Category Archives: Financial Solutions

Financial Solutions

Banks, Checking & Savings, Credit Cards, Financial, Financial Management, Financial Services, Financial Solutions, Money, Personal Finance

Barclaycard Launches Barclaycard Platinum Purchase

Barclaycard has announced the launch of Barclaycard Platinum Purchase, the all in one solution for balance transfers and purchases.

Under the new scheme, Barclaycard customers can take advantage of twelve months interest free on credit card balance transfers, for a fee of just 2.9%. In addition to this, they will enjoy twelve months interest free on purchases, making the card a solution for customers who want to pay off an existing balance without being penalised by high charges on purchases.

At the end of the twelve month period, interest will be charged at 16.9% APR.

Barclaycard Platinum 0 Purchase credit cards are a good option for those wishing to make frequent purchases on their card such as petrol, food and travel. By offering this interest free period on both balance transfers and purchases, Barclaycard enables customers to effectively plan repayments and day to day spending over the twelve months.

Cardholders will also enjoy a range of associated benefits delivered by Barclaycard: from Barclaycard Freedom, the broadest rewards scheme in the UK, to revolutionary online account management with mybarclaycard and the exclusive music world of Barclaycard Unwind.

Barclaycard Freedom allows customers to earn and redeem reward money in pounds and pence in thousands of retailers across the UK without the need to carry additional cards or vouchers. Customers will also enjoy the flexibility of contactless technology: payments of £15 and under can be made by simply holding the card over the contactless reader, backed up by Barclaycard’s advanced security and fraud prevention measures.

Via EPR Network
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Saxo Bank Launches New Suite Of Free Forex Widgets

Saxo Bank, the specialist in online trading and investment, is launching a new Forex Content Sharing Program, with a suite of freshly-designed Forex widgets that bring real-time FX prices, charts and commentary, to any website or blog.

Saxo Bank Launches New Suite Of Free Forex Widgets

Forex Trading widgets are ‘mini web pages’ which add live, continually updating FX content to a website. Seven customisable web widgets, including a Forex Quote List, Currency Converter, Forex Ticker, real-time Forex Chart, Economic Calendar, Price Alert and Market Call videos, are now available to webmasters and bloggers who register as Content Sharing Partners. Each widget is based on Flash components, making it simple to add them to any platform, including Facebook, WordPress and Blogger.

“Widgets are becoming increasingly popular as internet tools. Ours allow users to add live Forex content to any website, whether it’s a financial site, an FX trading blog or a travel site offering its customers real-time currency conversions,” said Adrian Coxon, Saxo Bank’s head of Online Marketing.”With our Content Sharing Program, Saxo Bank is making it easier than ever for a variety of websites to add Forex information that will be relevant and useful to their visitors.”

“All of our widgets have been re-designed for today’s blogs and websites,” Coxon added, “And we’re particularly excited to be adding streaming video with Market Call, which delivers video updates from Saxo Bank’s renowned Forex analysts directly to our Partner’s websites.”

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Barclaycard Launch Global iPhone Game And Competition

Barclaycard is inviting people across the world to ride Rollercoaster Extreme, bringing the concept of the rollercoaster advertising campaign to the iPhone.

In the advert, aired for the first time in January 2010, the main character enjoys a hassle free journey to work on a rollercoaster, riding high above the clutter and congestion of the world below. In Rollercoaster Extreme, players will ride the rollercoaster through four New York environments, avoiding the obstacles and racing against the clock.

The new Barclaycard rollercoaster game ‘Rollercoaster Extreme’ looks set to be bigger and better, offering an improved gaming experience and a competitive edge with top prizes at stake. The global vision of the competition reflects the global presence and ambitions of the Barclaycard brand. This is the first time Barclaycard has created a global community of gamers.

Hannah Deans, Senior Digital and New Media Manager, Barclaycard said: “Rollercoaster Extreme is an exciting development for Barclaycard. We are building on the success of the advertising campaign and the overwhelming success we experienced with Waterslide Extreme, offering customers the chance to engage with the rollercoaster concept, but also encouraging Barclaycard fans across the world to get involved in an innovative global challenge. The game is sure to be a big success, particularly with such great prizes on offer.”

