Ten biggest banks in the world

World's 10 biggest banks

 

A bank is a place that will lend you money if you can prove you don't need it, said US actor Bob Hope. But on a serious note, there is no denying the fact that banks are to economies what souls are to human beings.

The Bankersalmanac.com ranks the world's largest banks by total assets in US dolalrs. By the way, according to Bankersalmanac.com, Citibank NA is the world's 16th largest bank. So which are the top 10? Read on to find out:

 

UBS AG , Zurich, Switzerland

UBS AG is the world's biggest manager of other people's money. The bank's asset stood at $1,963.227 billion as in January 2008.

Present in major financial centres worldwide, UBS has offices in 50 countries. The bank had 81,557 employees on June 30, 2007. It originated in 1747, with its maiden branch coming up in the Swiss region of Valposchiavo.

The new UBS evolved out of a merger of the Union Bank of Switzerland and the Swiss Bank Corporation in June 1998. The merged bank's new name was originally supposed to be the United Bank of Switzerland. But it had to be named UBS as the proposed name clashed with United Bank Switzerland.

Marcel Opel is the bank's chairman of the board of directors, its executive vice chairman is Marco Suter, and the group CEO is Marcel Rohner. The bank's main competitors are Deutsche Bank, Citigroup, Morgan Stanley, Credit Suisse etc.

 

Barclays PLC is a major bank operating in Europe, the United States, West Asia, Latin America, Australia, Asia and Africa. It operates through its subsidiary Barclays Bank PLC.

The bank has registered assets worth $1,951.041 billion. It is also the sponsor of the English Premier League. Forbes Global 2000 ranked Barclays PLC as the 18th largest company in the world in 2007.

The bank's roots can be traced back to 1690 in London. It borrowed its name from Alexander and David Barclay, who provided credit to slave traders. The bank is headed by Marcus Agius, the group chairman.

Barclays being a member of the global ATM Alliance, its customers can use ATMs of other banks free of charge.

BNP Paribas is a major European bank. It was created on May 23, 2000 through the merger of Banque Nationale de Paris and Paribas. As on January 31, the bank's assets stood at $1,899.186 billion.

It's history can be traced back to 1869, when a group of bankers and investors, including Adrien Delahante, Edmond Joubert and Henri Cernuschi, founded the Banque de Paris.

The bank employs 162,700 people and operates in 87 countries. The bank is active in the finance, investment and asset management markets.

 

The Royal Bank of Scotland Group Plc, Edinburgh, UK, is the largest banking group in Scotland and the fifth largest in the world by market capitalisation. As on January 31, the bank's assets stood at $1,705.680 billion.

The bank originated from the Equivalent Society set up by investors in the bankrupt Company of Scotland. The Society was formed to protect the compensation the investors received as part of the arrangements of the 1707 Acts of Union.

Controversy has dogged the bank off and on. It has been infamously dubbed 'Oil Bank of Scotland' by environmentalists as it provides finance for the fossil fuel industry, thereby causing global warming.

In 2001, the bank received threats for having financed animal testing company Huntingdon Life Sciences. As a direct fallout of this, RBS withdrew the company's overdraft facility.

 

Credit Agricole SA is the largest retail banking group in France and the eighth largest in the world, according to The Banker magazine. On January 31, the bank's assets stood at $1,663.101 billion

Through its subsidiaries, Credit Agricole SA is involved in the following services:

·  Retail banking

·  International retail banking

·  Specialised financial services

·  Asset management, insurance and private banking

·  Corporate and investment Banking

The banks' varied activities are supervised by Rene Carron, the bank's chairman.

 

Deutsche Bank AG is headquartered in Frankfurt. It employs more than 78,000 people in 76 countries. As on January 31, the bank's asset stood at $1,485.008 billion.

Deutsche Bank was founded in Germany in 1870 as a bank for foreign trade in Berlin by private banker Adelbert Delbruck and politician Ludwig Bamberger. Its chief executive officer today is Dr Josef Ackermann.

 

The Bank of Tokyo-Mitsubishi UFJ Ltd came into being with the merger of The Bank of Tokyo-Mitsubishi, Limited and UFJ Bank Limited. As on January 31, the bank's assets stood at $1,362.598 billion.

