| 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.
CIBC announces sale of several international operations to Oppenheimer
CIBC has agreed to sell its U.S. investment banking, equities, leveraged finance and related debt capital markets businesses to Oppenheimer Holdings Inc.
The transaction, which was announced Sunday, also includes CIBC�s Israeli investment banking and equities business, and certain parts of other U.S. capital markets-related businesses located in the UK and Asia.
CIBC will retain its other US wholesale businesses, which include real estate finance, equity and commodity structured products, merchant banking and oil and gas advisory, as well as the balance of its U.S. debt capital markets, Asia and UK businesses. It will also maintain its corporate lending capability and its ability to distribute Canadian equities and fixed income products in the U.S. and international markets on behalf of its Canadian clients.
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.
Qatar faces shortage of professionals
DOHA � Qatar is facing critical staff shortages in the fields of engineering, banking and finance, the medical profession and in accountancy. However, human resources managers in various companies here are now realising that in order to deal with the shortage, competitive salary packages and benefits need to be given to prospective candidates. The realisation that the high cost of living in the city is having an effect on recruitment has made HR departments of firms here see the light. Maria Brown, Associate Director of Reed, a UK-based recruitment business, said yesterday: �This is a very competitive market but interest in coming here is high, as many people want to be a part of a boom economy and a rapidly emerging market." Reed, for example, has to sift through anything from 500 to 800 applications a week.
Credit crisis hits mortgage lender Paragon
Mortgage firm Paragon has admitted it is facing funding uncertainties after costs soared during the summer credit crunch. A statement from the company, the UK's third largest buy-to-let lender, alarmed investors as shares in the company tumbled by almost half. The Solihull-based firm said: "The deep turmoil in the credit markets is affecting the normal financing activities of the business." Paragon has no depositors and raises its funding by "securitising" - bundling up and selling on - its loans. Cash for new lending is also financed by a £2.3 billion "warehousing" facility from a banking syndicate. But since the summer credit crisis - sparked by slumping confidence in bonds based on high-risk US mortgages - the securitisation market has effectively closed.
Finance firm Paragon facing funding crisis
THE UK's third largest buy-to-let mortgage firm yesterday said it was facing funding uncertainties. The update from Paragon – whose costs have soared following the summer credit crunch – alarmed investors as shares in the company tumbled by almost half. The Solihull-based firm said, "The deep turmoil in the credit markets is affecting the normal financing activities of the business." Paragon has no depositors and raises its funding by securitising – bundling up and selling on – its loans. Cash for new lending is also financed by a £2.3bn "warehousing" facility from a banking syndicate. But since the summer credit crisis – sparked by slumping confidence in bonds based on high-risk US mortgages – the securitisation market has effectively closed.
IFC Metropol eyeing ore exploration in Vietnam
RBC, 20.11.2007, Moscow 10:28:52.IFC Metropol wants to explore and develop ore deposits in Vietnam, the Russian financial company's General Director Mikhail Slipenchuk announced during a Russian-Vietnamese business council meeting in Hanoi today. He said that the company was also interested in the country's property development and investment banking sectors, adding that IFC Metropol is planning to open a representative office in the Vietnamese capital in the spring of 2008. Ten latest news Other news .
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