| Banks' correspondent accounts with CBR decline 15%
MOSCOW, November 21 (RIA Novosti) - Credit institutions' balances on correspondent accounts with the Russian Central Bank totaled 431.2 billion rubles ($17.7 billion at the current exchange rates) at the beginning of the business day, down 15% from Tuesday, the CBR said Wednesday. Credit institutions' balances on deposit accounts with the Bank of Russia stood at 93.9 billion rubles ($3.9 billion), down 2.3% from Tuesday. .
Three company directors claim trial over accounts
KUALA LUMPUR: Three company directors of a family-run business claimed trial in a Sessions Court here to four charges of failing to present a fair view of statement of accounts for a real estate company. This is the first time the Companies Commission of Malaysia (SSM) has brought such a case to court. The three are Yap Thoong Choan, 70, his brother Yap Kwai Choon @ Yap Kar Chuan, 74, and Yap Teck Chow, 51, who are the directors of Yap Keng Sang Realty Sdn Bhd. The company, which has a registered office in Jalan Loke Yew, is said to have borrowed RM949,720 from the United Overseas Bank's (UOB) Medan Pasar branch. In their respective summons cases yesterday, they were said to have failed to present a fair view of their accounts for four years from 2001 to 2004. If convicted, each person can be sentenced up to five years� jail or fined a maximum of RM30,000 for each of the four charges punishable under Section 171(1) of the Companies Act 1965. Thoong Choan and Teck Chow, who were also directors of Yap Keng Sang Textiles Sdn Bhd, also face charges for failing to keep records of accounts of that company for seven years upon the completion of a certain transaction. If found guilty, the duo can be sentenced up to six months� jail or fined up to RM5,000, or both, under Section 167 (7) of the same Act. Sessions Court judge Rozana Ali Yusoff set three days from July 28 for trial.
Scam targets Regions customers
About 120 people called the Better Business Bureau of North Alabama throughout the day Tuesday to complain about an automated call asking them to validate their bank accounts. Michele McDaniel, president and CEO of the bureau, said people who received the calls were asked to dial a Nevada phone number and confirm information about their Regions Bank accounts. Their caller IDs displayed the words "This is a scam" instead of a phone number, prompting them to hang up and call the bureau. "We really don't quite understand why that's coming up," McDaniel said. "We have tried to call the numbers and have not been able to get through." The automated message also lists two Web sites, www.regionsrenew.com and www.regionscare.com, that customers can use to update their information.
Wachovia exec acknowledges bad timing on Golden West purchase
CHARLOTTE -- Wachovia's general bank president on Wednesday highlighted the positives of last year's acquisition of Golden West Financial but acknowledged "our timing was not good" in light of a severe housing downturn. "We continue to feel that this acquisition will prove itself very positive when we get to the other side of the cycle," Ben Jenkins told an audience at the Merrill Lynch banking conference in New York. In his presentation, Jenkins noted that Golden West's branches are helping the Charlotte bank reach a goal of adding 1 million net new checking accounts this year. He also said the bank expects to gain market share in the mortgage business. Wachovia has previously said that it expects to set aside more money than expected in the fourth quarter to protect against problem loans in a weakening housing market.
Banks missing opportunities to better serve small business - CFIB
Despite saying it wants to increase service to small- and mid-size business, Canada's banking sector is making little progress, the latest research from CFIB shows. Banking Matters reveals dwindling satisfaction with major financial institutions, with only two improving their rating since the previous survey in 2003. "Since the late 1980s fewer and fewer small business owners have applied for bank financing," CFIB President Catherine Swift explains. Small business loan activity has remained fairly stable since 1988 while loan activity for larger businesses has increased significantly. "This trend shows the banks may be missing opportunities for growth with the small business sector that accounts for 45 per cent of the Canadian economy," Swift says. "You have to question whether banks are meeting the borrowing needs of small businesses." CFIB asked members to rank their financial institution on nine performance indicators, including lending terms, service charges, access to full-service branch, online banking and treatment by their account manager.
PNC to acquire Central Jersey wealth management services firm
PNC Financial Services Group Inc. has agreed to acquire a provider of portfolio accounting and wealth management services. PNC Chairman and CEO James Rohr said Albridge Solutions Inc. of Lawrenceville, N.J., will broaden the offerings of PNC's PFPC Worldwide Inc. investment services unit. Albridge provides consolidated client account information from hundreds of data sources including mutual funds, managed accounts banking, brokerage, insurance and retirement. It works with 150 financial institutions and more than 100,000 financial advisers whose assets under management exceed $1trillion. PNC (NYSE:PNC) of Pittsburgh is one of the nation's largest diversified financial services organizations, providing retail and business banking, real estate finance and asset-based lending, wealth management, asset management and global fund services.
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