Retail Banking News Updates, July 18th 2012

Visa, Mastercard, banks in $7.25 billion swipe-fee settlement
Visa, Mastercard and several banks who issued these companies’ credit cards have agreed to a $7.25 billion settlement which is aimed at resolving dozens of lawsuits filed by retailers in 2005. The companies were sued for fixing fees for processing credit and debit card payments and prohibiting stores from allowing customers to use cheaper forms of payment.

Fraud at Indian bank ATMs
Up to $180,000 has been stolen from eight different Axis Bank ATMs in the Indian city of Allahabad, in the state of Uttar Pradesh. An employee of the bank, Bhupesh, is currently a suspect in the theft. He had apparently withdrawn money from the bank to fill in the banks’ ATMs and has since been reported as missing.

KeyBank acquires HSBC branches in New York
KeyBank has bought 37 retail banking branches from HSBC Bank in Buffalo and Rochester, New York. The branches provide almost $2.1 billion in deposits and $260 million in loans, thus enhancing KeyBank's consumer, business banking and private banking portfolio. KeyBank has also provided employment to all HSBC employees at the acquired branches.

Re-disseminated by The Asian Banker