News

The IFC will invest about US$182 million in equity and US$125 million in subordinated debt in VietinBank.

The quick recovery of Vietnam's economy and the need to improve banks' position and competitiveness in the market have prompted them to list their shares this year.

A new joint venture will offer a range of Takaful savings, protection and investment products designed to meet the unique needs of Malaysians.

Vietnam Banks’ depositing interest rate are moving up to attract strong remittance inflows that come in ahead of Tet, the Lunar New Year festival. This was pointed out by general secretary Duong Thu Huong of the Vietnam Bank Association said.

Bank of Maharashtra's operating profit for the third quarter of current financial year stands at US$172.7 million.

IDBI Bank reported a net profit of US$99 million for the quarter ended December 31, 2010.

United Overseas Bank Limited has partnered IndusInd Bank to offer an affordable and convenient way to remit money to India. The tie-up will enable corporate customers to send money from Singapore to over 60,000 branches of different banks across India. The solution will enable employers to send money to India on behalf of their non-resident Indian employees via UOB’s secure and efficient banking channel. This assures workers that their hard-earned wages are sent quickly and safely to their loved ones in India at an affordable standard flat fee regardless of which beneficiary bank it may be. This solution will also benefit companies who need to make high volume Rupee payments to India. Mr Linus Ng, UOB’s Head of Product & Implementation, Group Transaction Banking, said, “We believe UOB is the first bank to offer such a service in Singapore. As a premier regional bank, the Bank is at the forefront of product innovation in meeting market needs. We provide our customers pan-Asia solutions on an end-to-end basis to ensure faster turnaround time, lower cost/pricing and better management of transactions. It is with this in mind that UOB Direct Pay was developed.” He added, “We have invested in the technology to support this new solution which allows multiple remittance instructions to be sent in a single payment file to UOB. The solution will be rolled out in the region and will also be expanded to cover the other payment corridors, to potentially cater to the needs of the more than one million foreign workers in Singapore via their employers.” “Having established ourselves as a major player in remittances from the Middle East, we are now keen to reach out to non-resident Indians across other major markets. This arrangement with UOB will help us tap into India-bound flows from Singapore”, said Mr. Ramesh Ganesan EVP & Head Transaction Banking, IndusInd Bank, from Mumbai. Over the years, UOB Group Transaction Banking has established its leadership position in the market, winning accolades such as the coveted Asiamoney Best Local Cash Management and Best Local Currency Cash Management Services for the past three years.

Banking statistics for December 2010 was seen by analysts as a good round-up for 2010’s sector loans growth.

There are now 33 less banks operating in the Philippines due to consolidation and closure.

EON Bank continues to open more branches and pursue investments in 2011.

The 14 year relationship of two companies enables NAB to give their clients wider range of BNY products.

The lender aims to pass Bank Indonesia’s standard for making Indonesian lender global via right issue.

China is seeking to diversify its assets by branch expansion of its financial institutions.

Workers plans to stop takeover by Hana as it will probably implement a massive reorganization that involves downsizing.

BNI will receive a US$150 million loan from US Exim Bank to improve its liquidity, and to finance Indonesian importers.

EON Bank Bhd is going ahead with its expansion plans this year despite being caught in the middle of a takeover saga.