UK Banks take the lead in curbing bonuses
by Gill Montia
Story link: UK Banks take the lead in curbing bonuses
Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Standard Chartered have all agreed to accept the limits on bonuses agreed at the recent G20 summit, the BBC has reported.
Chancellor of the Exchequer Alistair Darling has said he is pleased at the lead taken by UK banks and that he expects them to set [...]
Reuters: EU may scale back Lloyds’ activities
by Richard Kilner
Story link: Reuters: EU may scale back Lloyds’ activities
News agency Reuters has reported that Lloyds Banking Group, the British superbank formed by the hurried merger of Lloyds TSB and HBOS in the heat of the financial crisis, could be forced to scale back its activities in areas where it is dominant as the price for state aid, according to the EU’s antitrust chief.
This [...]
Deutsche Bank appoints Czech country officer
by Richard Kilner
Story link: Deutsche Bank appoints Czech country officer
Deutsche Bank has announced the appointment of Martin Bartyzal as chief country officer of the Czech Republic.
He brings more than 18 years of experience to his new post, including that of his present position as head of Corporate Banking Coverage and Global Transaction Banking in the Czech Republic.
Bartyzal succeeds Vladimir Solc who has parted ways [...]
JPMorgan Chase make senior Investment Bank appointments
by Richard Kilner
Story link: JPMorgan Chase make senior Investment Bank appointments
JPMorgan Chase has announced that Steve Black, co-CEO of the Investment Bank, is to become the executive chairman of the Investment Bank.
In addition the present head of Asset Management, Jes Staley, will take over Black’s role as CEO of the Investment Bank and report directly to him.
Staley in turn will be succeeded by the incumbent [...]
FSA orders review of 185,000 rejected PPI claims
by Gill Montia
Story link: FSA orders review of 185,000 rejected PPI claims
UK banks and other lenders who sold single premium payment protection insurance (PPI) alongside unsecured loans and credit card agreements have agreed to review their sales and redress those consumers identified as mis-sold.
Lenders stopped selling single premium PPI alongside unsecured loans in May of this year, consumer groups having campaigned for years for [...]
Banque de Gestion Privée Indosuez appoint deputy CEO
by Richard Kilner
Story link: Banque de Gestion Privée Indosuez appoint deputy CEO
Banque de Gestion Privée Indosuez, a Crédit Agricole S.A. Group subsidiary, has announced the appointment of Laurence Lebrun-Renoult as deputy CEO.
She joined Fédération Nationale du Crédit Agricole two years ago, leading the firm’s efforts to develop and improve its mutuality and personal customer business.
Earlier in her career she worked for Pyrénées Gascogne Regional Bank, initially [...]
ANZ enters rural Chinese market
by Richard Kilner
Story link: ANZ enters rural Chinese market
The Chinese rural market has been penetrated by ANZ, which becomes the first Australian bank, and one of few international banks to enter the market, following support from the China Banking Regulatory Commission (CBRC).
The Chongqing Liangping ANZ Rural Bank Co Ltd is a 100% owned subsidiary of ANZ, which is also working towards local incorporation [...]
ANZ appoint Australia CEO
by Richard Kilner
Story link: ANZ appoint Australia CEO
Australian and New Zealand firm ANZ has announced the appointment of Philip Chronican as CEO Australia, directly responsible to ANZ CEO Mike Smith.
He will join the firm in November, and be stationed in Melbourne, succeeding Graham Hodges who has held the position in an acting capacity since May of this year.
Hodges will continue in his [...]
BNP Paribas launches rights issue to repay government debt
by Gill Montia
Story link: BNP Paribas launches rights issue to repay government debt
BNP Paribas is proposing to repay its debt to the French government earlier than expected, The Financial Times has reported.
The bank was bailed out in March of last year, when it receive €5.1 billion in state support and it will be launching a €4.3 billion rights issue to assist in regaining its independence.
In May, BNP [...]
KCB offers innovative mobile banking service
by Richard Kilner
Story link: KCB offers innovative mobile banking service
Customers of Kenya Commercial Bank (KCB) will now be able to take advantage of 24 hour a day mobile phone banking via KCB Connect.
Deputy Chief Executive Group Businesses Peter Munyiri stated at the launch of KCB Connect that it would change the lifestyles of 17 million mobile phone users.
