Citigroup and HSBC to sell mutual funds in China (FT)
Citigroup Inc (NYSE:C) and HSBC Holdings plc (NYSE:HBC) have won approval to sell local mutual funds within China, a breakthrough for foreign banks largely locked out of the domestic retail investment market. Both banks will now be able to offer fund products designed by local fund managers to retail, corporate and institutional clients. It is a small step in opening Chinese financial markets to foreign groups but one that both Citigroup Inc (NYSE:C) and HSBC Holdings plc (NYSE:HBC) described as important to furthering their ambitions in China. Global banks have struggled to make headway in the Chinese market and hold less than 2 per cent of the industry’s assets.
Getting to ‘Wow’ With Wells Fargo (BankTech)
While the banking industry faces some challenges in achieving the level of customer satisfaction that some other verticals already enjoy, the task is not impossible and requires an enterprise-wide commitment. These were the words of Wells Fargo & Co (NYSE:WFC) Chief Marketing Officer Jamie Moldafsky, who spoke this week at the Forrester Customer Experience Forum about how the bank tries to achieve the “wow” factor in customer experience. Moldafsky admitted that “the banking industry and smiles aren’t always synonymous with each other right now, and getting that smile is challenging because we interact with the customer through so many different means.”
Wells Fargo Mortgage Rate Deals Today (FiDaily)
The best 30 year fixed rate loans at Wells Fargo & Co (NYSE:WFC) are coming out at 4.500% today with an APR of 4.864%. 30 year FHA fixed rate loan interest rates have been offered at 4.250% with a rather higher APR of 5.043%. The short term 15 year loan interest rates have been listed at 3.625% carrying an APR of 4.125% today. ARM interest rates in the 5 year category are listed at 3.250% at Wells yielding an APR of 3.412% at the beginning of the loan. In the FHA ARM arena, 5 year deals are on the books at 2.750% and an APR of 2.807%. 30 year refinance FRMs are being quoted at 4.625% at Wells and APR of 4.799% today. The best 30 year refinance FHA fixed rate loans have been published at 4.625% with an APR of 5.846%. The best 30 year refinance jumbo loan interest rates are available starting at 4.750% at the bank today carrying an APR of 4.867%.
Wells Fargo to fund 2.7GW, $100m of SunEdison solar projects (NewEnergyWorldNetwork)
According to Bloomberg, the investments over this year and next will help to fund the 2.7GW of projects SunEdison is developing, the St.Peters, Missouri-based solar company said. SunEdison says the projects will help customers ‘better control their electricity costs while expanding the use of renewable energy throughout the US,’ said head of Wells Fargo & Co (NYSE:WFC)’s environmental finance group, Barry Neal. The company has provided at least $950m since 2007 for over 200 SunEdison solar projects throughout 13 US states and Puerto Rico.
