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Germany: Internet Banking

(Nov. 2, 2007) On July 5, 2007, the Administrative Court of Frankfurt am Main upheld an administrative decision of the German Banking Supervisory Agency (Bundesanstalt für Finanzdienst-leistungsaufsicht) that forbade a Swiss provider of consumer loans to engage in loan transactions with German customers via the Internet (Verwaltungsgericht Frankfurt/M, docket No.1 E 4355/06 (V), as summarized […]

South America: Bank of the South

(Nov. 2, 2007) Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay, and Venezuela have agreed to create a regional development bank based on a proposal of Venezuelan President Hugo Chavez, in order to improve regional trade and growth with their own resources. The Presidents of the seven countries inaugurated the Bank of the South (Banco del Sur) […]