Banking

ComBank promotes Kotahena youth with 'DotCom'

Over 250 youth from the Kotahena area were treated to an evening of song and dance at the Dot Com Youth Get together by the Commercial Bank of Ceylon recently, at the conclusion of a week-long promotion for the Bank's 'DotCom' Youth Savings Account.

highlights from the grand finale of the DotCom promotion conducted in Kotahena.

Highlight of the evening was a special performance by DotCom brand icons Iraj Weeraratne and Infaaz Noorudeen. The brand icons along with the members of the top management of the Bank handed over special DotCom branded gifts to all DotCom youth account holders. The promotional campaign was organized by Commercial Bank's Kotahena branch. Assisted by the awareness created by a special DotCom branded publicity vehicle which roamed the roads of Kotahena.

Staff visited many schools and educational institutions in the area to promote savings and prudent management of personal finances.

Those between ten and eighteen years of age, Commercial Bank's DotCom account offers an interest rate of 6%, one of the best rates in the youth savings accounts category.

Account could be opened at any of the bank's branches or service points with an initial deposit of Rs. 1,000. Account holders receive very attractive Dotcom branded ATM cards and are entitled to low interest personal loans and free access to online banking facilities.

Royal Bank of Scotland facing 500mn fine over Libor

Britain's Royal Bank of Scotland could face a 500-million ($786-million, 585-million-euro) fine from British and US authorities for its role in the Libor rate-rigging affair, media said.

The Wall Street Journal, citing people briefed on negotiations, added that US authorities were pushing for a settlement of allegations that would result also in an RBS division pleading guilty to criminal charges.

The newspaper said that the deal could be completed within the next fortnight and added that RBS was resisting any guilty plea amid fears it would lose clients and spark costly litigation.

A spokesman for the state-rescued bank would not be drawn on the article, simply saying: "Discussions with various authorities in relation to Libor setting are ongoing.

"We continue to co-operate fully with their investigations," he added in a statement.

Investors meanwhile took flight at Tuesday's development. RBS shares sank 5.98 percent to finish at 345.80 pence on London's FTSE 100 index of leading shares, which ended 0.71 percent higher at 6,339.19 points.

AFP