Retail Banking News Updates, August 22nd 2012

Credit Suisse opens new office in Japan
Credit Suisse has opened a new office in Osaka, adding to its existing Tokyo and Nagoya offices. The office will offer private banking services to customers in Osaka and Kansai. Customers will also benefit from the expanded coverage provided through offices in Tokyo, Nagoya and Osaka, that offers a broader range of comprehensive and personalized products and advisory services.

AmBank names MD for retail banking division
AmBank has named Paul Lewis as managing director of its retail banking division. Lewis, who was previously head of the Australian branch network at ANZ, will assume his new role in September. He takes over from Datuk Mohamed Azmi Mahmood who was promoted to deputy group managing director.

BofA to sell international wealth management businesses to Julius Baer
Bank of America Merrill Lynch (BofA) will sell its non-US wealth management businesses to Julius Baer for an estimated 1.2 percent of client assets. As of 30 June 2012, the businesses to be sold had client assets of $84 billion. The transaction is expected to close in stages starting in the fourth quarter of 2012 or in early 2013 and is subject to regulatory approvals.

Re-disseminated by The Asian Banker