Faster interbank transfer service to start on March 17
BY WONG WEI HAN
PUBLISHED: MARCH 10, 7:01 PM UPDATED: MARCH 10, 7:45 PM
SINGAPORE — A new electronic service that enables almost immediate funds transfer between banks based here, will be available from next Monday (March 17), the Association of Banks in Singapore (ABS) announced today.
With Fast And Secure Transfers (FAST), individuals and businesses can perform interbank fund transfers – capped at S$10,000 – between the current 14 participating banks almost instantaneously, shortening a process that can sometimes take up to three days. FAST is only usable for domestic Singapore Dollar transfers.
The participating banks are Australia and New Zealand Banking Group, CIMB, Citibank, DBS (including POSB), Deutsche Bank, Far Eastern Bank, the Hongkong and Shanghai Banking Corp, Maybank, Oversea-Chinese Banking Corp, RHB, The Royal Bank of Scotland, Standard Chartered, Sumitomo Mitsui Banking Corp and United Overseas Bank.
The charges and conditions applied differ between banks. For instance, DBS, OCBC and UOB said they will be making the service free for their retail customers. A sum will be charged to business banking customers, but some banks, such as OCBC and UOB, will waive off these charges for a limited period; DBS will instead offer preferential rates to business customers.
Among the foreign banks, Maybank, RHB and HSBC will similarly offer the service free for their retail customers.
FAST can be accessed through online or mobile banking around the clock. Several banks, such as OCBC and UOB, are also making it available on their ATMs.
- wong chee tat :)
Showing posts with label Royal Bank of Scotland. Show all posts
Showing posts with label Royal Bank of Scotland. Show all posts
Monday, March 10, 2014
Saturday, August 10, 2013
Royal Bank of Scotland sells India businesses
Royal Bank of Scotland sells India businesses
POSTED: 10 Aug 2013 8:48 PM
TREND
The Royal Bank of Scotland Group has said it plans to sell some of its Indian assets, including its credit card and mortgage business, to a domestic bank as it disposes of more of its once sprawling empire.
NEW DELHI: The Royal Bank of Scotland Group has said it plans to sell some of its Indian assets, including its credit card and mortgage business, to a domestic bank as it disposes of more of its once sprawling empire.
RBS, now more than 80 per cent owned by the British government following the 2008 global financial crisis, plans to sell its business banking, credit card business and mortgage loan portfolio to India's Ratnakar Bank, the two banks said.
Ratnakar Bank is one of India's smallest commercial banks but has fared well in recent years by selling stock to private equity funds.
The banks gave no value for the deal, which is subject to approval by India's competition regulator, in a joint statement late Friday.
"RBS had built an extremely high quality business in India which is rich in current accounts and it will be our endeavour to ensure we not only maintain the existing customer proposition, but enhance it," Rajeev Ahuja, head of strategy and markets at Ratnakar Bank, said in the statement.
RBS was bailed out by the British government after the financial crisis and has been disposing of non-core assets.
RBS first signed an agreement in 2010 with Hong Kong & Shanghai Banking Corp to sell its India retail assets but that agreement collapsed late last year.
The latest agreement involves the transfer of some of RBS' employees as well as over 120,000 customers to Ratnakar Bank.
The Edinburgh-based RBS will keep a retail presence in 10 places in India -- including Mumbai, Kolkata, New Delhi, Bangalore and Pune -- but will close 21 other branches.
It will continue to offer financing, risk management, wholesale and investment banking, and wealth management advice to customers.
RBS has shed many investment banking jobs in Britain and in the past year has sold or shut down several other divisions.
The European Union has insisted that RBS sell hundreds of local branches under the terms of its 45-billion-pound (US$70-million) bailout in 2008.
- AFP/nd
- wong chee tat :)
POSTED: 10 Aug 2013 8:48 PM
TREND
The Royal Bank of Scotland Group has said it plans to sell some of its Indian assets, including its credit card and mortgage business, to a domestic bank as it disposes of more of its once sprawling empire.