KCB Connect will offer customers of the [...]
Troika Dialog and Standard Bank to formalise partnership
by Richard Kilner
Story link: Troika Dialog and Standard Bank to formalise partnership
Russian investment bank Troika Dialog Group and South African firm Standard Bank have announced that their partnership is to be formalised, pending regulatory approval, in Russia, South Africa and the United Kingdom.
Standard Bank has a 33% stake in Troika Dialog, and the South African bank’s Russian operations (ZAO Standard Bank) have been merged into its [...]
RBS to sell asset management business
by Gill Montia
Story link: RBS to sell asset management business
Royal Bank of Scotland (RBS) is selling part of RBS Asset Management, which manages funds of around £30 billion on behalf of institutional and high net worth investors.
Private bank, Coutts, forms part of the unit but is understood not to be included in the sale.
According to reports, the disposal should raise £300 million and help [...]
BSA urges remutualisation of Northern Rock
by Gill Montia
Story link: BSA urges remutualisation of Northern Rock
In a report published yesterday, the Building Societies Association (BSA) argues that the UK’s failed banks could adopt a mutual status.
In particular, the Association urges the Government to “consider seriously” returning Northern Rock it its mutual roots.
The report, by the Centre for Mutual and Employee-owned Business at the University of Oxford, concludes that there are [...]
PM promises legislation to curb bank bonuses
by Gill Montia
Story link: PM promises legislation to curb bank bonuses
The Prime Minister is preparing to “ban” elements of the banking sector bonus system that fuelled the credit crisis.
Speaking on the BBC’s Andrew Marr Show, Gordon Brown promised to “clean up the system once and for all” with new measures that will be the toughest of any country in the world.
Details of a new Banking [...]
ANZ buys ING out of joint venture
by Gill Montia
Story link: ANZ buys ING out of joint venture
Australia and New Zealand Banking Group (ANZ) is to acquire full ownership of its joint venture ING wealth management, life insurance and advice businesses in Australia and New Zealand.
Dutch bank ING owns 51% of the businesses and the purchase is for $1.5 billion in cash, which will be funded from ANZ’s internal capital.
For ANZ the [...]
Personal Account pension scheme delayed
by Gill Montia
Story link: Personal Account pension scheme delayed
The introduction of the Personal Account pension has been delayed for a year, meaning the government scheme will not be fully operative until 2016.
Personal Accounts are aimed at people who don’t belong to employers’ schemes.
They were originally due to be launched in 2012, although phased in over three years.
The target group is workers aged 22 [...]
JPMorgan Chase appoint California chairman
by Richard Kilner
Story link: JPMorgan Chase appoint California chairman
JPMorgan Chase & Co. has announced the appointment of veteran banker Peter Barker as its California chairman, effective from 28 September.
Barker has spent more than three decades in the banking industry, and during his lengthy career has sat on numerous philanthropic and corporate boards.
He began his career in 1971 in London, working for Goldman Sachs, [...]
Morgan Stanley hire Sanchez
by Richard Kilner
Story link: Morgan Stanley hire Sanchez
Morgan Stanley (NYSE: MS) Private Wealth Management has named Mauricio Sanchez as executive director and head of Latin America operations in Geneva.
He leaves behind Merrill Lynch, where he occupied a number of senior positions in Operations, Finance, Administration and Sales covering Latin America, most recently as head of Latin America for Merrill Lynch Bank (Suisse) [...]
ING terminates Renault sponsorship
by Richard Kilner
Story link: ING terminates Renault sponsorship
Dutch bank ING has announced that it is terminating, with immediate effect, its sponsorship contract with the Renault Formula One team.
The decision has been made in the wake of the verdict delivered by the World Motor Sport Council three days ago, and the Renault team’s action at last year’s Singapore Grand Prix which saw one [...]
HSBC relocates group chief executive to Hong Kong
by Gill Montia
Story link: HSBC relocates group chief executive to Hong Kong
HSBC group chief executive, Michael Geoghegan, will be based in Hong Kong from February of next year.
Europe’s biggest bank says the relocation is “in line with its stated strategy to focus on emerging markets” with the move further positioning the group “for the shift in the world’s centre of economic gravity from West to East”.
However, [...]