The bank, through its several subsidiaries, performs the following activities: commercial banking, trust banking, securities dealing, leasing, venture capital deals, factoring, research and consulting, securities custody service, etc.

The bank's CEO is Nobuo Kuroyanagi.

 

ABN AMRO Holding NV, Amsterdam, the Netherlands, evolved from the amalgamation of AMRO and ABN. As on January 31, the bank's assets stood at $1,301.508 billion.

The bank created history when the Royal Bank of Scotland Group, Fortis and Banco Santander announced on October 8, 2007, that an offer for 86 per cent of outstanding ABN AMRO stock had been accepted. This made way for the largest ever bank takeover in history. On November 1 2007, an extraordinary shareholder meeting changed the bank's management.

Mark Fisher from RBS took over as the bank's CEO. Since then, Fortis has been using the ABN AMRO brand name for retail banking in the Netherlands.

 

Societe Generale, one of the oldest banks in France, is also one of the main European financial services companies. As on January 31, 2008, its assets stood at $1,261.657 billion.

It is headquartered in France with the main head office in Tours Societe Generale in the business district of La Defense west of Paris.

Societe Generale, one of the oldest banks in France, is also one of the main European financial services companies. As on January 31, 2008, its assets stood at $1,261.657 billion.

It is headquartered in France with the main head office in Tours Societe Generale in the business district of La Defense west of Paris.

Bank of America was formed after the consolidation of quite a few historical banks, the most prominent of those being the Bank of Italy. On January 31, the bank's assets stood at $1,196.124 billion.

In 1958, the bank introduced the BankAmericard, which changed its name to VISA in 1977. A consortium of other California banks came up with Master Charge (now MasterCard).

Bank of America has divisions in US, Europe and Asia. The US headquarters are located in New York, European headquarters are based in London and Asia's headquarters are split between Singapore & Hong Kong.

 

Reference:

http://specials.rediff.com/money/2008/mar/27bank4.htm

http://specials.rediff.com/money/2008/mar/27bank5.htm

 

Google to launch browser to compete with Microsoft

SAN FRANCISCO -- Bidding to dominate not only what people do on the Web but how they get from site to site, Google Inc. plans to release a browser today to compete with the likes of Internet Explorer and Firefox.

It's yet another salvo in the company's intensifying battle with Microsoft Corp., which last week released a beta, or test, version of Internet Explorer 8 that makes it easier to block ads from Google and others.

 

"This is the first truly serious threat that Microsoft has faced from a well-funded platform," said technology analyst Rob Enderle, president of the Enderle Group.

A beta version of the Google browser, called Chrome, will be available for download by Windows computer users in more than 100 countries. Chrome will offer features that make it easier, faster and safer to browse the Web, the Mountain View, Calif., search giant said in a blog postMonday.

Google has long ruled how people search the Web. Now it is going after how they navigate it, analysts say.

 

"We like this move by Google and believe it can help to increase or at least maintain its leading search market share," Needham & Co. analyst Mark May said in an e-mail. "As the starting point for nearly every user's Internet experience, the browser is important online real estate. The market share gains by Firefox in a short period of time show to us that users are looking for better browser experiences."

One feature will allow consumers to run Web-based applications independently, which means that if one program crashes it won't take down the browser.

By improving the reliability of such online services, Chrome could mark another step in the browser's drive to supersede the computer operating system in importance, said Matt Rosoff, analyst with Directions on Microsoft, a research firm focused on Microsoft products and strategy.

Redmond, Wash.-based Microsoft holds a virtual monopoly in operating systems, but their importance in the computing landscape is diminishing as Web-based programs become the starting point for many users.

Chrome will be an open-source product, meaning anyone can modify the software code and add features.

Internet Explorer General Manager Dean Hachamovitch called the browser market "highly competitive" and said he remained confident that consumers would stick with Microsoft's product.

Google executives have expressed concern over the years that Microsoft could use its dominant browser to route consumers to its own search engine, which has sputtered despite years of effort and billions of dollars in investment.

Explorer 8 enables a user to surf the Web without the sites he or she visits being tracked. Google and other Internet companies -- including Microsoft -- use such information to finely target the ads they display. People who use Chrome could give Google even more information about their online habits.

