Kotak Mahindra bank prioritizes AI and ML to streamline payments and transactions
Key Insights and Signals in Banking & Financial Services
Merger and Acquisition TowneBank completes Farmers Bank acquisition Farmers Bankshares, Inc. and Farmers Bank will merge with and into TowneBank. The proposed transaction will solidify Towne Bank’s number one market share in the Virginia Beach-Norfolk-Newport News MSA, adding the Isle of Wight and Southampton counties to its service area. Read More>>Partnerships Bajaj Allianz Life, Punjab & Sind Bank in bancassurance tie-up The two companies partnered to offer protection and savings life insurance plans to the Bank’s customers. The partnership will allow Punjab & Sind Banks’ new and existing customers access to retail life insurance products from Bajaj Allianz Life Insurance, including term, savings, retirement, and investment options. Read More>> Bassett Furniture and Synchrony Partner on Multi-Year Financing Program The program provides consumers with payment options that they can use to access promotional financing at any of the company’s 92 company- and licensee-owned stores. Read More>>Product Launch Marqeta launches Web Push Provisioning to streamline mobile payments digital transactions The company has extended its tokenization technology to allow card issuers to push tokenized cards to consumers’ mobile devices, where consumers can use the cards to make purchases. The new technology, which Marqeta calls Web Push Provisioning, eliminates the requirement for users to download an app to make mobile payments. Read More>>Executive Movements Moody’s appoints Francisco Martnez-Garca as director of Diversity, Equity, and Inclusion In his new role, Martnez-Garca supports all of Moody’s business functions to ensure the company’s culture of ownership remains a competitive advantage. In addition, it will partner with Moody’s Business Resource Groups to deepen engagement, promote visibility, and foster collaboration. Read More>> Karnataka Bank appoints Mr. Sekhar Rao as Executive Director Prior to joining, he has associated with a fintech – Savvy India as the co-founder and a director from April 2020. Read More>> Citigroup names COO of U.S. consumer bank as part of a management shuffle Ryan Crowley was named COO of the business this month. Crowley previously served as head of the client experience for Citi’s personal banking, wealth management, and legacy franchise segments. Before Citi, he held roles at JPMorgan Chase and Fannie Mae. Read More>>Layoff BNY Mellon to cut 1,500 jobs this year The Bank is planning to cut around 3% of its workforce this year, joining several Wall Street firms in trimming headcount to cope with turbulent markets. The layoffs, first reported by the Wall Street Journal, translate to about 1,500 jobs of the Bank’s total reported headcount of 51,700 as of end-2022. Read More>>Financial and Market Buy RBL Bank; target of USD 2.45: Motilal Oswal The Bank reported an in-line performance in 3QFY23, with net profit rising 34% YoY to USD 25.7 Mn. Business growth picked up while the margin expanded 19bp QoQ to 4.74%. Loan growth was led by both corporate and retail segments; the new segments of home loans and rural vehicles reported healthy traction. Read More>> Tamilnad Mercantile Bank Ltd Q3 FY2023 net profit up at USD 34 Mn The net profit / (loss) for the period ended December 31, 2021, was USD 24.8 Mn. The total income of the company in Q2 FY2023 was USD 139.6 Mn compared to USD 143.5 Mn in Q3 FY2023, indicating a growth of 2.75%. The net profit of the company in Q2 FY2023 was USD 32 Mn compared to USD 34 Mn in Q3 FY2023, indicating a growth of 6.63%. Read More>> Canara Bank Q3 results: Profit jumps 92% YoY to USD 353 Mn; NII up 24% The Bank announced the net profit stood at USD 184 Mn in the same quarter of the preceding financial year. Total income increased to USD 3.2 Bn in the quarter from USD 2.6 Bn in the year-ago period. Read More>>
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Latest Industry Insights from Draup Braindesk
Funding Alert
State Bank of India raises USD 1.19 Bn in the second tranche of Infra Bonds
The Bank issued its second infrastructure bond for USD 1.19 Bn at 7.70% per year for 15 years. In December, it raised USD 1.22 Bn through infra bonds. The fund will boost long-term infrastructure and affordable housing funding. SBI said mutual funds, provident and pension funds, and insurers bid USD 1.8 Bn, an oversubscription of 2.96 times from 118 bidders. This is the first domestic Bank to issue a 15-year infrastructure bond, aiding long-term infrastructure lending. Read more>>
Startup Spotlight
Company – impak Finance Total Funding– USD 5.95 Mn About: impak Finance connects savers and investors with entrepreneurs and companies working for a sustainable transformation. Read more>>
Latest Reports Published in Draup
Kotak Mahindra Bank Ltd Account Intelligence Report Kotak Mahindra bank highly focuses on implementing AI and ML to improve and enhance the payment process and simplify transactions. Read More>>
Ally Financial Inc. Account Intelligence Report Ally Financial to create efficient Operating systems and processes using AI to reorganize and reshape the finance and accounting function. Read More>>
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