Commercial Bank – Pivdencom Bank http://pivdencombank.com/ Tue, 11 Jan 2022 22:58:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://pivdencombank.com/wp-content/uploads/2021/06/cropped-favicon-32x32.png Commercial Bank – Pivdencom Bank http://pivdencombank.com/ 32 32 Purcell promoted to director of strategy and administration https://pivdencombank.com/purcell-promoted-to-director-of-strategy-and-administration/ Tue, 11 Jan 2022 22:58:00 +0000 https://pivdencombank.com/purcell-promoted-to-director-of-strategy-and-administration/

WALLA WALLA, Washington – (COMMERCIAL THREAD) – The Banner Bank Board of Directors today announced that Cynthia “Cindy” Purcell has been promoted to Executive Vice President, Director of Strategy and Administration. Previously, she held the position of Executive Vice President, Retail Banking and Administration.

“This promotion officially recognizes the expanded role Cindy has played over the past 12 months, as well as the significant and ongoing contributions she has made to our customers and to our bank,” said Mark Grescovich, CEO of Banner Bank. “His strong leadership skills and extensive experience bring unique talent to this expanded role. Cindy’s strategic leadership, client-centric approach and deep banking expertise are essential to our continued growth and long-term performance, especially as we strive to continually strengthen our relationships with our clients and our community. .

In his new role, Purcell will lead the execution of the Bank’s long-term strategic corporate objectives. For example, in partnership with Peter Conner, Executive Vice President and Chief Financial Officer, Purcell will focus on pursuing consistent and favorable financial results with respect to sales and profitability, as well as mergers and acquisitions. These responsibilities are in addition to his current leadership in retail (consumer and small business), digital strategy and channels, home loans, operations, marketing and communications, government relations, community facilities and purchases and reinvestment.

Purcell is a seasoned banking executive with 42 years of experience. Early in her career, she was CFO of a community bank which later merged with Banner Bank. Since joining Banner, she has held important managerial positions with increasing responsibilities, including overseeing the Bank’s branch network, as well as most operational and administrative functions. In addition, she has held numerous leadership positions at the state and national sector levels and is a strong advocate for maintaining the strength of the banking sector.

“Last year, we embarked on a significant bank-wide exploration to identify and implement innovative ways to continually improve our overall customer experience in our rapidly evolving industry, as well as to create more efficient and scalable operations to support our successful banking relationship model, ”said Purcell. “I am proud of the commitment of our teams and the progress we have made. I am honored to formally assume this larger role in leading the strategy development of our teams and, more importantly, the achievement of our long-term strategic goals.

About Banner Bank

Banner Bank is a Washington chartered commercial bank with operations in Washington, Oregon, California and Idaho. Banner offers a wide variety of commercial banking services and financial products to individuals, families and small and medium-sized businesses. Banner Bank is part of Banner Corporation, a $ 16.6 billion banking holding company headquartered in Walla Walla, Washington. Visit Banner Bank at www.bannerbank.com.

]]> Sovereign Gold Bond program opens for subscription on Monday: know why to subscribe https://pivdencombank.com/sovereign-gold-bond-program-opens-for-subscription-on-monday-know-why-to-subscribe/ Mon, 10 Jan 2022 01:03:53 +0000 https://pivdencombank.com/sovereign-gold-bond-program-opens-for-subscription-on-monday-know-why-to-subscribe/

Sovereign Gold Bond program opens for subscription on Monday: find out why to subscribe | Photo credit: BCCL

New Delhi: The issue price of the next tranche of the Sovereign Gold Bond Scheme 2021-22, which will open for subscription for five days from Monday, has been set at Rs 4,786 per gram, the Reserve Bank of India announced on Friday ( RBI).

Sovereign Gold Bond Scheme 2021-22 – Series XI will be open for five days for subscription from January 10 to January 14, 2022. RBI said the face value of the bond is Rs 4,791 per gram of gold. The settlement date will be January 18, 2021.

“In terms of Indian Government Notification No. 4 (5) -B (W&M) / 2021 dated October 21, 2021, the 2021-22 Gold Sovereign Bonds (Series IX) will be open for subscription during the period from January 10 to 14, 2022 with settlement date January 18, 2022 ”, we read in the official press release from the Ministry of Finance.