Launching a browser war with Microsoft is a bold move for Google because Microsoft controls nearly 75% of the market. It also could cause trouble for Firefox, a free browser that is gaining popularity but still trails far behind Explorer.

The nonprofit Mozilla Foundation, which manages Firefox, has benefited from engineering help and money from Google. In 2005, Google hired the lead engineer behind Firefox, who splits his time between Google and Mozilla. Just last week, the two extended their partnership, which makes Google the browser's default search engine, through 2011.

Also potentially vulnerable are Opera and Apple Inc.'s Safari, which have captured much smaller fractions of the user population.

News about Chrome broke Monday after the website Google Blogoscoped reported receiving a comic book from Google that outlined the details of the new browser. A Google blog post later explained that it had inadvertently released the news. "We believe we can add value for users and, at the same time, help drive innovation on the Web," the post said.

The browser, which Google says was built from scratch, has been in the works for two years. It is intended as a "modern platform for Web pages and applications" that can run faster and be more responsive, the post said.

Even coming from a universally known brand such as Google, the browser might not catch on. Google may encounter resistance from consumers, who typically switch browsers out of frustration, not for new features, Enderle said.

Rosoff said Google will attract its share of "curiosity seekers" and can rely on distribution deals to increase its market share.

"I think this could be a real contender," he said.

Ref: http://www.latimes.com/technology/la-fi-google2-2008sep02,1,2493823.story

 

Kodak announces two photo frames, two cameras and a Flip-baiting & Kodak announces YouTube-friendly camcorder

In a flurry of announcements this morning, Kodak released info on two new digital cameras: The EasyShare Z1015 IS, a 15x megazoom, and the EasyShare M1093 IS, a 10-megapixel compact point-and-shoot, both of which will ship in September. The 10-megapixel Z1015 IS ($349.95 MSRP) stands out for its wider-than-usual 28mm lens and 15x optical zoom, under 0.22 sec shooting lag (according to Kodak), image stabilization, 3-inch LCD, ISO up to 6400 (at 3.1-megapixel setting or less), and HD image and video capture at 720p and 30 fps. The M1093 IS is a budget-priced ($199.95) compact shooter with a 3x zoom (35–105mm equivalent), 3-inch LCD, image stabilization, HD photo and video, ISO up to 3200, and comes in three colors (silver, black, and red).

In addition to these announcements, Kodak also revealed two new WiFi enabled photo frames (10-inch and 8-inch) that utilize their "Quick Touch Border" touch operation. The big news here is new partnerships with Flickr and FrameChannel that allow you to upload photos wirelessly (in addition to the existing Kodak Gallery upload capabilities).

Finally, Kodak also announced its entry into the pocket camcorder business, currently dominated by Pure Digital's Flip. Kodak's Zi6 bests Pure Digital's top-of-the-line Flip Mino by delivering HD video capabilities (720p) and a bigger (2.4-inch) LCD for the same price ($179.95–well, five cents less, if you're being nit-picky). A vertical form factor, flip-out USB connector, easy YouTube upload are becoming standard features in these babies. Kodak's model comes in black and pink.

Janice Chen has been covering technology for almost two decades. She got her hands on a Nikon Coolpix 900 back in 1998 and has been a digital camera enthusiast ever since. See her full profile and disclosure of her industry affiliations.

Ref:  http://blogs.zdnet.com/digitalcameras/?p=288&tag=nl.e505

Nokia will buy Symbian, but doesn't want to control it

 "This is the fastest and the best way [to] go forward," said Nokia's XVP yesterday. "What we are gaining here is the knowledge and the experience from the employee base in Symbian Ltd. For Nokia, this is a good investment."

During yesterday's press conference with soon-to-be members of the Symbian Foundation -- the group being assembled by Nokia after its historic purchase of Symbian Ltd. is complete -- the one aspect of the deal that reporters couldn't quite wrap their heads around was this: Nokia wants to set Symbian free, so it's buying it. Is this how Nokia expects to answer the challenge from Google's Open Handset Alliance with Android?

