Ajay Banga is the new COO of MasterCard
MasterCard has announced the appointment of Ajay Banga as their new president and chief operating officer.
Banga was previously the chief executive officer of Citigroup Inc.’s Asia Pacific unit.
He would now join MasterCard on August 31.
He would be directly reporting to Robert Selander who is leaving the [...]
Mobile operators in India get access to credit history of customers
Credit Information Bureau India has announced that mobile service providers in the country can now access credit history of a potential customer to see if he is eligible to get a post paid mobile connection.
This also applies to insurance companies too.
The new developments [...]
GE Capital to reorganize to cut costs
US based GE has announced that they would launch a reorganizing process at their GE Capital division.
The aim is to cut costs and save $2 billion next year.
GE said that the newly structured company would be ready by the start of next year.
The economic slowdown is hurting everyone apparently [...]
American Express can operate as a commercial bank
American Express has now received permissions from the Federal Reserve to operate as a commercial bank.
They received a special waiving off of the 30-day waiting period which was required for the approval.
Goldman Sachs Group Inc. and Morgan Stanley have already received similar permissions to operate as banks in [...]
UBS set to cut more jobs
UBS has announced that they are now planning to cut more jobs as part of their restructuring process.
The Europe based bank is hit hard by the credit crisis and they are now going to cut 2,000 more jobs from its investment banking unit.
The aim is to cut costs and [...]
ICICI Bank no longer issuing two wheeler loans at dealer end
India’s leading private sector bank ICICI has announced that they are no longer going to offer two wheeler loans from dealer’s showrooms.
These loans would now be available only from their bank branches.
ICICI Bank has now transferred 200 employees in this unit to other departments.
ICICI Bank [...]
MasterCard to settle lawsuit with American Express
MasterCard has announced that they are now going to settle their lawsuit with American Express.
The world’s second-largest credit-card network would be paying American Express up to $1.8 billion to settle this lawsuit.
The lawsuit claimed that MasterCard and Visa forced banks to not issue credit cards from the rival company.
MasterCard [...]
Vikram Pandit is the new CEO of Citigroup Inc
Citigroup Inc has announced the appointment of Vikram Pandit as its new chief executive officer.
The company further named the acting CEO Win Bischoff as chairman.
This news has somewhat disappointed the investors in the company as they expected Citigroup to name a big-name outsider as the new [...]
ICICI Bank set to open a branch in New York
ICICI Bank has announced that they are all set to open a branch in New York.
The bank said in a statement: “We already have got approval from the US regulator; it will come up in few weeks.”
This new branch would deal in wholesale banking business, including [...]
Deutsche Bank and Landmark launches a co-brand credit card
Deutsche Bank in India has announced that they are now collaborating with Landmark to launch a co-brand credit card.
This credit card would give reward points to customers for the purchases made at the stores of the book retailer.
Bank representative Shameek Bhargava said in a statement that [...]
