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Commonwealth Bank offers online savings to businesses
Australian lender Commonwealth Bank has launched its Business Online Saver, a new online savings account aimed at businesses offering a variable interest rate of 5.65% in a bid to attract new business customers.
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Credit card reforms save retailers A$700 million per year
According to the Australian central bank, domestic retailers are A$700 million a year better off since the authority imposed a cap on credit card interchange fees.
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Life and Dresdner arms bolster Allianz's first quarter
Banking and insurance titan Allianz saw net income for the first quarter rise by more than a third to E1.8 billion on the back of a positive performance from Dresdner Bank.
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Norwich Union raises its mortgage rates
Aviva-owned insurer Norwich Union has announced that it is raising the interest rates on its Fixed Rate Lifetime Mortgage plans from 5.7% to 6.08%. Norwich Union is the market leading equity release provider with a market share of 34%.
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Prudential launches Asian property fund management business
UK insurance titan Prudential has launched Prudential Property Investment Management Singapore (PruPIM Singapore), a 50:50 joint venture between Prudential's real estate investment management arm and Prudential Corporation Asia.
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UK homeowners fail to see benefits of mortgage protection, survey reveals
Almost a quarter of homeowners in the UK are risking their families' futures because they do not have cover to pay off their mortgage debts in the event of their death, a Friends Provident survey has revealed.
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Abbey may expand in UK
Retail bank Abbey will open up to 100 new branches across the UK, trebling the British operations of Spanish owner Banco Santander.
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Acquisition aids 20% rise in Postbank Q1 profit
The banking arm of the German post office has increased pre-tax profit in the first quarter by E134 million, or 20%, thanks to growth in retail banking, which was supported by the earlier acquisition of BHW.
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GMAC Bank signs up storage system platform for eMortgages
GMAC Bank, the financial services arm of General Motors, has adopted Encomia's information technology system designed to securely store electronic mortgages.
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Australian police head says delays to chip and PIN are costing consumers
The head of the Australian Federal Police has told banks in the country that the use of magnetic strip and signature system is past its sell by date, and delays in implementing new technology is leaving consumers vulnerable to fraud.
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Bank of England governor warns on unsecured debt
The Bank of England governor has warned that the rising numbers of families struggling with unsecured debt is potentially a large social problem for the UK.
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Friends Provident International launches three new funds
Isle of Man-based Friends Provident International has launched three new specialist funds, including a Sharia-law compliant Islamic fund, a fund investing in the energy and basic material sector, and a fund based on Asian real estate.
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Citigroup's South Korean operation launches new cobranded credit card
Citibank Korea has launched the E-Mart Citibank card in association with retailer E-Mart.
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NAB profits jump on UK results
National Australia Bank has increased its interim cash earnings by 11.4% to A$1.84 billion on a strong performance from its UK Clydesdale and Yorkshire banks.
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Old Mutual sees positive start to 2006, bolstered by Skandia acquisition
Total sales at life insurance group Old Mutual grew by 11% to GBP395 million in Q1, the firm said in a trading statement.
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