All articles by Douglas Blakey
Douglas Blakey
ICICI snaps up Bank of Rajasthan
ICICI is set to buy private-sector rival Bank of Rajasthan in a deal worth around $660m, in the process increasing its branch network by around a quarter to almost 2,500 outlets
Temenos and Capgemini Form Strategic Alliance
Temenos and Capgemini have announced that they have entered into a strategic alliance to significantly enhance the global sales, service and delivery capabilities for Temenos core banking solutions The new alliance combines Capgeminis expertise in systems integration and management consulting with Temenos products, methodologies and tools to provide existing and prospective clients with a comprehensive global delivery platform The agreement also allows Temenos to leverage Capgeminis data migration, testing and project management expertise to support Temenos existing client base of more than 1,000 financial institutions around the world
Absa, Western Union launch global first
Absa has become the first financial services firm to offer Western Unions remittances service on all three distribution channels: branch, mobile and internet While South Africas Reserve Bank has placed restrictions, Absa believes it will boost its already successful multi-channel strategy
Shinsei posts massive loss, Aozora merger collapses
Mid-sized Japanese lender Shinsei has unveiled a loss of 140.1 billion ($1.52 billion) for the 12 months to 31 March, down only marginally from a loss of 143 billion the previous year and confirmed rumours it has scrapped its proposed merger with rival Aozora, following a breakdown in merger talks. While private equity groups Cerberus and JC Flowers are major shareholders in the two banks, owning 32.5 percent and 55 percent of Shinsei and Aozora respectively, the banks are both heavily backed by the Japanese state, with a 23 percent share of Shinsei and around 22 percent of Aozora.
Intesa Sanpaolo posts Q1 earnings down 36%
Italys second-largest bank, Intesa Sanpaolo, has posted first quarter net profits of 688 million ($856.7 million), down 36 percent from the corresponding period last year, on lower net interest income (down 9.5 percent year-on-year to 2.66 billion).
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
Retail earnings help ING swing back into profit
Netherlands-based ING has returned to the black, posting a first quarter net profit of 1.33 billion ($1.69 billion), compared with a loss of 793 million in the corresponding period a year ago While INGs first quarter earnings were boosted by the one-off gain of 400 million, following the sale of its Asia and Swiss-based private banking arm, underlying retail banking net earnings more than trebled to 626 million from the year-ago quarter. ING Direct, which suffered a miserable fiscal 2009 posting an annual loss of 666 million, recovered to record profits before tax of 269 million in the first quarter.
UniCredit Q1earnings rise, retail profits fall
UniCredit has reported first quarter net earnings of 520 million ($659.7 million), up 16.5 percent from the corresponding quarter last year and ahead of analyst forecasts. But the domestic retail unit of Italys biggest bank posted first quarter profits before tax of 91 million, down from 364 million in the year-ago quarter while the banks retail-focused Central and Eastern European unit recorded profits before tax of 256 million, down 33 percent.
US Bank cuts overdraft charges from August
In particular, the bank has reduced overdraft charges to $10 for transactions that are $20 or less and are drawn on an account that has a negative balance; a fee of $33 applies to transactions over $20.Last September, US Bank capped the number of overdraft fees to three in one day and waived fees if the account is overdrawn less than $10; and expanded same-day availability for most deposited items.
RBS cuts group Q1 loss, retail profits up
Majority state-owned lender, Royal Bank of Scotland (RBS), has beaten analyst expectations with a first quarter loss of £248 million ($364.1 million), down from a loss of £902 million in the corresponding period a year ago. RBS UK retail division posted profits before tax of £140 million, (up from £17 million in the year ago quarter), a gain wiped out at the Ireland-based subsidiary Ulster Bank, posting a loss of £137 million, compared with a profit of $4 million.
Bancolombia Q1 earnings up 10%
Net profits at Colombias largest bank, Bancolombia, rose by 9.6 percent year-on-year to COP340.9 billion ($168.5 million) in the first quarter, beating analyst forecasts. Net fees and income from services totaled COP374 billion, up 2 percent compared with the corresponding quarter last year, with credit and debit card annual fees – the biggest contributor to total fees – also up 2 percent year-on-year.