All articles by Verdict Staff
Verdict Staff
News Digest
In an attempt to become one of the countrys top 10 lenders, the UK Post Office has launched a range of mortgage products as part of its joint venture with Bank of Ireland (BoI). Following a successful trial which kicked off two years ago in which mortgages were available in a small number of branches, mortgage information was made available at all 12,000 of its outlets from 19 October
Survival of the fittest
The two highest-profile US banking failures this year the $16 billion asset Guaranty Bank and $25 billion asset Colonial Bank have given both BBVA Compass and BB&T respectively the chance to bolster their respective positions in the upper echelons of the volatile US banking sector Dan Jones reports.The twin failures of Austin, Texas-based Guaranty Bank and Montgomery, Alabama-based Colonial Bank and their subsequent acquisitions by BBVA Compass and BB&T, respectively have demonstrated that the US banking industry remains in a state of considerable upheaval despite the absence of the kind of high-profile collapse that came to define 2008.
Nigeria’s First Bank sees earnings fall by 66%
Nigerias largest lender, First Bank of Nigeria (FBN), has posted net earnings for the 12 months to 31 March down by 66 percent to NGN12.6 billion ($84.7 million), compared with NGN36.7 billion in the previous year, due to a diminution in the value of investments occasioned by the situation in the capital market, according to a statement from the bank. While FBNs revenue was up more than 40 percent year-on-year at NGN218.3 billion, boosted by deposits and loans growth of 70 percent and 59 percent respectively, it wrote off exceptional items of NGN26.1 billion during the year.
NAB launches voice protection
National Australia Bank (NAB) has rolled out biometric voice verification for its 3.3 million domestic retail banking customers to verify the identity of callers to its call centres.
Allianz, CNBC team up for ethical entrepreneur competition
Europes largest insurer, Allianz, has joined forces with US broadcaster CNBC in a competition to find and support so called green entrepreneurs in Europe The winner of the scheme will receive a prize package worth over 250,000 ($346,000) including business support from Allianz and international TV advertising Called The Good Entrepreneur, the competition aims to find someone with an eco-business concept which is sustainable, responsible and innovative.
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A revolution is taking place at Westpac’
Hugh Fasken discusses the groups domestic retail plans with Peter Hanlon, group executive of retail and business banking. Measured by branches, Westpac is now the largest bank in the AustralianNew Zealand market though arch rival Commonwealth Bank of Australia (CBA) remains ahead in terms of deposits
The centre of retail banking
Branch density is lowest in some of the most dynamic emerging economies, including Indonesia and India, according to research from RBI, while key countries in western Europe such as Spain and Italy remain clearly over-branched.Judged by the number of branch roll-outs, expansion plans and revamp initiatives instigated by banks around the world, branches remain strategically important to the retail financial services industry despite the ongoing momentum behind internet and mobile banking.
Rebuilding a culture of risk awareness
With risk management in the spotlight now more than ever, two separate reports assessing industry opinions show that while awareness of existing problems has increased, doubts remain over the speed and effectiveness of potential reforms to the international banking system Dan Jones reports.Two separate surveys of senior executives from retail banks and other financial institutions have summed up the prevailing sentiments of the financial services industry: that risk management strategies are inadequate and must be reformed as a matter of urgency.
Belgium launch for new BNP Paribas Fortis brand
BNP Paribas, which finally completed the purchase of the Belgian states 75 percent holding of Fortis banking operations in Belgium on 12 May, is close to finishing a speedy rebranding of Fortis 1,050 branches in the country under the BNP Paribas Fortis banner Now the BNP Paribas Fortis (BNPF) name is being promoted in the Belgian market via an integrated advertising campaign devised by the banks media partner Publicis Belgium, under the banner One billion euros.
Profits plunge at Nationwide
Nationwide Building Society, the UKs largest mutual, has reported a 67 percent fall in net profits from £495 million ($788.7 million) to £162 million for the year to 4 April, hammered by impairment losses which almost quadrupled to £394 million against £106 million in the previous year.Nationwide also took a major hit from the soaring cost a whopping £258 million for the year of its levy to the UKs Financial Services Compensation Scheme (FSCS), designed to protect customer deposits