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Barclaycard Launches New Prepaid Card

Barclaycard Commercial has announced the launch of its new Prepaid card, providing organisations with a simple way to improve efficiency and gain more control over their spending and the way funds are distributed.

The new card will benefit organisations by removing the need for them to rely on traditional paper-based methods of making payments, which are becoming increasingly costly, complicated and time-consuming. In addition to speeding up the process of managing funds, the new card will provide extra accountability and control, with the ability to implement bespoke spending controls.

The product has been used successfully by a number of clients for some time. One who has already benefited from this product is:

Adecco UK & Ireland – part of the Adecco Group, the world’s leading provider of HR solutions, with over 31,000 employees and 5,500 offices, in more than 60 countries and territories around the world. The Office Angels branches within the Adecco UK & Ireland group were sending out cheques frequently for petty cash purposes to their local offices. They adopted Barclaycard Prepaid to increase their control over their funds and to enable a much simpler and more efficient reconciliation process, and are now rolling this product out to their other brands.

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Barclaycard Contactless To Receive Consumer Awareness Boost

Barclaycard contactless is to receive a consumer awareness boost as EAT. and London branches of Subway both launch in-store marketing campaigns to highlight that customers can use contactless enabled debit and credit cards to make purchases of £15 and under.

Barclaycard Contactless To Receive Consumer Awareness Boost

The in-store ads and point-of-sale material have started appearing in EAT. with the aim of making the millions of contactless cardholders in the capital aware that they can make transactions quicker and easier. The marketing campaign and roll out of contactless in EAT. and Subway shops in London have been run in partnership with Barclaycard, the biggest provider of contactless debit and credit card payment terminals in the UK.

The campaign seeks to raise the profile of the contactless symbol, which is common to both the cards with the relevant technology and the retail outlets that are able to accept payment by contactless.

Rene Batsford, head of IT at EAT. said of the campaign: “We see contactless as a major product differentiator – we can say to customers that choosing to pay contactless in EAT. will give you valuable lunchtime minutes to spend away from queues. But whilst we have the technology, thanks to Barclays and Barclaycard, we now feel we have to help inform customers how contactless works and some of the benefits that they can expect.”

Julie Pottier, services purchasing manager at Subway, believes that the future is contactless: “Subway is proud to be involved with the first generation of contactless payments and pleased to be part of a payment revolution that is making life easier and quicker for consumers. Subway is sold on the innovation, and we now want to educate our customers that contactless exists, how it works and where they can use it.”

Stuart Neal, head of UK payment acceptance, Barclaycard, said: “We are working with our retailers to champion contactless, helping raise consumer awareness of a step change in payment technology. With so many consumers already able to pay without the need to enter their PIN and more retailers discovering the benefits of adopting contactless payment, educating customers this year is going to be key, as the technology becomes more commonplace.”

Via EPR Network
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Saxo Bank Launches Forex Education Programme On Facebook

Saxo Bank has announced the addition of a Forex Trading Education tab to its Saxo Forex fan page on Facebook, allowing traders of all experience levels to enhance their Forex trading knowledge and gain new insights into the psychology of trading.

Facebook has over 400 million users worldwide, and a growing number of companies are moving to the platform to educate and communicate with customers. The Saxo Forex Facebook page has seen a rapid growth in number of ‘fans’, Facebook’s term for users who show interest in the company and automatically receive all updates of the page. Since its launch in February the page has attracted over 5,500 fans, a large percentage of whom read new posts and follow discussions on a daily basis. The page enables users to participate in Forex trading discussions and stay informed of upcoming events, such as seminars.

Many Facebook users with little trading background discovered the page as well, and asked for ways to improve their Forex Trading knowledge. Saxo Bank formulated an education application that is useful for traders of all experience levels. The programme consists of beginner, intermediate, advanced and expert sections. The application will soon be recieving an update, giving visitors the opportunity to test their knowledge beforehand in order to help them decide at which level to start learning. The update will also give users the option to post their progress in the education section on their wall, which will be visible to this person’s contacts.

Educating clients has always been one of Saxo Bank’s strengths. TradeMentor, its existing education programme, offers online and offline course materials on both Forex Trading and CFD Trading and the company aims to reach a broader audience with the Facebook application, giving users the opportunity to discuss the topics with other traders.

