December 18, 2006
Citigroup, Mastercard, Cingular and Nokia team to pilot next generation mobile phone.
"tap & go(TM)" payment in New York City. Innovative Payment Trial to Use Near Field Communications Technology.
NEW YORK, NY - Citigroup, MasterCard Worldwide, Cingular Wireless and Nokia today announced a consumer technology trial of Near Field Communication (NFC)-enabled mobile phones with MasterCard PayPass(TM) contactless payment capability in New York City. The goal of this trial is to evaluate the speed and convenience that "tap and go" payments made through mobile phones can provide to Citi credit cards and Cingular customers in the New York City area. The trial is expected to run three to six months.
Pre-selected Citi MasterCard cardholders with Cingular Wireless accounts are participating in the trial and will receive Nokia NFC-enabled mobile phones with MasterCard PayPass payment functionality. MasterCard PayPass is a "contactless" payment program that provides consumers with a fast and convenient way to pay.
"As a leader in innovative products and services, Citigroup continually looks for ways to make the lives of our customers easier," said Amy Radin, Chief Innovation Officer, Global Consumer Group, Citigroup. "We are confident that mobile phone technology with contactless payment will appeal to our customers' increasing demands for speed, convenience and security."
Cingular Wireless is the largest wireless carrier in the United States. Citigroup (NYSE: C), the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries. MasterCard develops and markets payment solutions and processes more than 16 billion payments each year. Nokia is a world leader in mobile communications.
|GlobalGiants.Com|
Edited & Posted by Editor | 7:30 PM | Link to this Post
December 15, 2006
AMERICAN EXPRESS MEMBERSHIP REWARDS PROGRAM: ICE CUBE COLLECTION
PHOTO: The Chopard 18K white gold and diamond "Ice Cube Collection" Ladies Bracelet Watch is one of the rewards as part of the just-launched First Collection - a distinctively elegant collection of boutique-style, premium offers exclusively available to American Express Platinum Card(R) and Centurion(R) Card members through the Membership Rewards program from American Express.
Edited & Posted by Editor | 12:15 PM | Link to this Post
December 4, 2006
The Bank of New York Company, Inc. and Mellon Financial Corporation Agree to Merge
Create the Global Leader in Securities Servicing and Asset Management.
Merger Combines Highly Complementary Businesses Positioned for Strong Global Growth.
NEW YORK and PITTSBURGH, Dec. 4 — The Bank of New York Company, Inc. (NYSE:BK) and Mellon Financial Corporation (NYSE:MEL) announced today they have entered into a definitive agreement to merge, creating the largest securities servicing and asset management firm globally.
PHOTO: Tom Renyi, Chairman and CEO of The Bank of New York, and Bob Kelly, Chairman, President and CEO of Mellon.
The new company, which will be called The Bank of New York Mellon Corporation, will be the world’s leading asset servicer with $16.6 trillion in assets under custody and corporate trustee with $8 trillion in assets under trusteeship, and will rank among the top 10 global asset managers with more than $1.1 trillion in assets under management.
Thomas A. Renyi, currently chairman and chief executive of The Bank of New York, will serve as executive chairman of The Bank of New York Mellon Corporation for 18 months following the close of the transaction with overall responsibility for the integration of the two companies.
Robert P. Kelly, currently president, chairman and chief executive officer of Mellon, will serve as chief executive officer of the new company and will succeed Mr. Renyi as chairman of the board. Gerald L. Hassell, currently president of The Bank of New York, will hold the same position in the new company. The board of directors will comprise 10 members designated by The Bank of New York and eight members designated by Mellon. The new company’s headquarters will be based in New York City while maintaining a strong and growing presence in Pittsburgh.
Mr. Renyi said: “We are creating one of the world’s leading financial services growth companies. Both our companies focus their businesses in highly attractive sectors of the financial services industry. Together, we will be the global leader in securities servicing, and one of the top providers of asset and wealth management worldwide. Together, we will have the scale, the technology, the capital, and the people we need to compete and win in the rapidly expanding global marketplace.”
Mr. Kelly said: “The merger creates an extraordinarily strong and rapidly growing global competitor in our core businesses. Through this merger, we will be able to invest and expand more effectively than any of our competitors due to our combined scale, profitability and global reach. The organic growth of our respective companies is already strong, and the cost savings and revenue synergies opportunities are excellent. Together, we will have the best service in the world, strong investment performance and the highest fiduciary standards.”