NEW DELHI: The Royal Bank of Scotland Group has said it plans to sell some of its Indian assets, including its credit card and mortgage business, to a domestic bank as it disposes of more of its once sprawling empire.
RBS, now more than 80 per cent owned by the British government following the 2008 global financial crisis, plans to sell its business banking, credit card business and mortgage loan portfolio to India's Ratnakar Bank, the two banks said.
Ratnakar Bank is one of India's smallest commercial banks but has fared well in recent years by selling stock to private equity funds.
The banks gave no value for the deal, which is subject to approval by India's competition regulator, in a joint statement late Friday.
"RBS had built an extremely high quality business in India which is rich in current accounts and it will be our endeavour to ensure we not only maintain the existing customer proposition, but enhance it," Rajeev Ahuja, head of strategy and markets at Ratnakar Bank, said in the statement.
RBS was bailed out by the British government after the financial crisis and has been disposing of non-core assets.
RBS first signed an agreement in 2010 with Hong Kong & Shanghai Banking Corp to sell its India retail assets but that agreement collapsed late last year.
The latest agreement involves the transfer of some of RBS' employees as well as over 120,000 customers to Ratnakar Bank.
The Edinburgh-based RBS will keep a retail presence in 10 places in India -- including Mumbai, Kolkata, New Delhi, Bangalore and Pune -- but will close 21 other branches.
It will continue to offer financing, risk management, wholesale and investment banking, and wealth management advice to customers.
RBS has shed many investment banking jobs in Britain and in the past year has sold or shut down several other divisions.
The European Union has insisted that RBS sell hundreds of local branches under the terms of its 45-billion-pound (US$70-million) bailout in 2008.
- AFP/nd
- wong chee tat :)
Monday, July 1, 2013
EU investigators accuse 13 banks in derivatives probe
EU investigators accuse 13 banks in derivatives probe
POSTED: 01 Jul 2013 10:00 PM
EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
BRUSSELS: EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
A preliminary investigation by the Commission showed that banks worked together to exclude exchanges from the derivatives market.
This was allegedly because they feared involvement by the exchanges would cut into their huge profits from over-the-counter trading.
Some aspects of derivatives trading have been blamed for exacerbating the financial crisis.
The EU's Competition Commissioner Joaquin Almunia said that the banks now had the chance to respond to the detailed accusations.
He said that they could face fines if the charges were confirmed once the investigation had been completed.
"If it is confirmed that banks collectively blocked exchanges from the derivatives market, the Commission could decide to impose sanctions," Almunia said at a press briefing.
"Exchange trading of credit derivatives improves market transparency and stability," he said.
Collusion between banks to prevent this type of trading would be "a serious breach of our competition rules", he said.
Almunia declined to give an estimate of the size of possible fines on the banks but he said the CDS market at the moment was worth about 10 trillion euros ($13 trillion).
The collapse of US investment bank Lehman Brothers in 2008 "showed how derivatives trading is able to destabilise the entire financial system," Almunia said.
The EU investigation began in 2011 and has focused on claims that the Deutsche Boerse stock market and the Chicago Mercantile Exchange were excluded from the derivatives market between 2006 and 2009 when the crisis reached its peak.
It said the two exchanges decided to turn to the International Swaps and Derivatives Association (ISDA) and data service provider Markit to obtain the necessary licences but were turned down because the banks had prevented them from doing so.
The 13 European and US banks targeted are: Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland and UBS.
Four other banks that had been involved in the investigation -- Commerzbank, Societe Generale, Credit Agricole and Wells Fargo -- have been excluded because of a lack of evidence.
In May, a US pension fund for Cleveland metal workers initiated legal proceedings against some of the banks identified by the European Commission saying it had suffered financial losses because of "an illegal cartel".
The fund said the number of victims of the alleged cartel could reach "tens of thousands", and claimed the derivatives market had been heavily distorted by those who controlled it.
The European Commission has worked to take on a stronger role in policing the financial markets in the wake of the global financial crisis and the eurozone sovereign debt crisis.
Last month, it said it was preparing a set of proposals to tighten up oversight of key market benchmarks, especially of interest rates, after recent rigging scandals in London.
