Latest banking news

Hello Alice, a Houston-based financial services platform that provides grants to  women and people of color opening businesses, has launched the Hello Alice Mastercard small-business credit card with First National Bank of Omaha, according to a press release. The card offers credit-building services for customers with low or no credit scores, access to business advice plus the ability for small-business owners to earn rewards by completing tasks to advance their enterprises. Hello Alice has amassed more than 1 million users since its launch in 2016. —Kate Fitzgerald

Mitsubishi UFJ Financial Group is in advanced talks to acquire the consumer lender Home Credit's assets in Indonesia and the Philippines, according to people familiar with the matter. MUFG, as Japan's biggest lender is known, has emerged as the likeliest buyer for the businesses after outbidding other rivals, the people said, asking not to be identified because the matter is private. The combined assets in both countries could be valued at about $500 million or more, the people said. The parties are negotiating terms of a potential agreement which could be reached as early as next month, the people said. Talks could still face delays or even fall apart, and other bidders remain interested in certain assets, they said. While Home Credit had sought to include other markets such as Vietnam and India in the transaction, most bidders were keen on a piecemeal deal, the people said. Representatives for PPF Group and MUFG declined to comment. Japanese lenders have been keen buyers of assets across Asia in recent years as they seek to expand in new markets amid low interest rates and sluggish growth at home. MUFG is considering a bid for PT Bank Pan Indonesia as the Japanese banking giant seeks to bolster its presence in Southeast Asia's biggest economy, Bloomberg News has reported. Home Credit, owned by the family of the late Czech billionaire Petr Kellner, has been in discussions with advisers about options including partnerships and selling stakes in Southeast Asia and India to help raise cash for the group, Bloomberg News has reported. The owner has been seeking a valuation of $2 billion to $2.5 billion for the businesses in Indonesia, Vietnam, the Philippines and India, people familiar with the matter have said. Other Japanese banks including Mizuho Financial Group and Sumitomo Mitsui Financial Group and Southeast Asia's ride-hailing and delivery giant Grab Holdings had shown interest in acquiring the assets, the people have said. Home Credit was founded in 1997 and has operations in nine countries across Asia, central and eastern Europe and the former Soviet Union. Kellner's PPF Group is a holding company with interests spanning finance, telecommunications, manufacturing, media and biotechnology. He was 56 when he died in a helicopter crash last year.  — Manuel Baigorri and Coco Liu, Bloomberg News, with assistance from Taiga Uranaka and Peter Laca

Bank of America is working with Grubhub to offer its card customers new perks for spending on food deliveries. Starting Thursday, Bank of America existing debit and credit card holders can get online food takeout with no delivery fees through a complimentary one-year Grubhub+ membership, normally $9.99 a month, the company said in a statement. Demand for food delivery remains high even after restaurants reopened and inflation worsened, Chris Curtin, head of rewards at Bank of America, said in an interview. "Where the dollar isn't going as far, those spending categories have great value and meaning to our clients," he said. Credit card spending is showing signs of slowing amid rising rents and other increased costs. Bank of America said credit and debit cards spending increased in July by 5.3% from a year earlier, down from 5.7% in June. Just Eat Takeaway.com agreed last month to sell a Grubhub stake to Amazon.com Inc., which plans to offer U.S. Prime users a one-year membership to the food delivery service. The BofA-Grubhub announcement follows a similar move by JPMorgan Chase, which teamed up with DoorDash to offer its card users a similar perk. Bank of America has been reworking its credit card portfolio, adding perks and offerings for consumers and executives. Last year, it revamped its rewards program, introducing a $550-a-year metal card that offers extra points on travel and dining purchases along with a $300 travel credit. — Katherine Doherty, Bloomberg News, with assistance from Jenny Surane.