News

A new mortgage plan that enables property buyers to enjoy first-year monthly installments of as low as US$430 was launched by the Bank of East Asia.

United Overseas Bank (Malaysia) Bhd has introduced the new UOB eAccount, an online savings account aimed to provide banking convenience to customers.

The Bank of East Asia (BEA) has launched a new mortgage plan offering a first-year mortgage rate of P3.28 percent (prime rate) for Emerald Green property owners.

Citibank ATM or Debit cards can now be used at AXS Stations for the payment of bills and other services.

The State Bank of India has collected half a tonne of gold from customers under a "gold deposit" scheme designed to get gold out of homes and back into circulation.

Public Bank has launched the PB Lifestyle (Phase II) - Live Up Your Life with PB Cards campaign, after receiving positive response for its More Swipes, More Rewards campaign or PB Lifestyle (Phase I).

Standard Chartered and World Bank Group member IFC have agreed to develop a $1.25 billion funding partnership to facilitate global trade finance.

HSBC's conference will focus on the advantages of tapping the 'Sukuk' bond market for infrastructure development financing.

BEA’s new China UnionPay debit card will enable customers to access ATM services at all JETCO ATMs in Hong Kong, Macau, and Mainland China.

Mitsubishi UFJ and Morgan Stanley will form a new company to address the securities needs of wholesale and retail customers in Japan. It will also offer various Japan-related financial products and services to overseas customers.

ANZ will open additional branches and establish a new rural bank in western China in its thrust to become a leading foreign bank in China. It is now completing final regulatory approvals for the establishment of a new rural bank in Liangping, a county near the western city of Chongqing, with a population of more than 900,000 people.

RBS will make Transamerica Insurance’s flagship Universal Life policies available to its customers.

HSBC will maintain its Hong Kong benchmark lending rate at 5 percent per annum last changed on 10 November 2008.

J.P. Morgan announced today that it has been selected by Government Services Insurance System (GSIS) of the Philippines to serve as custodian for its US$1 billion overseas investment programme.

Ningbo goes live with Misys Opics Plus to manage increased trade volumes, strengthen risk practices and to develop derivative business.

Bank of East Asia head honcho and chairman of the Chinese Banking Association, David Li, has been forced into eating a cold serving of humble pie after his seemingly untouchable bank suffered its first loss in 40 years. “BEA hasn’t posted a loss since at least the 1960’s,” said the bank’s spokesperson, Vera Lung. So why did it take the bank four decades to post a loss? The bank made a loss after writing down the value of credit-market investments, according to Bloomberg. For the six months ending 31st December BEA was hit with a USD110 million deficit just months after the bank’s shares fell 61 percent, according to Bloomberg. The bank’s results may come as a shock to some but not to Core-Pacific Yamaichi analyst, Lee Yuk-kei who wasn’t at all surprised by BEA’s poor performances due to the bank’s questionable handling of its expenses. “BEA has never been good at controlling expenses,” said Lee. So what can Li do to remedy the ills of his ailing bank? Rumours are aflutter that Li, a current member of the Hong Kong Legislative Council, is planning to cut costs by forcing his workers to take one day of unpaid leave per month, according to Bloomberg. So will Li’s plans help to restore BEA to its former glory? Times are grim and Li knows it. “The effects will be felt by the bank well into 2009,” said Li. And there’s no love for next year’s results either it seems with Morgan Stanley analyst Anil Agarwal expecting BEA “to have almost zero profits in 2009.”