These could include moving LIBOR, a global interest rate indicator, from London to Paris where it would be supervised by the European Securities and Markets Authority.
Such a move would very likely anger the British government which jealously guards the City of London, home to one of the world's largest financial markets.
LIBOR, or London Interbank Offered Rate, is a flagship reference instrument used all over the world, affecting what banks, businesses and individuals pay to borrow money.
London's role has been undermined by revelations that major banks, among them Barclays, Royal Bank of Scotland and UBS, have manipulated LIBOR to their advantage, especially during the turmoil and aftermath of the 2008 crisis.
British regulators have laid out plans for a new system combining survey-based rates and objective data to replace the current system, hoping to head off EU efforts to take overall control of such a key financial market instrument.
- AFP/al
- wong chee tat :)
POSTED: 01 Jul 2013 10:00 PM
EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
BRUSSELS: EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
A preliminary investigation by the Commission showed that banks worked together to exclude exchanges from the derivatives market.
This was allegedly because they feared involvement by the exchanges would cut into their huge profits from over-the-counter trading.
Some aspects of derivatives trading have been blamed for exacerbating the financial crisis.
The EU's Competition Commissioner Joaquin Almunia said that the banks now had the chance to respond to the detailed accusations.
He said that they could face fines if the charges were confirmed once the investigation had been completed.
"If it is confirmed that banks collectively blocked exchanges from the derivatives market, the Commission could decide to impose sanctions," Almunia said at a press briefing.
"Exchange trading of credit derivatives improves market transparency and stability," he said.
Collusion between banks to prevent this type of trading would be "a serious breach of our competition rules", he said.
Almunia declined to give an estimate of the size of possible fines on the banks but he said the CDS market at the moment was worth about 10 trillion euros ($13 trillion).
The collapse of US investment bank Lehman Brothers in 2008 "showed how derivatives trading is able to destabilise the entire financial system," Almunia said.
The EU investigation began in 2011 and has focused on claims that the Deutsche Boerse stock market and the Chicago Mercantile Exchange were excluded from the derivatives market between 2006 and 2009 when the crisis reached its peak.
It said the two exchanges decided to turn to the International Swaps and Derivatives Association (ISDA) and data service provider Markit to obtain the necessary licences but were turned down because the banks had prevented them from doing so.
The 13 European and US banks targeted are: Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland and UBS.
Four other banks that had been involved in the investigation -- Commerzbank, Societe Generale, Credit Agricole and Wells Fargo -- have been excluded because of a lack of evidence.
In May, a US pension fund for Cleveland metal workers initiated legal proceedings against some of the banks identified by the European Commission saying it had suffered financial losses because of "an illegal cartel".
The fund said the number of victims of the alleged cartel could reach "tens of thousands", and claimed the derivatives market had been heavily distorted by those who controlled it.
The European Commission has worked to take on a stronger role in policing the financial markets in the wake of the global financial crisis and the eurozone sovereign debt crisis.
Last month, it said it was preparing a set of proposals to tighten up oversight of key market benchmarks, especially of interest rates, after recent rigging scandals in London.
These could include moving LIBOR, a global interest rate indicator, from London to Paris where it would be supervised by the European Securities and Markets Authority.
Such a move would very likely anger the British government which jealously guards the City of London, home to one of the world's largest financial markets.
LIBOR, or London Interbank Offered Rate, is a flagship reference instrument used all over the world, affecting what banks, businesses and individuals pay to borrow money.
London's role has been undermined by revelations that major banks, among them Barclays, Royal Bank of Scotland and UBS, have manipulated LIBOR to their advantage, especially during the turmoil and aftermath of the 2008 crisis.
British regulators have laid out plans for a new system combining survey-based rates and objective data to replace the current system, hoping to head off EU efforts to take overall control of such a key financial market instrument.
