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This will include the revamp of its flagship branch in Claymore.

Their retail banking and wealth management arms account for 51.2% of the bank’s pre-tax profits.

Money sent in KRW will be received in RMB. Woori Bank has tied up with China banks including ICBC, Bank of China and the Bank of Communications as well as financial services company UnionPay to launch a money-transfer service which will let customers to easily send money to Chinese bank account holders, reports RetailNews Asia. Through the new service, a user will be charged $8.9 (KRW10,000) for transactions less than $1,777 (KRW2m). Meanwhile, for remittances over $1,777 (KRW2m), the charge will be a flat rate of $18 (KRW20,000). Money sent in KRW will be received in RMB by the Chinese bank account holder who will receive the money. Jointly developed by Woori Bank, Woori Card, and Union Pay, the service includes a notification of the transfer result via text.

Users can use PayAll for rent and education and earn rewards.

Banks execs earlier unveiled a plan to ramp up hiring in the country. Bloomberg reported that JPMorgan is considering launching a private bank in China after the country eased regulations on foreign firms that will help them to compete with local players racing to tap on the country’s ultra-wealthy The bank is working on a ‘feasibility study’ on China’s onshore wealth business as part of its expansion plans in the country, Kam Shing Kwang, CEO of JPMorgan’s private banking business in Asia, told Bloomberg. Also read: Morgan Stanley beefs up Asian wealth team JP Morgan has also sought permission to run a majority-owned securities joint venture in China after the government’s policy to ditch foreign ownership limits in its banks and bad-debt managers. In September, the New York-based bank revealed that they eye to go on a hiring spree in China’s banking, asset management, custodian services and markets. Here’s more from Bloomberg.  

Earnings were boosted by net fund based income which hit $1.2b. RHB Bank Berhad enjoyed a better year in 2018 as net profit rose 18.2% YoY to $570m (MYR2.31b), an announcement revealed. The firm attributed the better net profits to increase in net fund based income which grew 8.5% YoY to $1.21b (MYR4.94b). Moreover, the growth in non-fund based income by 1.8% to $460m (MYR1.86b) contributed largely by higher net foreign exchange gain and trading and investment income. RHB saw its gross fund based income inch up 7.8% in 2018 on the back of a 5.5% increase in gross loans and financing, whilst funding and interest expense rose 7.3% YoY. The firm also recorded a higher NIM of 2.24% in 2018 from 2.18% in 2017 thanks to loan growth and continued prudence in the management of funding cost. The firm’s retail banking business saw a 4.4% increase in pre-tax profit to $250m (MYR1.2b) amidst higher net fund based income and non-fund based income. As of end December, the bank’s retail loans and financing rose 11.1% to $20.77b (MYR84.6b) buoyed by growth in mortgages (14%) and personal financing. Meanwhile, Group Business Banking saw a marginal increase of 1.3% YoY increase in pre-tax profit to $97.63m (MYR397.7m) on the back of higher net fund based income. Gross loans and financing expanded 5.7% to $6.21b (MYR25.3b) driven primarily by Retail SME portfolio. RHB’s Group Wholesale Banking recorded a pre-tax profit of $440m (MYR1.8b), an increase of 2.7% from 2017. Its. However, gross loans and financing slipped 3.8% YoY to $10.70b (MYR43.6b) dragged by several large corporate repayments. The firm’s Singapore unit rebounded from a pre-tax loss of $102.3m to a pre-tax profit of $42m thanks to lower expected credit losses as substantial allowances were provided for corporate bonds and loans in the oil and gas industry in the previous financial year. Moreover, Singapore loans and advances rose 3.3% to $960m (S$3.9b) whilst customer deposits declined 11.7 YoY% to $1.08b (S$4.4b). For the bank’s Islamic business, pre-tax profit climbed 20.7% YoY to $142.19m (MYR579.2m) amidst higher net fund based and non-fund based income. Gross financing jumped 21.6% YoY to $12.84b (MYR52.3b).

Investment amounts start at $S1,000.

It raised concern about the difficulties in obtaining foreign tech talent visas in the UK.

Weak investment activity hit its retail and private banking arm.

The regulator said that it had uncovered ‘serious’ problems at the bank’s branches.

Earnings were hit by sluggish loan growth and a decline in asset management income.

AllBank will absorb the assets and liabilities of Rural Bank of Plaridel.

It aims to sell its lone overseas branch in Hong Kong.

The bank’s SGD loan-to-deposit ratio remains the highest amongst its peers.

Total income for their Retail, Wholesale Banking and Global Markets also rose.

Net interest income rose 9% to $5.81b.