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Showing posts with label Credit card. Show all posts
Showing posts with label Credit card. Show all posts

Thursday, July 5, 2012

Stock News 2012: Citibank eyes 8-10% growth in number of credit cardholders

CitibankCitibank (Photo credit: petekraynak)
Citibank Philippines is looking at an eight- to 10-percent growth in its credit cards-in-force with the introduction of new variants.

“We want to protect our leadership, and we also want to increase our share in the target market by the end of the year,” said Bea Tan, heads of Citibank Credit Payment Products.

Citibank is the recognized leader in the local credit card business. It counts nearly a million cards-in-force or roughly 20-percent market share of the business.

Citibank has introduced a new credit card, and in the pipeline this year includes a debit card. It has a total of 15 credit cards, either co-branded or stand-alone.

The newest member of the Citibank card family is the Citibank Rewards Card, which offers a year-round exclusive rewards offer, including free movie passes, shopping rebates and annual fee waivers.

Cardholders get a free P100 movie pass for a minimum single-receipt purchase of P2,500 anywhere, including online and international transactions. They are also entitled to a generous five-percent rebate whenever they shop at Citibank partner merchants including Aldo, Aldo Accessories, Celio, Charles & Keith, Giordano, Marks & Spencer, Nike Park, Pedro, Runnr, Toby’s, Topshop, Topman, Urban Athletics and Zara.  

The card offers three percent rebates at The Landmark Department Store, Metro Department Store, Rustan’s Department Store and SM Department Store. It also includes a one percent rebate for all other department stores.

Card members can use the rebates in denominations of P100 to pay for their next purchase at the participating shops and department stores. And to make sure the rewards never end, these rebates do not expire.

Tan said that the Citibank Rewards Card also waives annual fees for primary cardholders who spend at least P20,000 per month, or P240,000 within their year of membership. Supplementary cardmembers can also enjoy waived fees – the first three get waivers when they each make at least six purchases every membership year.


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Monday, February 28, 2011

Stock News 2011: BDO net income soars 46% to P8.8 B

Banco De Oro Unibank, Inc. (BDO) reported a 46 percent jump in audited net income last year to P8.8 billion from the P6 billion it earned in 2009, exceeding its initial earnings guidance of P8.1 billion.

The Bank, prior to the income release, has reported that its consolidated resources hit the P1-trillion mark at the end of 2010, making it the first Philippine bank to achieve that milestone.

In a disclosure to the Philippine Stock Exchange, BDO said its strong performance was a result of a more diversified and sustainable earnings stream from its core lending, deposit-taking and service businesses.

Gross customer loans expanded 15 percent to P541.5 billion with firm growth across all business segments. Total deposits, meanwhile, rose 13 percent to P782.6 billion.

A larger earning asset base coupled with lower funding costs resulted in the 12-percent increase in net interest income to P34.2 billion.

The bank’s fee-based service income likewise grew to P10.4 billion on strong contributions from trust, private banking, remittance, transaction banking, insurance, investment banking, and credit cards.



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Wednesday, December 15, 2010

Stock News 2010: Visa payments volume in Asia Pacific grows 12% to $800 billion

Visa Debit logoImage via Wikipedia
MANILA, Philippines – Visa Inc. reported increased card spending throughout the Asia Pacific region.

For the 12 months ended September 30, 2010, payments volume generated on all Visa cards across Asia Pacific reached US$800 billion, an increase of 12.0 percent over the same period last year.

Significantly, the total number of actual payments transactions increased to 10.2 billion, up 11.4 percent from 12 months ago. This increase highlights the continued trend by consumers to use electronic forms of payments rather than cash and checks throughout the region.

Overall, across the Asia Pacific region, both Visa debit and credit products recorded strong growth throughout the year; payments volume for debit increased by 42.9 percent while credit increased by 9.7 percent.

The number of Visa debit cards increased by 15 percent for the year ending September, 2010. This growth figure is a key indicator that more and more people are joining the formal banking system, a sign in turn of improved financial inclusion in developing economies.

http://www.mb.com.ph/node/293099/vi


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Sunday, February 17, 2008

Stock News 2008: Robinsons Land to sell P1.5-B receivables

JP Morgan Chase TowerImage by mheisel via FlickrRobinsons Land Corp. (RLC), the property arm of Gokongwei flagship JG Summit Holdings Inc., has entered into an agreement with Home Funding Inc. (HFI) for the sale of up to P1.5 billion worth of receivables.
HFI is a special purpose company formed pursuant to the Securitization Act of 2004.
In a disclosure to the Philippine Stock Exchange, RLC said the receivables, will come from certain contracts to sell with the company’s buyers for securitization.
The agreement effectively provides covered buyers with an additional option for long-term financing on their condominium purchase.
The assignment of receivables will be implemented in several tranches subject to certain conditions, including the approval by the Securities and Exchange Commission of the securitization plan, RLC said.
Securitization is a financial transaction in which assets are pooled and securities representing interests in the pool are issued. Assets that can be securitized include auto loans, student loans, mortgages, credit card receivables, lease payments, accounts receivables and corporate or sovereign debt.
In a typical arrangement, the owner or originator of assets sells those assets to a special purpose vehicle (SPV). This may be a corporation or some form of partnership established specifically to facilitate the securitization. It may hold the assets or collateral on its balance sheet or place them in a separate trust. In either case, it sells bonds to investors, the proceeds of which will be used to pay the originator for the assets.
RLC earlier forged a strategic alliance with JP Morgan Chase Bank NA to tap the cash management services of the New York-listed global financial services company.
According to RLC, the increased efficiency to be brought about by JP Morgan’s cash management services will expedite clearing periods for international checks, resulting in much-quicker turnaround time and convenience for the property firm’s growing number of buyers based in the US, Europe and Asia.
RLC has earmarked P10 billion for its capital expenditures this year which include the construction of six new malls, new office buildings and residential subdivisions.
Its latest project within Bonifacio Global City is Trion Towers, a three-tower, high-rise condominium project which would rise on a one-hectare property at the corner of McKinley Parkway and 8th Avenue. Each tower would have 49 stories and house 700 residential units.
Construction of the project will start this year and is expected to be completed in three years.
RLC would launch another high-rise residential project geared towards the upper income market in a one-hectare lot near Forbes Park.
Zinnia B. Dela Peña
February 17, 2008
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