- AFP/al
- wong chee tat :)
Thursday, May 16, 2013
Royal Bank of Scotland axes 1,400 more jobs
Royal Bank of Scotland axes 1,400 more jobs
POSTED: 16 May 2013 8:05 PM
State-rescued Royal Bank of Scotland axed 1,400 more positions on Thursday, taking the total number of job losses close to 40,000 since its vast state bailout at the height of the global financial crisis.
LONDON: State-rescued Royal Bank of Scotland axed 1,400 more positions on Thursday, taking the total number of job losses close to 40,000 since its vast state bailout at the height of the global financial crisis.
"RBS has announced plans to restructure its retail head office functions in the UK. The changes will result in 1,400 job losses over the next two years," said in a statement.
A company spokesman told AFP that the latest round of losses took the total job cuts to 38,900 over the past five years, as the bank has sought to transform its fortunes.
He added that following the latest losses, RBS would employ 120,000 staff worldwide.
Unite, Britain's biggest union, attacked the latest cuts as "brutal and irresponsible" behaviour.
However, RBS insisted that the move was aimed at improving customer service.
"To serve our customers well we have to ensure that our resources are focused on the things that matter most to them," said Ross McEwan, head of UK Retail.
"Regrettably, we can only do that by restructuring the way we work in head office so that every effort is concentrated on supporting our customers and the frontline staff that serve them."
The British government owns 81 per cent of RBS after the bank was bailed out in the wake of the 2008 financial crisis with 45.5-billion pounds of taxpayers' cash, making it the world's biggest banking bailout.
The lender was ravaged by its badly-timed consortium takeover of Dutch bank ABN Amro at the top of the market in 2007, just before the crisis struck.
RBS said earlier this month that it planned a return to the private sector next year following the massive restructuring programme.
The Edinburgh-based bank hopes to begin offloading the government's stake from the middle of next year or possibly earlier.
The lender had also revealed that it swung back into profit in the first quarter with net earnings of 393-million pounds (US$610 million, 467 million euros) on a drop in bad loan provisions and after a hefty loss a year earlier.
Its profit after tax for the January-March period compared with a net loss of 1.545-billion pounds in the first quarter of 2012.
- AFP/fl
- wong chee tat :)
POSTED: 16 May 2013 8:05 PM
State-rescued Royal Bank of Scotland axed 1,400 more positions on Thursday, taking the total number of job losses close to 40,000 since its vast state bailout at the height of the global financial crisis.
LONDON: State-rescued Royal Bank of Scotland axed 1,400 more positions on Thursday, taking the total number of job losses close to 40,000 since its vast state bailout at the height of the global financial crisis.
"RBS has announced plans to restructure its retail head office functions in the UK. The changes will result in 1,400 job losses over the next two years," said in a statement.
A company spokesman told AFP that the latest round of losses took the total job cuts to 38,900 over the past five years, as the bank has sought to transform its fortunes.
He added that following the latest losses, RBS would employ 120,000 staff worldwide.
Unite, Britain's biggest union, attacked the latest cuts as "brutal and irresponsible" behaviour.
However, RBS insisted that the move was aimed at improving customer service.
"To serve our customers well we have to ensure that our resources are focused on the things that matter most to them," said Ross McEwan, head of UK Retail.
"Regrettably, we can only do that by restructuring the way we work in head office so that every effort is concentrated on supporting our customers and the frontline staff that serve them."
The British government owns 81 per cent of RBS after the bank was bailed out in the wake of the 2008 financial crisis with 45.5-billion pounds of taxpayers' cash, making it the world's biggest banking bailout.
The lender was ravaged by its badly-timed consortium takeover of Dutch bank ABN Amro at the top of the market in 2007, just before the crisis struck.
RBS said earlier this month that it planned a return to the private sector next year following the massive restructuring programme.
The Edinburgh-based bank hopes to begin offloading the government's stake from the middle of next year or possibly earlier.
The lender had also revealed that it swung back into profit in the first quarter with net earnings of 393-million pounds (US$610 million, 467 million euros) on a drop in bad loan provisions and after a hefty loss a year earlier.
Its profit after tax for the January-March period compared with a net loss of 1.545-billion pounds in the first quarter of 2012.
- AFP/fl
- wong chee tat :)
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