United Overseas Bank Malaysia would double its debit and credit card base to 1.2 million under a projection bank officials released this week. The bank, a subsidiary of Singapore-based United Overseas Bank, plans to offer new card products and expand its payment networks in Malaysia to achieve that goal, according to a statement from the bank. The bank this week began issuing MasterCard- and Visa-branded platinum cards. The Singapore-based bank has issued more than 2.5 million credit cards in Asian countries.
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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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