Word: bankes
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Dates: during 2000-2009
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...risk you have of a reputational accident because you weren't able to oversee [the business] properly." So, at roughly 10,000-strong, C. Hoare & Co.'s customer base has reached its limits. Those that do make it in tend to be very well-heeled: investment portfolios at the bank average $1.5 million, while basic account holders maintain balances of anywhere from $2 million in the black to similar amounts in the red. But it's not enough to be rich. Clients must also "be extremely well introduced and have impeccable credentials," says Hoare. New money may be hotly courted...
Those that have made the grade appreciate the bank's blend of snob appeal and personal service. In a recent survey of U.K. private bank and wealth-management customers published by Market-Dynamics Research & Consulting (MDRC), C. Hoare & Co. achieved a client-satisfaction score of 82. Industry wide, that rate slumped below 60, the lowest in years. Common complaints: poor communication and rapid turnover in bankers assigned to manage relationships with clients. With a fifth of C. Hoare & Co.'s 250 staff clocking up 20 years in the job, the bank pledges a level of personal attention not seen elsewhere...
...more than a decade. The company now has 50 million subscribers in Asia, 17 times its number in Norway. The area now accounts for some 30% of Telenor's $17 billion in annual revenues, and will generate 36% in a couple of years, according to estimates by investment bank Dresdner Kleinwort. Asia, says Arild Nysaether, telecoms analyst at investment bank Fondsfinans in Oslo, is simply "the most important part of Telenor." And it's a point not lost on bigger rivals. France Télécom, Europe's third largest operator, said in mid-April it was looking into...
...firms, analysts at Citigroup wrote in a recent note. Since Telenor took control of Malaysian operator DiGi in 2001, for example, that business has expanded "from a small, niche player to one of the driving forces in the market," says Espen Torgersen, telecoms analyst at Carnegie, a Nordic investment bank. Now the third largest cell-phone operator in Malaysia, DiGi's operating profits grew by a third last year to $454 million; subscriber numbers rose by a fifth to 6.4 million...
...Operators were forced to subsidize a 2005 levy imposed on the sale of SIM cards in Bangladesh, for instance. And in Grameenphone's case, work with its local partner hasn't always been straightforward for Telenor. The Norwegian firm owns 62% of Grameenphone, with Grameen Telecom - part of the bank founded by Bangladeshi Nobel Peace Prize winner Muhammad Yunus - owning the rest. Yunus claims the Norwegians reneged on a deal to cede majority control a few years back. Telenor maintains no such agreement ever existed...