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Barclays changes norms for wealthy customers

Reported by | Updated: January 21, 2014

Affluent customers of Barclays will not be able to make use of dedicated private bankers to handle their investments affairs unless they have half a million pounds or more. Savers with investment pots worth less than £500,000 will instead have their assets managed by a central investment team. Previously, wealthy clients had a personalized private […]

HSBC sells Jordan unit

Reported by | Updated: January 21, 2014

HSBC Holdings said its subsidiary HSBC Bank Middle East has agreed to sell its banking business in Jordan to Arab Jordan Investment Bank. The amount involved is not disclosed. The business of the unit comprised four branches with gross assets of approximately $1.2 billion. The transaction is expected to complete in the first half of […]

Bank strike deferred

Reported by | Updated: January 20, 2014

The United Forum of Banks Unions (UFBU) deferred the planned two day nation-wide strike from 20 January as the Indian Banks Association (IBA) has enhanced its offer from the initial 5% to 9.5% on payslip cost. C.H. Venkatachalam, general secretary of All India Bank Employees Association, said since there is an improvement in the offer […]

Premium account from BoM

Reported by | Updated: January 20, 2014

Bank of Maharashtra has launched a premium savings bank deposit scheme called ‘Mahabank, Royal Savings Account’ for high net worth individuals covering specialized services to customers having minimum monthly average balance (MAB) of Rs 1 Lakh in their savings bank account. The slew of benefits offered to the account holder under the product include assistance […]

Andhra Bank plans locker centers

Reported by | Updated: January 20, 2014

Andhra Bank is planning to set up exclusive locker centers across the state. C.V.R. Rajendran, CMD of the bank, said currently lockers were available at only bank branches, and due to heavy demand and lack of space the bank was not able to provide lockers to every customer. In view of this, the bank is […]

Aviva plans to quit Indian insurance JV

Reported by | Updated: January 20, 2014

UK-based insurer Aviva is plannign sell its stake in the Indian joint venture with Dabur group, Aviva Life Insurance. It has appointed JP Morgan and Deutsche Bank to advise it on the stake sale. The company is understood to be valued at Rs 1100 crore. Aviva’s 26% stake may be sold either to another global […]

Foreign investors can buy South Indian Bank shares now

Reported by | Updated: January 20, 2014

The Reserve Bank of India has allowed foreign investors to buy shares in South Indian Bank as the foreign shareholding in the bank has gone below the prescribed limit. The RBI said in a statement that the foreign share holding through Foreign Institutional Investors/Non-Resident Indians)/Persons of Indian Origin/Foreign Direct Investment/American Depository Receipt/Global Depository Receipts in […]

Cosmos celebrates 108th anniversary

Reported by | Updated: January 20, 2014

The Cosmos Cooperative Bank of Pune celebrated its 108th anniversary by launching new initiatives, including ‘Tab Doorstep Banking’ to reach the customers directly at their doorsteps, software to connect regional offices and branches of the bank through video conferencing, and Toastmasters Club for employees. Chairman of the bank Krishnakumar Goyal announced the launch of these […]

Lanka to cut down number of finance companies

Reported by | Updated: January 20, 2014

Sri Lanka is cutting down the number of finance companies to 20 from 58 at the end of last year while smaller banks are to merge with bigger counterparts or be acquired under new rules. Governor of the Central Bank of Sri Lanka Ajith Nivard Cabraal said there will be a reduced number of banks […]

Probe into RBS’ treatment of its customers

Reported by | Updated: January 20, 2014

The Financial Conduct Authority (FCA) has appointed two outside firms to investigate Royal Bank of Scotland’s treatment of business customers after a government adviser accused the bank of driving small enterprises into administration. The City regulator said it had chosen Promontory Financial Group and Mazars to carry out an independent report on RBS, which is […]

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