"It's important to look at this as a market-making move," Nokia Executive Vice President Kai Oistamo told reporters yesterday. "Looking at this as a response to anything would not be making any justice to the boldness and the magnitude of the change that we are creating today. We are [giving], technologically, the most proven software to open source, offering it royalty-free for anybody out there to develop and create products from this asset. It really has...an unparalleled existing ecosystem already, 200 million handsets out there today, 400 four million developers.

Continuing in the participle-speckled, active verb-devoid phraseology made popular by Microsoft's Bill Gates, Oistamo continued, "Putting it into an open source community controlled by no single company. Creating, I would say, an ecosystem; creating a gravitational pull for application developers that I don't think any application developer, service developer, really can afford to pass going forward."

What does "free" actually mean, from a revenue standpoint? Right now, the royalty rates for manufacturers wishing to implement Symbian on a smartphone platform start at $5 per unit sold, and with enough quantity can be reduced to as low as $2.50 per unit, according to Symbian Ltd. CEO Nigel Clifford, soon to become a Nokia employee.

Does Symbian have any regrets about not only being bought out, but watching its key revenue center -- its intellectual property rights (IPR) -- folded into a multi-company organization?

"IPR begins to have less of a meaning in the world that we're entering into," remarked Clifford. "Proper management and good configuration, good release protocols, are really what the Foundation is going to be doing, as well as presenting a unified developer network, [in] which we'll be talking to all of the developers that are accessing the Symbian Foundation code. So there will be people, we anticipate, coming from Nokia, from Symbian, from others to populate the foundation; but it will have a very defined purpose."

Not two weeks ago, Nokia's own vice president of software, Dr. Ari Jaaksi, told a handsets conference in Berlin that open source developers seeking to break into the mobile space need a quick education on the business rules and business models regarding proprietary intellectual property, especially digital rights management -- models the open source community typically eschews.

If this was the first statement you'd ever heard from Dr. Jaaksi, you'd think he might work for Microsoft. Actually, he was speaking in a much broader context of moving the open source realm into the realm of broader business deals, where the key players come to the table with their own intellectual property portfolios. In a personal blog post a few weeks earlier, he suggested that with so many devices and designs concurrently available on the market, the only way to come up with a workable development model is through open source.

"In the traditional phone business, things may be a bit more difficult. Traditional phones have already good operating systems and software optimized for their reasonably narrow set of use cases and for fixed business ecosystems," Dr. Jaaksi wrote in May. "So, it'll be more difficult to change that landscape to more open direction. I thought the same was the case with the PC -- but Ubuntu may be proving me wrong. So you never know about the traditional phones either. The sure thing, though, is that for all new interesting highly connected devices, Linux and open source is the way to go. This is my opinion."

It's a well-stated opinion, but it may also have cleverly (intentionally or not) contributed to analyst speculation up until yesterday, over whether Nokia had plans to join the Open Handset Alliance or partner with Google on Android.

During yesterday's press conference, one reporter specifically referred to Jaaksi's viewpoint, and asked the Symbian Foundation's future board members -- including Nokia -- how they plan to reconcile their open and free business model with the real world of proprietary interests, as Jaaksi suggested any open source provider should do.

"Part of our world is that world," responded Symbian's Nigel Clifford, referring to the realm where business deals over proprietary IP and interoperability already take place. "We've been living in a very disciplined, very focused, mobile-orientated environment for the last ten years. So we understand what operators need, we understand what mobile handset manufacturers need, silicon vendors, and application partners. And we do that stuff; that's what we do every single day.

"So what we're doing with this announcement is doing that...in a slightly different business model; i.e., for free. And we're taking away the licensing barriers to people reaching in and using our software. Now, that doesn't mean that this now becomes a free-for-all. That is the idea of the Foundation, that there is still a body there which understands disciplines, which understands the mechanisms that are required to satisfy those very demanding end users, those stakeholders. So I would say we're providing the best of all worlds here; we've got proven software...built from day one to address the very issues that the mobile industry requires, and we're doing it in a way which talks very directly to the open source community, inviting many more millions of developers to just come and play."

Ref: http://www.betanews.com/article/Nokia_will_buy_Symbian_but_doesnt_want_to_control_it/1214427351