Northern Trust has announced that the China Banking Regulatory Commission (CBRC) has given it a branch licence in Beijing. Northern Trust has run a representative office in China for the last five years, and the regulatory green light will pave the way for an enhanced presence in the burgeoning superpower. The firm’s Beijing branch will [...]
The BayernLB Group has reported its financial results for the first two quarters of the year, including pre-tax earnings of €554m. This is a rise of €6m compared to the corresponding period last year, and has been attributed to increased net interest income and stability in the firm’s customer business. The first quarter yielded pre-tax [...]
Anglo Irish Bank has reported its interim financial results for the first six months of 2010. The bank incurred a loss of €8.2bn for the period, including loan impairment charges of €4.8bn. This is exactly twice as bad as the €4.1bn loss the bank suffered during the corresponding period last year. However, operating profits before [...]
Morgan Stanley has announced the appointment of Sean Chao as the firm’s new chief executive officer of Taiwan. The appointment of Chao, who is to be based in Taipei, is part of a strategic move by the bank to consolidate and build upon its success in Taiwan. Chao brings extensive experience of Taiwanese banking to [...]
Santander has issued a formal apology to UK customers who have experienced poor levels of service. The Spanish banking group, which has undertaken a spate of acquisitions in the UK in recent years (namely Abbey, Alliance & Leicester and Bradford & Bingley’s savings book) has admitted to basic failures in setting up accounts and processing [...]
Russian banking giant Sberbank has reported its biannual financial results, in accordance with International Financial Reporting Standards. Net profit for H1 2010 was recorded at RUB64.3bn, RUB2.95 per ordinary share, more than tenfold the RUB6bn (RUB0.25 per share) in the same period last year. Profits decreased from Q1 to Q2, with net profits of RUB43.5bn [...]
BB&T Corporation has announced the appointment of Robert J. Johnson Jr. as the firm’s new general counsel, corporate secretary and chief corporate governance officer. Johnson, who assumes his new position with effect from 1 September, has been BB&T’s deputy general counsel and manager of the corporate, securities, tax (CST) practice group for the last two [...]
The DZ BANK Group has reported that it achieved a pre-tax profit of €616m during the first six months of 2010. This is a modest increase on the €603m pre-tax profits earnt by DZ BANK during the corresponding period in the previous year. Net interest income declined by 5.7% to €1.25bn from €1.32bn, but net [...]
Industrial and Commercial Bank of China Limited (ICBC) has reported its biannual results for the first six months of the year, in accordance with International Financial Reporting Standards. Profits, after tax, rose by 27.3% to 85bn yuan, with earnings per share rising to 0.25 yuan. Q2 profit was marginally higher than the 42bn yuan net [...]
IKB Deutsche Industriebank has reported its financial results for the first quarter of its financial year. The bank reported a consolidated net loss of €135m for the quarter, down from the smaller net loss of €16m incurred in the same quarter last year. Net interest income fell €12m to €40m, but after provisions rose by [...]
Landesbank Baden-Württemberg (LBBW) has released its financial results for the first six months of the year. LBBW reported a consolidated loss, after taxes, of €290m, a result due to a combination of valuation losses amounting to €745m, €54m of restructuring costs and a €153m financial hit relating to the risk shield provided by the State [...]
Crédit Agricole has reported its financial results for the second quarter and first half of 2010. The bank recorded Q2 net income at €379m (after a loss of €713m contributed by Emporiki), with €849m made during the first half of the year. Biannual profits were more than twice the €403m profit made during the first [...]
Bank of China Limited has reported its interim financial results for the first half of 2010, in accordance with the International Financial Reporting Standard. Bank of China achieved pre-tax profits of RMB70.29bn, an increase of 25.39% compared to the corresponding period in 2009. Post-tax and attributable profits were up by similar margins (25.77% and 26.87%) [...]
Commonwealth Bank of Australia has opened its first Indian branch, in the city of Mumbai. The new branch will cater to the needs of firms that trade between India and Australia, offering them trade finance, remittance and foreign exchange. The branch will also seek to establish a robust domestic commercial banking business, providing services to [...]
The London branch of Société Générale has been fined £1.575m by the Financial Services Authority (FSA) for failure to provide the regulator with accurate transaction records. Over the last two years Société Générale failed to provide accurate reports for 80% of its reportable transactions, and the French firm also failed to retain the relevant transaction [...]
Australia and New Zealand Banking Group Limited (ANZ) has reported its financial results for the first nine months of its financial year, ended 30 June, 2010. Underlying, unaudited profit before tax rose by 26% to $3.6bn, with early momentum continuing into the third quarter, when profits were recorded at $1.3bn (a rise of 37%). Before [...]
Swiss investment bank UBS is to become a Global Partner of Formula 1, it was announced today. The agreement will formally commence at the Singapore Grand Prix, which is held from 24 to 26 September. UBS opted for the arrangement after considering a range of potential benefits, including the long F1 season, the high profile [...]
Alliance Financial Group Berhad (AFG) has reported its quarterly financial results, including a record pre-tax profit of RM150.3m. AFG’s pre-tax profits were up an astounding 141% (RM87.9m) compared to the corresponding period last year, a vast improvement partially due to higher net income and reduced overheads. It was also a rise of RM42.9m, or 40%, [...]
Bank of Scotland (Ireland) (BoSI) is closing its doors and will cease to operate as a licensed bank on 31st December 2010. The bank has been trading as Halifax in the Republic of Ireland for four years but a strategic review by parent company, Lloyds Banking Group, concluded “there was little opportunity for scalable growth [...]
Britons have lost £765 million in cash in the past five years, with an estimated five million wallets and purses misplaced and a further four million stolen. New research commissioned by life assistance company, CPP, reveals that in addition to the average £85 in cash, UK adults carry over £7,000 in credit in their wallets [...]