Mr. Renyi continued: “We will be fully focused on delivering the high quality service our customers deserve as we create rewarding opportunities for our employees and superior returns for our shareholders. In addition, our balanced business mix and widespread geographic diversification will position us to move and manage our clients’ assets with the proven expertise and experience that few global companies can match.”
Mr. Kelly added: “Today’s action is clearly in the best long-term interests of our customers, shareholders and employees, as well as the city of Pittsburgh, where we will increase our very strong commitment to the community. We expect Pittsburgh to be home for several business divisions, as well as making it a center of excellence for technology, operations and administration.”
Under the terms of the agreement, The Bank of New York’s shareholders will receive 0.9434 shares in the new company for each share of The Bank of New York that they own and Mellon shareholders will receive one share in the new company for each Mellon share they own. The Bank of New York and Mellon have entered into mutual stock option agreements for 19.9% of the issuer’s outstanding common stock.
The transaction has been unanimously approved by each company’s board of directors and is expected to be completed early in the third quarter of 2007, subject to regulatory and shareholder approvals. Assuming the achievement of planned synergies, on a GAAP basis the transaction is expected to be 1.0% dilutive to The Bank of New York’s operating earnings in 2007, and 1.4% accretive in 2008; it will be 1.0% accretive to Mellon’s operating earnings in 2007, and 5.7% accretive in 2008. On a cash basis, which excludes the impact of non-cash items such as the amortization of intangibles, the transaction is expected to be 1.1% accretive to The Bank of New York’s earnings in 2007, and 5.3% accretive in 2008; it will be 4.5% accretive to Mellon’s earnings in 2007, and 11.9% accretive in 2008.
The combined company today has annual revenues of more than $12 billion, with approximately 28% derived from asset servicing, 38% from issuer services, clearing services and treasury services, and 29% from asset management and private wealth management. It will be well positioned to capitalize on global growth trends, including the evolution of emerging markets, the growth of hedge funds and alternative asset classes, the increasing need for more complex financial products and services, and the increasingly global need for people to save and invest for retirement. Almost a quarter of combined revenue will be derived internationally. With a combined pro forma market capitalization of approximately $43 billion, The Bank of New York Mellon Corporation would become the 11th largest U.S. financial institution.
The companies expect to reduce total pre-tax costs by approximately $700 million per year, or approximately 8.5% of the estimated 2006 combined expense base. The integration will be undertaken by a dedicated and experienced group of senior executives in a thoughtful and deliberate manner over a three year period following the close of the transaction. The transaction will involve restructuring charges of approximately $1.3 billion.
The companies’ combined employee base of 40,000 is expected to be reduced by approximately 3,900 over a three-year period following the transaction. The companies will reduce headcount through normal attrition wherever possible and will provide extensive support to employees impacted by the merger.
The Bank of New York was represented in the transaction by the investment banking firm of Goldman Sachs and the law firm of Sullivan & Cromwell. Mellon was represented by the investment banking firms of UBS Investment Bank and Lazard and the law firms of Simpson Thacher & Bartlett LLP and Reed Smith LLP.
The Bank of New York Company, Inc. is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. The Company has $12.2 trillion in assets under custody and more than $179 billion in assets under management. Additional information is available at https://www.bankofny.com/.
Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world’s leading providers of financial services for institutions, corporations and high net worth individuals, providing asset management, private wealth management, asset servicing, payment solutions and investor services. Mellon has approximately $5.3 trillion in assets under management, administration or custody, including $918 billion under management. News and other information about Mellon is available at https://www.mellon.com/.
|GlobalGiants.com|
Edited & Posted by Editor | 7:46 PM | Link to this Post
December 1, 2006
FIDELITY INVESTMENTS SCHOLARSHARE COLLEGE SAVINGS PROGRAM
Photo: Actress Molly Shannon reads "The Hero Book" by Ellen Sabin to McKinley Elementary School second graders to celebrate the launch of the California ScholarShare College Savings Program, Thursday, Nov. 30, 2006 in Los Angeles. Fidelity Investments manages California's tax-advantaged 529 college savings plan. Photo by Susan Goldman. (PRNewsFoto/Fidelity Investments, Susan Goldman)
Edited & Posted by Editor | 10:03 PM | Link to this Post
FIDELITY INVESTMENTS SACRAMENTO BALLET
Photo: Sacramento Ballet cast member Megan Horton, who dances the part of the Sugarplum Fairy, answers questions from elementary school students after she read the Nutcracker to them in Sacramento, Calif., on Thursday, Nov. 30, 2006. ScholarShare, the State of California's 529 college savings program, and Fidelity Investments hosted the special children's reading event at the studios of the Sacramento Ballet. The event celebrates the recent launch of the California ScholarShare College Savings Program which promotes the importance of getting an early start in saving for college. (PRNewsFoto/Fidelity Investments, Steve Yeater)
Edited & Posted by Editor | 9:58 PM | Link to this Post
November 28, 2006
New York Stock Exchange: Argentine Corporate Day
NEW YORK, Nov. 27 -- Leading Argentine companies traded in the United States took part in the first "Argentine Corporate Day" held at the New York Stock Exchange headquarters.
