Word: hsbc
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Dates: during 2000-2009
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...according to market tracker SNL Financial. And without a single branch, ING Direct is the 28th largest bank of any kind in the U.S., as ranked by assets (and 24th by deposits), nipping at the heels of regional powerhouses such as Sovereign and KeyCorp. Even heavyweights like Citibank and HSBC are taking notice, rolling out "direct" banks of their own. Kuhlmann welcomes the competition. In fact, he will spell out his formula for them: "We simply asked, 'What does a customer really want...
...million account holders, with 100,000 to 150,000 more signing up each month. "Before it was a curiosity, but now banks look at the outflow of accounts to ING Direct, and they're reacting," says Alenka Grealish, managing director of the banking group at consultancy Celent. Citibank, HSBC, Capital One, E-Trade and Emigrant Bank are among those offering no-fee, no-minimum-balance Web-only accounts with well-above-average interest rates. Many even offer rates higher than ING Direct's. Kuhlmann's response: "Knock yourself out." So far, new-account growth at ING Direct hasn't slowed...
...HSBC Holdings...
...Hanoi promised to open its financial-services sector to the world faster than almost any other member. (China, which joined the WTO in 2001, had five years to open its banking market.) Already, eight foreign banks have applied to establish wholly owned Vietnam branches. Among them are UK-based HSBC, one of the world's largest banks, and ANZ (Australia and New Zealand Banking Group); both are planning to open 10 new branches each within three years so they can expand services such as credit cards, home mortgages and personal loans. "Definitely, the growth will be high," says Thuy...
...believed. Nonperforming loans have been cut from 20% to as low as 3%, he says. Industry experts say the real number is probably three times that, but admit Vietnam has made progress in reducing bad loans. "It's not a China-like situation," says Alain Cany, chief executive for HSBC in Vietnam. (Up to 50% of the loan portfolios of China's big state-owned banks were nonperforming when the country joined the WTO, according to Standard & Poor...