All articles by Douglas Blakey
Douglas Blakey
CBA suffers fresh IT outage
Commonwealth Bank of Australia (CBA) has suffered a fresh outbreak of IT problems, with some customers unable to withdraw cash from ATMs; debit card usage has also been hit CBA has suffered IT glitches since it kicked off an A$1.1bn ($1,13bn) upgrade of its core banking system.
Union Bank of India targets unbanked segment, plans major distribution investment
Union Bank of India (UBI) is to expand its 3,016-strong-branch network by a further 400 units by next June, with 100 of the new units to be financial inclusion outlets
China Minsheng turns to FICO to meet Basel compliance
China Minsheng Banking Corporation (CMBC) is to deploy Basel II compliance consulting, analytic services and support from US-headquartered data analytics and decision management technology provider, FICO. In addition to ensuring Basel II compliance, the project is part of CMBCs initiative to focus on small and micro businesses by using data-based risk management tools and analytics
Wells Fargo extends student offering
Wells Fargo has rolled out ATM Cash Tracker and My Money Map with the aim of helping students track and stay on top of their finances Students can establish a monthly withdrawal budget at the ATM; each time they return to the ATM, students can see how they are doing compared to their budgeton the screen while they are transacting
Standard Bank posts first half net income up 12%
South Africa-based Standard Bank has reported a first half net profit of ZAR6.56bn ($907.5m), an 11.8% increase from the corresponding period last year. Net profit at Standards retail-focused Personal and Business banking unit soared by almost one-third to ZAR2.49bn. Standards first half retail banking highlights included current account customer numbers in South Africa increasing by 14%; deposits grew by 5% across the network, which helped grow fee income
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US free checking alive and kicking
The availability of free checking accounts in the US has fallen only very slightly, according to the latest MoneyRates Index, a twice a year survey of 100 of the largest US retail banks. While free checking in the US has been in decline, more than one-third of the lenders surveyed continue to offer a checking account without a monthly service fee.
UOB posts H1 net profit up by 2.3%
Singapore-based United Overseas Bank (UOB) has posted a 2.3% increase in first half net profit to S$1.25bn ($1.03bn), ahead of analyst forecasts. UOBs first half net interest income remained flat at S$1.78bn; fees and commission income rose by 17.3% to S$668m.
Nigeria consolidation accelerates: Sterling Bank snaps up failed Equitorial Trust Bank
Equitorial Trust Bank (ETB) one of the nine lenders bailed out by the Central Bank of Nigeria (CBN) in 2009 has been acquired by Sterling Bank. ETB was one of four Nigerian lenders the others being Afribank, Spring Bank and Bank PHB ordered by the CBN to find a merging partners, having failed to attract sufficient capital to remain independent. At the start of August, Afribank, Spring Bank and Bank PHB ran out of time; the lenders were liquidated and have since been rebranded as Mainstreet Bank, Enterprise Bank and Keystone Bank, respectively.
FIS’ NYCE unit agrees deal with China UnionPay
FIS electronics payments subsidiary, NYCE Payments, has signed an agreement with China UnionPay (CUP) to allow cardholders reciprocal access to ATMs across both networks. The deal will enable NYCE ATM cardholders to conduct ATM withdrawals and balance inquiries in China In addition, more than 2.6bn CUP cardholders will have access to the more than 360,000 NYCE network ATMs.
IDBI launches Magic Card: combined debit and credit card
IDBI Bank chairman and managing director R M Malla said that the Magic Card would be offered to all new and existing account holders, with a credit limit of three times of the customers monthly net salary with a maximum daily withdrawal limit of INR50,000 ($1,112).