21 May

The banking market news today

Market Intel

  • Two new next-gen banks to open in the US – Two new banks are coming to the US: Piermont Bank in New York and Nexos National Bank, based in Stamford, Connecticut. Piermont Bank is a “new generation” of commercial banking with a focus on helping clients build and grow business. Read More
  • Hong Kong grants four more virtual bank licenses – The Hong Kong Monetary Authority (HKMA) has granted virtual bank licences to Ant Financial, Xiaomi and AMTD Group, PING AN’s OneConnect and Tencent. Xiaomi and AMTD’s bank is a joint project called Insight Fintech. Read More
  • EU fines Barclays, Citi, JP Morgan, MUFG and RBS $1.2bln for FX rigging – The European Union fined Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland a combined 1.07 billion euros ($1.2 billion) on Thursday for rigging the multi-trillion dollar foreign exchange market. Read More
  • Top banks to spend £50 million on digital coin project – Several of the world’s largest banks are plotting a £50 million investment in a new digital cash settlement system, according to a report from Reuters. The cash injection would support the go-to-market of the Utility Settlement Coin. Read More
  • Saudi Arabia fines 16 banks, including UAE bank – Saudi Arabia’s central bank on Sunday fined 16 banks, including a UAE bank and some of Kingdom’s largest banks, for violating its laws and asked all the lenders to correct the violations. Read More

Client Intel

  • Societe Generale obtains Australian banking authorisation – The Australian Prudential Regulation Authority (APRA) has authorised Societe Generale as a foreign authorised deposit-taking institution (ADI). This move would help the firm grow its global finance and coverage and investment banking operations.Read More
  • Citibank names new Singapore chief executive – Citi has appointed Mr Brendan Carney as chief executive of Citibank Singapore and Asean cluster head of its global consumer banking division. Before joining Citi in 2002, Mr Carney was involved in consulting and general management at start-up companies. Read More
  • CIBC Launches New Banking Platform For Small And Medium-Sized Business – CIBC has partnered with Intuit Canada, Ceridian and Xero to launch a new digital banking platform for small and medium-sized businesses (SMBs), that would give business owners a comprehensive view of company finances. Read More
  • Citi invests in ‘smart desktop’ outfit ChartIQ – Citi is making a strategic investment in CharIQ, the startup behind a desktop integration platform that links apps together for capital markets firms. Finsemble system links applications together to allow the end user to work smarter with intelligent, customised workflows. Read More
  • Bank Muscat’s digital solutions to enable PASI to deliver enhanced customer experience – Bank Muscat and the Public Authority for Social Insurance (PASI) have signed a MoU for a new initiative that will allow the authority to leverage the bank’s digital solutions for better customer service to PASI customers. Read More
  • Dubai Islamic Bank & Noor Bank Are Said to Hire HSBC and Barclays for Merger Talks – Following reports that the companies had held initial talks, the Chief Executive Officer of Dubai Islamic Bank said that the lender can see a lot of synergies with the acquisition of Noor Bank. Read More
  • Santander to reduce Spanish workforce by 11% – Banco Santander plans to cut 3700 jobs and close 1150 branches in Spain as part of a cost-cutting programme that will also see tech spending ramped up. The branch closures are in part an effort to remove duplicates following Santander’s purchase of Banco Popular Espanol SA. Read More
  • JP Morgan invests in Indian fintech – Global PayEx, a fast-growing player in the Electronic Invoice Presentment & Payment (EIPP) and business-to-business (B2B) payments space based in India, announced a strategic investment by J.P. Morgan. Read More
  • R Gandhi appointed as Additional Director on Yes Bank board – Former Reserve Bank of India Deputy Governor Rama Subramaniam Gandhi has been appointed as Additional Director on the board of Yes Bank. The appointment from May 14 is for a period of two years. Read More
  • Swedbank to acquire Vilnius’ Barclays Operations Centre in Lithuania – Swedbank has agreed with Barclays Operations Centre in Lithuania (BGOL) to acquire the financial technology centre Rise Vilnius. Banks are planning to complete this transaction by 1 July 2019. Read More

Vendor Intel

  • Syncordis signs new partnership to deliver Temenos-certified services – Syncordis has entered into a new partnership to deliver an array of Temenos certified services to banks across the world. Syncordis will help in the implementation of core banking platform Temenos T24 Transact and Temenos WealthSuite.Read More
  • Sopra’s platform to assist Rabobank IDB achieve PSD2 compliance – Rabobank International Direct Bank (IDB) has selected Sopra Banking Software’s Digital Experience Platform in a bid to comply with the PSD2 regulations. Read More
  • TCS BaNCS’ solution to accelerate adoption of real-time payments in Canada – TCS has announced the launch of TCS BaNCS for Payments solution in Canada in order to encourage banks and financial institutions to accelerate the adoption of Payments Canada‘s Modernization initiatives. Read More
  • BNP Paribas, Natixis and Societe Generale join Finastra’s platform – Finastra‘s Fusion LenderComm platform has attracted three more global banks to its blockchain campaign. The blockchain network aims to share information about syndicated loans, a market with $3.5 trillion of loans brokered in 2017. Read More
  • ACI to power BMO Financial’s product acceleration drive – Toronto-based BMO Financial Group is unveiling a new product Zelle’s B2C payments, through its BMO Payment Hub which is powered by ACI’s UP Real-Time Payments solution. Read More
  • Finastra appoints Mark Miller as CFO – Finastra has announced the appointment of Mark Miller as Chief Financial Officer (CFO) effective May 13, 2019. Mark is a seasoned finance executive, with nearly 25 years of global technology, finance and operational experience. Read More
21 May

Citibank names new Singapore chief executive

Citibank names new Singapore chief executive
Source: Straits Times

Citi has appointed Mr Brendan Carney as chief executive of Citibank Singapore and Asean cluster head of its global consumer banking division, the bank announced. Before joining Citi in 2002, Mr Carney was involved in consulting and general management at start-up companies. He holds an MBA from the University of Pennsylvania’s Wharton School of Business and a bachelor’s in economics from the University of Michigan.

Mr Carney will report to Mr Gonzalo Luchetti, head of consumer banking for Asia-Pacific and Europe, the Middle East and Africa, as well as Mr Amol Gupte, Asean head and Citi country officer for Singapore.

Mr Luchetti said: "With a strong track record in managing and transforming consumer businesses across different markets, Brendan will be a key asset to our business as it evolves for the next stage of our client-led sustainable growth.

"He will build on the momentum of our digital transformation, establish a strong talent base, and define what it means for us to be the bank of the future." Mr Carney was most recently the consumer business manager for South Korea, a role he held since July 2015.

His appointment comes after the bank’s former Singapore chief Han Kwee Juan resigned in February. Mr Han is now DBS Group Holdings’ group head of strategy and planning.

Call Now Button