News
UOB workers go on strike
If the current economic environment isn’t challenging enough, nightmares of an impending strike from UOB workers in the Singaporean bank’s Indonesian arm UOB Buana have turned into a harsh reality. Not only has the strike affected the bank's operations nationwide, with at least 4,000 out of 5,800 staff taking part in the strike. Talk about biting the hand that feeds you.
UOB workers go on strike
If the current economic environment isn’t challenging enough, nightmares of an impending strike from UOB workers in the Singaporean bank’s Indonesian arm UOB Buana have turned into a harsh reality. Not only has the strike affected the bank's operations nationwide, with at least 4,000 out of 5,800 staff taking part in the strike. Talk about biting the hand that feeds you.
BNP Paribas ups stake in joint subsidiary with Shihan
BNP Paribas Assurance has increased its equity interest in SHC&Life Insurance from 50 percent to 85 percent.
Sukuk fever reaches Sokor
From the Middle East to London, to New York, and now to South Korea.
Malaysia's Islamic banks targets of foreign takeovers
It may seem the most unlikely of partners, but new banking liberalisation laws in Malaysia will let foreigners own up to 70 percent of an Islamic bank, up from 49 percent. Goldman Sachs Islamic Bank, anyone?
HK banks busted, sold Lehman bonds to mentally ill
And they almost got away with it. In yet a stunning development, the Hong Kong Monetary authority has identified 102 cases of banks selling anything to anyone, including elderly and mentally impaired. Great for commissions and fee income, not so good for the customers.
Bank of Taiwan's profit plan: increase risky loans
It has lost money for two straight months this year, yet Bank of Taiwan plans to start making money by increasing loans at higher interest rates to clients "prone to credit risk". It failed in America, but perhaps Taiwan is different?
Workers fund shows faith in Malay banks
The Employees Provident Fund has raised its stake in local banking stocks Alliance Financial Group Bhd, AMMB Holdings Bhd, Bumiputra-Commerce Holdings Bhd (BCHB), EON Capital Bhd, Malayan Banking Bhd, Public Bank Bhd and RHB Capital Bhd.
RBS Coutts to give manly assistance to women
RBS Coutts launched a private banking initiative tailored specifically for high net worth women in Asia. It will assist women in managing their wealth, as well as a platform to bring like-minded women together to engage in their pursuits.
Indon banks urged to cut interest
The Indonesian Banker's Association urged local banks to cut their interest rates to stimulate economic growth. The current central bank interest rate stood at 7.25 percent. A counter rate for a regular current account at Bank Mandiri was at 6.75 percent, while loan interest was over 4 percent higher than the regular account interest.
Bank Rakyat assists laid-off borrowers
Bank Rakyat is prepared to extend the loan repayment period of borrowers who have been retrenched. The bank's objective is to ease borrowers' financial burden in these difficult times, but borrowers who have been laid off must make a written appeal, said Managing Director Datuk Kamarulzaman Che Mat.
Standard Chartered extends business in 4 branches
Four Standard Chartered branches will open for business later and longer. This is part of the bank's overall approach to be available to customers when and where they want to bank through a variety of channels like branch banking, mobile and internet banking.
BNP Paribas wants Europe-class services for Asia
BNP Paribas Singapore branch was granted a wholesale banking license to widen the services offered locally. With this new license, BNP Paribas Securities Services is now able to offer local and global custody services in addition to the trustee, fund and investment administration services it already provides to its clients in Asia.
Standard Chartered grows Asian aircraft portfolio
Standard Chartered Bank will acquire 14 narrow body aircraft from GE Commercial Aviation Services through its Pembroke Group.
Hang Seng opens dedicated securities trading centre
Hang Seng Bank enhanced its securities services with its new trading centre at its main branch in Hong Kong. Called the Hang Seng Securities Select Customer Trading Centre, it allows selected customers to trade with ease by contacting managers through exclusive trading hotlines or visiting the Centre. The dedicated relationship managers can provide information about local securities, Shenzhen and Shanghai B shares, and selected Singapore securities with ease.
Metrobank implements importers’ automated system
Metrobank implemented its electronic-to-mobile payment system for processing of duties and taxes of its client importers. It involves the use of both cash and non-cash payments for either advanced or final settlement of duties and taxes. Non-cash payments include tax credit certificates, tax exemption certificates and advanced payments covered by letters of credit.
Dorner: Ampang strategic for Islamic offering
HSBC Amanah Malaysia Berhad opened its third branch in Ampang Point, Selangor. The opening was officiated by Irene Dorner, Chairman of HSBC Amanah Malaysia, and Musa Abdul Malek, Chief Executive Officer of HSBC Amanah Malaysia.
HSBC puts up Vietnam transaction office
HSBC became the first locally incorporated foreign bank in Vietnam to expand its distribution network via its transaction office.
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Why Philippine banks, insurers embrace hyper-personalized services
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