Banking News

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Mon, 12 May 2008 12:51:00 GMT

Westpac offers A$15B for Australian banking rival St. George

SYDNEY, Australia - Westpac Banking Corp. said Monday it has approached rival St. George Bank Ltd. with a takeover offer worth A$15 billion (US$14 billion) takeover offer that could be the biggest shake-up of Australia's bank sector in years. The deal
Mon, 12 May 2008 12:51:00 GMT

IndyMac Bancorp swings to 1st-qtr loss, sees 2008 loss

IndyMac Bancorp Inc. said Monday it swung to a loss in the first quarter as deteriorating credit markets forced the mortgage lender to lower the value of mortgage-backed securities, and warned it would not post a profitable quarter in 2008. 'With respect
Mon, 12 May 2008 12:49:00 GMT

Key Signs Agent Bank Agreement With Navy Federal Credit Union

CLEVELAND, May 12 /PRNewswire-FirstCall/ -- Cleveland-based KeyCorp (NYSE: KEY) has signed an agreement with Navy Federal Credit Union to provide Navy Federal's 3 million members with surcharge free access to Key's 1,500 automated teller machines (ATMs)
Mon, 12 May 2008 12:48:00 GMT

Buyout behemoths bemoan the banks

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Mon, 12 May 2008 12:48:00 GMT

Geron Corporation to Present at Bank of America Health Care Conference

, 7:30 AM EST News source: Business Wire Geron Corporation (Nasdaq:GERN) today announced that David L. Greenwood., executive vice president and chief financial officer, will present an update of the company's product development programs at 2:00 p.m. PDT
Mon, 12 May 2008 12:47:00 GMT

Bank merger 'faces regulatory hurdles'

Consumers already struggling to find a bargain in an expensive home loan market could be faced with even less choice if the $64 billion St George-Westpac merger goes ahead. Federal Treasurer Wayne Swan says he will be looking closely at any details that
Mon, 12 May 2008 12:47:00 GMT

Bank merger faces regulatory hurdles

CONSUMERS already struggling to find a bargain in an expensive home loan market could be faced with even less choice if the $64 billion St George-Westpac merger goes ahead. Federal Treasurer Wayne Swan says he will be looking closely at any details that
Mon, 12 May 2008 12:46:00 GMT

Celgene Corporation to Present at Bank of America's 2008 Healthcare Conference

, 7:30 AM EST News source: Business Wire Celgene Corporation (NASDAQ: CELG) today announced its presentation at Bank of America's 2008 Healthcare Conference on Wednesday, May 14, 2008 at 4:40 p.m. PDT will be webcast live and will be available in the
Mon, 12 May 2008 12:45:00 GMT

Key Signs Agent Bank Agreement With Navy Federal Credit Union

CLEVELAND, May 12 /PRNewswire-FirstCall/ -- Cleveland-based KeyCorp has signed an agreement with Navy Federal Credit Union to provide Navy Federal's 3 million members with surcharge free access to Key's 1,500 automated teller machines (ATMs) in 12
Mon, 12 May 2008 12:45:00 GMT

New Report from Aite Group Examines the Online and Mobile Banking ...

A new report from Aite Group, LLC examines the online and mobile banking product development roadmap of large U.S. financial institutions. The report is based on a survey of 23 of the top 80 U.S. financial institutions conducted by Aite Group in the
Mon, 12 May 2008 12:45:00 GMT

HSBC Q1 well received, but detail remains to be digested

Its been billed as a week of banking succour. HSBC kicked proceedings off on Monday. HSBCs bad debt impairments in its US consumer lending business were $3.2bn in the first quarter, down from $4.6bn in the final quarter of last year. Elsewhere, the banks
Mon, 12 May 2008 12:43:00 GMT

For St George, Westpac is a dragon not worth slaying

Deals don't get much more opportunistic than this, says Lex of Mondays news that Australia's Westpac Banking Corporation is in talks to buy smaller domestic rival St George in a move that would create the country's largest bank with a market value of
Mon, 12 May 2008 12:43:00 GMT

Garanti Bank meets FinREP Regulatory Challenge using FRSGlobal in ...

FRSGlobal, a leading provider of enterprise risk and regulatory compliance solutions, announces that Garanti Bank in Luxembourg has successfully submitted the latest monthly FinREP reports in XBRL format to the regulators using FRSGlobal
Mon, 12 May 2008 12:42:00 GMT

HSBC takes 3bn credit crunch hit

Banking giant HSBC has warned of economic recession in the US after announcing an extra 3 billion in credit crunch losses. The bulk of the losses came from bad debts in the US and write-offs on mortgage-backed investments hit by the financial turmoil. In
Mon, 12 May 2008 12:39:00 GMT

HSBC 'faces $5bn write-downs'

Banking giant HSBC is reportedly to write down as much as $5 billion in devalued assets. The announcement seems set to be made in the bank's upcoming first quarter results - and has been caused by the continuing poor performance of the US housing market.
Mon, 12 May 2008 12:39:00 GMT

