DUBAI / Reuters Bank of Tokyo-Mitsubishi UFJ has received a licence to open a branch in Saudi Arabia, becoming the first Japanese bank to establish a presence in the kingdom. The bank, part of Mitsubishi UFJ Financial Group, has played a central role in the Saudi government’s recent financing activity, in April helping to arrange a $10 billion loan, …

  Bloomberg Canadian Imperial Bank of Commerce stands by its cash-and-stock bid to buy U.S. lender PrivateBancorp Inc. and is willing to wait out a market rally to complete the deal, Chief Executive Officer Victor Dodig said. “We worked long and hard at getting the right consideration in place in terms of cash and stock,” Dodig said in a Bloomberg …

  Bloomberg Goldman Sachs Group Inc and other Wall Street banks can breathe a sigh of relief after the Federal Reserve said that it would give them more time to meet Volcker Rule requirements to unload hard-to-sell stakes in private-equity firms and hedge funds. Banks can be granted as long as five years from the current July 21 compliance date …