| 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.
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.
I(n)Trospection – the new business model?
Globally, banking as a segment has moved into the mainstream. As financial institutions and best practices gain importance in the region, there is a visible shift towards specialisation which has seen banks in the region transform operations in favour of commercial banking or opt to specialise on the fast growing, yet niche Islamic Finance business. Investments in IT and infrastructure are especially contributing to business growth, enabling customers to enjoying the benefit of improved services and faster delivery of banking products. The Islamic Finance market in particular has seen significant growth over the past few years. Having infused a culture of fresh thinking, its growth in the region has also made it necessary for banks offering Sharia-compliance products and services to constantly seek innovation.
Weir calls shots for Barclays in corporate bank campaign
Barclays is shrugging off the banking crisis with an aggressive attack on the Scottish corporate market led by Derek Weir, former business banking chief at its arch UK rival Royal Bank of Scotland. The English bank, which last week unveiled a £1.3bn debt write-down after a 20% fall in its shares since early October, has hired more than 20 bankers from Scottish market rivals, many of them hugely experienced, and acquired three properties in the major cities. "That gives us the capacity over the next few years to treble the size of the team," said Weir, who was credited with growing Royal Bank's market share from 3% to 40% over five years. He plans not only to expand in Barclays' existing sectors of oil and gas, leveraged finance, the education and social sector, and larger corporates, but to build a commercial banking business across Scottish towns and cities under former Clydesdale executive Jim Forrest.
Deffenbaugh will sell to Credit Suisse unit
Deffenbaugh Industries Inc. has agreed to sell to DLJ Merchant Banking Partners, a private equity investment affiliate of Credit Suisse. Financial terms of the sale weren't disclosed. The transaction is expected to close by Dec. 31. Shawnee-based Deffenbaugh ranks No. 34 on the Kansas City Business Journal's list of area private-sector employers, with about 1,520 area employees. The company provides collection, transportation and disposal of commercial and residential waste for about 450,000 customers and owns the 800-plus-acre Johnson County Landfill. Deffenbaugh's senior management team will continue to lead the company. The transaction doesn't include any planned layoffs, Deffenbaugh spokesman Tom Coffman said, but the company doesn't plan to fill any positions vacated through attrition.
Banking Commission approves Premier charter
The N.C. Banking Commission has granted a conditional charter to begin operations for Premier Commercial Bank, a business-only bank being formed in Greensboro, according to an announcement. Bank organizers have applied for deposit insurance from the FDIC, and are currently awaiting approval. The bank expects to be able to open in early 2008. So far, Premier has raised more than $11 million in its initial stock offering, which began on Aug. 1. The stock offering has been extended through Feb. 29 at the latest to allow for additional capital to be raised. Investment bank Samco Capital Markets Inc. is assisting in the final stage of capital-raising, Premier said. .
Sovereign Names Jasbir Chopra to Head Business Banking Initiative for Emerging Companies in Metro Region
Sovereign Bank Executive Vice President Jasbir Chopra has been named Managing Director of Business Banking for Sovereign's Metro NY-NJ Division. "This new position reflects the bank's expanded commitment to the region's business community," said Metro Division Chairman & CEO Brendan J. Dugan. "Under Jasbir's leadership this initiative will result in new and improved products and services for emerging companies as Jasbir Chopra applies his 30 years of diverse commercial banking experience." .
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