International conference Private Banking and Wealth Management in Russia
Written on 18 June 2008 by adminCompany Infor-media Russia invites you to take part in 2nd International conferences «Private Banking and Wealth Management in Russia: prospects, strategy, practice», which will pass on June, 23rd and 24, 2008 in hotel «Marriott Royal Aurora», Moscow, Russia.
Conference «Private Banking and Wealth Management in Russia: prospects, strategy, practice» will touch upon such questions as:
- Foreign historical experience on rich clients’ service
- Features of foreign banks for Russian clients
- Specificity of work of the Russian banks on Russian VIP-clients service and attraction
- Tools for maintenance of growth of means of the involved investors
The program of conference is made in view of participants’ wishes and offers!
The basic topics of conference are:
Potential and prospects of development Private Banking and Wealth Management in Russia
Practical experience of introduction and construction of programs Private Banking in the Russian banks and in large financial groups
Expansion of a ruler of products and programs in sphere of private bank service
Diversification of Russian VIP-clients’ investments portfolio
Tools of actives profitableness increase
Prospects of development of the share market as tool for servicing of Private Banking and Wealth Management in Russia
UBS, Citigroup and Merrill Lynch can lose 10 billion dollars more
Written on 15 June 2008 by adminAmerican banks Merrill Lynch and Citigroup, and also European UBS can suffer losses at the rate of 10 billion dollars because bonds insurers have lost the maximum ratings in the USA. Earlier because of securities insurers problems three banks have already lost the similar sum, however, analysts consider, that in a context of the general losses of banks because of credit crisis the sum of new write-offs does not look such high.
According to analysts’ estimation three banks already have written off as 10 billion dollars because of problems of bonds’ insurers. Now they expect for with doubling the sum of write-offs. In the end of the last week rating agency Standard and Poor’s has reduced ratings of two largest American bonds’ insurers MBIA and Ambac from the highest up to AA, having predicted decrease in rates of new business and financial flexibility growth. As a result ratings of insured securities for the sum from above 1 billion dollars will go under revision. Even earlier MBIA and Ambac have lost the highest ratings of agency Fitch. Agency Moody’s also thinks about the same step.
The limited potential of insurers’ profits creates risk of cost of insurances and guarantees under the hypothec securities, given to banks and the broker companies. The general losses of banks can reach 40 billion dollars. The greatest risk of new write-offs has hung above bank UBS - the largest European victim of credit crisis. On the end of March the size of potential losses of bank has been estimated in 6,3 billion dollars. While in Citigroup the volume of the positions, guaranteed by insurers, made 4,8 billion dollars. In Merrill Lynch this parameter has made 3 billion dollars.
Savings Bank of Russia will cancel mortgages at delivery of credits
Written on 9 June 2008 by adminThe Savings Bank of Russia is going to cancel gradually mortgages and guarantees at credits delivery.
The member of board of bank (Denis Bugrov) has informed on it in lobby of the International economic forum in St.-Petersburg.
As he said credit programs, in which requirements on guarantors will be facilitated, will be already soon started. As specialists from Savings Bank consider, all this will simplify process of drawing upon credits.
Credit card or the consumer credit
Written on 5 June 2008 by adminDistinction of the credit scheme gives a difference of debts’ repayment mode - in case of credit card revolving the client is obliged to repay a part of the sum monthly, and overdraft card obliges the borrower to repay at once all debts within one month.
Banks try to use various ways to attract clients in using credit cards. The most widespread ways of attraction cover grace period of crediting, decrease in the commission for service of the account. Recently some banks have started to introduce such service as cash back - when the holder of a card, having made purchase due to a credit limit, receives compensation from bank (in the form of percent from the sum of purchase) back on the account.
The sum of the consumer credit can be above, than a credit limit on card, therefore for essential purchase on credit is more preferable take advantage of consumer credit. Repayments on consumer credit are usually offer monthly payments while on a card the holder can adjust a level of credit burden. It means that the client can liquidate a debt with the minimal payments (usually 10 % from the sum of debts) and to stretch process of payment for a long term and can extinguish a significant part of the credit or the credit entirely. Having extinguished debts entirely during the certain term and used the term of grace period (grace period), it is possible to be released from payment of interests on credit at all.
World’s largest country-creditor
Written on 26 May 2008 by adminJapan - is the world’s largest country-creditor, and positive balance between its made abroad and received from abroad investments into all forms has exceeded 250,2 bln. yens (more than $2,4 bln.).
Within the year this balance has increased on 16,3 %. It is spoken in the report of the Ministry of Finance, widespread in Tokyo.
Japan wins first place in the world on this parameter 17th year on end. This statistics considers all kinds of loans and capital investments of the country both on state, and at a private level.
Germany is on the second place in the world on positive balance of the made and received investments. China, Hong Kong and Switzerland follow it.
USA, according to statistics, acts as the largest the world the debtor: the foreign investments, made in their territory, exceed the American capital investments abroad almost on $3 bln.
Deutsche Bank: credit crisis has almost ended
Written on 19 May 2008 by adminEnd of credit crisis comes and US real estate market should be restored in second half of year. Such information has been declared by chapter Deutsche Bank Joseph Akkermann.
