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NEWS IN BRIEF Private banks enjoy post-Brexit bounce
Some of Europe’s biggest private banks are enjoying a sunny spell in the aftermath of the Brexit vote. The fall in value of the pound has seen assets become cheaper for foreign buyers. This has made the UK an attractive place for the super-rich across the world to invest their offshore savings. The UK’s private banking sector has also been boosting by Switzerland’s decision to cease its commitment to banking secrecy.
Dubai Islamic Bank plans African expansion
Dubai Islamic Bank (DIB) has plans to solidify its foundations in the East African Islamic banking sector. Comments from DIB chairman Mohammed Ibrahim Al Shaibani confirmed that the bank would be aiming to expand after settling in its new Kenya base. DIB was granted permission to enter the market by the Central Bank of Kenya in May 2017. The regulator used the new entry to highlight Kenya’s growing status as a “premier regional financial services hub”.
Cyber security centre competition revealed
London is attempting to keep its cyber security reputation intact with plans to invest ‘up to’ £14.5 million in a new innovation centre to develop the ‘next generation of cyber security technology’ to help keep the UK safe. To achieve this end a competition to develop the new centre has been launched by the Department for Digital, Culture, Media and Sport.
UniCredit hacks expose 400,000 to cyber crime
UniCredit, the largest bank in Italy, has revealed the details of two hacks that left 400,000 customers vulnerable. The first attack occurred in September and October 2016, while the second struck in June and July 2017. The bank insisted that no passwords or user account information had been affected. It did admit that IBAN numbers and personal data may have been compromised.
UniCredit places the blame squarely on an external commercial partner, which it has thus far refused to identify. The bank was also tight- lipped on how the hackers gained access to customer information and when it had discovered the breaches.
State Bank of Vietnam launches Temenos T24
The State Bank of Vietnam (SBV) has gone live with its new suite of core banking system Temenos’ T24, supported by technology from Oracle and Tibco. According to the central bank, 17 departments and agencies, 63 branches and 100 credit institutions will benefit from the upgrade. The implementation took two and a half years to complete. The core banking project was part of an SG3.1 contract under the Financial Sector Modernisation and Information Management System project (FSMIMS), funded by the World Bank. The contract aims to create a centralised accounting system for handling automatic SBV operations.
Ingenico buys up Bambora in €1.5 billion deal
French payments firm Ingenico has acquired Swedish firm Bambora for an enterprise value of €1.5 billion. The buy-up is one the largest deals of its kind in Europe. Bambora, owned by Stockholm-based equity group Nordic Capital, has 110,000 retail customers in 70 different markets. The firm reportedly manages transactions worth more than €55 billion per year. It employs more than 700 people across Europe, North America and Australia.
www.ibsintelligence.com | © IBS Intelligence 2017
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