News

The move to impact banks which had expressed interest to float either insurance or asset management businesses.

The regulation aims to protect customers from a repeat of a massive fraud in 2010.

The tie-up to targets Indonesia’s growing middle class.

CIMB Bank Bhd and CIMB Islamic Bank Bhd recently launched "Wills Online", making it the first bank in the country to offer conventional and Islamic Will writing services online. The service is available via CIMB Clicks. CIMB Group Holdings Bhd said in a statement today, Wills Online enables all types of assets to be distributed to an unlimited number of beneficiaries according to the testator's preference. "Through Wills Online, customers can easily draw up an official will without the hassle of engaging a will writer, and they are able to make provisions for their loved ones anytime and anywhere," said CIMB Bank head of retail financial services, Peter England. The service is also available in a template that complies with Islamic Will, whereby, enabling Muslims to distribute up to one-third of their assets to beneficiaries, not covered under the Islamic inheritance laws (Faraid). Wills Online provides easy navigation and data input for customers, where the whole process of drawing up a will takes about 15 minutes. Meanwhile, the information entered online can be stored temporarily, allowing customers to get the relevant information required and revising the contents accordingly, before proceeding with the online payment and printing of the will. For further details on Wills Online, please call 1-300-880-900, visit any CIMB Bank and CIMB Islamic branches or log on to www.cimbbank.com.my and cimbislamic.com. Bernama News.

Maybank has tied-up with India's Axis Bank to introduce remittance services to beneficiary accounts in India.

Malaysia needs to educate more staff on Islamic banking products and services towards becoming a hub for Islamic finance, said an Islamic banking consultant.

Malaysian MasterCard cardholders spent US$2.03 billion with 22.7 million transactions during the 1Malaysia Mega Sale Carnival from June 15-Sept 4, 2011, reports Bernama.

The banking sector suffered the most among financial firms on account of irregularities caused by employees, reports Yonhap News.

The bank’s earnings are expected to remain robust until 2012, underpinned by a gradual widening of net interest margins.

UBS, Deutsche Bank, Barclays, and Credit Suisse feel the heat of slashing costs.

This is the third-biggest fine for such conduct and SEC’s latest action against banks.

The opening of an Al Rajhi Bank Malaysia in Sabah is deemed timely as it coincides with the taking off of the Sabah Development Corridor, introduced over three years ago.

Standard & Poor’s says most Asian banks won’t find it difficult to comply with Basel III’s new capital requirements.

This will increase Commonwealth’s stake to 20%, the maximum allowed for a foreign investor.

Morgan Stanley still increased its compensation by 8% despite the division's poor performance.

OCBC Capital Malaysia expects to acquire the target companies for a total amount of about RM450 million.