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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...
...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...
Development experts also worry that the stream of international money supporting microfinance is crowding out locally owned banks that might serve the poor. Citigroup, ABN Amro and HSBC, for example, have pumped a combined $200 million into microfinance groups that offer saving accounts, insurance and mutual funds. This influx of capital is "preventing the creation of a sustainable, savings-based financial system in poor countries," says Littlefield. Microlenders counter that the costs of starting a bank are so high that without them, the poor would have no alternative. "To build a bank in Africa, you need $5 million to start...
...aside large chunks of their income because the government no longer provides cradle-to-grave benefits as it did under a purely communist system. But China's urbanites are not just stashing away money to fund retirement and meet rising medical costs. Many Shanghainese respondents to the HSBC survey said their two main motivations for saving were to buy real estate (the majority already own at least one property) and pay for their kids' education. Travel was listed as the third most important reason to save. Only 14% of respondents said they were saving for retirement...