All articles by Douglas Blakey
Douglas Blakey
BBVA and CITIC in major car financing, wealth push in China
Spains BBVA and Chinese financial conglomerate CITIC have signed agreements for the joint development of businesses in two of Chinas highest growth markets: car financing and private banking. BBVA said it will hold a 35 percent stake in an auto lending joint venture business, which will include an initial investment of CNY500 million ($73 million), to be run in conjunction with China Citic Bank
Private equity giants snare BankUnited
The 34th US bank to fail this year, Florida-based BankUnited, the states largest thrift, has been snapped up by a group of private-equity heavyweights, including distressed asset specialist Wilbur Ross, Carlyle Investment Management, Blackstone Capital and Centerbridge Capital. None of the new private-equity owners hold more than a 24.99 percent stake of the 86-branch-strong bank, which had assets of $12.8 billion and deposits of $8.6 billion as of 2 May
ANZ raises A$2.5bn to fund RBS Asia bid
ANZ, the most internationally-focused of Australias Big Four banks, has successfully raised A$2.5 billion ($1.95 billion) ahead of the possible purchase of some of Royal Bank of Scotlands (RBS) Asian-based assets. ANZ, which continues to target at least 20 per cent of revenue from Asia by 2012, said on 27 May it had lodged a non-binding proposal for selected RBS businesses, but added the scope, terms (including regulatory approvals), timetable and risk profile of any transaction remain unknown.
New rewards campaign from South Africa’s Absa
Absa, South Africas second largest retail bank and majority owned by Barclays, has launched an innovative new rewards programme Customers will have the option of joining a rewards programme that will enable them to get rewarded every time they use their Absa debit, cheque and credit card at Rewards partners, said the bank in a statement.
Santander agrees Venezuelan deal
Spains largest bank Santander has agreed to sell its stake in Banco de Venezuela to the countrys government in a deal worth $1.05 billion. Venezuela vice-president Ramon Carrizalez said the government would pay a first instalment of $630 million in cash on 3 July with two further payments, each of $210 million, scheduled for dates in October and December. Venezuelan president Hugo Chvez had originally announced his intention to nationalise Banco de Venezuela, the fourth-largest bank in the country by assets, with a branch network of around 300 branches, in July last year.
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CBA personalises online experience
Commonwealth Bank of Australia (CBA), Australias largest bank by deposits, has redesigned its website to increase choice for its 2.6 million NetBank customers. The redesigned website enables users to personalise the home page of the site, as well as offering customers what CBA describes as a more detailed birds-eye view of their accounts.
Westpac rolls out ‘responsible’ campaign
Westpac, Australias largest banking group by branches following its acquisition of St George last year, has kicked off a major advertising campaign based around its long-standing belief in corporate social responsibility. The groups new campaign, created by agency The Campaign Palace, re-introduces an old tag Were a bank you can bank on, a throwback to when it was called the Bank of NSW Westpac is currently changing its underlying business model, decentralising management out to individual branch managers in an effort to improve customer service and cross-selling (see RBI 612).
US Bank releases single card innovation
US Bank, the countrys sixth-largest bank, has become the first card issuer in the US to pilot a card that allows customers to use a single card for traditional magnetic stripe purchases, Visa payWave transactions and to gain access to secure facilities.
Chase ups branch ante
Chase, the retail unit of JPMorgan Chase, the third-largest US retail bank by branches, is to extend the opening hours on weekdays or Saturdays (or both) at 2,465 of its 5,474 WaMu and Chase bank branches around the US. While the branch opening hour extensions vary from state to state, California, a key market for the bank, will feature extended hours at 694 Chase branches, equivalent to nearly all branches in the state
Commerzbank outlines three-year goals
Germanys second-largest banking group, Commerzbank, has published a strategy document for the next three years, Roadmap 2012, with a broad aim to return to profitability by 2011. The bank, which has now completed the acquisition of rival Dresdner Bank, says domestic retail banking remains a key part of its growth plans Commerzbanks Private Customer segment already has the largest network in the German banking market, with some 1,200 branches and 10,000 employees: and the segment will aim for a return on equity before tax of more than 30 percent by 2012.