The government, in consultation with the RBI, has decided to allow a rebate of Rs 50 per gram on the issue price to investors who apply online and payment is done digitally.

For these investors, the issue price of the gold bond will be 4,741 rupees per gram of gold. The issue price for the previous series was Rs 4,761 per gram of gold.

Limit, interest, other benefits

The bonds will be sold through commercial banks (except small financing banks and payment banks), Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), offices of recognized post and scholarships, namely National Stock Exchange of India. Limited and Bombay Stock Exchange Limited.

The maximum subscription limit will be 4 Kg for individuals, 4 Kg for Hindu United Family and 20 Kg for trusts and similar entities for tax purposes.

The term of the Bond will be 8 years with an exit option after the 5th year to be exercised at the next interest payment dates. SGB ​​investors receive an interest rate of 2.50% per annum payable semi-annually on the face value. The capital gains tax resulting from the purchase of SGB from an individual has been exempted. The indexation benefits will be paid on the long-term capital gains generated by any person during the transfer of the bond.

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Repatriation and conversion of export earnings and incentive program to attract higher remittances from workers https://pivdencombank.com/repatriation-and-conversion-of-export-earnings-and-incentive-program-to-attract-higher-remittances-from-workers/ Sat, 08 Jan 2022 09:28:02 +0000 https://pivdencombank.com/repatriation-and-conversion-of-export-earnings-and-incentive-program-to-attract-higher-remittances-from-workers/

Communications management

08 January 2022

Repatriation and conversion of export earnings and incentive program to attract

Increased worker remittances

Recent rules issued by the Central Bank of Sri Lanka (CBSL) regarding the repatriation and conversion of export earnings into Sri Lankan Rupees (LKR) have been misinterpreted by some parties with special interests. In particular, unfounded speculation has been maliciously spread that CBSL rules require the conversion of all workers’ remittances forcibly in LKR upon receipt of these foreign currency funds by approved banks. Export earnings conversion rules DO NOT apply to workers’ remittances. Migrant workers who channel their income through licensed banks and other formal channels can hold these foreign currency funds at any commercial bank. As a result, it is NOT mandatory for Sri Lankans working overseas to convert their remittances to LKR. However, those who wish to convert this income into LKR would be eligible to do so while those who do so under the “Incentive scheme on inbound worker remittances” announced by CBSL, would receive an additional incentive of Rs. 10.00 per US dollar until January 31, 2022.

The product of “Exports of services” are the foreign exchange earnings of resident Sri Lankans who provide tourism, professional services, etc. to non-residents. These exports of services would be subject to the rules for converting the residual export product after adjustment of the allowable deductions. In this context, it would be clear that the recent rules on repatriation and conversion of export earnings into LKR only apply to Sri Lankan “exporters of goods and services”, and that the new rules require exporters that they convert only the balance of export earnings into LKR after deduction of the authorized payments specified in the rules. In fact, these authorized payments cover remittances relating to current transactions, authorized foreign currency withdrawal, debt service charges, purchases of goods and services, and investments in Sri Lanka Development Bonds ( SLDB). It should also be noted that similar repatriation and conversion rules for service export earnings are also applicable in other countries in the region, including India, Bangladesh, Pakistan and Thailand.

The CBSL reiterates that it will continue to facilitate the improvement of workers’ remittances in collaboration with the government by incentivizing funds disbursed through formal channels, as previously announced, while bringing severe legal proceedings against all persons (those who send and receive) who engage in illegal fund transfers. Accordingly, the general public is urged to remain vigilant and not to be misled by false information and promises.

Authorized Banks are also advised to strictly comply with the rules stipulated by the CBSL with regard to the conversion of clients’ foreign exchange products, and to inform their clients of these rules, in order to avoid any misunderstanding.

For more details:

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First Bank has new executive directors https://pivdencombank.com/first-bank-has-new-executive-directors/ Thu, 06 Jan 2022 09:20:29 +0000 https://pivdencombank.com/first-bank-has-new-executive-directors/

The board of directors of FBN Holdings Plc on Wednesday announced the appointment of three executive directors for its commercial banking arm, First Bank Nigeria Limited.

