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Financial services is a term used to refer to the services provided by the finance industry. Financial services is also the term used to describe organizations that deal with the management of money. Banks, investment banks, insurance companies, credit card companies and stock brokerages, are examples of the types of firms comprising the industry, which provides a variety of money and investment related services. Financial services is the largest industry (or industry category) in the world, in terms of earnings; as of 2004, the industry represents 20% of the market capitalization of the S&P 500.*
History of financial services
United States: Gramm-Leach-Bliley Act
The term financial services became more prevalent in the United States partly as a result of the Gramm-Leach-Bliley Act of the late 1990s, which enabled different types of companies in the US financial services industry to merge. Critics of this act say the term financial services attempts to make the unison of these operations sound natural, ignoring the history of problems that have arisen from combining them, such as conflicts of interest and monopolization. Others, noting that many of the restrictions abolished by the Gramm-Leach-Bliley Act had never existed in other countries or had been abolished earlier than in the US, say the term financial services is a natural one, in long term use, which means nothing more than its constituent words.In the USA almost every company now which previously described themselves as a bank, insurance company, or brokerage house, now describes themselves in some way as a financial services institution. Allstate Insurance, for example, now provides CDs and investment brokerage services. Bank of America offers full featured brokerage products, while E*TRADE has expanded into offering bank accounts and loans. Companies usually have two distinct approaches to this new type of business. One approach would be a bank which simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the acquisition to its holding company simply to diversify its earnings. Outside the US, e.g., in Japan, non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent, and has its own customers, etc. This is essentially the style of Citigroup and JP Morgan Chase.
More on [ Financial services ]
Financial Services :: Business and Economy
Financial Services :: Business and Economy
Financial Services :: Business and Economy
ASSOCIATES - Certified Public Accountants - Macau-based accounting firm established in 1978. Primarily provides services to the local market. Has three offices in Macau and employees over 40 staff.
Banco Comercial de Macau (BCM Bank) - BCM bank is a subsidiary of the BCP Group, the largest private financial group in Portugal. Provides information on banking services, credit cards, investments, insurance services and electronic banking.
Banco Nacional Ultramarino (BNU) - Founded in Lisbon, Portugal, in 1864, and started operations in Macau in 1902. Both a commercial and issuing bank, the site offers information on commercial and personal accounts, investment services, credit cards, mobile and internet banking.
Bank of America - Macau - One of the longest established banks in Macau and a wholly-owned subsidiary of Bank of America (Asia). Provides information on personal and commercial banking, market information and online securities trading.
Bank of China, Macau Branch - The oldest bank in China, was established in February, 1912. Offers information about private and corporate accounts plus telephone, mobile and on-line banking services.
Bank of East Asia (BEA) Macau - Founded in Hong Kong in 1918, BEA is the largest independent local bank in Hong Kong. Provides information on personal and commercial banking, account services, loans and electronic banking.
Delta Asia Financial Group - A locally-owned independent bank, the site provides information on personal and corporate products and services.
Hongkong and Shanghai Banking Corporation Ltd, Macau (HSBC) - With over 10,000 offices in 76 countries, HSBC is one of the world's largest banking and financial services. Site has information on local ATMs and branches in Macau and financial services offered.
Luso International Banking Limited (LIB) - Established and registered in Macau in 1974, LIB has 11 branches in the territory. Site includes information about offshore service, accounts, investments, loan services and insurance.
Securicor Macau Limitada - The oldest established and leading security company in the Territory. Offers Cash Management Services, ATM Management Services, Secure Distribution Services, Electronic Security Systems, and Guarding Services.
Seng Heng Bank - The second largest locally incorporated bank in Macau. Information on corporate history, principal services and headquarters and branches.
Standard Chartered Bank Macau - A London-based, international bank with significant operations in Asia, Africa, the Middle East and Latin America. Core businesses are Consumer Banking, Business Financial Services and Wholesale Banking - Corporate Institutional Banking and Global Markets.
Tai Fung Bank Ltd. (TFB) - Founded in 1942, Tai Fung Money Changer Ltd. became TFB. Provides information on exchange rates, interest rates, and telebanking services.
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