Banking for immigrants: Far-sighted

UK Only Article: 
standard article

Issue: 

The Saudi blueprint

Fly Title: 

Banking for immigrants

Location: 

NEW YORK

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Bankers will also ask to see an ID

Rubric: 

Catering to foreign-born customers is a growing niche in finance

Bankers will also ask to see an ID

MOST banks wouldn’t lend to Roberta. She arrived in New York from Mexico with papers but no credit history. But Neighborhood Trust Federal Credit Union, which specialises in lending to immigrants, gave her advice and a $2,000 loan. She started out selling Mexican food from a cart. She now runs a food truck, employs five people and has plans to expand.
Many immigrants, like Roberta, want to save or start a business. But they struggle to get finance. In America 23% of households headed by a non-citizen, and 35% of households where only Spanish is spoken, have no bank accounts—compared with 8% for the population as a whole. There are multiple barriers: not just low …

Technisys helps Latin America warm to the digital revolution

Latin American banks may lag behind their counterparts elsewhere in the world when it comes to digital innovation, but German Pugliese Bassi, co-founder and chief marketing officer at Miami-based technology provider Technisys, believes that attitudes towards technology are changing, making it the ideal time to launch a digital-only bank in the region. 

The Lloyds-HBOS affair: The odd couple

UK Only Article: 
UK article only

Issue: 

Hyperactive, yet passive

Fly Title: 

The Lloyds-HBOS affair

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20151205_BRD001_0.jpg

Rubric: 

An unhappy financial marriage is examined in court

LLOYDS TSB was boring and stodgy—the slow and steady tortoise of British banking. HBOS fancied itself as racy and exciting but, when it blew up in 2008, needed a rescuer. Waiving the usual competition rules, the government steered HBOS into the arms of Lloyds. An initial bail-out of £17 billion ($31 billion) left the government holding a 43.4% stake in the combined company. It also held £4 billion of preference shares and tried to charge Lloyds a £16-billion fee for insuring its balance-sheet. The newly renamed Lloyds Banking Group subsequently issued £13.5 billion in new shares to buy its way out of the latter two entanglements.
A lawsuit working its way through the High Court has shone new light upon the events of 2008. By gobbling up HBOS, Lloyds TSB’s management created Britain’s largest banking …