Sutherland insights banking news flash dec 16, 2013

BANKING NEWS FLASH December 16, 2013

Table of Contents Sales & Marketing ................................................................................................................. 3 Finance ................................................................................................................................. 8 Technology .......................................................................................................................... 13 Strategy .............................................................................................................................. 18

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Sales & Marketing Vodafone SmartPass launches in Germany December 13, 2013 | BBR http://www.finextra.com/news/announcement.aspx?pressreleaseid=53172 The Wirecard Group will be handling all technical and financial services for the Vodafone SmartPass card solution from Vodafone. This includes issuing both plastic and digital Visa cards for the wallet through the Wirecard Card Solutions subsidiary. The Vodafone SmartPass payment app is now being launched in Dusseldorf, where there are already around 800 NFC acceptance points. In the first quarter of 2014, the service will be successively expanded across the whole of Germany.

“We have created the best possible conditions for ensuring that mobile payment can soon be entirely integrated in everyday life for everyone. To achieve this, we started by setting a low barrier to entry. With our flexible range of services comprising NFC SIM cards and stickers, every mobile phone can be fitted with the contactless function,” says Frank Vahldiek, Director of Consumer Services & Innovations at Vodafone Germany. “Through our collaboration with Wirecard, we not only have a card issuing financial institution, but also a very competent technological partner.”

Customers with an NFC-enabled and wallet-certified smartphone receive a SIM card with the relevant NFC function and can then pay with their Vodafone SmartPass credit at all Visa-certified contactless terminals. Owners of mobile phones without integrated NFC technology can bridge this gap by attaching a SmartPass NFC sticker to the device. The Visa card information can be used in connection with an NFC SIM card or sticker to enable contactless tap & go payment processing.

Every SmartPass user has full transparency and financial control with real time information on their transaction history, account balance and automated notification of all monetary transactions. The card account can be topped up quickly and easily at any time via the app. In addition, every Vodafone SmartPass user receives a normal Visa prepaid card for use at card terminals that have not yet been upgraded for NFC payment.

“Following the successful launch in Spain recently, we are delighted that we have been chosen to support Vodafone as it launches the Vodafone SmartPass mobile payment app in Germany. This service is a core element of the new Vodafone wallet. We are confident that more and more consumers will discover the benefits of mobile payment,” says Christian von Hammel-Bonten, Executive Vice President Telecommunications at Wirecard.

Vietnam Export Import Bank unveils Eximbank-JCB Credit Card December 11, 2013 | BBR http://cards.banking-business-review.com/news/vietnam-export-import-bank-unveils-eximbankjcb-credit-card-111213-4143782 Vietnam Export Import Commercial Joint Stock Bank (Eximbank) and JCB International Co., Ltd. (JCBI) have launched Eximbank-JCB Credit Card in order to diversify the products to meet various demands

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of customers. With the launch event of Eximbank and JCBI, Eximbank will join the member of issuing international card bearing JCB brand in Vietnam.

Using Eximbank-JCB Credit Card, cardmembers are entitled to enjoy many exclusive benefits offered

by JCB and Eximbank like: •

Payment for goods and services at JCB's merchants including online in Vietnam and over 190 countries and territories

•

Utility Bill payment for atwww.eximbank.com.vn

•

Cash withdrawal at over 1 million ATMs all over the world

•

Ability to control all of the arising transactions anywhere and anytime via such services as Internet Banking, Mobile Banking, SMS Alert, etc.

electricity,

water,

telephone,

cable

TV,

Internet,

etc.

Besides, cardmembers are also entitled to enjoy many privileges upon card issuance, such as: Waiver of first-year annual fee for primary card and supplementary card, receive 300,000 VND cashback for the cardmembers who spend over 1,000,000 VND and travel to Japan for a cardmember who spends the most from today to 11/03/2014. Moreover, Eximbank and JCBI offer the special privileges at selected merchants of Eximbank and services at JCB Plaza, overseas service counter available at locations around the world. Other special offers are to be frequently updated at eximbank.com.vn, jcbcard.com/vnm (Vietnamese) and jcbcard.com/ (English).

Dinh Thi Thu Thao - Vice President of Eximbank stated, “The number of Vietnamese traveling abroad is increasing year by year. Adding a new option, JCB, to payment card brands on Eximbank credit card enables us to provide cardmembers more opportunities to pay with their cards at both real and online merchants around the world.”

Koremitsu Sannomiya, President & COO of JCBI said: “The relationship with Eximbank, one of the leading banks in Vietnam, is a great opportunity for us to expand in this market. We entered Vietnam in 1991 to increase JCB card acceptance at shops and restaurants for Japanese tourists.

