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Tag: bank

Retail Asia08/12/2020
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Finance

StanChart Explores Second Digital-Only Bank

3min0
Standard Chartered said that it was considering another digital-only bank based in Singapore – similar to MOX in Hong Kong – after receiving recognition by local regulators to receive preferential treatment as a foreign lender earlier this year. Standard Chartered could acquire an additional Singapore banking license under the Significantly Rooted Foreign Bank (SRFB), according […]
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Retail Asia07/12/2020
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Finance

HSBC Private Banking identifies key business solutions for female entrepreneurs in Hong Kong Thriving during Covid-19

5min0
HSBC Private Banking gave a boost of confidence to female entrepreneurs in Hong Kong during the Covid-19 pandemic, as the week-long digital summit FoundHER, held in partnership with AllBright, concluded successfully. The summit, which gathered successful female founders and investors in town, sought to unite and build a strong business network that enables entrepreneurial success. […]
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Retail Asia07/12/2020
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Finance

UBS Poised for Swiss C-Suite Shake-Up

3min0
UBS is reportedly preparing to retire one of its oldest top executives. The move paves the way for the Swiss bank’s highest-ranking female banker to take on a key business unit. The Zurich-based wealth manager is preparing to move Sabine Keller-Busse into the job of running its domestic arm, according to Manager Magazin. The German outlet didn’t cite sourcing […]
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Retail Asia03/12/2020
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Finance

Singapore Beefs Up Wealth Management Talent Pipeline

3min0
The Private Banking Industry Group launches a talent development initiative aimed at undergraduate students in Singapore. The Private Banking Industry Group (PBIG) in Singapore will look to «enhance the employability and job readiness of students entering the workforce» by offering 200 undergraduate traineeship positions over the next three years, according to a statement. Training will be related […]
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Retail Asia29/11/2020
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Finance

DBS Ramps Up Support for Social Enterprises

4min0
The bank disbursed S$7 million ($5.23 million) in loans to social enterprises so far this year, up fourfold from 2019. Much of this support has gone towards creating and preserving livelihoods, with many of the SEs using the funds to create and retain jobs that hire people from disadvantaged communities, DBS said in a statement […]
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Retail Asia24/11/2020
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Finance

Vietnam allows taxman greater scrutiny of bank accounts

3min0
The decree requires banks to provide the account balance and transaction details to tax authorities upon request. While the current law does state that the banks are required to provide authorities with information, the nature of such information was not specified. Under the decree, banks will also need to provide monthly details on the newly […]
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Retail Asia23/11/2020
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Finance

CIMB Restructures Singapore Business

2min0
The Malaysian bank is letting go of three business heads in Singapore, following a review of its operations. Changes are afoot at CIMB Singapore, as the bank has moved to ax its consumer, commercial and corporate banking heads: Josandi Thor, Yong Jiunn Run and Lai Ven-Li, citing an internal memo viewed by the portal. The bank cited the […]
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Retail Asia19/11/2020
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Finance

DBS to Make Hybrid Work Arrangements Permanent

3min0
The bank, which has a workforce of 29,000, said these measures are the result of insights gathered from research, deep-dive experiments and employee surveys conducted by a task force on the future of work, which it convened six months ago. DBS is transforming the way its employees will work in a post-Covid 19 world, with […]
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Retail Asia19/11/2020
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Finance

DBS India to Save Troubled Lakshmi Vilas Bank

2min0
The Chennai-based bank, which has a 94-year history in India, with established retail and SME customer base, and a strong presence in South India, has undergone a steady decline with the bank incurring continuous losses over the last three years, eroding its net-worth. India’s banking regulator imposed a 30-day moratorium Tuesday on struggling Lakshmi Vilas Bank […]
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Retail Asia19/11/2020
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Finance

StanChart Streamlines Business in Global Restructuring

5min0
Standard Chartered announces a reorganization into fewer but larger units and also confirms the exit of its global wealth head. Effective January 1 next year, Standard Chartered will combine the private banking business with retail banking and wealth management in a new consumer, private and business banking (CPBB) unit, according to a statement. The current […]
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Retail Asia16/11/2020
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Finance

Singapore to Raise Standards for Issue Managers

2min0
The Association of Banks in Singapore has announced revised due diligence guidelines for companies planning to list on the Singapore Exchange, with immediate effect. Last revised in 2016, the new set of guidelines set out expectations and recommendations on due diligence work that issue managers and full sponsors carry out during the initial public offer (IPO) / […]
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Retail Asia16/11/2020
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Finance

UOB to Allow Partial Remote Work Post-Covid

2min0
The bank plans to give the majority of its 26,000-strong workforce the choice to work remotely two days a week once COVID-19 restrictions are lifted. UOB made the announcement on Friday, following a six-month review of work patterns, workspaces and workforce technology tools, which revealed that 65 percent of the bank’s roles, all of which are […]
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Retail Asia12/11/2020
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Finance

UBS Private Equity Head Joins Fintech

2min0
The head of private equity at the wealth management of UBS is joining a Berlin-based investment platform. The CVs of the staff at Moonfare, a German private-equity-investment platform, include some serious heavy-weight experience: KKR, Apax Partners, J.P. Morgan, Blackrock, Amazon, Microsoft, Angellist, N26, and Google. Since this November, Swiss bank UBS is also part of […]
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Retail Asia10/11/2020
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Finance

Non-performing loans surge due to pandemic

3min0
Most banks have seen non-performing loans rise by at least 30 percent in the first nine months as the Covid-19 pandemic hit businesses and individuals. Of 15 commercial banks that have published their third-quarter results, 14 reported a surge in non-performing loans by 30 percent or more. State-owned VietinBank posted the highest rise of 66 […]
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Retail Asia09/11/2020
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Finance

StanChart to Rollout Flexible Working Option

2min0
Standard Chartered is reportedly planning to permanently offer flexible work options to around 90 percent of its 85,000-strong staff by 2023. Some form of hybrid work arrangement will be made available to around half of its staff from early 2021 and the program will extend to 75,000 works in 55 markets by 2023. While we […]
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Retail Asia09/11/2020
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Finance

HSBC Sues Hin Leong Owners

2min0
The bank, which is owed some $600 million by embattled oil trading firm Hin Leong, is the firm’s largest creditor and first to take legal action to recover losses. HSBC is suing Hin Leong owner Lim Oon Kuin and his two children to recover $85.3 million (S$115.8 million) of the $111.7 million they received using fake […]
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Retail Asia06/11/2020
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Finance

OCBC Earnings Drop Significantly

4min0
While the bank’s net interest income was impacted by lower market rates, its banking and wealth management businesses saw strong quarter-on-quarter fee-based growth, and its insurance franchise reported strong sales and new business growth. OCBC’s net profit for the third quarter of 2020 was S$1.03 billion ($760 million), up 41 percent from the previous quarter’s […]
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Retail Asia02/11/2020
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Finance

UOB Tie-Up to Nurture ESG Mindset Among Employees

2min0
UOB will work with Dutch investment company Robeco to tap its expertise in environmental, social, and governance (ESG) matters and integrate sustainable thinking across its business and investment processes. The bank’s asset management arm is launching its Sustainability Academy in the fourth quarter of 2020, which offers development programs to deepen its employees’ understanding of […]
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Retail Asia29/10/2020
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Finance

DBS Mulls Crypto Exchange Launch

2min0
DBS’ plans for a digital exchange are still work in process, and have not received regulatory approvals. Until such time as approvals are in place, no further announcements will be made. DBS is planning to launch a crypto exchange that will allow four digital currencies – Bitcoin, Bitcoin Cash, Etheerum, and Ripple – to trade […]
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