BOC Fullerton Community Bank, which is 90% owned by the Bank of China, and 10% by the Fullerton, which is part of Singapore’s Temasek sovereign wealth fund, will double the number of rural banks it operates on the mainland to 80 by the end of next year.
According to the South China Morning Post, BOC Fullerton plans to target farmers and small rural companies that have inadequate access to financial services.
The lender has incorporated 41 rural banks with 12 branches across the country since its inception in 2011.
Finance Asia says that bankers are putting into place teams of derivatives experts to help companies finance potential acquisitions by leveraging existing assets, and are also preparing for a possible increase in M&A by Japanese companies outside the country.
Hong Kong-based fund house Value Partners is establishing an office in Singapore, says Asian Investor.
Barclays will boost fixed pay for some employees next year in advance of European Union rules that will cap bonuses, reports Bloombergh.
Britain’s second-largest bank will introduce what it calls “role-based pay”.
The EU brokered a draft deal in February to outlaw banker bonuses that are more than twice fixed pay, a move lawmakers said would curb irresponsible risk-taking.
Swiss voters have rejected a proposal to limit executives’ pay to 12 times that of junior employees, reports Bloomberg.
Switzerland is the home to at least five of Europe’s 20 best-paid chief executive officers. Opposition to excessive pay has stiffened among the traditionally pro-business Swiss following the government bailout of UBS, Switzerland’s biggest bank, in 2008.
The Financial Times says that almost a third of female asset management staff have suffered sexual harassment at work and more than half have endured regular sexist behaviour.
According to the results of an FTfm survey of 340 global fund management staff, 55% of women said they have been on the receiving end of “inappropriate” behaviour in the office. More than a third said they have been subjected to sexist conduct on a monthly or weekly basis.
Huawei Technologies Co is recruiting more Western executives, including finance professionals, and rolling out a long-term incentive program to attract foreign workers.
The moves come as the Shenzhen-based company aggressively expands overseas and tries to remake itself into a global brand.