In the other style, a bank would simply create its own insurance division or brokerage division and attempt to sell those products to its own existing customers, with incentives for combining all things with one company. In this scenario, each company still looks independent and has its own customers, etc. Japan), non-financial services companies are permitted within the holding company. One approach would be a bank that 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. Ĭompanies usually have two distinct approaches to this new type of business. ![]() financial services industry at that time to merge. 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 operating in the U.S. ![]() See also: Global financial system § History of international financial architecture Change in access to a financial account or services between 20 by country
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