Now we are promoting JCB card issuing to Vietnamese consumers that can be used almost everywhere credit cards are accepted. I hope our cardmembers experience its convenience and a variety of privileges and promotions. JCB is committed to expanding the payment card market cooperating with Eximbank.”

Square redesigns Register POS December 09, 2013 | Finextra http://www.finextra.com/news/announcement.aspx?pressreleaseid=53091 Today Square, the company helping local businesses thrive, unveiled a brand new design for Square Register, the complete point-of-sale solution.

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The design’s refined aesthetic introduces a smoother, more intuitive experience for both merchants and their customers, and optimizes for efficiency, simple customization and ease-of-use. It also provides a consistent experience across Android and iOS 7, and with Square web dashboard, Square’s back office solution.

Square Register’s simple, beautiful design improves the seller experience in a number of key ways.

Built for speed For many businesses, speed and efficiency at the counter is critical. Square Register’s new navigation is intuitive and ergonomic for a faster workflow that keeps the line moving. Design details improve the interaction between buyer and seller; for example, the timing of how Register screens change is designed to correspond with how customers naturally order during a lunch rush.

Knowledge is power Square dashboard, Square’s reporting tool, surfaces the most crucial information for a business, such as what has been sold, when, and how customers paid. The new design of Square Register features a full-screen dashboard in the app that makes sales and activity available at a glance any time.

Square designs for its customers Square’s new design smoothly integrates gratuity, allowing employees to collect more tips for their work. Tipping is effortless for customers -- no disruption to the payment flow or the connection between the buyer and the seller.

Three payment firms compete to acquire Axis Bank's swipe business December 05, 2013 | BBR http://payments.banking-business-review.com/news/three-payment-firms-compete-to-acquireaxis-banks-swipe-business-051213-4141093 Global payment-processing firms Total System Services and Global Payments of US and WorldPay in the UK, are planning to submit bids to acquire India-based Axis Bank's network of more than two lakh credit and debit card swipe machines business.

Banking sources familiar with the matter were quoted by The Times of India as saying that all the three potential suitors have valued the business at approximately INR12bn ($200m).

A former business division of UK's Royal Bank of Scotland (RBS), WorldPay is currently owned by private equity giants Advent International and Bain Capital.

If the proposed transaction materializes, it would be one of the largest M&A deals in India's electronic payment industry, according to the news agency.

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In 2009, India-based private lender ICICI Bank disposed of its swipe machines' network to First Data Corporation for $90m, and Japanese Hitachi purchased Prism Payments, an ATM and swipe machines manager, for $220m in November 2013.

Axis Bank with 2.27 lakh machines is reportedly ranked number three in POS terminals. The terminals assist in cashless shopping transactions by swiping credit or debit cards.

According to an estimate, there are 360 million debit cards and 18.4 million credit cards in the country currently, which offers lucrative business opportunities for the payment and banking firms.

Lycamobile Group partners with WorldPay for end-to-end payment services December 02, 2013 | BBR http://payments.banking-business-review.com/news/lycamobile-group-partners-with-worldpayfor-end-to-end-payment-services-021213-4139380 Lycamobile Group, a provider in the prepaid international calling card market, has selected WorldPay, a payment processing, risk and alternative payments provider, to execute its end-to-end payment services including acquiring, gateway, risk, treasury and alternative payments to support its global payment requirements.

Previously, Lycamobile Group used a number of payment providers for acquiring, gateway, risk and treasury but the company chose to consolidate and select a payment partner that could offer the full breadth of services and support the company as it expands globally.

WorldPay was selected due to its expertise in e-commerce, its global reach and the range of payment services it can provide. Lycamobile Group's customer base spans across the Asian, African and South American communities that live abroad and the business has ambitious plans to expand globally, offering more services that will benefit its customer base. WorldPay supports international e-commerce expansion strategies by offering global acquiring licenses and a portfolio of over 200 payment types. Lycamobile Group will be able to implement relevant alternative payment types as it enters new markets, ensuring that local preferences are catered for.