PHOTO: Argentine companies ringing the opening bell at the Argentine Corporate Day at the New York Stock Exchange.
The event was attended by the main executives -- CEOs, CFOs, and directors -- of major companies from Argentina, representing a broad spectrum of economic activity, notably, Banco Hipotecario, Banco Macro, Cresud, IRSA, Metro Gas, Telecom Argentina, Tenaris and TGS.
The purpose of the gathering was to reinforce the presence of Argentine companies in the international market, in view of the growing interest that this country has been awakening among investors.
During the day, executives presented the main development projects of their companies at a press conference and in meetings with investors.
The day began at the New York Stock Exchange with the traditional opening bell, the signal for the start of trading, initiated by Argentine executives, followed by a large press conference with the international and Argentine media.
During a luncheon prior to the schedule of meetings with investors, the Argentine executives, together with representatives from banks, investment funds and government authorities, attended a panel titled "Argentina: Business Prospects for 2007".
The event included participation from three panelists: Sergio Berensztein (Director of Di Tella University), Gustavo Canonero (Deutsche Bank New York) and Walter Molano (BCP Securities). The panelists emphasized Argentina's considerable growth and good prospects as reflected in social and economic indicators.
Edited & Posted by Editor | 3:37 PM | Link to this Post
November 16, 2006
Paige Davis Brings Touch of Holiday Cheer to Jewel Osco Grocery Shoppers in Chicago
Pay By Touch Partners With TV and Broadway Star to Give Chicagoans an Early Holiday Gift.
CHICAGO, Nov. 16 -- Pay By Touch(R), the leader in integrated biometric authentication, personalized marketing and payment solutions has joined forces with Paige Davis, formerly of TLC's "Trading Spaces," to kick-off the holiday season for Chicagoans.
The "Touch of Holiday Cheer" program is being launched on Nov. 17, 2006 by Pay By Touch and Davis, who will visit a local Chicago Jewel Osco grocery store to surprise random shoppers by paying for their groceries.
The Pay By Touch service uses a simple finger scan to authorize an electronic withdrawal from a customer's existing checking account. Each fingerprint is unique, which helps prevent fraud or identity theft, and since there is nothing to carry, there is nothing to be lost or stolen. The one-time enrollment in the secure program takes only a few minutes to complete at participating stores.
Edited & Posted by Editor | 2:19 PM | Link to this Post
US AIRWAYS PROPOSES TO MERGE WITH DELTA
Transaction Valued at Approximately $8.0 Billion in Cash and Stock.
Consumers Will Have the Advantages of a Larger, Full-Service Provider with the Cost Structure of a Low-Fare Carrier.
US Airways Group, Inc. (NYSE: LCC) announced yesterday that it has made a merger proposal to Delta Air Lines, Inc. (OTC: DALRQ.PK) under which both companies would combine upon Delta’s emergence from bankruptcy. The proposal would provide approximately $8.0 billion of value in cash and stock to Delta’s unsecured creditors.
PHOTO: US Airways proposes an $8 billion takeover of bankrupt Delta Airlines on November 15, 2006. (Kamenko Pajic/UPI Photo)
The combination of US Airways and Delta would create one of the world’s largest airlines and would operate under the Delta name. Customers would benefit from expanded choice as well as the reach and services of a large-scale provider within the cost structure of a low-fare carrier. As a combined company, the “New” Delta would be the number one airline across the Atlantic and the second largest airline to the Caribbean. The New Delta would reach more than 350 destinations across five continents, including North and South America, Europe, Asia and Africa. In the U.S., the combination would create a leading competitor in the Eastern U.S. and an enhanced position in the Western U.S. The combined company would be the number one airline at 155 airports.
Edited & Posted by Editor | 9:29 AM | Link to this Post
October 9, 2006
SAP and SWIFT to Drive Simplicity and Insight in Corporate Banking
Collaboration on Corporate-to-Bank Connectivity to Enable Seamless Payment Processing.
