News

First it was the NAB. Now the big four aussie banks are looking at cutting account withdrawn fees to appease customers.

The SMI Capability Enhancement Project is offering financial support of up to US$2.938 million per entrepreneur for the second year.

The British Standards Institution approved the transition of ICBC Bill Business Department's certification from ISO 9001:2000 to ISO 9001:2008. The achievement marks the 7th consecutive successful follow-up assessment of the Bill Business Department and its branches, which also makes it the first banking institution to be certified with ISO 9001:2008 in China.

South Korea's regulator has warned banks they have to act quickly to rein in bad loans as ratio hits four-year high.

And it never ends. Just a week after major banks announced they would make good on some Lehman mini bond losses, it has emerged that a 77-year-old lady lost $32 million buying products from a couple of UBS Private Bankers.

Goldman Sachs is not known for getting the bad end of a deal, so it may be a surprise to learn Australia's NAB is buying its wealth management business for A$99 million.

Bank of Ayudhya launched a new personal loan service with a credit limit as high as THB1,000,000 or US$29,351 through the ATM. The "KRUNGSRI Smile Cash Line Cash Card" also has an exemption for withdrawal fee and annual fee for a lifetime.

Public Bank Group achieved a net profit of US$339.3 million in the first half of 2009. While the bank’s net profit for the same period in 2008 was US$367.59 million, it included a one-off goodwill payment of US$56.55 million from ING Asia/Pacific Limited in respect of the Group’s regional bancassurance distribution alliance with ING.

Krung Thai Bank has joined the Bank of Thailand and the Securities and Exchange Commission to address customers' complaints about loan refusals.

HSBC increased its SME loan fund by US$516 million to US$2.064 billion, to accommodate applications of Hong Kong's loan schemes.

HSBC Bank China expanded in China's Bohai Rim region by becoming the first foreign bank to open a branch in Jinan.

OCBC Malaysia will grow its bancasurance business by distributing Great Eastern Life Assurance developed products through its 29 conventional banking branches. This is made possible by the partnership formed between the two groups in the area of bancassurance following the recent liberalisation of the financial services sector in Malaysia.

The biggest in China since 2007, the initial public offering of China State Construction Engineering Corporation aims to raise as much as $7.3 billion. Pegged at $0.58 to $0.62 each, as many as 12 billion shares are intended to be sold by the housing contractor. It is the world's biggest IPO since Visa Inc. raised more than $19 billion in March 2008.

For a minimum placement of S$10,000 or US$6887 for a 12-month tenure, clients can avail of Maybank Singapore's first Islamic term deposit. It has a minimum of S$25,000 or US$17,218 for a 3- and 6-month tenure. This deviates from the current available Islamic term deposit products in the market. For example, some products require a minimum placement of US$500,000, catering only to the high net worth segment.

The beginning of long-term collaboration between BEA and Hana Bank have been formalised with a MOU. It outlines the framework for their mutually beneficial co-development of businesses in Mainland China, Hong Kong, Korea, and other key markets.

Bank of Ayudhya came to terms with the American International Group to acquire 100 percent shares of CFG Services Company Limited. The transaction, subject to the approval of the Bank of Thailand and BAY’s shareholders, is expected to be completed by the end of September 2009.