Subaskaran Allirajah, Lycamobile Group Chairman comments: “The nature of our business is inherently global as we are connecting our customers with their families and friends abroad. Our plan is to offer a full range of services that cater to the needs of this audience, and increasingly our payment support requirements have become more complex. We needed a provider that we could be confident would be able to support our global requests with the expertise in each payment service. WorldPay was the obvious choice, as we expand in the future, it will be able to scale with our needs.�

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Ron Kalifa, Deputy Chairman at WorldPay, comments: “As businesses expand globally they need a payment provider that has the expertise of the international market but also offers a full range of services to cater for every payment requirement. WorldPay can not only offer global coverage but also end-to-end payment services. Our combination of global acquiring licenses and portfolio of alternative payments types means we can be on hand to advise and support Lycamobile Group as it grows.�

Lycamobile Group has a number of brands under its corporate umbrella including its flagship mobile brand Lycamobile, which currently operates in 17 markets, as well as Lycatalk, Lycamoney and Lycafly. Its brands are used by over eight million customers worldwide, generating a combined 23 billion minutes of voice calls per annum

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Finance SEC imposes $131m fine on BofA for misleading investors in CDOs December 13, 2013 | BBR http://retailbanking.banking-business-review.com/news/sec-imposes-131m-fine-on-bofa-overmisleading-investors-in-cdos-131213-4145321 The US Securities and Exchange Commission (SEC) has imposed $131m in monetary penalty on Bank of America’s (BofA’s) Merrill Lynch unit for misleading investors while marketing complex investment products known as collateralized debt obligations (CDOs).

According to the US market watchdog, the charges are related to Merrill Lynch mis-marketing of mortgage-linked securities in 2006 and 2007, before it was purchased by BofA in 2009.

The federal regulatory agency claimed that Merrill Lynch made wrong disclosures about collateral selection for two collateralized debt obligations (CDO) that it structured and marketed to investors, and maintained inaccurate books and records for a third CDO. Further, Merrill Lynch failed to reveal to investors that a hedge fund, Magnetar Capital, had significant influence in the selection of collateral for complex security vehicles, including Octans I CDO Ltd and Norma CDO I, which Merrill structured and marketed to investors.

The SEC also charged Merrill Lynch for violating books-and-records requirements in another CDO called Auriga CDO, which was managed by one of its affiliates.

SEC enforcement division co-director George Canellos said, “Merrill Lynch marketed complex CDO investments using misleading materials that portrayed an independent process for collateral selection that was in the best interests of long-term debt investors.”

“Investors did not have the benefit of knowing that a prominent hedge fund firm with its own interests was heavily involved behind the scenes in selecting the underlying portfolios.”

The regulators alleged that Merrill Lynch, an independent collateral manager Harding Advisory, and Magnetar finalized a tri-party warehouse agreement that was sent to outside counsel. However, the disclosure that Merrill gave to investors incorrectly stated that the warehouse agreement was only between Merrill Lynch and Harding.

The SEC has sued Harding and its owner with fraud for accommodating trades requested by Magnetar despite its interests not necessarily aligning with the debt investors.

Merrill did not disclose in marketing materials that the CDO provided Magnetar a $35.5m discount on its equity investment and separately made a $4.5m payment to the firm that was referred to as a “sourcing fee.”

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Under the terms of the settlement, Merrill Lynch agreed to a censure and is required to cease and desist from future violations. Without admitting or denying the SEC's findings, Merrill agreed to pay disgorgement of $56,286,000, prejudgment interest of $19,228,027, and a penalty of $56,286,000.

Scotiabank FY2013 net income rose to C$6.69bn December 10, 2013 | BBR http://commercialbanking.banking-business-review.com/news/scotiabank-fy2013-net-incomerose-to-c669bn-101213-4143331 Canada-based Scotiabank has registered net income of C$6.69bn for the full year of 2013, an increase of 4% compared to C$6.46bn during the comparable period last fiscal.

For the fourth quarter ended on 31 October 2013, its net income stood at C$1.7bn, up by 12% from C$1.51bn during the corresponding period earlier year.

Commenting on the financial performance, Scotiabank president and CEO Brian Porter said, “Scotiabank experienced another year of solid performance with underlying earnings growing 15%.

“The Bank's enterprise strategy and diversified business model continue to differentiate us from our competitors in Canada and internationally and once again have enabled us to deliver strong results.”

For the fourth quarter of 2013, Canadian Banking reported record net income attributable to equity holders of C$593m, up by 23% from C$481m during the same period last year, driven mainly by the acquisition of ING DIRECT. International Banking reported net income attributable to equity holders was C$420m, an increase of 5% against C$401m, during the year ago quarter.

Global Wealth & Insurance reported net income attributable to equity holders increased by 8% to C$318m.

Global Banking & Markets net income attributable to equity holders stood at C$336m, down by 15% from C$336m during the corresponding period earlier year.

The bank's Basel III (all-in) Common Equity Tier 1 capital ratio was 9.1% as at year end.

2014 IT spend to exceed $430 billion - IDC December 09, 2013 | Finextra http://www.finextra.com/news/announcement.aspx?pressreleaseid=53085 Today, IDC Financial Insights hosted a web conference “IDC Financial Insights 2014 Predictions: Worldwide Financial Services” highlighting the top 10 predictions for the year ahead.