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Barclaycard Has Reduced The APR On It Barclaycard Simplicity Card To 6.8%

The new rate, which is one of the lowest rates available on any card in the UK, applies to both purchases and balance transfers. Barclaycard Simplicity offers customers an affordable way to manage their finances, from significant purchases such as large household goods and holidays, to everyday spending.

Barclaycard Has Reduced The APR On It Barclaycard Simplicity Card To 6.8%

In addition to the low rate offered by Barclaycard Simplicity, Barclaycard has also increased the balance transfer deal on Barclaycard Platinum. Barclaycard Platinum now offers 15 months at 0% for new customers with a handling charge of 2.9%. Barclaycard Platinum also offers 0% interest on purchases for the first 3 months. The typical APR on Barclaycard Platinum is 16.9%.

Both credit cards have a range of associated benefits delivered by Barclaycard: from Barclaycard Freedom, the broadest rewards scheme in the UK, to revolutionary online account management with mybarclaycard, and the exclusive music world of Barclaycard Unwind.

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Barclaycard Wins At The 2010 Cards International Awards

Barclaycard has taken two prizes at the 2010 Cards International Awards for its Visa CodeSure card and its innovative loyalty programme, Barclaycard Freedom.

Barclaycard Wins At The 2010 Cards International Awards

Barclaycard Freedom is the broadest retail rewards scheme the UK has ever known: a rewards coalition of unprecedented size and scope which opened loyalty up to small retailers alongside household names. Barclaycard Freedom was automatically available to eight million Barclaycard holders at launch on 17 March 2010, and more than 30,000 retailers of all sizes were invited to be partners in the scheme. It is a first in the UK market, bringing a new level of simplicity and convenience to the concept of loyalty and rewards.

Barclaycard Commercial’s Visa CodeSure Card is an industry first which expands card functionality beyond payment. The card combines a standard Visa corporate credit card with additional identity protection functionalities. A keypad, LCD screen and battery are embedded into the back of each card, allowing it to become the platform for secure applications such as extranet access.

Sarah Alspach, Marketing Director for Barclaycard Freedom, said: “These two awards demonstrate our investment in innovation, and our commitment to developing card technology across the board for the benefit of our customers. Barclaycard Freedom is giving customers a simple, modern way to enjoy rewards. At Barclaycard we are committed to improving products and services for businesses and consumers alike, and are thrilled to have been recognised with these awards.”

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Principle First Highlights Budget Plans To Make Venture Capital Trusts More Attractive

Principle First has registered extremely strong demand for Venture Capital Trust (VCT) investments driven on the one hand by the VCT’s numerous tax advantages, but also by proposed positive changes in VCT legislation which were announced in this year’s budget, which if passed should allow VCTs to invest in a wider range of small and medium-sized enterprises (SMEs) with up to 250 employees, and market capitalisation up to £15m.

Principle First Highlights Budget Plans To Make Venture Capital Trusts More Attractive

Gareth Flanagan, managing director of Principle First, said: “VCTs offer an unbeatable 30% tax relief and there are now very innovative VCT models available which have very effectively minimised risk. As the top tax bracket has now risen to 50%, VCTs are a more attractive investment than ever, particularly for high earners.”

Principle First believes the recent increased demand is due to the market conditions which have made VCT investments extremely favourable at present. In the current economic environment, where bank lending to SMEs is relatively difficult to obtain, the UK’s most dynamic companies are looking around for alternative sources of finance – and see VCTs as an attractive option. Consequently, VCT managers have never had such a range of good deals coming across their desks, and the quality and standard of companies where they invest has never been so good. VCT investments offer a 30% upfront income tax relief on investments of £3,000 – £200,000.

According to Principle First, the Octopus VCT, which minimises investment risk, and Alternative Investment Market (AIM) VCTs have also benefited. AIMs work best when investing in companies with capitalisation towards £15m, and as such are poised to benefit strongly from the budget proposals to relax investment rules.

VCTs are a valuable and highly tax-efficient strategic investment which can be used in conjunction with Individual Savings Accounts (ISAs) and a personal pension, as part of a rounded, balanced and tax-streamlined financial plan.

