Tag: Asia

Japan: Postal privatization blueprint approved

Posted by | Sep 12, 2007 | |

The government has given the green light to a blueprint submitted earlier this year by Japan Post Corp. for privatizing postal services.

Monday’s approval was the government’s final endorsement of the 10-year privatization process beginning Oct. 1, when postal services will be split into four stock firms — savings, insurance, mail and over-the-counter services — under Japan Post, which will turn into their holding company.

The blueprint, submitted to the government in late April, includes the list of assets and employees Japan Post will take over from the public postal corporation that currently runs postal operations.

The blueprint outlines some new businesses planned for the privatized entities. Among them is letting the postal savings bank act as a sales agent for regional banks for their housing-loan products.

The bank and life insurance industries have voiced concerns about the postal financial institutions expanding operations, saying they could threaten them.

Masayuki Oku, chairman of the Japanese Bankers Association, released a statement Monday saying he regrets that the approved blueprint “fails to contain any specific plan for scaling down postal savings.”

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Citibank, Vietnam postal savings firm in tie-up

Posted by | Sep 12, 2007 | |

Citibank signed a deal Tuesday with a subsidiary of the state-run Vietnam Posts and Telecommunications Group to provide local clients a range of banking products.
The deal will allow both corporate and individual clients of Vietnam Postal Savings Service Company make payments and transfers to firms banking with the US bank.

They can also carry out personal transactions like paying school and hospital bills using Citibank fund transfers and checks.

Citibank general director Charly Madan said there were plans to introduce an additional 800 desks to provide banking services in the country, adding that figure should eventually rise to 2000.

Citibank has branches in Hanoi and Ho Chi Minh City and a nationwide partnership network that covers all of Vietnam’s 64 provinces.

The bank offers a wide range of banking services, including currency transactions, hedging, cash management including access to ATMs, trade services, short and medium-term loans in foreign currency and Vietnamese dong to state-owned enterprises, multinationals, financial institutions and private sector borrowers.

Citibank has recently launched its maiden domestic offering in the Vietnamese debt market, expecting it will help expand and develop the local long-term debt market.

The inaugural issue was a VND 400 billion (USD 22 million) floating rate issue with a tenor of two years and one day.

The issue marks the debut long-term negotiable certificate of deposit to be issued in Vietnamese dong. Proceeds will be used for general corporate purposes.

The coupon resets every six months and will pay at a specified spread over a benchmark rate set by the bank. The issue is being targeted at local investors.

Citibank is a regular issuer in Asia’s debt markets, having issued in Hong Kong dollars, Singapore dollars and Thai baht in recent years.

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Philpost : Post office wants bond float to pay debt

Posted by | Sep 11, 2007 | |

The Philippine Postal Corp. (Philpost) is planning to issue P2 billion worth of bonds to pay off debts incurred by its defunct subsidiary, the state-owned company’s head said in an interview.

Postmaster General Hector R. R. Villanueva said his agency wants to clean up its balance sheet.

The company will issue the bonds in two years when its modernization program is in place.

Mr. Villanueva said the Philpost subsidiary had accumulated about P2 billion in debts.

Mr. Villanueva earlier said the government would to generate at least P10 billion from the sale of Philpost following the agency’s P5.7-billion computerization project, which is expected to improve operations.

The company last year inked a build-lease-transfer agreement with Japanese information technology giant ROA Systems Co. Ltd. to computerize Philpost’s operations and interconnect 2,000 post offices. The project will be completed in two years.

Mr. Villanueva said Philpost needs to raise its standards to be at par with Hong Kong, Singapore, and Malaysia, whose postal systems are modernized.

Philpost operates more than 2,000 post offices, distribution centers, and mailing outlets all over the country. It has a work force of 13,000 employees and owns more than 2,500 mail vans and motorcycles.

Last year, the agency reported a net profit to P46 million due mainly to cost-cutting measures. This year, it expects about P147 million in net incomes.

The Japanese firm will computerize the Philippine postal system by leasing computers and other equipment.

It will build and maintain modern postal applications and business systems for a period of nine years at no cost to Philpost.

With computers and new business systems, Philpost revenues are projected to rise to P13 billion, on top of about P3.5 billion it makes annually.

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Blue Dart on the Fast Lane

Posted by | Sep 11, 2007 | |

Blue Dart Express Limited, South Asia’s largest integrated express courier and package Distribution Company, today announced the launch of its ground express service, SURFACELINE, in the country.

Blue Dart has already established its market leadership in the domestic air express segment with a market share of 41.7 pct and continues to be the only player offering an unrivalled domestic air payload of 300 tones per night. Blue Dart has been continually investing in building a sustainable and robust infrastructure ahead of the curve to support its business, and help facilitate the trade and commerce of this country. It reaches out to 14,600 locations with its current air express network, and the new ground infrastructure will augment its capability through expansion to 17,500 locations. This new initiative will enable Blue Dart to extend its leadership position in air express to the ground express segment over the next five years.

Blue Dart differentiates itself through innovation, which it has been at the forefront of the company’s activities for more than two decades.

Building to meet tomorrow’s needs:
• Expansion to over 17,500 locations
• Addition of over 1 mn Sq ft of warehousing space
• Extension of network and reach pan India
• 58 warehouses to across India by 2010
• Increase in Workforce
• Appointment of Express Sales Associates (ESA) to support roll-out of the new service

Technology:
• Technology will play a key role in providing customer peace of mind
• GPS enabled vehicles to ensure:
o Real-time tracking of vehicles
o Monitoring enroute stoppages, deviations
o Alert to destinations of vehicle arrivals
• Network Control at Mumbai Headquarters
• Network Control Centre at Mumbai Headquarters.

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Citibank signs partnership with Vietnam Postal Saving Service

Posted by | Sep 11, 2007 | |

Citibank said Tuesday it has signed a contract to provide its banking services to state-owned Vietnam Postal Saving Service Co.

The partnership between Citi and VPSC will enable millions of Vietnamese people using the VPSC network in more than 3,000 district-level post offices to make payments to firms which are banking with Citibank, the bank said in a statement.

Charly Madan, Citibank’s country director for Vietnam, said the contract will help add 800 outlets now and 2,400 more in the next year to the bank’s local service network.

VPSC was set up in 1999 with a registered capital of VND163 billion ($10 million) and currently has VND7.5 trillion in lending to state funds, the statement said.

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