Westpac seeks merger with St George

WESTPAC Banking Corporation is in talks with St George Bank about a takeover that would create Australia's biggest bank with 10 million customers, 1200 branches and over $100 billion in retirement savings. But the merger could put thousands of jobs at
Mon, 12 May 2008 12:39:00 GMT

Malaysian banks pricey compared to regional peers

KUALA LUMPUR: While boasting strong fundamentals and earnings, Malaysian banks still offer pricey valuations in comparison to their Asean peers, making them expensive to foreign investors. "Generally, investors look at the price to book value (PBV) ratio
Mon, 12 May 2008 12:38:00 GMT

Exec 'runs the rule' over Aussie bank takeover

Westpac is planning a takeover of fellow Australian bank St George, Bloomberg reports. Gail Kelly, the new chief executive at the nation's fourth-largest bank, made an unsolicited all-stock offer totalling A$15 billion. The takeover offer was made by the
Mon, 12 May 2008 12:38:00 GMT

IndyMac Bancorp posts 1st - qtr loss; expects no quarterly profits in 2008

LOS ANGELES (AP) - IndyMac Bancorp Inc. said Monday it swung to a loss in the first quarter as deteriorating credit markets forced the mortgage lender to lower the value of mortgage-backed securities, and warned it would not post a profitable quarter in
Mon, 12 May 2008 12:37:00 GMT

Public Bank No 1 in market cap

PETALING JAYA: Public Bank Bhd recently overtook Malayan Banking Bhd (Maybank) as the country's largest banking group in terms of market capitalisation, but still trails the latter in asset terms. Maybank has total assets of RM256.66 billion, compared
Mon, 12 May 2008 12:36:00 GMT

HSBC says Q1 profit up

Europe's biggest bank HSBC Holdings said its profit in the first quarter was ahead of a year earlier as growth in Asia and elsewhere helped counter another big hit for bad debts on US home loans. HSBC said in a trading statement on Monday it was
Mon, 12 May 2008 12:35:00 GMT

SmartPay Launches Utility Bills Payment Service with China Unicom, China Unionpay and Huishang Bank in Anhui Province

SHANGHAI, China, May 12 /Xinhua-PRNewswire/ -- Recently Shanghai SmartPay Jieyin, in partnerships with China Unicom, China Unionpay and Huishang Bank, launched the Mobile-Wallet service for paying utility bills in Anhui Province. This brand new service
Mon, 12 May 2008 12:33:00 GMT

Malaysian fund sells RHB Capital stake to Abu Dhabi Bank

(AFP) - Malaysia's state-run pension fund sold 25 percent of its stake in the country's fourth largest bank, RHB Capital, to Abu Dhabi Commercial Bank (ADCB), a statement said Thursday. The deal between the Employees Provident Fund (EPF) and ADCB, a
Mon, 12 May 2008 12:33:00 GMT

US probe into RBS exposure

ROYAL Bank of Scotland is being investigated by the US Securities and Exchange Commission over its exposure to American sub-prime mortgages. Details of the probe are buried in the Edinburgh-headquartered bank's prospectus for its imminent 12 billion
Mon, 12 May 2008 12:33:00 GMT

CB&S Bank Improves Customer Service and Makes Employees More Productive With ShoreTel's Unified Communications Solution

Easy-to-manage distributed unified communications solution helps bank with 40 offices create a centralized call center, while lowering communications costs and creating a more collaborative work environment SUNNYVALE, Calif., May 12
Mon, 12 May 2008 12:33:00 GMT

China Orders Fourth Increase in Bank Reserves This Year to Cool Inflation

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Mon, 12 May 2008 12:33:00 GMT

IndyMac Bancorp swings to 1st-qtr loss, sees 2008 loss

LOS ANGELES -- IndyMac Bancorp Inc. said Monday it swung to a loss in the first quarter as deteriorating credit markets forced the mortgage lender to lower the value of mortgage-backed securities, and warned it would not post a profitable quarter in
Mon, 12 May 2008 12:32:00 GMT

SmartPay Launches Utility Bills Payment Service with China Unicom, China Unionpay and Huishang Bank in Anhui Province

For more information, please contact: Evie Wang Tel: +86-21-6390-0999 Fax: +86-21-6390-0535 Email: evie.wang@smartpay.com.cn SOURCE Shanghai SmartPay Jieyin CONTACT: Evie Wang, +86-21-6390-0999, or fax, +86-21-6390-0535, or
Mon, 12 May 2008 12:32:00 GMT

China Inflation Rate Accelerates to 8.5%; Bank Reserve Ratio Is Increased

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Mon, 12 May 2008 12:32:00 GMT

China lifts reserve requirement for banks

China's central bank has ordered banks to set aside larger reserves for the fourth time this year after the country's inflation accelerated close to its highest level since 1996. The People's Bank of China (PBC) said it will raise the reserve requirement
Mon, 12 May 2008 12:31:00 GMT