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Barclaycard Retail Card Spending Index Shows April Spending Was Flat

Barclaycard Global Payment Acceptance has released new data that shows spending on credit and debit cards in April was broadly flat with a slight increase of 0.8% from March. Barclaycard Payment Acceptance processes credit and debit card transactions for 87,000 businesses across the UK. Whilst the monthly increase was flat, the year-on-year comparison with April 09 showed an increase in credit and debit card spending at UK retailers of 8.9%.

Barclaycard Retail Card Spending Index Shows April Spending Was Flat

During April, Barclaycard Payment Acceptance saw transactions peak at 12.19pm on Saturday 3rd April, with 340 transactions per second being processed. However, the busiest day for transactions overall was the 30th April, which was the Friday of the May Day bank holiday weekend when 12.7 millions transactions were processed.

The Barclaycard Retail Card Spending Index is the most comprehensive index of its kind and is based on spending on all credit and debit cards across a wide range of retail sectors, at retailers that use Barclaycard to process their credit and debit card transactions – about a third of UK businesses.

Commenting on the data, Stuart Neal, Head of UK Payment Acceptance said: “We’ve seen a much lower increase in retail card spending in April, although it’s still positive news for retailers following the 18% increase we saw between February and March. Looking forward to next month, I’d expect credit and debit card spending to be broadly flat again.”

In addition to the monthly spending index, Barclaycard has also released early figures for May, covering the May Day bank holiday weekend. Overall, debit and credit card spending over that weekend was down slightly (1.4%) on the same bank holiday period in 2009.

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Saxo Bank Launches New Video Channel For Forex And Equity Programmes

Saxo Bank, the specialist in online trading and investment, is launching a new one-stop video site for its market commentary, interviews and educational programmes.

Saxo Bank Launches New Video Channel For Forex And Equity Programmes

The Bank produces many hours of financial news and analysis from its own state-of-the-art studio at its head office in Copenhagen, Denmark. The studio is in daily use by Saxo Bank’s team of analysts providing comments to international and local TV stations such as CNBC and Bloomberg.

Videos for Saxo Bank’s websites have been hosted by Saxo Bank using third-party servers and are shown on several websites within Saxo Bank and sharing sites such as YouTube. The new video site uses a web-TV platform from 23Video, a Danish web start-up.

“Video is becoming increasingly important as a way of reaching investors with commentary on the markets and educational programmes for traders that are new to online markets,” said Dinis Guarda, Global Head of SEO and Social Media Strategy at Saxo.

“We have been running a weekly Forex and equities update since May last year and have produced around 250 trading strategy videos featuring interviews with Saxo Bank’s analysts for the www.tradingfloor.com website,” he added.

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Principle First Sees Rising Demand For Guaranteed Investments

Principle First reports guaranteed investments are rapidly gaining in popularity, as many investors who felt the pain of the recent slump in stock investments seek more stability and security, moving forward. This follows a noticeably sharp rise in the number of Principle First clients eager to invest capital but also looking for the security that guaranteed investments provide.

Principle First Sees Rising Demand For Guaranteed Investments

“Guaranteed investments offer stability and security to those wishing to invest with no risk to capital. This is a significant attraction to those who saw the value of their other investments fall dramatically in recent years, and indeed to those who only witnessed the economic downturn, and are coming to invest money now.” said Gareth Flanagan, Managing Director, Principle First.

There are a wide variety of guaranteed products on the investments market, one particular guaranteed investment available through Principle First is the MetLife Guaranteed Investment Bond. The Guaranteed Investment Bond is a single premium, unit linked insurance bond that invests in a range of portfolios managed by MetLife.

“Income bonds may suit those who wish to enjoy a monthly income from interest on a lump sum guaranteed investment.” said Gareth Flanagan, managing director of Principle First.

This type of bond is not invested in the stock market, and may be the guaranteed investment of choice for those wishing to avoid stock market investments. As guaranteed investments, income bonds offer the security of knowing that the original sum is secure and will be returned, combined with the monthly or annual interest payments on the cash. (Investors can also choose to roll up annual interest, and take it at the end of the bond’s term). These payments are taxable, and can be paid directly into the investor’s bank account.

As is generally the case with bonds, penalty charges are likely to be payable if the bond is cashed in before the end of its term. From that point of view, income bonds are suitable only where the investor can do without the cash for the term of the bond. As Chartered Financial Planners, Principle First offers an advice service covering all aspects of guaranteed investments to clients.