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Featuring analysts Scott Lundstrom, Michael Araneta,Li-May Chew, Marc DeCastro, Roberto Gutierrez, Alex Kwiatkowski, Karen Massey, Matt Sauer, Jerry Silva, Michael Versace, and James Wester, the session provided organizations with insight and perspective on long-term industry trends along with new themes that may be on the horizon. The Predictions Web Conference series is designed to help company leaders capitalize on emerging market opportunities and plan for future growth.

An audio replay of today's webinar will be available within 24 hours. To access the replay, please visit http://bit.ly/IDCFI_WWFinancial_Predictions2014.

The Top 10 Predictions are: •

Prediction 1: Overall IT Spend in Financial Services Will Exceed $430 Billion in 2014 and Will Exceed $0.5 Trillion by 2020; Consolidation and Cooling Emerging Markets Will Make Impact.

•

Prediction 2: Institutions Will Leverage Their Investments of the Past Three Years, Improving Compliance Data Management with New Initiatives to Extract Additional Business and Operational Value with Analytics-Based Capabilities.

•

Prediction 3: All Modernization and Improvement Initiatives Will Include Three Components to Be Successful (Technology, People, and Processes); We've Focused Too Long on Technology in a Vacuum, and in 2014, We'll See the IT Organization Become More Important.

•

Prediction 4: The Most Successful Financial Institutions in 2014 Will Be Those That Can Deliver an Enhanced Omnichannel Experience to Their Customers and Prospects, Using New Enabling Technologies and Supported by Appropriate Business Processes.

•

Prediction 5: Core Transformation Projects Will Create Opportunities for Banks to Out-Innovate Their Peers, Giving Innovators Years of Technology Advantage Over Core Banking Laggards.

•

Prediction 6: Consumers Will Become the Disruptors in Financial Services by Minimizing Their Interactions with Their Primary Institution and Increasing the Use of a Variety of Purpose-Built Apps That Provide Immediate and Focused Value.

•

Prediction 7: Lured by Their Aggressive Growth in Premiums, Insurers Will Continue to Pay Close Attention to the Emerging Market Nations in Developing Asia/Pacific and Latin America.

•

Prediction 8: The Battle for Dominance on the 3rd Platform Will Begin as Firms Move from Ad Hoc, Repeatable Initiatives to Managed Initiatives and New Application Mashups That Target Value Creation in Customer Acquisition, Market Intelligence, and Operations.

•

Prediction 9: Investment in Risk Management Information Technologies, Services, and Skills Will Exceed $85 Billion in 2014 as Firms Industrialize Credit and Market Risk System, Operational Risk Disciplines Get Renewed Support, and Management Learns to Sell Risk.

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• Prediction 10: Mobile and “Alternative” Payment Adoption Will Remain Muted in 2014 as a Wide Array of Providers Try to Find a Value Proposition That Resonates for Both Merchants and Consumers.

According to Scott Lundstrom, Group Vice President and General Manager, IDC Financial Insights “As the IT organization continues to struggle with when and where to invest in today’s technology, financial institutions need to balance investing in innovation and providing value for the customer, with placating the regulators.”

Italian Banks to sell 59% stake in payments processor SIA for EUR765m December 04, 2013 | BBR http://payments.banking-business-review.com/news/sias-bank-owners-agree-to-divest-59-stakefor-eur765m-041213-4140062 Four Italian banks Intesa Sanpaolo, Unicredit, Monte dei Paschi di Siena and Banca Nazionale del Lavoro have signed agreements with Fondo Strategico Italiano, F2i SGR and Orizzonte SGR for the sale of 59.3% stake in payments processor SIA for €765m.

Out of the 59.3% of SIA's share capital, 28.9% is held by Intesa Sanpaolo Group, 20.1% by UniCredit, 5.8% by Banca Monte dei Paschi di Siena and 4.5% by BNL. As a result of the transaction, Fondo Strategico Italiano will have 42.3%, infrastructure fund F2i will have 10.3%, while asset management company Orizzonte will hold 6.7% stake.

Intesa Sanpaolo and UniCredit will retain a 4% stake each, while Banca Monte dei Paschi di Siena and BNL will sell their shares in full and the other existing shareholders will retain the remainder 32.7% of SIA's share capital.

The selling banks have been assisted by HSBC as financial advisor and by Pedersoli e Associati as legal advisor.

The transaction is subject to approval by the Bank of Italy and the antitrust authorities.

In 2012, SIA generated revenues of approximately €350m and an EBITDA of approximately €90m.

