All posts by blogger

Skye Bank may opt for ‘International Banking’ License

By blogger on

In view of emerging developments in the banking industry in Nigeria, with the recent guidelines published by the Central Bank of Nigeria (CBN) seeking to categorize banks into three different cadres- regional, national and international banks, our investigations revealed that the Board and management of Skye Bank may seek the international banking license.

The Bank currently has three foreign subsidiaries within the African continent, namely: Skye Bank (Sierra Leone) Limited, Skye Bank (Gambia) Limited, and Skye Bank (Guinea) Limited.

The CBN, in its recent release directed banks to submit their individual plans for their new banking models 90 days from October 4, 2010 (i.e. on January 3, 2011), on account of the repeal of the Universal Banking Model (one-stop shop financial services supermarket) which banks in Nigeria had operated inthe past few years.

In a recent special release to all banks and the general public, with the title “CBN Scope, Conditions and Minimum Standards for Commercial Banks Regulations No. 01, 2010”, the minimum capital requirement for banks seeking ‘national banking license’ was pegged at N25 billion, which was the minimum capital for the recently repealed Universal Banking license. In like manner, the CBN stated that the minimum capital for banks seeking international banking license is now N50 billion.

Skye Bank Plc is believed to likely seek the international banking license, considering that after raising additional capital of about N12 billion recently via a special placement, its capital rose to about N99 billion, which is approximately 100% above the minimum N50 billion capital requirement for international banks. This is in addition to the Bank’s three foreign subsidiaries, which the Bank is likely to keep, in order to remain internationally competitive.

Skye Bank, which has good reputation for supporting businesses, especially through structured finance in critical sectors such as manufacturing, power, oil and gas, construction, transportation, hospitality, education, housing, agriculture, maritime/shipping etc, is expected to continue its tradition, in addition to seeking to up-tier its business focus in favor of the corporate segment.

The Bank recently financed the ultra modern Beloxxi Industries Limited, the biggest indigenous biscuit manufacturing company in Nigeria today, which is located at Agbara, Ogun State.

It also funded projects such as Independent Power Projects (IPPs) in the South-South and North-West, Steel Mills in various parts of the country, fertilizer importation, ultra modern hotels in Lagos and Port Harcourt, private schools in Lagos and Abuja, housing schemes across Nigeria, West Africa’s leading cocoa factory, several oil and gas exploration and production installations, various vessel acquisitions, clearing and forwarding agency activities, etc.

Skye Bank is also committed to encouraging the Nigerian entrepreneurial spirit, having accessed significant funding through the CBN-led Commercial Agriculture Guarantee Scheme (CAGS) for subsequent on-lending to customers. The Bank equally partnered with Bank of Industry (BOI) in the disbursement of funds under the Power & Manufacturing Fund. It was also appointed among only four banks as a Primary Lending Institution (PLI) under the Cabotage Vessel Financing Fund (CVFF) Scheme by Nigerian Maritime Administration & Safety Agency (NIMASA).

Analysts suggest that the Bank would continue to leverage its well-acknowledged cutting-edge Information & Communication Technology (ICT) infrastructure for deployment in the areas of revenue collection, payment systems, and various e-banking platforms.

FOR MORE INFORMATION CONTACT
Head Office: Skye Bank Plc.
3, Akin Adesola Street, Victoria Island, Lagos.
Tel: + 234 1 2701600
Email:
www.skyebankng.com

Lloyds Banking Group sells Halifax for 1

By blogger on

Lloyds Banking Group has sold its Halifax estate agency business for just 1 to LSL Property Services. The group has said 1,050 employees will be transferred to LSL after the sale.

However, the move is likely to cause 460 jobs to be lost, 360 of which are said to be full time positions.

Lloyds has been in talks about the changes with its unions, and added compulsory redundancies among counter staff was a “last resort”.

The business has 218 offices, 93 of which are franchise operations, but has continued to make losses despite efforts made by Lloyds Banking Group following the takeover of HBOS a year ago.

