Competition and Regulation in Retail Banking 2006
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Northfield Savings Bank 140 YEARS of HISTORY
Northfield Savings Bank FOUNDED 1867 140 YEARS OF HISTORY Foreword he Northfield Savings Bank is a strong presence in Northfield, Vermont. Its many branches are locatedT throughout the central part of the State and the greater Burlington area, important institutions within their communities. The Bank—and its Flying Pig mascot— are well known throughout Washington, Orange, Windsor, and Chittenden Counties. Unfortunately, much of the Bank’s history is not so visible or well known. A good portion of the Bank’s historical archives, including many photographs, were destroyed in a flood a number of years ago. Although the Bank is obliged to save financial records—its vault contains many dusty ledgers— the history of the Bank as a physical place, and as an employer and presence in the community, is not to be found in these documents. This history is intended to fill some of those gaps. Drawn from a limited amount of archival material and from interviews with Bank officials and community members, its intent is to provide an accurate picture of how the Bank changed—and how it stayed the same—over the years. We apologize for any omissions, glaring or otherwise. Russell J. Belding, August 2007 1 The Bank’s Beginnings he first train of the Vermont Central Railroad chugged proud depot had been nearly emptied of its contents, and The new Bank was located in the Edgerton Block on the through the village of Northfield on October 11, 1848. Northfield’s importance as a regional hub had diminished. south side of the Common, in the corner store of James Cary CharlesT Paine, president of the railroad, lived in town, and, Barrel Thayer. -
A Requiem for Sam's Bank
Chicago-Kent Law Review Volume 83 Issue 2 Symposium: Rethinking Payments in Article 18 Law April 2008 A Requiem for Sam's Bank Ronald J. Mann Follow this and additional works at: https://scholarship.kentlaw.iit.edu/cklawreview Part of the Law Commons Recommended Citation Ronald J. Mann, A Requiem for Sam's Bank, 83 Chi.-Kent L. Rev. 953 (2008). Available at: https://scholarship.kentlaw.iit.edu/cklawreview/vol83/iss2/18 This Article is brought to you for free and open access by Scholarly Commons @ IIT Chicago-Kent College of Law. It has been accepted for inclusion in Chicago-Kent Law Review by an authorized editor of Scholarly Commons @ IIT Chicago-Kent College of Law. For more information, please contact [email protected], [email protected]. A REQUIEM FOR SAM'S BANK RONALD J. MANN* INTRODUCTION Wal-Mart's application to form a bank ignited controversy among dis- parate groups, ranging from union backers to realtors' groups to charitable organizations.' The dominant voices, though, were those of independent bankers complaining that the big-box retailer would drive them out of busi- ness. Wal-Mart denied any interest in competing with local banks by open- ing branches, 2 claiming that it was interested only in payments processing. Distrusting Wal-Mart, the independent bankers urged the Federal Deposit Insurance Corporation (FDIC) to deny Wal-Mart's request and lobbied state and federal lawmakers to block Wal-Mart's plans through legislation. Ultimately, Wal-Mart withdrew its application, concluding that it stood little chance of overcoming the opposition. The controversy dovetails with a banking regulatory concern about the existing system for supervising commercial firms that own non-traditional banks. -
Sales Prospectus with Integrated Fund Contract Clariden Leu (CH) Swiss Small Cap Equity Fund
Sales Prospectus with integrated Fund Contract Clariden Leu (CH) Swiss Small Cap Equity Fund September 2011 Contractual fund under Swiss law (type "Other funds for traditional investments") Clariden Leu (CH) Swiss Small Cap Equity Fund was established by Swiss Investment Company SIC Ltd., Zurich, as the Fund Management Company and Clariden Leu Ltd., Zurich, as the custodian bank. This is an English translation of the offical German prospectus. In case of discrepancies between the German and English text, the German text shall prevail. Part I Prospectus This Prospectus with integrated Fund Contract, the Simplified Prospectus and the most recent annual or semi-annual report (if published after the latest annual report) serve as the basis for all subscriptions of Shares in this Fund. Only the information contained in the Prospectus, the Simplified Prospectus or in the Fund Contract will be deemed to be valid. 1 General information Main parties Fund Management Company: Swiss Investment Company SIC Ltd. Claridenstrasse 19, CH-8002 Zurich Postal address: XS, CH-8070 Zurich Phone: +41 (0) 58 205 37 60 Fax: +41 (0) 58 205 37 67 Custodian Bank, Paying Agent and Distributor: Clariden Leu Ltd. Bahnhofstrasse 32, CH-8070 Zurich Phone: +41 (0) 844 844 001 Fax: +41 (0) 58 205 62 56 e-mail: [email protected] Website: http://www.claridenleu.com Investment Manager: Clariden Leu Ltd. Bahnhofstrasse 32, CH-8070 Zurich Phone: +41 (0) 844 844 001 Fax: +41 (0) 58 205 62 56 Auditors: KPMG Ltd Badenerstrasse 172, CH-8004 Zurich 2 Information on the Fund 2.1 General information on the Fund Clariden Leu (CH) Swiss Small Cap Equity Fund is an investment fund under Swiss law of the type “Other funds for traditional investments” pursuant to the Swiss Federal Act on Collective Investment Schemes of June 23, 2006. -
