News

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 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.

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 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.

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 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 Bank will acquire 14 narrow body aircraft from GE Commercial Aviation Services through its Pembroke Group.

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 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.

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 became the first locally incorporated foreign bank in Vietnam to expand its distribution network via its transaction office.

Public Bank and ING launched separate insurance plans for females and children.

CIMB created a strategic link to China with its acquisition of 19.99 percent stake in Bank of Yingkou.

Meyado Private Wealth Management has recently announced an expansion of operations as well as a relocation of offices.

Moody's revised the outlooks of the banks' financial strength ratings or BFSRs of three Singapore banks from stable to negative.

For its first nine months of operations, Canara HSBC garnered US$60.25 million in gross written premiums.