All 121 Halifax banking counters located in estate agents are set to close their doors early next year, and later rebranded as one of LSL’s existing brands.

LSL is the parent company of estate agency brands Your Move, Reeds Rains and Intercounty.

Lloyds said the decision to sell Halifax came after carrying out a strategic review, “which concluded that an estate agency operation is no longer integral to its business model”.

David Nicholson, managing director of Halifax Community Bank, said: “Halifax Estate Agency is a well established business and, following a strategic review, we believe that it is better able to grow outside the Group with a strong existing player in the market such as LSL Property Services.”

Ged Nichols, general secretary of union Accord, said: “We will be having early meetings with LSL to discuss their plans for the business and employees’ terms and conditions so that we can provide maximum support for Accord members who will be transferring to LSL’s employment.

Lloyds said all customers with mortgages or other services affected by the counter closures would receive a letter containing details of the changes and be given information regarding alternative locally placed banking facilities. Most of these locations either have a Lloyds TSB or Halifax branch within one mile.

“We have also made our view clear to Lloyds that the staff who currently work in the 121 branches with banking counters should have the opportunity to transfer to nearby bank branches. We believe that there is no need for compulsory redundancies.”

The sale has made LSL the second-largest estate agency operation in Britain. The firm was created after its counterpart Your Move was bought out of Norwich Union in 2004.

Simon Embley, LSL’s chief executive, said: “The purchase of Halifax Estate Agency heralds a significant step forward in the growth of LSL and its associated estate agency businesses. We now look forward to embracing the opportunities that this move presents to us and, at the same time, ensure the high standards and reputation HEA are renowned for are maintained and built upon in the future.”

Nedbank Internet Internet Banking Systems

By blogger on

Nedbank is one of the largest banks in South Africa with a market capitalization of about US$73 billion as of December, 2009. During the years it has established itself as the most affordable bank in South Africa. The bank provides the more affordable residential loans in the housing finance market. There are a number of Nedbank branches available across all the main cities of South Africa. The bank has its main office in Johannesburg and branches in locations such as Cape Town, Gauteng, Centurion, Namibia, Western Cape, Musgrave, Durban and Port Elizabeth. The banks swift code is NEDSZAJJ.

Nedbank also provides online banking facility commonly known as Nedbank internet banking, in which there is a 24-hours mobile access from any place in the world with complete security and comfort.

The bank provides free Nedbank internet banking services to all its customers. For several customers this has become a need, as the convenience and ease of internet banking has turn into an essential part of their account management.

Nedbank Internet Banking registration

To use Nedbank internet banking, clients require a profile, a PIN code, and password, though telephone banking clients will already have PIN code. Clients must call the bank or turn up at a local Nedbank branch where they will be delivered all the required information, plus a temporary PIN code if necessary, which they will require to change to a unique, new PIN code. They then log in to Nedbank internet banking on the banks website, after which they will be able to access all features available through Nedbank internet banking.

Nedbank Internet Banking Log on

The Nedbank customers are provided with the services and benefits of Nedbank internet banking through the process of net banking logon. To avail for, the customers must have the rights to access the Nedbank internet banking logon system. The Nedbank internet banking logon can be utilized only by the registered customers of the bank, in order to choose from and use the various online banking services and facilities provided. The Nedbank internet banking services will be made active as soon as you fill up an online application form to provide some of your account information.

Nedbank Internet Banking security features

Nedbank includes a number of security measures aimed at to maximize client safety while using Nedbank internet banking. These measures comprise of 128-bit encryption codes, which encode the communications so they are unreadable to malevolent sources, and firewalls, which preclude outside access.

Nedbank offers a variety of services available through Nedbank internet banking program, providing several of the features clients normally access at a local Nedbank branch, suggesting that customers can skip the visit to the bank and operate their accounts at their own convenience, indicating that customers now use net banking as their only or primary form of account operation.

