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Tag: banks

Retail Asia07/12/2020
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Finance

Banks continue to cut deposit interest rates

2min0
With the Covid-19 pandemic acting as a drag on credit growth, banks are continuing to cut deposit interest rates. State-owned lenders BIDV, Agribank and VietinBank this week reduced their 12-month rates by 0.2 percentage points to 5.6 percent. The other “Big 4” state-owned lender, Vietcombank, kept its 12-month rate unchanged at 5.8 percent but cut […]
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Retail Asia02/12/2020
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Finance

Singapore Banks Unite to Boost Commodity Financing Standards

3min0
The ABS Code of Best Practices for Commodity Financing, launched with the support of the Monetary Authority of Singapore (MAS), Enterprise Singapore (ESG) and Accounting and Corporate Regulatory Authority (ACRA), is the industry’s first set of commodity financing best practices. The Association of Banks in Singapore (ABS) has launched a set of best practices to ensure […]
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Retail Asia09/11/2020
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Finance

Singapore and Indonesia Central Banks Extend Swap Arrangement

1min0
The extension will support monetary and financial stability in both countries amid the COVID-19 pandemic, MAS said. Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) have agreed to extend a $10 billion bilateral financial arrangement for another year, MAS announced on Thursday. This is the second extension of the arrangement, which was launched in 2018 for […]
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Retail Asia08/04/2020
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Finance

Banks Temporarily Close Branches Across Singapore

4min0
Banks across Singapore are closing branches due to the reduced traffic expected as a result of enhanced social distancing measures, announced on Friday to curb the spread of Covid-19. While the financial sector was exempted from Singapore government’s order to suspend activities at workplaces from 7 April until 4 May inclusive, banks across the island announced limited operations […]
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Retail Asia23/03/2020
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Finance

Australian Banks Launch Small Biz Relief Package

2min0
In the midst of an ongoing outbreak, Australian lenders help lighten the load for affected small businesses which are estimated to house 5 million workers in the country. The relief package will apply to more than A$100 billion of existing small business loans and provides a 6-month deferral of loan payments for those affected by […]
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Retail Asia23/03/2020
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Finance

Singapore Bank Shares Offer Value

6min0
Shares of Singapore banks offer good value now that they have fallen by 26 percent year-to-date. With better capital positions as compared to during the global financial crisis, they have the capacity to retain dividend payout. Even as the coronavirus outbreak drags Singapore into negative growth territories, Singapore banks are in better shape today as […]
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Retail Asia17/03/2020
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Finance

Singapore Banks Buy Back Shares

1min0
Singapore banks were among 32 primary-listed stocks conducting share buybacks over the five sessions ended 12 March 12, with a total consideration of S$169.6 million. DBS Group Holdings led the consideration tally, with 6.65 million shares bought back at an average price of S$21.272 per share, according to a report by the Singapore Stock Exchange (SGX). […]
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Retail Asia16/03/2020
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Finance

APAC Banks Brace for Hiring Freeze

2min0
Hiring has slowed down significantly at banks in Asia-Pacific, according to job post data, and a prolonged freeze could last the entire year from the effects on the ongoing pandemic. At the beginning of March, the number of listed banking jobs closed surged to 1,200 per weak – more than the average of 500 – […]
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Retail Asia13/02/2020
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Finance

Standard Chartered Launches Singapore-Based Venture

2min0
The bank is partnering with Australia-based start-up Assembly Payments to deliver next-generation payment solutions to merchants globally. Standard Chartered is launching a new payments venture to be headquartered in Singapore as part of a strategic partnership with Assembly Payments, the two parties announced on Tuesday. The joint venture will offer merchants globally a digital payment […]
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Retail Asia29/01/2020
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Finance

Banks Inform Staff To Work From Home

3min0
At least two banks have advised their staff to work from home for 14 days if they have conducted personal or business travel to China recently. The measures were meant to safeguard staff and client interests. Credit Suisse staff who visited the mainland in the last two weeks should discuss with their division manager and HR […]
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Retail Asia28/01/2020
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Finance