The group has approximately 1,500 employees, almost entirely in Italy

Eurobank Ergasias Q3 net loss widens to EUR285m December 02, 2013 | BBR http://retailbanking.banking-business-review.com/news/eurobank-ergasias-q3-net-loss-widensto-eur285m-021213-4139163 Eurobank Ergasias has reported increase in net losses for the third quarter of 2013 due to slightly higher provisions and lower income.

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For the three months ended on 30 September 2013, the bank's net losses increased to EUR285m ($387.8m) compared to a loss of EUR223m during the corresponding period last fiscal.

Eurobank Ergasias CEO Christos Megalou said, “Our operating environment shows signs of material improvement, however it remains demanding. Rising up to the challenges, Eurobank managed to improve its qualitative and quantitative performance.”

“During the third quarter, we increased deposits, reduced NPL formation, contained operating expenses further and increased revenues.

“Building on these actions and counting on the high quality of our employees, we believe that Eurobank will strengthen its position in the Greek banking system and its role in financing the Greek economy.”

The bank reported that its provisions stood at EUR420m.

Eurobank Ergasias' core operating revenue decreased to EUR323m against EUR358m during the comparable period last fiscal due to its acquisition of two smaller Greek banks that had been previously nationalized.

Many banks in Greece have reported huge losses and increase in non-performing loans during the country's debt crisis.

Earlier this year, the country's four big banks - National Bank of Greece (NBG), Piraeus Bank, Alpha Bank and Eurobank - were all recapitalized by the Greek state in collaboration with some private investors

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Technology Bursa Malaysia launches electronic CDS statements and notices December 13, 2013 | BBR http://www.banking-business-review.com/news/bursa-malaysia-launches-electronic-cdsstatements-and-notices-131213-4145609 Bursa Malaysia Berhad (Bursa Malaysia) has introduced a new service under its e-initiative programme, namely Bursa Malaysia Electronic Statement (eStatement) to its Central Depository System (CDS) account holders.

With the implementation of eStatement, CDS account holders will be able to request for CDS statements of accounts, notices and other communication from Bursa Malaysia to be delivered to their personalised email addresses instead of the current hard copies of these documents that are being delivered to them via ordinary mail.

Bursa Malaysia's Chief Executive Officer Dato' Tajuddin Atan said the eStatement service is one of several initiatives lined up by the Exchange, following the successful launch of the Electronic Dividend (eDividend), Electronic Share Application (ESA) and Electronic Rights Issue (eRights) services, to offer further convenience to investors and to reach out to a new market of technologically-inclined investors. “The eStatement service ensures CDS account statements and notices are delivered efficiently, timely and safely. This also reduces the risk of missing mails and at the same time, ensures more privacy for CDS account holders and contribute to reduction in paper usage in the process,� he added.

CDS account holders are encouraged to apply for this new service by visiting the eStatement Section of Bursa Malaysia's website at www.bursamalaysia.com and sign up for eStatement.

Cachet Partners with YellowPepper to bring mobile deposit technology in Latin America December 11, 2013 | BBR http://onlinebanking.banking-business-review.com/news/cachet-partners-with-yellowpepper-tobring-mobile-deposit-technology-in-latin-america-111213-4143779 Cachet Financial Solutions, a provider of remote deposit capture (RDC) solutions, has announced a new partnership with YellowPepper Mobile Financial Network, Latin America's pioneer in mobile banking and payments, to provide mobile remote deposit capture services for its YEPEX Mobile Banking Network.

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“Latin American consumers are increasingly seeking mobile payment solutions that provide full service capabilities and support, making the region an ideal marketplace for Cachet's mobile deposit services,” said Jeffrey Mack, president and CEO of Cachet Financial Solutions. “YellowPepper is uniquely positioned to capitalize on this major trend and deliver more service and convenience to their customers.”

As Latin America's economies continue to grow and smart phone penetration continues to increase, consumer demand for advanced mobile banking solutions is becoming a significant business opportunity. In fact, according to Deloitte Consulting Group, mobile banking usage in Latin America is expected to increase over 65 percent every year until 2015. By that time, the region's mobile payments industry is expected to be worth over $1 Trillion with the average annual expenditure by user increasing to nearly $1,200.

“Across the region, Latin American consumers are increasingly seeking advanced mobile payment solutions that allow them the convenience to purchase goods and services from their mobile phones. By partnering with Cachet, our YEPEX Mobile Banking Network is strengthened to meet our customers' evolving needs,” states Serge Elkiner, CEO and Founder of YellowPepper Mobile Financial Network. “With their deep expertise in the financial marketplace and premier mobile deposit technology, Cachet is the ideal partner to help us continue leading the Latin America mobile payment revolution.”