Integration of mySAP(TM) ERP and SWIFTNet to Create Single Connection for Multiple Corporate Accounts to Lower TCO and Improve Financial Insight.
WALLDORF, Germany, Oct. 9 -- SAP AG (NYSE:SAP) and the Society for Worldwide Interbank Financial Telecommunication (SWIFT) today announced plans to help alleviate the complexity and cost incurred by companies worldwide in managing a multitude of separate communication channels for each bank relationship. SAP and SWIFT have joined forces to introduce the SAP(R) Integration Package for SWIFT -- a standardized software solution that will be designed to link SAP ERP solutions directly to SWIFTNet, the IP-based messaging platform connecting nearly 8,000 financial institutions in 206 countries and territories. The announcement was made at Sibos, the world's premier financial services event, being held in Sydney, Australia, October 9 - 13.
"With SAP Integration Package for SWIFT, SAP and SWIFT are making it easier and more cost-efficient for corporate clients to exchange payment, cash management and treasury information with their banks," said Johan Kestens, head of Marketing and member of the Executive Committee of SWIFT. "Banks and corporates can now enjoy the security and reliability of SWIFT, leverage SWIFTStandards for easier processing and integrate with SAP ERP systems. It is a win-win situation for everybody."
SAP is the world's leading provider of business software. Today, more than 34,600 customers in more than 120 countries run SAP(R) applications-from distinct solutions addressing the needs of small and midsize enterprises to suite offerings for global organizations.
Edited & Posted by Editor | 2:03 PM | Link to this Post
September 15, 2006
Lucky Race Fan Earns Spot as Honorary Grand Marshal for the Bank of America 500 at Lowe's Motor Speedway
Bank of America to provide fans with greater access to the sport and to personal banking with inaugural race sponsorship.
Past champions of the October race to be honored during pre-race program.
Racing fan and Columbus, North Carolina resident Mickey Jackson, and five-year-old son, Kalob, earned the once-in-a-lifetime opportunity to deliver the 'gentlemen, start your engines' command live at this year's Bank of America 500. Bank of America today announced Mickey as the winner of the Bank of America 500 Honorary Grand Marshal contest, a consumer promotion supporting the company's title sponsorship of the October 14 race at Lowe's Motor Speedway.
For winning the contest, Mickey earns the title of "Honorary Grand Marshal" of the Bank of America 500 and the opportunity to deliver the race- start command, a VIP experience on race day for him and a guest, including pit passes, seats in Bank of America's newly created, exclusive fan section in the fourth turn terrace at Lowe's that provides access to a private food court, food and beverage vouchers - and a gift pack of Bank of America 500 racing merchandise.
"Never in my life did I think I would have the chance to start a NASCAR race under the lights at Lowe's Motor Speedway," said Mickey Jackson, a carpenter from Columbus, NC. "Standing before thousands of passionate fans and an even larger national television audience to start the Bank of America 500 is any racing fan's dream come true."
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services.
Edited & Posted by Editor | 5:33 AM | Link to this Post
April 1, 2006
This is Citigroup.
Since 2002, Citigroup has been running a new brand campaign with a new tagline, “This is Citigroup.”
The world’s largest financial company unveiled its new image through a global campaign that showcases the unparalleled capabilities of this vast and unique business. TV and print ads appeared in the United States, Europe, Latin America and Japan.
Citigroup Inc. is today’s pre-eminent financial services company, with some 200 million customer accounts in more than 100 countries.
Other major brand names under Citigroup's trademark red umbrella include Citi Cards, CitiFinancial, CitiMortgage, CitiInsurance, Primerica, Diners Club, The Citigroup Private Bank, and CitiCapital.
Shot in 17 cities, in eight countries on five continents, the campaign features a series of five moving and beautiful television spots along with four complementary print executions from Citigroup’s advertising agency Merkley Newman Harty|Partners (MNH|P), New York. The advertising challenge was to communicate the multiple parts of the Citigroup story (a diverse product portfolio, global reach, deep roots and stability) in a singular, powerful message.
Each ad emphasizes one or more core strengths that, bound together with the new tagline, tell the complete Citigroup story. Each commercial concludes with a compelling fact, followed by the simple yet definitive, “This is Citigroup.” This clear and consistent theme not only appeared in every ad but also in other corporate vehicles such as the cover of Citigroup’s 2001 and 2002 Annual Reports and on the company Web site, www.citigroup.com.
Edited & Posted by Editor | 1:45 PM | Link to this Post
