. fell 2.56 percent to finish at $7.61.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business, Pages 25 on 06/27/2013