| Maybank Eyes 30 Pct Trade Finance Market Share
KUALA LUMPUR, No v 21 (Bernama) -- Malayan Banking Bhd (Maybank) expects to grow its trade finance market share to 30 percent in the current financial year ending June 2008 with the launch of its online trade finance services, Maybank2e.net. "Currently, Maybank has about 28 percent of the overall trade finance market share," said its senior executive vice president/head of business banking, Rozidin Masari. Rozidin said this after signing an agreement with HCL (M) Sdn Bhd here Wednesday. HCL, as systems integrator, will implement the online front-end trade finance solution for Maybank. He said trade finance business contributed about 17 percent of Maybank's overall income in 2006 and was expected to grow to 20 percent in the first year of Maybank2e.net roll-out. "Maybank2e.net, which is scheduled to roll out in April 2008, also caters to both conventional and Islamic trade finance needs of its customers in Malaysia and internationally," he said.
BizBits for Nov. 21
A weekly roundup of area business news of interest in the Northwest.New HiresJim Kaiser joined NOVA Home Loans as vice president and senior loan officer at the Oro Valley office, 10355 N. Oracle Road. Kaiser previously worked for Pinnacle Mortgage and Bank of America. Evie Coakley has joined T.L. Roof and Associates Construction Company as a project manager. Coakley brings more than 20 years of construction experience to the company. Vicki Cox Golder will be installed as the 2008 first vice president of the National Association of Realtors on Dec. 6. Golder previously served as president of the Arizona Association of Realtors and the Tucson Association of Realtors. Donald Philips has joined T.L. Roof and Associates Construction Company as a project superintendent. Philips has been in the construction industry for seven years and previously worked as a wireman for an electrical contractor.
PNC Completes Purchase of Yardville
PNC Financial Services Group Inc., which provides retail and business banking services, on Friday completed its cash-and-stock acquisition of commercial and consumer bank Yardville National Bancorp. Yardville shareholders will receive about $156 million in cash and 3.4 million shares of PNC stock, which added $2.39, or 3.4 percent, to close at $72.11. PNC's stock has traded between $64 and $76.41 in the past year. Yardville shareholders will receive about $34.17 per share based on terms of the agreement, according to PNC. Hamilton, N.J.-based Yardville, which serves individuals and small- to mid-sized businesses, had about 11.2 million shares outstanding. Yardville branches will continue normal operations until being converted to PNC branches in the first quarter of 2008.
Heard Off the Street: National City at bottom of local heap
One of Wall Street's not-ready-for-subprime players is a likely candidate for this year's worst-performing stock in the PG/Bloomberg index of local stocks. Shares of National City [Ticker: NCC] are off 43 percent this year, closing Friday at $20.86, down $1.69 for the week. Most of the damage to the stock had been done before Oct. 24, when National City reported a 69 percent drop in third-quarter profits, including a $152 million loss from its mortgage banking business. Things may have been a lot worse if the Cleveland-based bank holding company had not sold its First Franklin subprime mortgage business to Merrill Lynch late last year. Included in the transaction were about $5.6 billion in First Franklin mortgages National City was holding in its loan portfolio.
Business gallery
First National Bank promoted Diane Geisler to vice president of commercial lending in the Pittsburgh region. She will be responsible for developing and managing commercial relationships for middle market companies throughout Western Pennsylvania, and managing a commercial loan portfolio with more than $17.5 million in commitments. Geisler earned a bachelor's degree in business administration and accounting, as well as a master's degree in business administration from St. Francis University in Loretto. Accounting Alpern Rosenthal announced the following promotions: Rebecca A. Lodovico, manager in the tax department; and Nathan A. Brewer, Holly D. Fuller and Timothy J. Skrip, managers in the accounting and audit department. .
Microsoft bootcamp
Information and communications technology security represents a fundamental pillar in today�s banking environment, as banks deal with issues such as identity theft, account fraud, hacking, phishing and a slew of other malicious internal and external criminal threats. Banks have to be on the ball when it comes to protecting corporate networks and data, their clients and their clients� personal ... .
New BofA site touts online, cell-phone banking
Bank of America Corp. has launched an online site to instruct customers about online and cell-phone banking. "Our customers lead mobile lives, and they need a bank with options, products and features that can keep up with that fast pace," says Lance Drummond, e-commerce and ATM executive. "With Bank of America, all you need is Internet access through your computer or mobile phone to be connected to your finances anytime, anywhere." The site features characters that lead visitors through interactive demonstrations of each online- and mobile-banking product. Customers can learn how to access accounts, pay bills, transfer funds, locate branches or ATMs and receive account alerts via text message on their mobile phone. The Web site, dubbed Bank the Way You Live, is at bankofamerica.com/anywhere.
General Business News
GS1 UK, the independent global supply chain standards and solutions organisation, has launched the EPCglobal RFID Test Centre. Hosted by Intellident, the Centre is a GS1 UK service set up to help organisations understand and gain the business benefits that can be achieved from RFID which include cost savings, improved accuracy and increased efficiency. Organisations can interact with the latest technology in a real-world industrial setting and receive impartial advice on how RFID can be implemented in different application areas. The Centre can also be used by organisations to test how the technology works on their own products and assets and in environments similar to their own. The Centre's industrial environment facilitates practical experience that can be obtained from specific industry sector implementations.
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