HONG KONG: KA WAH BANK NO CHARGES ON ACCOUNTS

Article Abstract:

Citic Ka Wah Bank said they would not impose charges on savings and current accounts for the whole year of 2001. In addition, customers who open an online banking account or phone banking account with Citic Ka Wah will also get a HK$ 100 rebate. Citic expects to attract 10% more new customers with the no-minimum charge pledge. Citic Ka Wah is pricing their service against those of Standard Chartered Bank and the Bank of China Group which charged service fee of HK$ 100 and lower deposit interest rate to 1% on accounts falling below the minimum level.

Marketing procedures, Hong Kong, Citic Ka Wah Bank Ltd.

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Russia: A look at Societe Generale Vostok

Article Abstract:

The French bank Societe Generale has been present in Moscow since 1973 when it opened a representative office there. Twenty years later, the bank created the Societe Generale Vostok, a wholly-owned subsidiary for multinational companies located in Russia. The bank wants to take advantage of the recovery of the Russian economy in order to position itself on the retail banking sector so it can expand its line of services and handle its clients' growing needs.

Foreign operations, Russia

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Netherlands: Banks call for relaxing of report duties

Article Abstract:

Banks in the Netherlands have called for a relaxing of the requirement to report suspect transactions. Currently every transaction above Fl 25,000 must be reported, which will be around 65,000 for 2001. This limit was the original limit and it has never been adjusted for inflation. The limit will be lowered to EUR 10,000 (Fl 22,000) with the introduction of the euro. According to the banks the limit should be raised as 65,000 is far too many.

Netherlands, Government regulation

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