Briefly:

(June 16, 2008) Financial services industry associations representing institutions from around the world want greater access to China’s domestic financial services market.

“We urge G-8 finance ministers meeting in Osaka, Japan, to encourage China to further open the Chinese financial sector to greater foreign participation,” the groups said in a joint statement. “By helping to provide the financial products and services that China’s citizens and businesses need to save, invest, insure against risk, raise standards of living, and consume at higher levels, foreign financial institutions can help China develop an economy that is less dependent on exports and more services-based and consumption-driven — yielding great benefits for China and G-8 nations alike.”

According to the trade associations, China is the world’s third-largest economy and the world’s fastest growing economy but it is supported by one of the world’s most underdeveloped financial sectors. They argue its outdated financial sector is a major obstacle to achieving the country’s own economic goals of diversifying its economy to include a robust services sector and a more active consumer.

“We applaud the incremental progress China has achieved in opening its financial sector to foreign participation. But given China’s importance in the world economy, much more progress is needed. We share the view that engagement continues to be the best way to achieve our shared economic goals,” the statement added.

Credit Union merger poised for launch

(June 16, 2008) The merger between Credit Union Central of Ontario and Credit Union Central of B.C. will occur on July 1. The new organization will operate as Central 1 and will provide services to credit unions in both provinces.

The merger has been in the works for almost two years but was delayed by the ABCP issue.

With that settled, the two credit union centrals will combine to create an organization that will have 350 employees in Vancouver and 130 at its office in Mississauga. Central 1 will manage $8 billion in assets and will provide payments, treasury, Internet banking and trade association services to nearly 195 member credit unions in B.C. and Ontario, while serving corporate customers with banking and transaction services.

(06/16/08)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.