Maybank opens Islamic banking hub in S'pore
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05 September 10
The Business Times by Conrad Tan
MAYBANK, Malaysia's biggest lender, has set up a dedicated Islamic banking hub here as part of a concerted push to expand the business beyond its home market, as it strives to gain an edge over rivals vying to stamp their name on South-east Asia. 'We want to be the No 1 Islamic bank in Asean,' Maybank president and chief executive Abdul Wahid Omar said yesterday. 'Our intention is to grow beyond ...
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Malaysia to be Great Eastern's regional Islamic finance HQ
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02 September 10
The Business Times by Michelle Quah
HAVING just won the right to distribute syariah-compliant life insurance products in Malaysia, Great Eastern Holdings will make the country its regional Islamic finance headquarters. The life insurance group said yesterday that a joint venture to be set up with Koperasi Angkatan Tentera Malaysia Bhd (Koperasi Tentera) in Malaysia has been awarded a Family Takaful licence by Bank Negara Malaysia. ...
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S'pore is world's fourth biggest forex market
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02 September 10
The Business Times by Siow Li Sen
(SINGAPORE) Moving ahead of Switzerland, Singapore is now the fourth largest foreign exchange centre in the world. According to the latest survey by the Bank for International Settlements (BIS), average daily forex turnover volume in Singapore was US$266 billion in April 2010 against US$242 billion in April 2007. The survey ranks Singapore as the fourth largest forex centre globally, behind ...
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The euro rulebook doesn't work
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01 September 10
The Business Times by Matthew Lynn
WHAT does a country need to do to make a success of the euro? The European Commission and the European Central Bank would say the recipe is simple: Cut your budget deficit, slash wages, keep taxes competitive, boost your exports, and live with austerity. There is just one problem: Ireland has been following precisely that formula and it hasn't done much good. The government is being squeezed ...
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JP Morgan to launch 21 funds for retail customers
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01 September 10
The Business Times by Genevieve Cua
JP MORGAN Asset Management is making its first foray into Singapore's crowded retail market with the launch of 21 funds. Most of the line-up are equities funds investing in emerging markets and natural resources. Andrew Creber, the firm's head of business (Singapore), said: 'Our decision to enter the retail market in Singapore reflects our focus on getting closer to clients and being responsive ...
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AIA's business is in good shape: Tucker
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01 September 10
The Business Times by GENEVIEVE CUA
in Hong Kong
IT has been just a month since insurance veteran Mark Tucker took the helm at AIA as group executive chairman and chief executive. Now at the tail end of a whirlwind tour of AIA's Asian operations - a breathless jaunt through 14 of 15 markets - Mr Tucker says: 'I've been immensely impressed by the quality of the people, the agency and leadership, and the resilience of the business.' AIA has ...
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New AIA boss wants Asian crown again
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01 September 10
The Strait Times by Lee Su Shyan, Deputy Money Editor
AIA'S new boss is determined to win back the pre-eminent position the insurer once enjoyed across Asia, following a difficult 24 months for the firm. Hong Kong-based Mr Mark Tucker, 53, has been in the hot seat only since July 19, but has already visited 14 of AIA's 15 regional markets. His whirlwind approach seems designed to sweep away lingering unease generated by the recently aborted ...
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S'pore tycoon Robin Loh dies, aged 81
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01 September 10
The Strait Times by Jonathan Kwok
SINGAPORE tycoon and former shipyard owner Robin Loh (photo) passed away last Saturday after suffering from breathing difficulties on a flight to Hong Kong. Dr Loh, who was 81, had been combating various illnesses, including Parkinson's disease, prior to his death, according to Shin Min Daily News. Born in Indonesia, Dr Loh contributed to Singapore's economy during its early years of ...
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Banking on more than just regions
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01 September 10
The Business Times by Genevieve Cua
Personal Finance Editor
PRIVATE banks typically segment markets geographically as they set out to attract assets. UBS has decided to add yet another approach to its Singapore-domiciled client base - segmentation according to industry or professions. Peter Kok, UBS managing director, hopes that a more targeted approach to client segments will translate into a doubling of the bank's assets in Singapore. He says the ...
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DBS's Rajan Raju leaves after 11 years
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31 August 10
The Business Times by Siow Li Sen
(SINGAPORE) Rajan Raju, head of DBS' consumer banking group, is leaving the bank after 11 years and it is believed he will be joining the global asset management arm of Deutsche Bank. DBS has confirmed Mr Raju's departure. His last day in office is today and his successor will be named shortly. BT understands the new group consumer head is an external candidate. A Deutsche Bank spokeswoman, ...
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DBS consumer banking chief resigns
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31 August 10
The Strait Times by Francis Chan , COMPANIES CORRESPONDENT
VETERAN banker Rajan Raju is saying goodbye to DBS Bank today after more than a decade at Singapore's largest bank. Officially, his last day is Sept 30, but he will vacate his office today after resigning as its group executive and head of consumer banking. The Straits Times has obtained a staff memo sent out by DBS chief executive Piyush Gupta yesterday, which stated that Mr Raju, 45, 'has ...
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New chairman for Acra, 3 new board members at Iras
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31 August 10
The Strait Times
CIVIL servant Chan Lai Fung has been appointed chairman of the Accounting and Corporate Regulatory Authority (Acra), the Ministry of Finance (MOF) announced yesterday.Ms Chan, 47, the Finance Ministry's Permanent Secretary (Finance) (Performance), will replace Permanent Secretary (Finance) Peter Ong, who will take over as head of the civil service tomorrow. But Mr Ong, 49, will remain as ...
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Mobile banking back with a bang here in Singapore
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26 August 10
The Business Times by Victoria Ho
ALMOST 10 years ago, banks like Citibank and UOB scrapped their mobile banking services due to lack of user interest. DBS Bank, too, bowed out of the mobile scene in 2005. That's all changed now. Almost all the major banks are rolling out mobile banking offerings, thanks, they say, to the growing popularity of smart phones and mobile data usage across Singapore. Citi and DBS are back on the ...
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Maybank Singapore rakes in record profit
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26 August 10
The Business Times by Conrad Tan
(SINGAPORE) Maybank's Singapore business raked in its highest ever profit in its latest financial year to end-June, contributing to the group's record profit reported last Friday. Other details revealed yesterday - some for the first time - show just how lucrative the Singapore business is for Malaysia's biggest lender, and how it plans to use Singapore as a base for a push into private banking ...
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Banks make impressive rebound
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23 August 10
The Business Times by S JAYASANKARAN
KL CORRESPONDENT
WHAT a difference a year makes. On Friday, Malaysia's largest bank, Malayan Banking or Maybank unveiled a sterling set of figures for its financial year to June 2010. It announced a 452 per cent jump in net profit to RM3.82 billion (S$1.6 billion) from RM692 million in the previous corresponding period. The leap was not just due to writebacks but improved contributions from all business ...
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