Retail Banking News Updates, January 11th 2012

Bank Indonesia introduces new credit card regulations
Bank Indonesia, the country’s central bank, has unveiled new laws pertaining to credit cards in a bid to reduce defaults among customers. AS part of the new regulations, credit card customers must be at least 21 years of age, and must have a minimum monthly income of $330, with the maximum credit limit set at three times a customer’s monthly income.

Santander UK names new retail director
Santander has named Martin Bischoff as director of retail optimization and integration to help the bank focus on customers and integrate branches acquired from Royal Bank of Scotland. Bischoff previously served with RBS as the bank’s vice chairman of consumer and business banking at Citizens Financial Group.

Barclays closes down Latin America wealth management office
Barclays has closed Barclays Sudamerica, its only wealth management office in Latin America. The Buenos Aires-based company was shuttered die to limited business opportunities, and the responsibilities of the office have been transferred to its units in the U.S. and Europe.

Re-disseminated by The Asian Banker