Retail Banking News

Retail Banking, 21 January 2009
JPMorgan to rebrand WaMu branches for $300 million
JPMorgan Chase said it will spend $300 million to rebrand 708 branches and 1,900 ATMs in California with the Chase logo as part of its integration with Washington Mutual (WaMu). It will also spend $75 million to open an additional 20 branches throughout the state in 2009. All WaMu branches will be rebranded nationwide by the end of 2009.Citi restructures private banking in ChinaCiti said it is restructuring its private banking business in China, denying a news report which said the bank would close it. As part of the restructuring, the bank reportedly said it is merging the private banking with its consumer banking business.
TCB to set up joint insurance arm with BNP
The Taiwan Cooperative Bank (TCB) has inked a joint venture agreement with BNP Paribas Assurance to set up an insurance arm with an initial working capital of NT$2 billion ($60 million). TCB will take up a controlling 51% stake with BNP owning the rest. TCB will have the right to appoint the chairperson for the insurance firm while BNP will appoint the president.Vietnam: Bao Viet Bank opens for business
Bao Viet Bank, a subsidiary of insurer Bao Viet Group, was launched on January 9, as Vietnam's 39th joint stock commercial bank. The new Hanoi-based bank has charter capital of VND1.5 trillion ($90.36 million). The bank said it will develop personal finance services and integrated bancassurance-securities products.

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