All articles by Douglas Blakey
Douglas Blakey
Citi expands Malaysian branch network
Citibank has expanded its Malaysian branch network from 7 to branches and said it will ramp up its retail distribution strategy in the country by investing in its online and mobile banking platforms. Sanjeev Nanavati, CEO of Citibank Berhad, said: 2010 will see Citibank expanding aggressively across all businesses in Malaysia We expect significant growth opportunities with branch expansion and increased ATM touch points
StanChart rolls out Shariah compliant credit card
Standard Chartered (StanChart) has launched a MasterCard branded Shariah compliant credit card, Saadiq Platinum, in the United Arab Emirates (UAE). As we move towards a clear strategy of customer focus, we are investing heavily in developing products and services that are specifically tailored to our customers needs rather than adopting a one-size-fits-all approach, said Syed Hammad Haider, general manager of retail products and head of national sales at StanCharts retail arm in the UAE.
Regions launches 323 ‘DepositSmart’ ATMs
Alabama-headquartered Regions Financial has installed 323 DepositSmart ATMs, offering customers the option to make deposits 24 hours a day without envelopes or deposit slips.
Lloyds offers mortgage discount to current account customers
In an effort to boost its cross-sell metrics, the UKs largest retail bank Lloyds is to offer its Lloyds TSB current account holders a 0.2 percent discount in mortgage interest rates, provided customers deposit £1,000 ($1,544) or more in their accounts each month. Lloyds said that customers signing up to its 3.99 percent fixed rate repayment mortgage borrowing £150,000, would save £197 in the first year as a result of the mortgage interest rate reduction to 3.79 percent. Stephen Noakes, Lloyds TSB head of mortgages at said: “Rewarding our current account customers by helping to reduce the costs of their mortgage payments is just one of the ways Lloyds TSB will continue to deliver the best value mortgages and develop deeper relationships with our customers in these still challenging times
Bank of America, Chase Q110 results beat forecasts
The largest US retail lender, Bank of America (BofA), has reported higher-than-forecast first-quarter net income of $2.83 billion, up marginally from $2.81 billion in the corresponding period last year. Net profits at BofAs predominantly retail based Deposits unit rose by 13.8 percent from the year-ago-period to $683 million while the banks card unit returned to the black, posting net income of $952 million (Q109 -$1.75 billion).
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US card delinquencies ease, charge-offs rise
Capital One and Chase reported that charge offs – the writedown of uncollected credit card debt by lenders – rose by 68 basis points and 30 basis points to 10.87 percent and 9.51 percent respectively while charge-offs edged up by 10 basis points to 7.5 percent at American Express (Amex)
Barclaycard offers double rewards
Barclaycard is offering double reward money on cardholder purchases until the 17 May to promote the March launch of Barclaycard Freedom (see RBI 626) The double Reward Money incentive means customers earn 2 percent on most transactions, alongside other special promotions and giveaways in store To qualify, cardholders need to log in or register for mybarclaycard, Barclaycards existing online account servicing site which is available on barclaycardfreedom.co.uk.
Temenos snaps up Financial Objects
The group has raised its earnings outlook for the second time in 2008 as a result of its latest purchase, estimating the deal will contribute $11 million to earnings in 2008 and $40 million in 2009.Swiss IT vendor Temenos has continued its acquisition strategy with the completion of a $49 million deal for UK software solutions provider Financial Objects, a move which the group sees as underpinning its long-term desire to become the core banking software market leader
HSBC launches Premier service in Kuwait
HSBC has rolled out HSBC Premier in Kuwait, the 40th country in which the bank’s successful mass-affluent product is offered, in the process becoming the first international lender to enter the Kuwaiti retail banking market To date, HSBC has opened over 290 international Premier Centres around the world, with more than 8,500 branches offering dedicated Premier service points.
KDIC reduces Woori stake
South Korea’s state-owned Korea Deposit Insurance Corporation (KDIC), has sold a 9 percent stake in Woori Finance, parent group of the countrys second-largest bank by assets Woori Bank, in a deal worth around KRW1.16 trillion ($1.04 billion).