Retail Banking News Updates, February 22nd 2012

BMO to acquire stake in Cofco Trust
Bank of Montreal (BMO) will be purchasing a 19.99% stake in China's Cofco Trust for an undisclosed price to expand the bank's wealth management strategy in China. BMO will use its experience in wealth management and capital markets experience to assist Cofco Trust in developing its wealth management offering.

Citibank launches new strategy for emerging affluent clients in Malaysia
Citibank has launched a new and improved comprehensive set of services tailored for its emerging affluent consumer banking clients in Malaysia. Key initiatives include Increased convenience and responsiveness, Full suite of Global Banking service for all clients and Personalized products and services.

Barclays launches mobile payments service
Barclays Bank has launched its new mobile payments initiative in the UK via an application called Pingit. The Pingit app enables Barclays current account customers to send and receive money to any person with a UK-based mobile phone and a UK current account. The payer only needs to know the name and mobile phone number of the payee.

Re-disseminated by The Asian Banker