United Kingdom-based InterContinental Hotels Group PLC says customers now can use China-issued bankcards to make online reservations and payments. The hotel company has signed a deal with ChinaPay E-Payment Service Co. Ltd., a subsidiary of China UnionPay, to provide the service. InterContinental says it is the "only international hotel group in China" to offer this service, according to a statement. Previously, InterContinental accepted only internationally branded credit cards for online reservations, and guests had to make all payments during checkout. The new service "allows [the group] to reach out to nearly 1.5 billion holders of locally issued bankcards across China," 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.
7h ago -
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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