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5th Annual Bancassurance Forum 2012


Briefly

January 19, 2012 Bank of America reports fourth quarter 2011 net income of $2 billion, compared with net loss of $1.2 billion in fourth quarter 2010.

January 18, 2012 Goldman Sachs reports net revenues of $28.81 billion and net earnings of $4.44 billion for the year ended December 31, 2011.

January 5, 2012 ZKB, the largest cantonal bank in Switzerland, told US customers it was closing their accounts.

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Press Release :: Deutsche Bank

Logo Deutsche BankThe Dresdner Agency Securities Lending business will be integrated into Deutsche Bank's Trust & Securities Services (TSS) business in Global Transaction Banking (GTB) as part of its local custody franchise and will be overseen by Roger Harrold, Global Head of Domestic Custody Services.

Terms of the transaction were not disclosed, and closing of the transaction is subject to customary conditions, including receipt of regulatory approvals. The transaction is expected to be completed in the fourth quarter of 2009.

"This acquisition adds one of the largest third-party agency securities lending providers to our custody platform in Global Transaction Banking," said Mr. Harrold. "We are continually seeking ways to further expand the range of services we provide to our clients, and this addition to the GTB platform will undoubtedly help us achieve that goal."

The sale of Dresdner Bank's Global Agency Securities Lending business is part of Commerzbank's strategy to focus on its core markets and activities.

Tim Smollen, Global Head of Dresdner Bank's Agency Lending business, who will remain head of the business after closing, said, "The Deutsche Bank platform represents a strong fit for our global business, our clients and our ambitions in the agency lending space. We look forward to working with our new colleagues to ensure the smooth integration of the business and to introduce our complementary service to Deutsche Bank's clients."

Source: Deutsche Bank
Date: 15.05.2009

Financial News

 Three Swiss bankers indicted by U.S. in tax crackdown - 09.01.2012
U.S. authorities are moving toward taking legal action against Wegelin & Co., which could lead to an indictment of one of Switzerland's last pure private banks, on charges that it enabled wealthy Americans to evade taxes, according to two persons with knowledge of the case.
Source: Reuters
 Islamic finance assets to hit US$ 1.1 trillion in 2012 - 22.11.2011
Islamic finance assets around the world are expected to climb 33% from their 2010 levels to $1.1 trillion by the end of 2012, boosted by the aftermath of the Arab Spring uprisings and dissatisfaction with conventional finance in the wake of the global debt crisis, consultants Ernst & Young said in a report on Tuesday.
Source: Reuters
 Credit union business grows as consumers sour on banks - 07.11.2011
The big banks may have dropped the debit card fees, but the credit unions are the ones picking up the business.
Source: Reuters
 Spanish bank ratings downgraded by Fitch and S&P - 12.10.2011
Two leading credit rating agencies have downgraded some of Spain's largest banks, citing a deteriorating outlook for the Spanish economy.
Source: BBC News
 Spotlight on Islamic Retail Banking – strategies for fast growing industry - 07.10.2011
Islamic Banking is young but fast growing industry what brings challenges as need for standardization, expanding at the market (now < 1% population is banking Islamic Banks), lack of public awareness about Islamic Banking (misinterpretation) and limited resources of qualified people in this particular industry.
Source: Fleming Gulf
 JBIC inks $43bn credit line pact with Japan banks - 05.10.2011
The Japan Bank for International Cooperation (JBIC) said Wednesday that it has signed separate pacts with three major Japanese banks to give them a combined $43 billion, or Y3.3 trillion, credit line, as part of the government's steps to encourage companies to go ahead with M&As overseas.
Source: Nikkei
 U.S. banks begin charging monthly debit-card fees - 01.10.2011
Get ready for a new wave of bank fees. Bank of America will begin charging a $5 monthly fee at the beginning of next year for customers who make debit card purchases.
Source: CNNMoney

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