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Related Wealth Management Industry News

• In 2021, BTG Pactual hired a private banker from the Swiss private bank Credit Suisse for its Miami wealth management business. Leonardo Brayner joined the Brazilian group after having spent 11 years at Credit Suisse's offices in The Bahamas, where he most recently served as a vice president of wealth management on its client service desk.
• In 2021, Credit Suisse made a USD 400 million cash distribution, in line with its announcement that Credit Suisse would repay some of the money from the closed Greensill supply chain funds. The money will be paid to the investors in the bank's Virtuoso SICAV-SIF funds. Credit Suisse's four Virtuoso SICAV-SIF funds were invested in the supply chain funds.

• July 2023: Citi unveiled its trade and working capital eLoans, a financial solution tailored to address immediate and future working capital needs. Citi eLoans, emphasizing simplicity and security, aims to empower eligible clients with the necessary liquidity to sustain their commercial operations.
• May 2023: JPMorgan Chase made a significant move by acquiring the lion's share of assets, along with deposits and select liabilities, from First Republic Bank in a transaction facilitated by the Federal Deposit Insurance Corporation (FDIC). This acquisition contained First Republic Bank's assets, boasting a loan portfolio of around USD 173 billion and securities valued at approximately USD 30 billion.

• March 2024: CNB Bank & Trust (CIBC) and Insuritas partnered to launch an embedded full-service insurance agency. Insuritas is proud to announce that it has been chosen by CIBC to install its award-winning, fully-functioning digital insurance agency solution. BUNDLE is Insuritas' award-winning, full-functioning insurance agency platform embedded in CIBC's ecosystem and engineered to provide a complete solution for CIBC's retail and commercial clients.
• June 2023: Clover Health Investments Corp., a leading provider of physician enablement services with a mission to improve Medicare access to quality healthcare, announced that it had reached a partnership agreement in principle to settle seven derivative lawsuits that are pending in the courts of Delaware and New York, as well as in the courts of Tennessee.

• In August 2023, BlackRock Inc., a prominent international credit asset manager, acquired Kreos. Kreos, renowned for its specialization in growth and risk-based financing for technology and healthcare enterprises, enhances BlackRock's market presence. This acquisition aligns with BlackRock's strategic objective of broadening its private-market investment portfolio.
• In January 2023, Fidelity Investments acquired Shoobx, a leading provider of automated equity management and financing software. Shoobx caters to private companies across various growth stages, including IPOs.

• July 2023: Backbase, the world’s largest omni-channel bank, has partnered with OBC to accelerate its omni-channel banking transformation, as announced in a signing ceremony.
• February 2022: Visa, the world’s largest digital payment company, partnered with VNPAY, a leading fintech company in Vietnam, to improve the digital payments ecosystem in Vietnam.

• September 2023: PayU, an Indian payments company, partnered with WhatsApp to considerably improve Indians' purchasing experience.
• November 2022: The Hyderabad-based SaaS business CreditVidya was acquired by Bengaluru-based financial unicorn CRED in a deal that included cash and stock. The value of the agreement has not been made public by the companies.

• September 2023 - Standard Chartered Bank, a multinational bank, launched a sustainable trade loan offering for financial institutions. It will assist financial institutions in providing liquidity associated with sustainable development in the most needed areas.
• April 2022 – The Asian Development Bank signed a deal with Axis Bank Limited worth up to USD 150 million to work together to expand supply chain financing for small and medium-sized businesses. The Asian Development Bank will guarantee loans made by Axis Bank to assist supply chain finance for impact sectors under the terms of its Trade and Supply Chain Finance Programme (TSCFP).

• January 2024: HCSC entered into a binding contract with The Cigna Group to purchase its Medicare Advantage, Medicare Supplemental Benefits, Medicare Part D, and CareAllies businesses. This acquisition will bring significant advantages to HCSC's existing and prospective members, as it will strengthen the company's capabilities and expand its presence, especially in the expanding Medicare sector.
• January 2024: Elevance Health announced its plans to acquire Paragon Healthcare Inc., a well-known company specializing in delivering vital infusible and injectable therapies that enhance and preserve lives.

• February 2023: New India Assurance (NIA) launched a ‘Pay as You Drive’ (PAYD) policy, which offers a comprehensive motor insurance policy that charges a premium based on vehicle usage. The policy has two components- Third Party cover and own-damage cover.
• June 2022: Edelweiss General Insurance introduced the country's first telematics-based motor insurance called 'SWITCH.' This on-demand policy generates a real-time driving score and dynamically rates the premium. Moreover, it detects motion and automatically activates insurance when the vehicle is driven, making it convenient and hassle-free for users.

• October 2023: FWD and Club Care partnered to launch the online insurance platform Club Care. Club Care is a new online insurance platform that has a reward-based system for its loyal customers.
• June 2023: ZhongAn Insurance and ZhongAn Technology explored a generative artificial intelligence (AI) technology that is predicted to emerge as an essential strategic asset for online insurance companies in the future.