New Decade- New Crisis--European Retail Banking Radar
Kearney, Chicago Kearney, Photo by Karen King New decade, new crisis European Retail Banking Radar Contents Foreword 1 Be bold, act now: the operating models of the future 12 The 2020 retail banking outlook: minimizing Universal banks: using mass scale to deliver both loss and maximizing customer trust 2 standardized and specialized products 12 Revenue will drop at least 20 percent 2 Specialist banks: a quality over quantity approach 13 Meanwhile, costs will by and large remain the same 3 Direct banks: a quicker, more convenient One in eight banks will face losses this financial year 3 form of banking 13 Lifestyle platforms: a new lifestyle companion 13 New decade, new crisis: lessons learned from the Banks need to commit to a new operating model 14 Global Financial Crisis and why this time it’s Doing more with less 14 different 4 Lessons learned from the Global Financial Crisis 5 The knowledge and skills that have helped banks get where they are won’t be enough to get them where In some ways, it’s similar. But in others, they need to be 15 it is very, very different 5 Time to make a decision 15 Banking for good 5 Regardless of the current cost position, the task at Life after COVID-19: building a new banking hand is the same for all: dramatically change the landscape through M&A 16 operating model 6 Post-crisis M&A shows promising results 16 European banks will need to reduce their cost base For some players, M&A may be the only option 17 by more than EUR 35 billion in order to survive 6 The need for efficiency—based on scale and focus— -
Abacha Funds at Swiss Banks”
Embargo: 4 September 2000 10 a.m. “Abacha funds at Swiss banks” Report of the Swiss Federal Banking Commission Berne, 30 August 2000 1. Object of the investigation and regulatory framework 1.1. Object and scope of the investigation In November 1999 the Swiss Federal Banking Commission (SFBC) began investiga- tions to ascertain whether a total of 19 banks in Switzerland had fully adhered to due diligence requirements (see 1.2 below) as set out in banking law and other applicable legislation in accepting and handling funds from the entourage of the former President of Nigeria, Sani Abacha. The SFBC did not institute any criminal proceedings in respect of money laundering or any other offence. Criminal proceedings in connection with Abacha-related funds are pending in Geneva. The request for judicial assistance from Nigeria does not fall within the SFBC’s remit; this is being handled by the Federal Office of Justice and by the in- vestigating authorities in Geneva. The administrative procedure undertaken by the SFBC involved an extraordinary amount of work. A very large quantity of documentary material needed to be evaluated. Discussions took place with the management of many of the banks concerned. At one bank all persons actually or potentially involved were formally questioned. The re- sources deployed by the SFBC were correspondingly large: 12 people, i.e. 14 % of the SFBC’s total staff, were at one time or another involved with the processing of the mat- ter and related investigatory tasks. 1.2. Due diligence obligations When accepting and depositing funds from customers, banks have a number of obliga- tions with regard to due diligence, with a view to upholding public trust in a properly op- erating banking system (‘maintenance of trust or reputation’). -
Savings Bank
Savings Bank A savings bank is a financial institution whose primary purpose is accepting savings deposits and paying interest on those deposits. They originated in Europe during the 18th century with the aim of providing access to savings products to all levels in the population. Often associated with social good these early banks were often designed to encourage low income people to save money and have access to banking services. They were set up by governments or by or socially committed groups or organisations such as with credit unions. The structure and legislation took many different forms in different countries over the 20th century. The advent of internet banking at the end of the 20th century saw a new phase in savings banks with the online savings bank that paid higher levels of interest in return for clients only having access over the web. History In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to all strata of the population. In some countries, savings banks were created on public initiative, while in others, socially committed individuals created foundations to put in place the necessary infrastructure. In 1914, the New Student's Reference Work said of the origins:[1] France claims the credit of being the mother of savings banks, basing this claim on a savings bank said to have been established in 1765 in the town of Brumath, but it is of record that the savings bank idea was suggested in England as early as 1697. -
AUTOMATED TELLER MACHINE (Athl) NETWORK EVOLUTION in AMERICAN RETAIL BANKING: WHAT DRIVES IT?