Lending, insurance boost 2020 bank profits

3min0
Commercial banks could see their pretax profit grow by 22.5 percent this year with a rising income from lending and insurance. Major state-owned Vietcombank is expected to lead with an after-tax profit of VND28.98 trillion ($1.25 billion), up 24.6 percent year-on-year, according to analysts at SSI Securities Corporation (SSI). It will be followed by BIDV, […]
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Retail Asia27/01/2020
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Finance

Wuhan Coronavirus Prompts Banks to Issue Travel Warnings

2min1
Concerns about the coronavirus outbreak originating from Wuhan are rapidly escalating this week with banks joining in to issue warnings against travel and ready their business continuity plans. The outbreak has so far infected more than 500 individuals globally and has reportedly claimed 17 lives thus far. Following President Xi Jinping’s announcement this week saying […]
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Retail Asia27/01/2020
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Finance

Banks Talk Wuhan Virus

6min0
Global banks discuss their views about the Chinese government’s response to the coronavirus outbreak as well as its potential near-term effect on markets. The coronavirus outbreak continues to escalate, having afflicted more than 500 people worldwide. 18 deaths have been confirmed including the first case outside of Wuhan earlier today. Chinese authorities have named it […]
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Retail Asia23/12/2019
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Finance

Bangkok Bank Snaps Up Bank Permata

2min0
Bangkok Bank emerges as the buyer of PT Bank Permata after Singapore’s DBS and OCBC reportedly backed out from bidding. Thailand’s second-largest lender Bangkok Bank bought Permata for about $2.7 billion to obtain a near 90 percent stake from Standard Chartered and PT Astra. The deal, which was advised by Morgan Stanley, was valued at […]
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Retail Asia06/11/2019
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Finance

Lower Margins Ahead For Singapore Banks

4min0
Singapore’s three local banks are likely to experience margin squeeze in the third quarter as the Singapore Inter-bank Offered Rate heads south, following in the footsteps of Federal Reserve’s rate movement.  Analysts are also watching non-performing loan ratios amidst a weaker global economic environment. Even as loan growth is expected to remain steady, Singapore’s local banks […]
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Retail Asia23/10/2019
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Finance

HSBC Reviewing Bank’s Equities Team

3min0
HSBC will be reviewing its global equities sales and trading business as it tries to slash costs under Noel Quinn, raising the chances of more job cuts. With HSBC’s interim chief Noel Quinn looking to ax 10,000 jobs in Europe, the bank may look to sell or shut down its equities sales and trading business. Some of these headcount cuts […]
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Retail Asia17/10/2019
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Finance

Banks Keep Hong Kong Branches Shut

2min0
Five banks continued to demonstrate caution with 13 branches kept shut and hundreds of automatic teller machines still offline after a weekend of political unrest. Bank of China (Hong Kong) kept five branches open on Tuesday after closing all but one of its 200 on Saturday. ICBC has kept four branches closed. Bank customers are […]
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Retail Asia17/10/2019
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Finance

Standard Chartered Launches Sustainable Deposit Solution

2min0
Standard Chartered will offer both its corporate and retail clients in Singapore access to a deposit solution focused on supporting financing needs related to the United Nations’ Sustainable Development Goals. U.S. dollar deposits were co-developed with sustainability research firm Sustainalytics and liquidity raised from sustainable deposits will be used to fund SDG-related activities in Asia, […]
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Retail Asia21/08/2019
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Finance

Internet-Only Banks Closing Trust Gap

3min0
Trust in tech firms entering the financial sector is strong and rapidly improving to close the gap with traditional banks in Asia Pacific where 77 percent already prefer accessing their banking services via digital channels. According to the research firm Forrester, banks continue to lead in trust rankings regarding consumers’ financial interest but tech firms […]
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