The foundation of Cachet's mobile remote deposit capture application is convenience and simplicity for the consumer. Cachet's Select Mobile™ application allows account holders to initiate mobile deposit capture sessions on their smartphone or tablet. The deposit technology can be run as a standalone application or integrated into an existing mobile offering. Making a deposit to an account through the application is fast and easy. Members simply snap pictures of their endorsed checks and submit them for processing. Before transmitting the images, Cachet formats the images, corrects any distortions or skewing, and confirms that the images meet industry mobile image-quality and file formatting standards. All transactions are transmitted with multiple layers of security.

“The mobile revolution is transforming banking and payments worldwide and we are excited to partner with YellowPepper to help make mobile financial services a reality for millions of Latin Americans” said Larry Blaney, Executive Vice President of Sales at Cachet. “We look forward to much success together.”

Alelo taps Multos EMV tech for electronic meal voucher programme December 09, 2013 | Finextra http://www.finextra.com/news/announcement.aspx?pressreleaseid=53079 ALELO, a leader in the benefits sector, today announces that it has issued the latest EMV™ technology to support meal voucher programs in Brazil.

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The advanced ALELO card program utilises an EMV approved application implemented on MULTOS technology from Multos International.

Multos International is working with the local Brazil card manufacturers to provide the products and support for personalization and issuance. ALELO has already begun card issuance, enabling payment services and meal benefits to their program customers.

Reginaldo Barbara, of ALELO says, “We are delighted to be using MULTOS technology for our project having confidence in their ability to bring the right technology to meet our needs. We work with Multos technology for its highly secure and interoperable range of product and services.

“We are proud to be part of this landmark project from ALELO,” said Richard Cusson, Managing Director of Multos International. “We are impressed to see the leadership taken on electronic voucher programs moving to EMV technology in Brazil, and it is exciting to see that MULTOS is fast becoming the go-to platform for these kinds of programs.”

CLSA to deploy Ullink pre trade risk management system for pan Asian trading December 05, 2013 | BBR http://riskmanagement.banking-business-review.com/news/clsa-chooses-ullink-pre-trade-riskmanagement-system-for-pan-asian-trading-051213-4141108 CLSA, a Hong Kong-based independent brokerage and investment group, has selected Ullink’s pre trade risk management system for its pan Asian trading activity.

Ullink, which offers market connectivity, trading and risk management systems, said that its risk management system includes electronic client order collection, and pre-trade risk management for Asian markets.

Following completion of the implementation, the platform will allow CLSA to consolidate the risk management over multiple clients and markets.

CLSA trading and execution global head Andy Maynard said, “We appreciate the flexibility and robustness of the Pre Trade risk management system designed by Ullink.

“The Risk granularity and comprehensiveness of their system is quite unique in the market today.”

CLSA has a team of more than 1,500 professionals operating from 21 cities across Asia-Pacific, as well as Europe and the US

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Luzerner Kantonalbank to introduce the Avaloq Web Banking solution December 02, 2013 | BBR http://bankingtechnology.banking-business-review.com/news/luzerner-kantonalbank-tointroduce-the-avaloq-web-banking-solution-021213-4139606 The Avaloq group, a leader in integrated and comprehensive banking solutions, today announced the signing of contracts with Luzerner Kantonalbank for the Avaloq Web Banking solution. The bank will replace its present online banking system with the Avaloq solution.

Avaloq has signed contracts with Luzerner Kantonalbank (LUKB) for its Web Banking solution. It will replace LUKB's existing online banking system. The decision followed a stringent evaluation process

by LUKB, including a detailed security review.

By making use of the Avaloq Web Banking solution, LUKB will offer its web banking users a future oriented online banking experience. It is planned that Avaloq deploys the necessary functionalities so the first elements of a new LUKB website will be going live in Q2 2014. The full replacement of the current web banking platform is scheduled for Q2 2015.

The Web Banking solution is part of a larger eco system of integrated Avaloq front solutions. LUKB profits from short innovation cycles and the ability to add additional functionalities in the future.

These were two of the main reasons leading to LUKB's decision.

“A forward-looking approach is crucial to the future success of a bank. The time is right for us to act on the changing customer habits and requirements. By switching our web banking solution to Avaloq we provide our customers with a state-of-the-art online banking experience. The most powerful aspect of working with Avaloq is that it provides us with the flexibility to add additional differentiating services for our customers as we move along”, explains Marcel Hurschler, CFO of Luzerner Kantonalbank.

The Avaloq Web Banking solution provides a consistent user experience, be it with a smartphone, a tablet or a desktop. Its responsive design provides the best possible display of the web banking interface regardless of the device used.

