Sumitomo Life close to acquiring 18% stake in Vietnamese Bao Viet from HSBC

Japanese insurer Sumitomo Life Insurance Company is nearing an agreement to buy  an 18% stake in Vietnamese financial services group  BaoViet Holdings from British banking giant HSBC (LON:HSBA), Reuters reported citing a knowledgeable source.

According to the person, Sumitomo Life is to pay the UK-based lender some JPY30bn (USD357m/EUR270m) for the interest. The parties are likely to shake on the deal before the week is over, the source added.

Reuters went on to say that Sumitomo Life was doing what many domestic rivals had undertaken, which is to look for opportunities to sustain growth through investment abroad. Such moves are designed to counter the impact of an aging population and a weak economy at home.

The news agency was unable to extract comments from a Sumitomo Life spokesman.

Virgin Money to sell private bank Church House Trust

UK financial services company Virgin Money Holdings (UK) Limited said it had agreed to sell regional private bank Church House Trust Limited to specialist credit card provider SAV Credit Limited for an undisclosed sum.

The target, which was founded in 1978, specialises in providing deposits and mortgages to personal banking customers. It was acquired by Virgin in January 2010.

In a separate statement, the buyer said that the acquisition was an important move in the company’s plan to expand in areas apart from its core credit card business and would allow it to bolster its presence in the savings market. Under the terms of the deal, the target’s staff, headed by Graham Hughes, and its base in Yeovil will be preserved.

The transaction is subject to approval by UK’s Financial Services Authority (FSA) and is seen closing in the first half of 2013.

Virgin Money provides savings, mortgages, credit cards, pensions, investment and protection products to more than 4m customers. It is also the official sponsor of the London Marathon.

TeleCommunication Systems launches first Next Generation 9-1-1 emergency communication solutions

TeleCommunication Systems, Inc. (NASDAQ: TSYS) has announced its new, comprehensive, end-to-end suite of Next Generation 9-1-1 (NG 9-1-1) solutions for public safety and emergency response.

TeleCommunication Systems, Inc. (NASDAQ: TSYS) has announced its new, comprehensive, end-to-end suite of Next Generation 9-1-1 (NG 9-1-1) solutions for public safety and emergency response.

Through its acquisition of microDATA in July 2012, TCS added powerful new geographic information system solutions, call taker equipment and related NG 9-1-1 system components and services to other TCS solutions.

Today’s TCS NG 9-1-1 suite is the first fully standards-compliant NENA i3 NG 9-1-1 system: a comprehensive public safety portfolio providing key products and services to wireline local exchange carriers, VoIP service providers, competitive local exchange carriers and wireless operators. This solution combines TCS’ carrier-grade Emergency Services IP Network (ESINet) and national text gateway with microDATA’s ESINet and CPE solution.

TeleCommunication Systems, Inc. is a world leader in highly reliable and secure mobile communication technology. To learn more about emerging and innovative wireless technologies, visit www.telecomsys.com.