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Barclaycard Announces Major New Partnership With Wembley Arena

Barclaycard has announced a major new partnership programme with Wembley Arena. The partnership sees Barclaycard’s 10.4 million UK customers gaining preferential access to tickets and onsite exclusive benefits at the world renowned venue.

Barclaycard Announces Major New Partnership With Wembley Arena

Gary Twelvetree, Barclaycard’s Global Brand Director said, “Wembley Arena is one of the best-known and respected venues in the British music business and for over fifty years it has played host to some of the greatest music acts of all time.”

“So the opportunity to link our own customer benefit programme, Barclaycard Unwind with Wembley Arena was irresistible. This partnership is part of our wider involvement in the music and entertainment business alongside existing title sponsorships Barclaycard Mercury Prize and Wireless sponsored by Barclaycard. We have resisted the temptation to create another corporate rock venue, so Wembley Arena retains hero brand status with ‘A Barclaycard Unwind Venue’ signoff underlining our commitment to providing enriched experiences for Barclaycard customers. As well as providing unique benefits for our customers, this partnership will allow us to showcase the latest payment technology such as contactless technology aimed at making payments simpler.”

Wembley Arena has recently undergone a £36 million redevelopment programme by owners Quintain Estates and Development plc and forms the centrepiece of the company’s substantial Wembley City redevelopment.

Quintain’s James Saunders said “The decision by Barclaycard to partner Wembley Arena demonstrates the calibre of the venue and the strength of its brand amongst the music loving public. Wembley Arena sits at the heart of the Wembley City development, which brings together retail, leisure, residential and commercial buildings in a world class entertainment district.”

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VocaLink Take Home Pay Index Reverses Recent Increase Hitting Record Low In April

The VocaLink Take Home Pay Index reflects the continuing uncertainty in the UK labour market as it drops to its lowest level on record of 0.9 per cent. The Index has now fallen below its previous lowest level of 1.0 per cent recorded in February this year. In March, the VocaLink Take Home Pay Index showed signs of recovery as it leapt up 0.5 percentage points to 1.5 per cent, but these gains have been reversed in April’s figures. As the Index continues to fluctuate between a low range of 0.9 per cent and 2.0 per cent, it indicates a fragile, sluggish economic recovery.

VocaLink Take Home Pay Index Reverses Recent Increase Hitting Record Low In April

The gains made in manufacturing sector pay growth in March have been reversed in April with the VocaLink manufacturing index falling by 0.7 percentage points. Services sector pay growth has also contributed to the drop in the overall VocaLink Take Home Pay Indexfor April by decreasing 0.5 percentage points to hit just 1.0 per cent.

While the latest industry figures show that the UK economy has continued to grow in the first quarter of 2010, it has done so at a slower pace than in the final quarter of 2009. This fragile recovery means that 2010 is likely to remain tough for households as the recent spike in inflation is not being reflected in higher pay growth. As such, real income growth is weak, which is placing downward pressure on increases in consumer spending.

Marion King, Chief Executive Officer at VocaLink, said: “The drop in this month’s VocaLink Take Home Pay Index continues to show the long-term trend of depressed pay growth. The last 13 months have seen take home pay fluctuate between a range much lower than the 4.0 per cent pre-recession average. Firms are continuing to keep their labour costs contained as competitive pressures remain high and economic activity recovers only gradually. In addition, the uncertainty surrounding the impending General Election is likely to result in caution over major business decisions.”

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OnlineFX Announce Relaunch Of Website

OnlineFX has announced the launch of its website which has recently been completely rebuilt and relaunched, offering customers even greater ease of use and more enhanced security features. The new site now features on a dot com domain which appeals to a wider market including the USA.

The OnlineFX website offers a convenient, secure and cost effective way to transfer money to bank accounts across 70 countries worldwide. The website now offers unique services to make ordering travel money even easier. Money transfers are carried out using the same systems as major banks, and OnlineFX dealers are committed to obtaining advantageous exchange rates for all transfers.

To celebrate the launch of the new site, OnlineFX, which was the first company to offer currency delivery online, is running special promotional offers including free international money transfers for all new customers and a free international money transfer for all existing customers who refer a friend.

