News

Public Bank Group achieved a net profit of US$339.3 million in the first half of 2009. While the bank’s net profit for the same period in 2008 was US$367.59 million, it included a one-off goodwill payment of US$56.55 million from ING Asia/Pacific Limited in respect of the Group’s regional bancassurance distribution alliance with ING.

Krung Thai Bank has joined the Bank of Thailand and the Securities and Exchange Commission to address customers' complaints about loan refusals.

HSBC increased its SME loan fund by US$516 million to US$2.064 billion, to accommodate applications of Hong Kong's loan schemes.

HSBC Bank China expanded in China's Bohai Rim region by becoming the first foreign bank to open a branch in Jinan.

OCBC Malaysia will grow its bancasurance business by distributing Great Eastern Life Assurance developed products through its 29 conventional banking branches. This is made possible by the partnership formed between the two groups in the area of bancassurance following the recent liberalisation of the financial services sector in Malaysia.

The biggest in China since 2007, the initial public offering of China State Construction Engineering Corporation aims to raise as much as $7.3 billion. Pegged at $0.58 to $0.62 each, as many as 12 billion shares are intended to be sold by the housing contractor. It is the world's biggest IPO since Visa Inc. raised more than $19 billion in March 2008.

For a minimum placement of S$10,000 or US$6887 for a 12-month tenure, clients can avail of Maybank Singapore's first Islamic term deposit. It has a minimum of S$25,000 or US$17,218 for a 3- and 6-month tenure. This deviates from the current available Islamic term deposit products in the market. For example, some products require a minimum placement of US$500,000, catering only to the high net worth segment.

The beginning of long-term collaboration between BEA and Hana Bank have been formalised with a MOU. It outlines the framework for their mutually beneficial co-development of businesses in Mainland China, Hong Kong, Korea, and other key markets.

Bank of Ayudhya came to terms with the American International Group to acquire 100 percent shares of CFG Services Company Limited. The transaction, subject to the approval of the Bank of Thailand and BAY’s shareholders, is expected to be completed by the end of September 2009.

ACLEDA Bank's Svay Rieng Branch is the latest to be relocated in accordance with the company's relocation and expansion plan.

Bank of Ayudhya has reached an in-principle agreement with GE Capital for the purchase of GE Money Thailand. The proposed transaction is subject to various regulatory, corporate and shareholder approvals, as well as the completion of a definitive agreement. If closed, the transaction would represent an investment of approximately Baht 13.75 billion or approximately US$391 million subject to closing adjustment.

Standard Chartered Bank Hong Kong has completed the first cross-border trade settlement transactions in RMB. This is following the official signing of the pilot programme with Bank of China Shanghai and Bank of China Hong Kong.

Bank of China HK Limited conducted the first RMB remittance transaction in Hong Kong, which was made for the Shanghai Electric Hong Kong Co. Ltd.

Hang Seng Bank signed an agreement with Bank of China (Hong Kong) on renminbi settlement and clearing services for cross-border trade.

SCB takes part in the government's economic action plan by offering government savings bonds on 13 to 17 July and 20 to 21 July.

HSBC, in cooperation with Bank of Communications or BoCom, became the first foreign bank to settle a cross-border trade in renminbi.