The comprehensive Web Banking solution is based on the Avaloq Front Platform, a middle tier layer seamlessly integrated into the core banking system. The platform is open to a large development community that adds and builds innovative solutions based on the latest technologies. Banks can therefore integrate innovative functionalities offered by Avaloq as well as third parties, so called BankletsTM, and make them available to their customers. The BankletsTM are provided as flexible software components that can be plugged into the Avaloq Front Platform.

LUKB has selected ti&m to build its new web portal and to provide a variety of Banklets™, for example an application enabling bank customers to have a full overview of their cash situation, including monthly predictions regarding income, expenditure and disposable income. Avaloq will subsequently certify all Banklets™ developed by ti&m.

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Francisco Fernandez, CEO Avaloq, comments: “With the changing customer expectations and requirements, driving innovation is more important than ever. Luzerner Kantonalbank is taking an important step forward in offering its customers a future oriented online banking experience. I am very happy that our next generation Web Banking solution will enable this important transition.�

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Strategy Wells Fargo signs agreement with Isis December 13, 2013 | BBR http://www.banking-business-review.com/news/wells-fargo-signs-agreement-with-isis-1312134145547 Wells Fargo & Company (NYSE: WFC) and Isis, the mobile commerce joint venture created by AT&T Mobility, T-Mobile USA, Inc. and Verizon Wireless, have announced the first phase of an agreement that allows Wells Fargo Visa consumer credit card holders to load their cards into the Isis Mobile Wallet. This launch enables cardholders to securely pay, redeem coupons and present loyalty credentials, all with the tap of their phone.

“We are committed to helping our customers succeed financially. Helping them make payments when, where and how they want is part of that promise,” said Peter Ho, manager of digital payments for Wells Fargo's Consumer Financial Services group.

“Our customers lead mobile lives and their ability to pay for things should reflect that fact. During this pilot phase with Isis, we will test and learn with customers who want to be on the leading edge of this technology.”

Customers with one of the more than 50 Isis Ready® smartphones available from AT&T, T-Mobile or Verizon Wireless can receive an enhanced SIM card from their wireless carrier and download the Isis Mobile Wallet for free from Google Play.

Customers who visit their carrier's retail store to activate the Isis Mobile Wallet will receive hands-on support and education from store associates. Cardholders can use the Isis Mobile Wallet at any of the hundreds of thousands of merchant locations nationwide that accept contactless payments.

Customers can explore local merchants at paywithisis.com.

“Wells Fargo is among the most innovative brands in the country and we are pleased to introduce Isis Mobile Wallet to their credit card customers,” said Ryan Hughes, chief marketing officer, Isis.

“We look forward to our work together as we deliver new payment features to consumers.”

Purchases made using the Isis Mobile Wallet are protected by Wells Fargo's Zero Liability program, which provides cardholders with zero liability if their Wells Fargo Credit Card is lost, stolen or used without authorization and cardholders promptly notify Wells Fargo. Cardholders can remotely freeze the Isis Mobile Wallet with a single call to their mobile carrier.

First Data Corporation will serve as Wells Fargo's Trusted Service Manager to deliver card information safely and securely onto the mobile device.

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Cary Street Partners acquires Texas-Based RiverStone Wealth Management December 11, 2013 | BBR http://retailbanking.banking-business-review.com/news/cary-street-partners-acquires-texasbased-riverstone-wealth-management-111213-4143786 Cary Street Partners, LLC announced it has acquired RiverStone Wealth Management, a Texas-based firm with offices in Austin and San Antonio. The acquisition will combine RiverStone's expertise in financial planning, wealth management, investment banking and advisory services with Cary Street Partners' wealth management and investment banking platform.

RiverStone Wealth Management oversees more than $400 million in client assets, has annual revenue of $5.4 million and employs a staff of 23. Since its inception in 1995, RiverStone has grown steadily and built a reputation of integrity and client service. The firm specializes in delivering investment banking and wealth management services to the diverse needs of its two primary markets.

According to Brian Smith, co-founder and Chief Executive Officer of RiverStone Wealth Management, “We're very excited about joining forces with Cary Street Partners. This is a great opportunity to partner with a successful, established organization that has the stability, financial capabilities and advanced infrastructure to support further growth.”

The acquisition of RiverStone Wealth Management is consistent with Cary Street Partner's broader strategy to acquire quality wealth management firms in attractive markets. The firm targets geographic markets in the southeastern crescent from Virginia through Texas. Cary Street Partners currently has nine locations throughout Georgia (Atlanta), Virginia (Abingdon, Blacksburg, Richmond, Wytheville, Fredericksburg), Tennessee (Johnson City) and North Carolina (Charlotte).