The company has also just announced an exclusive new free same day travel moneydelivery service to all customers in Central London. This unique same day delivery service guarantees customers’ travel money will be delivered before 6.30pm if ordered for anywhere within the Zone 1 area of London. Orders for this new faster service must be between £3000 and £7000 – OnlineFX is the only UK company to offer this service.

OnlineFX has also introduced a more secure online Buyback Service, allowing customers wishing to sell leftover foreign currency to receive a buyback exchange rate upon receipt of foreign currency notes which is based on the very latest buy back rates.

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Barclaycard Figures Show Increase In Easter Credit And Debit Card Spending

The latest figures from Barclaycard Global Payment Acceptance, which enables 87,000 retailers to accept debit and credit card payments, shows spending was up 8.5% this year compared to last Easter. The figures which cover businesses traditionally associated with the Easter Weekend and who use Barclaycard to process their credit and debit card transactions, shows shoppers spent £205.5m in 2010 compared to £189.4m over the same weekend in 2009.

Barclaycard Figures Show Increase In Easter Credit And Debit Card Spending

Eating out was a popular choice with restaurants seeing a 13% increase in turnover on debit and credit cards compared to 2009. Other winners over the weekend included furniture and floor covering stores with spending up at 16.5% and 21.6% respectively. However DIY stores, a traditional beneficiary of the Easter weekend saw card spending staying flat with a slight increase of 1.5% on card spend compared to 2009.

Commenting on the data, Stuart Neal, UK Director of Barclaycard Global Payment Acceptance said: “The increase in overall spend is testament to customers wanting to get away or treat themselves over the four day weekend – with a significant increase in restaurants and holiday related activity. Unfortunately, it looks like garden centres were a victim of the weather with debit and credit card spending down 16.8% compared to 2009”.

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Lloyds TSB Is Searching For The The Weather Photographer of the Year

A leading panel of award-winning photographers and acclaimed meteorologists launched a major amateur weather photography competition – with a top prize of £10,000.

Lloyds TSB Is Searching For The The Weather Photographer of the Year

The Lloyds TSB Insurance Weather Photographer of the Year will run for six months, culminating in a public exhibition in London where the finalists’ entries will be on show ahead of the winner being announced in November.

The winner will be chosen by an expert panel featuring acclaimed weather photographers Roger Coulam and Mark Humpage – who will be looking for images that capture our love of the weather, demonstrate originality and creativity, and chart the ever changing British climate.

In addition, the public will also have the opportunity to vote on their favourite pictures online, with £100 going to the most popular photo uploaded each week.

Entrants can upload their photos at http://www.lloydstsb.com/weathercompetition.

The Lloyds TSB Insurance Weather Photographer of the Year has been organised by the leading insurer, which is proud to sponsor the Channel 4 weather.

Paula Llewellyn, Head of Marketing Services at Lloyds TSB Insurance said: “As a proud sponsor of the Channel 4 weather, we’ve launched the Lloyds TSB Insurance Weather Photographer of the Year Competition so Brits can show us what they love about the climate, and what ‘British Weather’ means to them.”

Lloyds TSB Home Insurance provides cover for a range of weather related problems such as windstorm and lightning damage.

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Traders Advisory DMCC – A Specialize FX Firm Announces Its Opening

On April 18, 2010, Traders Advisory DMCC will start its business activities. Traders Advisory is based in Dubai, UAE and licensed and registered as a free zone company under the rules and regulation of Dubai Multi Commodities Center Authority; it centers its activities on the financial market specifically the FX market by providing alternative forecast and technical analysis of the currency market to traders. It will also offer FOREX training course in Dubai for starters who want to learn how to trade the currency market effectively.

Traders Advisory DMCC - A Specialize FX Firm Announces Its Opening

“Now a day, almost everyone is in to trading the financial market online, and almost all retail traders are in pursuit of finding the solution on how to make their trading easy and profitable. We are providing solutions; our specialized services will help FX traders”, said Mr. Monirul Quazi, Managing Director of the company.

As a trader, either full time or part time, doing all the hard work and research could be very exhausting. Traders Advisory DMCC can offer solution to make trading the currency market less stress and profitable. By simply acquiring to the company’s specialize technical analysis service, members are now leveraging with the company’s vast resources including its team of experts.

