Teach kids how to be responsible with their money

Indonesia press bfi finance gets $75 mln syndicated loan investor daily


PT BFI Finance Indonesia, a small financing firm, has secured a $75 million syndicated loan led by Standard Chartered Bank, to disburse more financing, said Corporate Secretary Cornellius Henry. The firm is targeting new financing reaching 9.3 trillion rupiah ($788.80 million) this year, up 8 percent from last year's 8.6 trillion rupiah. (Investor Daily)

Note: Reuters has not verified this story and does not vouch for its accuracy.

Jersey eyes liquidity in asian, middle eastern banks


* Asian, Gulf banks in talks about obtaining Jersey licence* 18 percent of Jersey banking deposits from Asia, Mideast* Jersey Finance custodian of 1.2 trillion poundsDUBAI, Nov 23 Jersey Finance, the island's financial centre which acts as custodian of 1.2 trillion pounds ($1.88 trillion), is in talks with a dozen banks from China, India and the Gulf about obtaining a licence in Jersey, its deputy chief executive said. Situated between France and Britain in the Channel, Jersey is a British Crown dependency outside of the United Kingdom and the European Union.

It is jostling with larger offshore markets such as Switzerland, the world's leading offshore private banking centre, to manage part of the growing liquidity in Asian and Middle East banks. Presently, 18 percent of the 138.9 billion pounds in banking deposits in Jersey are from residents of the Middle East and Asia, according to Jersey Finance's latest quarterly report for the period ended June 30. But only three of the 34 licensed banks in the island are from those regions, according to the same report.

That figure is likely to rise in the coming years as cash-rich banks from those regions build up their international muscle, while some European banks pull back from foreign markets because of capital and regulatory constraints, Richard Corrigan told Reuters in an interview in Dubai."What we're now seeing are big regional banks that have developed strong Tier 1 capital that don't necessarily have the international network to support their ranking so they're starting to back-fill their international network in recognition that having a offshore presence of some substance is an increasingly important way of deepening their service to clients," he said.

Offshore centres have been thrust under the spotlight recently as governments put them under pressure to operate with more openness in an effort to crackdown on tax evasion. Switzerland and Singapore, another growing offshore market, were among 47 countries that in May agreed to share tax information, a deal accelerated by the U.S. Foreign Account Tax Compliance Act