AUTOMATED TELLER MACHINE (AThl) NETWORK EVOLUTION IN AMERICAN RETAIL BANKING: WHAT DRIVES IT? Robert J. Kauffiiian Leollard N.Stern School of Busivless New 'r'osk Universit,y Re\\. %sk, Net.\' York 10003 Mary Beth Tlieisen J,eorr;~rd n'. Stcr~iSchool of B~~sincss New \'orl; University New York, NY 10006 C'e~~terfor Rcseai.clt 011 Irlfor~i~ntion Systclns lnfoornlation Systen~sI)epar%ment 1,eojrarcl K.Stelm Sclrool of' Busir~ess New York ITuiversity Working Paper Series STERN IS-91-2 Center for Digital Economy Research Stem School of Business Working Paper IS-91-02 Center for Digital Economy Research Stem School of Business IVorking Paper IS-91-02 AUTOMATED TELLER MACHINE (ATM) NETWORK EVOLUTION IN AMERICAN RETAIL BANKING: WHAT DRIVES IT? ABSTRACT The organization of automated teller machine (ATM) and electronic banking services in the United States has undergone significant structural changes in the past two or three years that raise questions about the long term prospects for the retail banking industry, the nature of network competition, ATM service pricing, and what role ATMs will play in the development of an interstate banking system. In this paper we investigate ways that banks use ATM services and membership in ATM networks as strategic marketing tools. We also examine how the changes in the size, number, and ownership of ATM networks (from banks or groups of banks to independent operators) have impacted the structure of ATM deployment in the retail banking industry. Finally, we consider how movement toward market saturation is changing how the public values electronic banking services, and what this means for bankers. -
Banker" Redirects Here
Bank From Wikipedia, the free encyclopedia Jump to: navigation, search For other uses, see Bank (disambiguation). "Banker" redirects here. For other uses, see Banker (disambiguation). "Bankers" redirects here. For the economics book, see The Bankers. This article has multiple issues. Please help improve it or discuss these issues on the talk page. • It needs additional references or sources for verification.Tagged since July 2008. • It may require general cleanup to meet Wikipedia's quality standards. Tagged since June 2010. Banking Types of banks Central bank Advising bank Commercial bank Community development bank Credit union Custodian bank Depository bank Export credit agency German public bank Investment bank Industrial bank Islamic banking Merchant bank Mutual bank Mutual savings bank National bank Offshore bank Private bank Savings and loan association Savings bank Swiss bank Universal bank Deposit accounts Savings account Transactional account Money market account Time deposit ATM card Debit card Credit card Electronic funds transfer Automated Clearing House Electronic bill payment Giro Wire transfer Banking terms Anonymous banking Automatic teller machine Loan Money creation Substitute check List of banks Finance series Financial market Financial market participants Corporate finance Personal finance Public finance Banks and Banking Financial regulation v·d·e Finance Financial markets [show] Bond market Stock market (equity market) Foreign exchange market Derivatives market Commodity market Money market Spot market (cash market) -
Close Industrial Loan Company Loophole
CLOSE INDUSTRIAL LOAN COMPANY LOOPHOLE INDUSTRIAL LOAN COMPANIES: “BANKS” In the age of big data, social media and e-commerce OWNED BY COMMERCIAL COMPANIES conglomerates, this threat is greater now than it was in Industrial loan companies (ILCs) are the functional the 1930s. We should be cautious before giving these equivalent of full-service banks. They engage in companies yet more reach into the economic life of commercial and consumer lending as well as deposit Americans by allowing them to leverage ownership taking and have access to the Federal Reserve of bank-like ILCs. The integration of technology and payments system. A loophole in the Bank Holding banking firms would not only result in an enormous Company Act allows commercial companies to own concentration of financial and technological assets but or acquire ILCs, subject only to approval by the FDIC. also would pose conflicts of interest in our banking Federal law prohibits all other full-service banks, system and privacy concerns for consumers. whether federal or state chartered, from being owned What will happen when social media giants extend their by commercial companies. reach into our financial lives? Access to Americans’ The ILC charter historically been limited and may be personal, financial data—monthly paycheck direct issued by only a handful of states, though it grants the deposits, account balances, expense patterns, political power to operate nationwide. Prior to 2020, the FDIC contributions, history of late fees, transaction records, had not approved deposit insurance for a new ILC for etc.—would create a whole new level of targeted more than 10 years. -
The Zurich Banking Centre
