Retail Banking News Updates, March 28th 2012
This week’s retail banking news include RBC’s acquisition of RBS’ wealth division, Maybank Singapore’s travel insurance offer, Julius Baer’s nomination of a new chairman, and Morgan Stanley’s interest in Citi’s stake in their wealth management joint venture.
RBC to acquire LatAm, Caribbean and Coutts
The Royal Bank of Canada (RBC) will be acquiring the Latin American, Caribbean and African private banking business of Coutts, the wealth division of Royal Bank of Scotland Group. The business will become part of RBC Wealth Management. The acquired business has assets over $2 billion, with clients residing in Latin America and Geneva.
Maybank Singapore to reward online savers
All clients of Maybank Singapore possessing Maybank iSAVvy Savings and iSAVvy Savings Plus account with a minimum balance of roughly $160 000 will now enjoy complimentary travel insurance. Account holders will be rewarded with an interest rate of 0.5% per annum for the entire account balance. The reward system is designed to tap into the growing affluence of Singaporeans, along with a trend of increased travel.
Sauter nominated as new chairman of Julius Baer
Daniel Sauter, a member of Julius Baer’s Board of Directors since 2007, has been nominated as the new chairman of Julius Baer. The existing chairperson, Raymond Baer, will not be pursuing a re-election to the Board, but will remain with the bank as its honorary chairman.
Morgan Stanley interested in additional stake in CITI
Morgan Stanley is interested in purchasing Citi’s entire stake in their wealth management joint venture, in a deal potentially worth approximately $10 billion. Both parties of the Morgan Stanley – Smith Barney joint venture are beginning to show interest in taking additional stakes in the wealth management arm of Citi, ahead of time, instead of waiting two more years to exercise their buy option.
Re-disseminated by The Asian Banker
Keywords: RBC, Maybank, Julius Baer, Morgan Stanley
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