Business Banking News
Deutsche Bank breaks ground on cross-border RMB payments
Deutsche Bank says it has completed the first cross-border Renminbi (RMB) payment under the People’s Bank of China (PBOC) Shanghai’s Simplified RMB Cross-Border Payment Pilot Scheme. The bank executed a trade payment denominated in RMB for the Chinese subsidiary of … Read more
Silicone Valley Bank opens London branch
Silicon Valley Bank, which describes itself as a financial partner to the technology, life science, cleantech, private equity and venture capital industries, opened a branch in London today, to serve both local and international businesses. The Santa Clara based lender … Read more
J.P. Morgan launches South African escrow service
J.P. Morgan Treasury Services has launched escrow services in South Africa to assist clients in mitigating risk in relation to mergers and acquisitions, trade finance, project and construction finance transactions, and litigation. Already a leading escrow provider in the US … Read more
Government launches alternative SME lending scheme
The Government is asking for applications to manage £500 million of investment available through the Business Finance Partnership (BFP), a new scheme that aims to ease the flow of credit to small and mid-sized enterprises by diversifying their sources of … Read more
ABC gets green light for New York branch
The Agricultural Bank of China Limited (ABC) has received approval from the Federal Reserve Board and New York Financial Services Authority to set up a branch in New York. The approval for the New York branch follows the opening earlier … Read more
UK business extremely reluctant to invest
In its Spring 2012 forecast for the UK economy, Ernst & Young’s ITEM Club says that central bankers have again saved the day with their unconventional monetary policies. In particular, the European Central Bank’s long-term refinancing operations have bought more … Read more
KBC closes sale of Fidea to JC Flowers
KBC has announced that it has completed the sale of its subsidiary Fidea to affiliates of J.C. Flowers & Co. The announcement follows the necessary regulatory approvals permitting the transaction to go ahead and marks a significant investment by J.C. … Read more
UK equities out of favour with institutional investors
Fund managers are expecting an increase in demand for emerging market debt and equity among institutional investors during 2012, after a retreat following the Arab Spring. UK and regional equities appear to have fallen firmly out of favour as Europe … Read more
J.P. Morgan extends corporate mobile banking platform
J.P. Morgan Treasury Services has continued the rollout of its ACCESS Mobile banking platform, with China, India and Vietnam now on line. The platform, which was launched in Australia, New Zealand, Indonesia, Japan, Singapore and Thailand earlier this year, allows … Read more
Coutts plans Latin American, Caribbean and African business sale
Coutts has announced that it intends to sell its Latin American, Caribbean and African business to RBC Wealth Management. Holding clients assets of approximately £1.5bn, the business represents around 2% of Coutts’ total client assets. The decision to leave the … Read more
Launch of SME loan guarantee scheme
HM Treasury has launched the National Loan Guarantee Scheme (NLGS), which aims to help smaller businesses across the UK (annual group turnover of up to £50 million) access cheaper finance. The scheme will provide up to £20 billion of government … Read more
BNY Mellon opens new Korea HQ
BNY Mellon Chairman, President and Chief Executive Officer Gerald L. Hassell this week officially opened the firm’s new office in Seoul, located in the International Finance Centre (IFC). Hassell said that the opening represented an exciting new chapter for BNY … Read more
Nationwide adds business savings accounts
Nationwide has launched four new business savings accounts for SMEs, mindful of the fact that these days, more firms are holding on to their cash. The accounts are aimed at small and medium-sized businesses looking to save towards tax liabilities, … Read more
UK manufacturers shun investment
UK businesses are turning down contracts worth almost £2.3 billion a year, due to a reluctance to invest in new capital equipment. Research by Lombard, the asset finance unit of Royal Bank of Scotland, indicates that 40% of firms have … Read more
ANZ gains Retail RMB licence in China
ANZ has become the first Australian bank to receive a Retail Renminbi (RMB) licence from the China Banking Regulatory Commission (CBRC), and is now the first Australian bank to be permitted to offer RMB-related products and services to local citizens … Read more
ABC opens Seoul branch
The Seoul branch of the Agricultural Bank of China Limited (ABC) has officially opened for business. The branch is the Chinese banking giant’s first in Northeast Asia, and marks a milestone in the enactment of the firm’s overseas development strategy. … Read more