The Zurich banking centre Facts and figures 2015/2016 edition Foreword Zurich’s banking centre is of key importance to the region and a significant contributor to its economic value creation. It also plays a pivotal role as an employer, educator, lender, customer, taxpayer, and promoter of cultural institutions. The banking centre is currently in a phase of historic change. With business models being realigned and new regulations implemented, it is essential to establish the right operating environment for the financial sector and safeguard Zurich’s locational advantages for the future. The common goal for all those involved must be to position the financial centre as stable and forward-looking, thus enabling it to maintain its appeal both internationally and locally and continue to play an impor- tant economic role in the Zurich region. The Canton of Zurich and the Zurich Banking Association work to create the conditions in which the banking centre can flourish. They also endeavour to promote a reasoned debate on its future with publications such as this, which we hope you enjoy reading. Zurich, January 2015 Thomas Ulrich Markus Assfalg President of the Zurich Head of the Business and Banking Association Economic Development Division of the Office for Economy and Labour of the Canton of Zurich A key player in Zurich’s economy Nominal gross value creation in Nominal gross value creation the banking sector in Switzerland: in the Zurich financial centre: CHF 28.9 bn (2013) CHF 28.0 bn ( 2013 ) 12% 44% 43% 56% 45% Zurich region Banks Insurance companies Rest of Switzerland Other financial service providers Source: BAKBASEL The Zurich financial centre, which covers the cantons of Zurich, Schwyz and Zug, is an economic mainstay of the region, with around one in every five Swiss francs of economic value created here linked directly to its activities. -
An Empirical Analysis of New Zealand Bank Customers' Satisfaction
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Lincoln University Research Archive Lincoln University Digital Thesis Copyright Statement The digital copy of this thesis is protected by the Copyright Act 1994 (New Zealand). This thesis may be consulted by you, provided you comply with the provisions of the Act and the following conditions of use: you will use the copy only for the purposes of research or private study you will recognise the author's right to be identified as the author of the thesis and due acknowledgement will be made to the author where appropriate you will obtain the author's permission before publishing any material from the thesis. AN EMPIRICAL ANALYSIS OF NEW ZEALAND BANK CUSTOMERS’ SATISFACTION _______________________________________________________ A thesis submitted in partial fulfillment of the requirements for the Degree of Master of Commerce and Management at Lincoln University by Jing Wei _______________________________________________________ Lincoln University 2010 Abstract of a thesis submitted in partial fulfilment of the requirements for the Degree of M.C.M AN EMPIRICAL ANALYSIS OF NEW ZEALAND BANK CUSTOMERS’ SATISFACTION By Jing Wei It is important that banks deliver quality services which in turn results in customer satisfaction in today’s competitive banking environment. Within the New Zealand financial service market, competition is deemed to be strong given that there have been new entrants into the market as well as mergers and acquisition and exits over the last ten years (Chan, Schumacher, and Tripe, 2007). In order to retain the customers, customer satisfaction becomes a crux issue to bank management. -
User Manual Oracle Banking Digital Experience Retail Accounts-Islamic Finance Ii
Oracle Banking Digital Experience Islamic Banking – Retail Accounts User Manual Release 17.1.0.0.0 Part No. E83887-01 March 2017 i Islamic Banking – Retail Accounts User Manual March 2017 Oracle Financial Services Software Limited Oracle Park Off Western Express Highway Goregaon (East) Mumbai, Maharashtra 400 063 India Worldwide Inquiries: Phone: +91 22 6718 3000 Fax:+91 22 6718 3001 www.oracle.com/financialservices/ Copyright © 2017, Oracle and/or its affiliates. All rights reserved. Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners. U.S. GOVERNMENT END USERS: Oracle programs, including any operating system, integrated software, any programs installed on the hardware, and/or documentation, delivered to U.S. Government end users are “commercial computer software” pursuant to the applicable Federal Acquisition Regulation and agency-specific supplemental regulations. As such, use, duplication, disclosure, modification, and adaptation of the programs, including any operating system, integrated software, any programs installed on the hardware, and/or documentation, shall be subject to license terms and license restrictions applicable to the programs. No other rights are granted to the U.S. Government. This software or hardware is developed for general use in a variety of information management applications. It is not developed or intended for use in any inherently dangerous applications, including applications that may create a risk of personal injury. If you use this software or hardware in dangerous applications, then you shall be responsible to take all appropriate failsafe, backup, redundancy, and other measures to ensure its safe use. Oracle Corporation and its affiliates disclaim any liability for any damages caused by use of this software or hardware in dangerous applications.