All articles by Farah Halime
Farah Halime
First Direct delays iPhone launch
First Direct, the UK online subsidiary of HSBC, has been forced to announce that it does not yet have an iPhone application, after customers became confused in conversations on social networking sites Talking Point and Twitter. The bank confirmed that customers cannot download a First Direct app from the Apple store, but rerouted customers to its internet banking site which it said can be more easily viewed on the iPhone The bank added it has not rushed into launching these apps as we want to make sure we get it right first time rather than pushing something out that isnt really ready.
Chase, Continental Airlines boost card offering
Chase, the retail unit of US-based JPMorgan Chase, has boosted its cards portfoliowith the launch of a new card and an improved version of the Presidential Plus card,as part of its ongoing alliance with Continental Airlines The new card, OnePass Plus, bundles travel, service, protection and reward benefits offered on the former Continental Airlines World MasterCard with a string of benefits including the ability to receive a one-time 10,000 mile bonus when customers reach $25,000 in spend on their card Improvements on the Presidential Plus card, initially launched in 2006, include Blue Carpet treatmentsuch asofferingcardholders priority check-in andpreferredbaggage handling
Sberbank first quarter net profit beats forecasts
Sberbank, Russias biggest bank, has beaten forecasts with a net profit jump to RUB43.5 billion ($1.37 billion) in the first quarter of 2010, compared to RUB0.6 billion in the year-ago period after cutting costs and provisions for bad loans fell The bank said the results pointed towardsa normal level of profitability witha return on equity of21.3 percent at the beginning of 2010, up substantially from 0.3 percent in the first quarter of 2009 Retail deposits, traditionally the core of the banks liabilities structure, contributed 70.6 percent of total deposits at RUB3.8 trillion, but the retail loan portfolio shrank marginally from RUB1.17 trillion a year ago, to RUB1.15 trillion in the first quarter of 2010
Barclays in London bike hire sponsorship deal
Barclays, the UKs second largest banking group, will sponsor a government-backed cycle hire scheme in the capital, in a deal worth up to £25m ($30.5m) The project, called Barclays Cycle Hire, will involve the installation of 6,000 bikes at about 400 docking stations across London from 30 July The deal will give Barclays naming rights for two cycling schemes and branding across the schemes bicycles, staff uniforms and all marketing materials
VTB posts highest ever quarterly profit
Russias second largest lender, VTB, posted its highest ever quarterly net profit of RUB15.3bn ($491.5m) in the first quarter of 2010, versus a loss of RUB20.5bn in the comparable period of 2009 The bank said its retail deposit market share was maintained at 5.9%, despite strong competition for retail deposits
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HSBC HK launches “cutting-edge” video service
HSBC, Europes largest bank by market capitalisation, has become the first bank in Hong Kong to offer an instant online video consultation service for its Premier customers Live Connect allows the banks Premier customers to receive financial advice ranging from consultations to product and service subscriptions wherever their location Francesca McDonagh, head of the personal financial services for the banks Hong Kong division, called the service cutting-edge that takes banking into a new era.
RBC launches Canada’s first PFM tool
Royal Bank of Canada (RBC) has launched Canadas first online financial management tool as the importance of personal financial management (PFM) takes increasing prevalence in the retail banking sector Canadas largest bank by assets and market capitalisation has unveiled myFinanceTracker, free for RBCs online banking customers and available at http:www.rbcroyalbank.comnewolb, to allow users to categorise transactions, track expenses and create budgets for all personal banking and credit card accounts
Welcome Real-time, Accenture agree joint venture
Welcome Real-time (WRT), the France-based technology vendor, has struck a deal with consultancy firm Accenture, to boost customer loyalty among Frances top banks The joint collaboration will offer tier-one financial institutions seamless loyalty solutions and improved consulting services from Accentures 150 loyalty and customer relationship management specialists
New NZ retail bank to target “valuable” market share
Pyne Gould Corporation (PGC), a New Zealand investment and finance firm, has unveiled plans to merge with two savings institutions to form a retail bank PGCs finance subsidiary MARAC has signed a memorandum of understanding with Canterbury Building Society (CBS) and Southern Cross Building Society (SBCS) to launch a retail bank, with the aim of doubling a combined NZ$2.2bn asset base within five years
Bank of the West launches virtual money service
Bank of the West, a US-based retail subsidiary of BNP Paribas, has launched the first payments service allowing bank customers to send money from their bank account, using a recipients email address, mobile phone number or bank account information