| Wachovia boosts online offerings for small biz
Wachovia Corp. is expanding its online product offerings to include electronic deposits and bad-check recovery. The Charlotte, N.C.-based bank -- Central Florida's third-largest financial institution -- says the service will provide small businesses with cash-management services comparable to those available to most large businesses. With online deposits, small business owners can scan paper checks from their desktops and electronically send the images to Wachovia for deposit. Wachovia says the Internet-based application eliminates the need for software installation. To qualify, customers must have been in business for at least one year and have a Wachovia deposit account. In addition, Wachovia (NYSE: WB) has hired Federal Automated Recovery Systems, a subsidiary of Infinity Business Group Inc., to manage the electronic re-presentment of checks that have been returned for insufficient funds.
Dell enlists star power to fill virtual piggy banks
DALLAS — Hoping to boost holiday sales, Dell has enlisted Burt Reynolds, right, Ice-T and other celebrities to help customers raise money to buy products for themselves or others. Through a new website launching today, visitors to www.YoursIsHere.com will be able to create a virtual piggy bank where friends and relatives can donate money for gifts. There are tools to create e-mail distribution lists, and gift-seekers can embed their fundraising requests on their Facebook and MySpace pages. Actress Estelle Harris, who played George Costanza's nagging mom in the sitcom "Seinfeld," solicits funds through the "guilt sell": "Not that it's any of my business, but you usually get them a thoughtless gift every year anyway," she groans. "Would it kill you to get them something nice this holiday season?" Consumers must be 18 or older to enlist in the virtual fund and have a PayPal account to receive money.
On the Move
Bank of America has named Kathie Sowa market president for the Sacramento region. She will provide business, civic and philanthropic leadership for the bank. Sowa will improve coordination among local bank business lines, align philanthropic and sponsorship resources to local market needs and lead marketing initiatives to strengthen the Bank of America brand. She is one of 14 market presidents through the state. Sowa joined the bank in 1997 and has worked in commercial real estate, special assets, risk management and commercial banking. She also is an executive in the company's global product solutions division. * * * Teri Bergthold has been named director of builder services for Augustine & Associates. She will provide leadership and guidance to the account services team.
ICICI Bank to shrink retail lending share
The $79-billion ICICI Bank, the country's second-largest bank, is set to witness a significant shift in its business portfolio, as corporate lending sees an upswing and retail lending slows following a tightening of interest rates. Over the next two to three years, the bank will reduce the retail component from 70% to around 50%, or even lower. The retail portfolio of the bank grew from 0-70% in seven years. In an exclusive interview with FE, ICICI Bank MD & CEO K Vaman Kamath said this shift would be accelerated on account of the sharp increase in corporate lending. Kamath said growth in retail lending was invariably set to be tempered owing chiefly to the higher base. The subsequent hikes in interest rates have also had an effect on retail loans and Kamath said going forward, it was difficult to take a view of more than three to six months on the interest rate scenario.
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