The list of services of Traders Advisory DMCC will be available in their website advisoryfx.com beginning on April 18, 2010. For the time being, you can visit advisoryfx.info to sign up for their Special Opening Promo of 30 days FREE access to their website.

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Saxo Bank On Track With Sound Results For 2009

Saxo Bank, the online trading and investment specialist, has announced that it has received sound and steady results for 2009 and achieved a positive emergence from the financial crisis.

Business picked up during the second half of 2009 after a relatively slow beginning to the year. Operating income for the year was DKK 2,228 million compared to DKK 2,518 million in 2008. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was DKK 441 million while net profit was DKK 201 million with 80% earned in the second half of the year.

As of 31 December 2009, the solvency ratio was 19%. The Bank’s Internal Capital Adequacy Assessment (ICAAP) process showed a minimum capital requirement of 8%.

The founders and CEOs of Saxo Bank, Kim Fournais and Lars Seier Christensen, said in a joint statement:

“Saxo Bank is a trading, investment and savings specialist not engaged in traditional lending activities and not dependant on traditional loan financing business. That has worked to our advantage in what was a very difficult year for everyone. Saxo Bank’s business model has shown some resilience to the financial crisis and we are satisfied with the results.

“2009 was a year of geographical expansion and establishing new business areas. We opened five new offices and our Asset Management business grew significantly. The new Saxo Equity Platform, which was launched in March 2010, sets the stage for a year, which will be characterised by new products and platform developments. Even though such investments have no or limited impact on income in the short run, we believe it is the right time to take advantage of the many opportunities available to take the Bank to the next level.”

The value of clients’ collateral deposits related to the trading business increased more than 70% to DKK 15 billion as of 31 December 2009. On 1 April 2010 it was more than DKK 17 billion.

In 2009, Saxo Asset Management was launched to cater for the top segment of High-Net-Worth Investors. The new business area is the combined concept of three asset management businesses acquired in 2009. The asset management activities of the Bank now include expertise within Danish bonds, Nordic Stocks, high-yield and emerging market bonds. The acquired companies, Sirius, Capital Four and the 51% stake in Global Evolution, grew assets under management organically from approximately DKK 10 DKK billion at the time of acquisition to more than DKK 20 billion as of 31 December 2009. On 1 April 2010 it had grown another 25% to DKK 25 billion.

Saxo Bank is a Forex, CFDs and Futures trading specialist and has no engagement in traditional lending activities. However, in response to the instability and lack of confidence in the financial markets, Saxo Bank chose to join the Danish state’s Guarantee Scheme (Private Contingency Association). On 24 March 2010, a majority in the Danish Parliament agreed on a new guarantee scheme, which would bring deposit guarantees into line with European Union rules. The new guarantee scheme is set to take effect from 1 October 2010. All Danish banks are covered by the scheme.

Via EPR Network
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Banks, Checking & Savings, Credit Cards, Financial, Financial Management, Financial Services, Financial Solutions, Money, Personal Finance

Barclaycard Reveals February Card Spending Trends

Data from Barclaycard Global Payment Acceptance shows payments made on credit and debit cards were up 7.1% in February compared to the same month last year. The increase follows on from figures that showed that credit and debit card spending was up 3.6% in January 2010 compared to January 2009.

Whilst February 2010 showed an increase over the previous year, on a month-by-month basis, spending on debit and credit cards declined slightly by 2.5% from January, in line with expectations.

The Barclaycard Retail Card Spending Index is based on spending on all credit and debit cards across a wide range of retail sectors, at retailers that use Barclaycard to process their credit and debit card transactions. Barclaycard Global Payment Acceptance processes payments for 87,000 businesses in the UK both physically and online – about a third of the market.

Commenting on the data, Stuart Neal, Head of UK Payment Acceptance said: “The numbers show that things are looking up for retailers this year. The small drop from last month is typical of what we see at this time of year and is caused by the residual effects of the January sales and households returning to a more regular spending pattern.”

With an overall market share of over 30%, Global Payment Acceptance captures a significant proportion of all retail transactions in the UK. The index is based on the analysis of the 12-month variation in volumes of card transactions month-on-month, and incorporates specific filters to ensure the data is not affected by changes to the customer base over time.

Via EPR Network
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