PayPal can now promote its online payment services in Europe, as it has obtained a banking license to market its services to merchants throughout the Continent. The license was approved by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg, and it will be effective July 2. PayPal will shift its European headquarters to Luxembourg from the United Kingdom. PayPal has until now only operated in Europe as an electronic money issuer. The company is disallowed from directly serving merchants in individual countries due to regulatory restrictions. The approval comes about a month after rival Google launched a similar service, Google Checkout, in the UK. PayPal, based in San Jose, CA, was launched in 1998 and was acquired by eBay in 2002.
Bank of America to sell its insurance brokerage business
Bank of America Corporation is planning to sell its insurance brokerage business, Banc of America Corporate Insurance Agency, LLC. The corporation has hired its own investment bank, Banc of America Securities, LLC, to provide financial assistance with strategic options. Banc of America Corporate Insurance Agency is based in Cranford, NJ, manages more than $1 billion in insurance premiums, and caters to 10,000 commercial clients around the globe. Bank of America's brokerage unit helps connect insurers with businesses, those interested in property, and casualty insurance providers. It also counsels clients seeking risk-control strategies.
Bank of Georgetown hires Kaplowitz as VP
Bank of Georgetown, a chartered community bank based in Washington, DC, has hired Brett W. Kaplowitz to serve as senior vice president of commercial banking. Kaplowitz specializes in commercial and real estate lending. He has more than 20 years' experience in the banking industry. Kaplowitz earlier served as Vice President of Mercantile Potomac Bank, a regional bank based in Gaithersburg, MD, providing services to DC, Maryland, and Virginia communities. Bank of Georgetown is a rapidly emerging bank with centers in Georgetown and Friendship Heights. The bank provides financial support to local organizations through cash management, competitive loans, and various other services.