By using Nedbank internet banking, Nedbank clients can:

Track and view expenses
Print and view past statements
Contact customer service
Move funds between accounts
Observe accounts for any suspicious activity
Access and operate accounts at any time from any location

How To Manage An Online Banking Account

By blogger on

An online banking account is a highly convenient way of managing your bank account. Almost anything that you can do in person at the bank can now be achieved by online banking. Its smart, convenient and banks are doing everything possible to make this a safe process. In fact, the convenience of internet banking has made offshore banking a very popular option. Customers from around the world now take the advantage of offshore banking to store their wealth in tax havens and enjoy higher interest rates. However, a part of the responsibility of your account security depends on you too, and you should definitely never disclose your password or forget to delete the cookies from the computer, even when you are using your personal computer. Having taken care of these measures, complete security of your online banking account can be guaranteed. Presented here are three other suggestions to ensure that your account safety is never compromised.
Research the security measures on part of the bank
Check out the security measures that are employed at the banks end. Does the bank provide you with a changeable password, and a PIN (personal identification number)? Is there additional security measures employed at the bank like biometric scan etc. to ensure complete confidentiality? Will the bank ever send you emails disclosing your password or asking you to disclose your password? How many times can you put in a wrong password before your account is blocked for the day? Is the online banking facility available 24×7? Will an able customer service representative always assist you? Will the customer care person ask for your password? Asking these questions is mandatory before opening a personal online banking account.
Account protection from your end
Apart from never divulging your password and other important info, there are certain very important steps that you should take. For instance, you should definitely install a good anti-malware program in your computer. There should be multiple tiers of protection in your personal computer, to ensure complete protection. Employ simple tricks like using the virtual keyboard to click your account details instead of the actual keyboard. Never click on any link in a mail that is sent to you on the name of your bank or open an attachment. These may as well be potential malware programs. These steps ensure complete safety of online personal banking.
Other key benefits of personal online banking
One of the key benefits of online banking is the idea that you can actually track your transactions in real time. No longer do you have to contact with the bank to know the status of your transactions. It can be known easily by your personal online banking account. In addition, this is almost always a free service as most banks do not charge any extra rates for online transactions.

Things To Be Aware About Regarding Mobile Banking

By blogger on

When we think of cell phones and smart phones, we think of small computer devices. They function and behave as if they are smaller computers. That is how far technology has reached to make lives of people a lot easier. In lieu with this magnificent innovation, nowadays, banking seems to be very convenient for individuals. It seems too convenient, allowing people to use their mobile phones to make quick checks in to their accounts, pay bills or just send funds. The world now embraces a new form of banking, as if online banking is not enough.

Mobile banking is a great tool. It is convenient, fast, easy and accessible. Here are some things that you might want to consider if you wish to do banking through your mobile phone.

The issue of security
There is a general consensus between banking experts that mobile banking, to some extent, is safer compared with online banking. This is true when considering the amount of security risks and malware that could infect the mobile phone. However, that is just one aspect of security and baking using your phone has other security issues. If there is computer phishing, then there is mobile smishing. This is when the person receives a fake message via SMS asking for account details. The hacker poses as a reputable bank or financing company. Do not feel like you are immune to such seemingly obvious scams. A lot of people have lost money from such tricks.

Phone being stolen.

If you lost your phone or it was taken from you by a robber, even if passwords are necessary, when it comes to mobile banking, most users tend to apply easy to break passwords so that banking can be easy. With such ease in technological use, the account holders must always use stronger passwords because this is the only tough thing that you can do so that no sneaky individual can guess your banking details.

Compatibility
Most banks only have their mobile services offered to those clients with smart phones. These are specially made applications that can be used to make the most out of your mobile use. Those old, outdated phones are not supported and sometimes, even if banks allow, they are only limited for account balance checking only.

There are additional fees when doing your transactions via SMS. Compared to online options, they are virtually pricey because you have to pay for every text message that you send to handle banking. In some cases, those that use specialized software will have to ask for a fee.