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Daily Banking News at Banking Times, the UK's leading independent banking news publication.
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Morgan Stanley bolsters Private Wealth Management team
Morgan Stanley Private Wealth Management has announced that it has hired a quartet of investment professionals to cater to the needs of ultra-high net worth clients in Venezuela and Colombia.
The Miami-based team includes Executive Director Luis Miguel Gonzalez Ocque and Vice President Alan Shlesinger, both of whom are private wealth advisers, and Vice President Christina [...]
Categories: Banking and finance
Brewin Dolphin calls for caution over CGT
On 22 June the new Coalition Government is set to change the Capital Gains Tax (CGT) regime, potentially adversely affecting a large number of small investors and prudent savers, Brewin Dolphin has warned.
Brewin Dolphin has called for the Government to proceed carefully, and to consider keeping the capital gains tax allowance at £10,000, taking account [...]
Categories: Banking and finance
Equity Bank launches new mobile bank account
Equity Bank has announced it is working in collaboration with Kenya’s largest mobile service company to help combat poverty through financial empowerment.
The bank and Safaricom have launched the new M-KESHO account, which will permit customers of Safaricom to deposit money with Equity Bank.
The account builds upon the mobile firm’s successful M-PESA service which allows customers [...]
Categories: Banking and finance
CBI criticises proposed EU bank levy
The CBI has responded to the European Commission’s plans for a new levy on banks.
Director General Richard Lambert has expressed concern at the proposed measures, arguing that if they were implemented in Europe but not elsewhere they would have the effect of eroding the competitiveness of the European banking sector.
Lambert added that the United Kingdom [...]
Categories: Banking and finance
OECD calls for rates to rise in 2010
For more than a year the British interest rate has rested at the historic low of 0.5%, but there are now calls for this to change.
Influential thinktank the OECD has stated that the UK recovery is improving, with exports and financial conditions doing better than before.
However, the thinktank also warned that interest rates may need [...]
Categories: Banking and finance
Faster Payments Service has 2nd anniversary
The Faster Payments Service will have its second anniversary this week, marking two years since the service began to cut the time taken for UK payments to be processed.
The service is well underway according to a recent Payments Council report, with a greater volume of internet and telephone banking transactions being generated than had been [...]
Categories: Banking and finance
Brewin Dolphin reports biannual results
Brewin Dolphin has reported its interim financial results for the half-year ended on 28 March 2010.
The firm reported total income of £120.9m, up by 15% from £104.7m made during the same period last year.
Pre-tax profits were up by 37%, rising from £11.1m to £15.2m, with diluted earnings per share rising from 3.5p to 4.6p, an [...]
Categories: Banking and finance
Nationwide reports annual results
Nationwide Building Society has reported that it made an underlying profit of £212m for the year ended 4 April 2010, with statutory pre-tax profits of £341m.
Before provisions are taken into account Nationwide recorded an underlying profit of £811m.
The building sosicety’s capital ratios remain good, standing at 12.2% for the Core Tier 1 ratio and 15.3% [...]
Categories: Banking and finance
UBA group MD receives approval
United Bank for Africa plc (UBA) has been given the green light by the Central Bank of Nigeria (CBN) to confirm the appointment of Phillips Oduoza as group managing director.
Oduoza, who assumes his role with effect from 1 August, replaces Tony Elumelu, who is leaving the position in accordance with new CBN rules limiting the [...]
Categories: Banking and finance
Japan keeps rates at 0.1%
The Bank of Japan’s Policy Board has elected to keep the country’s interest rate steady at 0.1%.
The decision, which was reached unanimously, comes as Japan’s economy continues its moderate recovery.
The growth of emerging economies have helped encourage Japan’s exports and production, with private consumption also on the rise.
In Japan inflation (excepting fresh food) is falling, [...]
Categories: Banking and finance
Sberbank releases 4M results
Sberbank has announced its financial results for the first four months of the year, in accordance with the bank’s internal methodology.
The Russian financial institution saw its net interest income increase by 11.9%, year-on-year, with a 15.5% rise in net fee and commission income.
Operating income, pre-provision, declined by 19.5% compared with the corresponding period last [...]
Categories: Banking and finance
US Senators vote in favour of sweeping regulatory reform
US Senators have passed a bill that contains the most sweeping reforms to America’s system of financial regulation, since the 1930s.
With a comfortable majority of 59 votes to 39, the new legislation tackles the failings that have been blamed for the credit crisis, from predatory lenders to the derivatives market and banks that are “too [...]
Categories: Banking and finance
Inventor of cash machine dies
The inventor of the cash machine has died, aged 84, after a short illness.
John Shepherd-Barron was in the bath when he mentally redesigned the chocolate dispenser to dispense cash, forty-five years ago.
He was working for international currency printing firm, De La Rue, at the time and explained his idea to the chief general manager of [...]
Categories: Banking and finance
MBNA launches Mobile Banking Text service
MBNA has launched a new mobile phone service for its UK credit card customers.
The Mobile Banking Text service allows cardholders to retrieve account information, including balance, payments and transactions, within seconds, by texting 83838.
Ian Craig, spokesman for Bank of America Europe Card Services, which operates the MBNA brand, says: “Our customers’ needs and expectations are [...]
Categories: Banking and finance
The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more