Malaysia-based CIMB Bank says it expects to see more customers using online banking as increasing fuel costs discourage consumers from driving to bank branches. The bank's customers made about 1 million online transactions last year, the bank says in a statement. The bank did not say how many new online customers it hopes to attract. The bank recently introduced a service with Malaysian-based mobile operator Maxis Communications that enables the bank's online customers to add value to their prepaid phones by transferring funds from bank accounts. CIMB is a subsidiary of CIMB Group, which has 366 branches, 1,252 ATMs and more than 4.5 million customers in the country, the statement says.
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The Charlotte, North Carolina-based bank stopped originating marine and recreational vehicle loans during the second quarter. Executives said the change will reduce net interest income in the short term, but deliver higher profitability over the long run.
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Clients with concentrated stock holdings might be better off turning their portfolios into ETFs in a tax deferral transaction called a Section 351 conversion.
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The customer-sourced investment will continue to support the digital banking provider's AI and digital loan origination initiatives.
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Banks are posting record profits, benefitting from being in the middle of a hot credit cycle. Everything is going their way. The only question is, how long can it last?
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A coalition of 20 state attorneys general, most of them Democrats, is opposing efforts by the high-cost lenders Enova International and Opportunity Finance to acquire banks. The state AGs warn that the companies are trying to dodge state interest-rate caps.
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FINRA's annual snapshot shows how the wealth industry is changing, from key business metrics and marketing trends to shifts in registration and a shrinking branch footprint.
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