News

The new branch in the World Finance Centre in Beijing’s Central Business District is Westpac’s sixth office in the region.

ANZ, NAB, Commonwealth Bank, and Westpac are competing for pole position in Australia’s largest trading partner.

The MOU between the companies will enable them to work together towards exploring mutually beneficial solutions to innovative payment businesses.

Banks are required to meet the loan-to-deposit ratio of 100% by June 2012, earlier than the existing deadline of end 2013.

Westpac's ability to tap the booming trade between Australia and China will strengthen if CBRC grants the license.

Westpac and ANZ’s move that has cut jobs in mortgages operation and debt collection is condemned by FSU.

Vogo Fund and MBK Partners had revived their interest after their attempt was halted in the last year’s bidding because of tepid investor interest.

The lender seen to outclass five rivals in acquiring the company’s 66.67% stake.

This account caters to the local population of around 450,000 Muslims.

This is assuming that inflation is maintained around the 3% level.

Following the foiled takeover, Woori resorted to buy shares at public offering price as Hanmi Intends to use proceeds to grow its bank.

The lender is In talks with potential partners besides PruLife to complement its roster of services for the country’s elite.

Five Chinese commercial banks were found to have misallocated 58 billion yuan or 8.9 billion U.S. dollars of policy loans. This was revealed by the head of the National Audit Office, Liu Jiayi. Liu said that various policy-based financial institutions have been following the country's policies to make their own loan plans and boost operation and risk-prevention abilities but problems still exist in loans and insurance services. These financial institutions cited include China Life Insurance Company, Property and Casualty Company Limited and the five commercial banks, China Construction Bank, Bank of China, Agricultural Bank of China, the Bank of Communications and the ICBC. Among the policy loans misused, 25.4 billion yuan was granted to projects that lacked sufficient capital funds or bypassed approval procedures. Auditing of China Life and PICC's 499 branches revealed that some of these branches used false insurance claims and payments to steal insurance funds that totaled 1.99 billion yuan. According to Liu, related financial institutions have rectified 18.5 billion yuan involved in illegal management, and another 84.79 million yuan was recovered or collected as taxes. The full story is availabled at xinhua.

CCB plans to sell shares of the company with largest rare earth production and research base in China with appraised value of $110.48mn.

The lender woos 2,500 of the country’s affluent to avail Priority Banking Program composed of competent wealth managers.

The protest of about 3,000 union members against a scheme determining compensation based on individual performance comes as the lender struggles to compete with local rivals.