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Our Monday Morning Perspectives The research and editorial teams meet every Monday morning, and the following is our assessment of the most critical developments shaping the industry worldwide.
Perspectives, Monday, June 25th 2012
Keywords: "Islamic mortgages aren't limited to Muslims." Moody's downgrade of 15 of the world's largest banks was largely seen as retroactive, and Fitch's nine cut in India and four in Portugal had similar results. UK's RBS chief Stephen Hester has apologised over a computer fiasco that left up to 12 million customers unable to access their money since last Tuesday. South Africa's FirstRand Bank is conducting due diligence on Merchant Bank Ghana, with a view to buy 55%. Japan Bank for International Cooperation and Japan International Cooperation Agency will lend $4.5b to India for the Delhi-Mumbai Industrial Corridor project. China's ICBC has become the first Chinese bank to be allowed to open a branch in Kuwait, and gained approval for its Vientiane branch to be the sole renminbi-clearing bank in Laos. Malaysia's CIMB reported it only managed to keep 331 of the 600 RBS staff it inherited. 66 of those offered to stay left mostly driven by different cultures. HSBC India will reduce treasury, foreign exchange and investment banking functions, and increase lending activities. New Zealand's ASB Bank has launched a mobile banking app, allowing customers to make payments through Facebook.
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