“We're delighted to expand our business into the Texas market, and to partner with such a strong earning, high performing firm,” said Kip Caffey, Managing Partner of Cary Street Partners. “Building on our successful partnership and the synergy of our firms, we look forward to continuing our growth, strengthening our offerings and capitalizing on significant long-term opportunities.”

EMCF and EuroCCP merge transaction complete December 09, 2013 | Finextra http://www.finextra.com/news/announcement.aspx?pressreleaseid=53083 EMCF and EuroCCP, two leading pan-European cash equities clearing houses, today announce that the transaction to combine the two entities is now complete.

The combined clearing houses will form Europe's largest cash equities central counterparty, further improving the efficiency of European equities clearing.

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The completion of the transaction follows the approval given by the Dutch Central Bank, De Nederlandsche Bank N.V., to The Depository Trust & Clearing Corporation and BATS Chi-X Europe* to become shareholders in Amsterdam-based EMCF. They join current owners of EMCF -ABN AMRO Clearing Bank and NASDAQ OMX - as equal owners of the new entity. The name change of EMCF to European Central Counterparty N.V. will take effect from 6 January 2014.

In March 2013, EMCF and EuroCCP announced their intention to combine their strengths and capabilities to form a new clearing house designed to deliver greater efficiencies and sustainable competition to the pan-European market place.

This approval follows the unconditional clearance given by the UK's Office of Fair Trading in October.

Diana Chan, CEO-designate of EuroCCP N.V., said: “With the final approval in place and the transaction complete, we can now turn all of our energies to making European cash equities clearing more streamlined and competitive as well as delivering the service innovation that all of our customers want.”

Jan Booij, COO-designate of EuroCCP N.V., said: “Bringing together the best of EMCF and EuroCCP is transformational for the industry and, as we lead the way in risk management, technology, settlement and client service, our customers will be the ultimate beneficiaries.”

“Our goal is to complete the migration of customers to the new company by 31 March 2014 and we are on track to meet this objective.”

Banco Sabadell agrees to acquire JGB Bank in Miami December 05, 2013 | BBR http://commercialbanking.banking-business-review.com/news/banco-sabadell-agrees-to-acquirejgb-bank-in-miami-051213-4141399 Spanish financial conglomerate Banco Sabadell has reached an agreement to buy JGB Bank, which will be combined with its Miami subsidiary, Sabadell United Bank.

As per the terms of the agreement, JGB Bank will be purchased from GNB Holdings Trust of JGB Financial Holding Company.

Founded in 1957, JGB Bank, currently manages $530m dollars in assets, and a workforce of 71 staff, working from 8 offices across Aventura, Miami, Miami Beach, Doral, Coral Gables, Surfside and Medley.

The deal, which has been priced at nearly $56m, is likely to conclude during the first half of 2014, subject to concerned the regulatory approvals.

Furthermore, Banco Sabadell announced that it has completed the acquisition of the assets and liabilities of the Lloyds Bank private banking business in Miami.

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After acquisition, 25 emloyees of the Lloyds Bank private banking arm joined the Banco Sabadell international office in Miami, to offer banking services to individuals and enterprises operating in the US and Latin America.

Post-acquisition of JGB Bank, Sabadell United Bank has become the fifth-largest bank in Florida in terms of assets, with a total of 31 branches, 40,000 customers and more than $8bn dollars in business volume

Lloyds to divest commercial property loan portfolios to Cerberus for £860m December 02, 2013 | BBR http://retailbanking.banking-business-review.com/news/lloyds-to-divest-commercial-propertyloan-portfolios-to-cerberus-for-860m-021213_4139122 British financial conglomerate Lloyds Banking Group has disposed a corporate real estate portfolio to Promontoria Holding 89 BV, an affiliate of US hedge fund Cerberus Institutional Partners for €1.032bn (£860m).

The transaction, which includes non-core European and Nordic loans, is part of the group's ongoing non-core asset reduction program.

Following regulatory approvals, the transaction is likely to conclude by the end of 2013.

According to the bank holding company, the sale proceeds will be used for general corporate purposes and the transaction, although capital accretive on a Basel III basis, will not have a material impact on the bank.

European banks and other lenders are offloading their real estate loans and shares in real estate firms to raise the required funds ahead of implementation of new global banking capital regulations.

Sources familiar with the matter were quoted by Bloomberg as saying that Lloyds is gearing up to divest its stake in closely-held UK homebuilder Keepmoat in a deal that may value the company at £600m.

The recent deal follows two agreements announced by Lloyds in November this year, including a 12% stake sale in its wealth management business St James's Place (SJP) for £390m.

Recently, Lloyds disposed of Scottish Widows Investment Partnership (SWIP) to Aberdeen Asset management for £660m

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