Retail Banking News Updates, September 5th 2012

Citibank Korea launches wealth management service for HNWIs
Citibank Korea has launched Citigold Private Client, a wealth management service for high net-worth individuals (HNWIs). The service is aimed at customers who have a minimum total balance of $900 million of which at least $500 million are in investment assets. These customers will receive personalized services from private bankers who have at least 10 years of experience.

JCBI and German bank sign agreement
Japan-based JCB International and Germany’s Bank-Verlag has signed an agreement that will allow the bank, which provides card processing services for German private and commercial banks, to issue JCB co-badged cards. As a next step, JCB and Bank-Verlag are planning a pilot project for girocard-JCB co-badged card issuing in early 2013.

ING to sell ING Direct Canada to Scotiabank
ING will sell ING Direct Canada to Scotiabank for $3.1 billion. The transaction is in line with ING's strategic objectives of sharpening the focus of the bank and further strengthening its capital position. ING Direct Canada provides savings, chequing, mutual fund and mortgage products and services through call centres, the internet and ING Direct cafés.

Re-disseminated by The Asian Banker