According to his words the end of financial crisis has come. It has not come to the end yet, but signals from the USA encourage. He has also told that the pragmatic approach of the USA to the sanction of crisis will soon improve the situation. The expert has declared that they should feel results in the second half-year and see powerful restoration of the American real estate market. So, it is high time for the banks to start drawing conclusions from current crisis.
Russia needs diversification
Written on 17 May 2008 by adminIts’ rating of competitiveness has decreased. Despite of credit crisis, the USA remain the most competitive country the world though in following the American economy can concede year in the leading position. Experts of Swiss business school IMD annually measure a competitive climate in 55 states of the world. As well as one year ago, the first three of leaders, where Singapore and Hong Kong also appear, has remained without changes. Russia because of insufficient economy diversification has moved from 43rd on 47th place.
Authors of IMD World Competitiveness Yearbook 2008 mark, that at work above research «for cleanliness of experiment» they tried to not consider influence of hypothec crisis, which has begun in second half of last year. Thus, leaves, that according to 331 criterion US authorities have for almost 15 years managed to support optimum conditions for business development inside of the country. The largest economy of the world still surpasses the others on scales of investments; volumes of the tenders in the share market, and also on export of commercial services (see the table). It is easier to place the capital in the USA; the country also dominates over the technological plan, for example, by quantity of the personal computers, used in various spheres.
Index of world competitiveness
|
Country |
2007 |
2008 |
|
|
1 |
1 |
|
|
2 |
2 |
|
|
3 |
3 |
|
|
4 |
6 |
|
|
5 |
4 |
|
|
6 |
5 |
|
|
7 |
12 |
|
|
8 |
10 |
|
|
9 |
9 |
|
|
10 |
8 |
Source: IMD WCY 2008
Net profit of Societe Generale has decreased up to € 1,1 billion
Written on 13 May 2008 by adminNet profit of Societe Generale has decreased up to € 1,1 billion
During the first quarter of 2008 net profit of French bank Societe Generale S.A. has decreased on 23,4 % - up to 1,1 billion euro in comparison with 1,43 billion euro, received for the similar period year earlier. Such data has been published in the financial report of bank.
The proceeds of bank for the specified period have decreased on 6,1 % and have made 5,68 billion euro against 6,05 billion euro year earlier. The operational profit for accounting quarter has made 1,18 billion euro, that is on 45,5 % less than a similar parameter for I quarter 2007, fixed on a level of 2,16 billion euro.
Societe Generale connects decrease in net profit for the accounting period with falling profitableness of banking division investment and investments’ management.
It is worth of mentioning that in 2007 net profit of bank has decreased on 81,9 % - up to 947 million euro in comparison with 5,22 billion euro, received year earlier. Proceeds of bank have decreased on 2,2 % and have made 21,92 billion euro against 22,42 billion euro year earlier. Operational profit has made 6,71 billion euro, that is on 16,5 % less than a similar parameter in 2006, fixed on a level of 8,04 billion euro.
MasterCard doubles profit
Written on 12 May 2008 by adminOwing to growing popularity of plastic cards one of the world’s largest plastic cards operators, American company MasterCard Inc., has sharply increased profit in the first quarter of 2008. It has informed on doubling results on the background of global financial crisis that speaks about fast growth of popularity of “plastic” among consumers. MasterCard’s net profit has grown up to 446,9 million dollars, and the increase in payments is fixed in the USA, and also in the countries with growing economy.
MasterCard has come to the stock exchange in May, 2006, and since then it pleases analysts with good financial results, which quarterly appear above every possible forecasts. From last report MasterCard follows, that year earlier the profit of the company was twice less and made 214,9 million dollars. Doubling has provoked record for the last half a year growth of cost of its shares: at the exchange tenders the shares of the operator have instantly risen in price on 13 %, up to 31,4 dollars per share. Experts mark that plastic cards’ operators, among which leader of branch Visa Inc. and also American Express Co. and Discover Financial Services LLC are, use gradual global increase in incomes of the population, and it pushes their growth.
Substantial growth of profit MasterCard has occurred owing to transboundary transactions. The company has diversified international plan more, than its competitor Visa and consequently, it is less dependent on US crisis. Today American MasterCard takes half of profit from granting services abroad, and Visa makes two thirds of operations inside of the USA.
US hypothec brokers are suspected of swindle
Written on 6 May 2008 by adminThe federal Office of Public Prosecutor of the USA finds out, whether swindle disappeared behind falling of the hypothec tools prices.
Public prosecutors from East district of New York are engaged in investigation. The working group, which structure includes representatives of federal and local supervising bodies, and also regulators of staffs, has been created.
According to the public prosecutor of district Benton Campbell, the purpose of investigation is to reveal possible infringements in hypothec brokers work, and also to find the inside transactions and accounts’ frauds.
Public prosecutors will study hypothec brokers’ reporting and will search for the possible infringements deforming a financial position of the company, and also quality of hypothec credits. Regulators will also find out, whether cases, when brokers embellished the information on credit loaners’ history, took place.
Public prosecutors are also going to find out, whether hypothec brokers deceived Wall Street banks, which financed them. Authorities also suspect brokers of investors’ deceit, who were not informed, that maintenance of tools is carried out by high-risk hypothec credits.
