| State grants charter to Greensboro business bank
Greensboro is a step closer to getting its first business-only bank. The North Carolina Banking Commission has granted a charter to Premier Commercial Bank, a startup lender for small and medium-sized businesses. The bank said it expects to open in early 2008. Premier was founded by Frank Gavigan, a longtime Triad banker who was most recently senior credit officer at 1st State Bank in Burlington. It's joining a space that's become increasingly crowded in North Carolina since Raleigh's Paragon Commercial Bank became the state's first business-only bank in 1999. The Triad has yet to get in on the action, however, with most of the startups planting their headquarters in Charlotte or the Triangle. So far, Premier has raised more than $11 million in its initial stock offering, which began Aug.
India`s ICICI Bank to set up New York branch in next few weeks
ICICI Bank (BSE:532174), country's second largest lender, on Tuesday said it would set up a branch in New York in the next few weeks. "We already have got approval from the US regulator, it will come up in few weeks," ICICI Bank chief executive officer K V Kamath said. The branch would engage in wholesale banking business, including trade financing and factoring services to US-based subsidiaries of Indian firms. Currently, the bank has representative office in New York and operates non-banking activities. Source: Business in Asia Today - Nov. 21, 2007 published by Asia Pulse
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Maybank banks on new online service
KUALA LUMPUR: Malayan Banking Bhd (Maybank) expects its trade finance sector to contribute 20% to the group's revenue in financial year ending June 30, 2009 (FY09), following the introduction of its new online trade finance service. The e-trade finance service, expected to be rolled out in April next year, is anticipated to contribute 20% to the group's revenue in its first year of implementation, and 25% for subsequent years, said senior executive vice-president, head of business banking Rozidin Masari after the signing ceremony for online trade finance services between Maybank and HCL (Malaysia) Sdn Bhd on Wednesday. Rozidin said the trade finance sector contributed 16%-17% to the group's revenue for the last financial year. At present, Maybank has more than 17,000 customers utilising its trade finance facilities, with about 3,000 business customers registered with Maybank2e.net, an integrated online enterprise cash management financial portal. "We aim to convert 10% of our Maybank2e.net customers in the first year of rollout to use this service and to grow it by 30% each year," said Rozidin. The online trade finance services via Maybank2e.net would "enable customers to utilise and monitor their trade financing activities and status online anywhere, anytime" said chief operating officer Datuk Johar Che Mat. The new e-trade service, targeted at small-medium enterprises (SMEs) is expected to further enhance Maybank's present SME market, said Rozidin. "We anticipate double-digit growth in SMEs and the commercial market for the financial year ending June 30, 2008 (FY08)," he added, in spite of only 1.1% growth in SME loans in its first quarter results ended Sept 30, 2007.
Ambit may seek strategic alliance; float NBFC
Ambit Corporate Finance may look at setting up a non-banking finance company to provide financing support to its clients. Chief executive officer Ashok Wadhwa told Hindustan Times in an interview that the company might lose some business due to its inability to provide finance support and may form an NBFC if needed. The company has been in talks with a global bank for a tie-up for providing funds. It is a high-priority for the company. But Wadhwa said that he is prepared to go all the way and set up his own NBFC. Ambit is the biggest Indian investment banker in terms of number of deals and is second to Kotak in terms of total value of deals so far in 2007. "By not providing capital support we may be losing some business. Should that be the case we will have to go out and raise capital and even set up an NBFC," Wadhwa said.
Activist investor now chairs H&R Block
Richard Breeden, former Securities and Exchange Commission chairman-turned-activist investor on Tuesday capped a six-month campaign to return H&R Block to its core tax preparation business – and away from mortgage lending – by securing chairmanship of the company. H&R Block said its board of directors had elected Mr Breeden, who replaced Mark Ernst. Alan Bennett, former chief financial officer of Aetna, the insurer, was appointed interim chief executive. In September, Breeden Partners – Mr Breeden's investment vehicle – secured three seats on H&R Block's board in a bid to shift the company from banking and the mortgage business, where it has suffered losses in subprime. Mr Breeden had also argued that the company was losing market share to rival tax preparer Jackson Hewitt and should refocus on tax.
Names and News In Business
Doug Rurup has joined Edwards-Brandt Insurance Agency in Mason City as an agent. He is licensed in home, auto and commercial business insuranceRurup is a Rockwell native and has lived in Clear Lake the past 17 years.A 1983 graduate of North Iowa Area Community College, he has spent the past 14 years with IMI Cornelius in Mason City.He lives in Clear Lake with his son, Austin. Randy Pruisner and RICH FISCHER have been named to the board of directors of Manufacturers Bank & Trust Co.Pruisner has been employed by MBT since 1982 starting as data processing officer and currently serves as the senior vice president of IT and HR. Pruisner is a graduate of Dike High School and has his bachelor of arts in math education from UNI. He also graduated from the Madison Graduate School of Banking.He lives in Forest City with his wife, Lorie.Fischer has been employed by MBT since 1995 as senior vice president and senior loan officer.He graduated from Wartburg College in Waverly with a bachelor of arts degree in business administration and economics and has 38 years of banking experience.He and his wife, Nancy, have two children, Brent and his wife, Joy, and Darrin and his wife, Erica.
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