He has appointed Olusegun Alebiosu as Executive Director, responsible for Risk Management and Compliance, while Olusegun Adewuyi will assume the role of Executive Director, Corporate Bank.

Ini Ebong will serve as Executive Director, Treasury and International Bank.

FBN Holdings Plc said so in a statement to the Nigerian Exchange Limited (NGX) signed by its Secretary General, Seye Kosoko.

He said the nominations are subject to the approval of the Central Bank of Nigeria.

Mr. Alebiosu had been Group Executive and Chief Risk Officer of FirstBank Group since 2016.

In addition, he was the credit manager of the African Development Bank Group (AfDB). He previously worked for United Bank for Africa Plc, the now defunct Omega Bank Plc, Peak Merchant Bank as well as Oceanic Bank Plc.

Mr. Alebiosu is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), Associate of the Nigerian Institute of Management, Fellow of the Chartered Institute of Bankers of Nigeria and of the Nigerian Institute of International Affairs.

Mr. Adewuyi was Group Director, Corporate Banking at FirstBank, where he was responsible for the corporate banking activities of the bank following the departure of the former Executive Director.

He is a banker with over 20 years of experience in sub-Saharan Africa. Prior to joining FirstBank, he worked at JP Morgan, where he was Managing Director and leading its business in Nigeria for eight years. He worked at Standard Bank, London for about five years and graduated as a Chartered Accountant.

Mr. Ebong was the group director in charge of treasury and international banking at FirstBank. He was also responsible for the Structured Trade and Commodity Finance activity.

Mr. Ebong is a qualified architect with a BSc and MSc in Architecture from the University of Ife.

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Joyce D. Fey https://pivdencombank.com/joyce-d-fey/ Tue, 04 Jan 2022 14:54:00 +0000 https://pivdencombank.com/joyce-d-fey/

Joyce D. Fey, 92, of Monroe, passed away on Monday January 3, 2022 at Monroe Health Services.

Joyce was born on February 22, 1929 in the family farm in the canton of Clarno. After graduating from Monroe High School in 1946, Joyce began working at Monroe Airport. Joyce has always been proud that she and her sister Carol obtained their pilot’s license at a young age. Joyce was married to Robert C. Fey from 1955 to 1980. She worked as an accountant at the Commercial Bank and Kittelsen Law Office for most of her professional career. She was a long-time member of the United Methodist Church in Monroe where she taught Sunday School, and during her retirement years worked in the church office. Joyce volunteered for Meals on Wheels and the After School Book Club. She loved needlework, embroidery, gardening, doing puzzles, and was fond of cats. In her later years, she took piano lessons.

She is survived by two sisters, Carol Herrli of Brodhead and Alice Briggs of Orangeville; sister-in-law, Joanne Clark of Monroe; nine nieces and nephews; and several great-great-nieces and nephews.

She was predeceased by her parents; one brother, Merlyn Clark; and brothers-in-law, Warner Herrli and Richard Briggs.

The funeral will be on Saturday, January 8, 2022 at 11:00 a.m. at the Monroe United Methodist Church with Pastor Jeff Meyer as celebrant. Interment will follow in the cemetery of East Clarno Church. Visitations will be held at the church on Saturday January 8 from 10:00 a.m. until the time of service.

A memorial fund will be established in Joyce’s name for The United Methodist Church and the Monroe Woman’s Club Stocking Fund.

The Newcomer Funeral Home, Monroe, is helping the family. Condolences can be shared on www.newcomerfuneralhome.net.

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Sri Lanka’s central bank controls dollar deposit rates amid currency crisis https://pivdencombank.com/sri-lankas-central-bank-controls-dollar-deposit-rates-amid-currency-crisis/ Sun, 02 Jan 2022 14:39:07 +0000 https://pivdencombank.com/sri-lankas-central-bank-controls-dollar-deposit-rates-amid-currency-crisis/

ECONOMYNEXT – Sri Lanka has linked the rates paid on foreign currency deposits to rupee yields using the powers of a monetary law devised by an American money doctor, as a currency crisis triggered by injections of Record liquidity seized the country.

The maximum interest rates that will be offered or paid by an approved commercial bank and the National Savings Bank on foreign currency deposits (FCY) of less than one year would be 150 basis points lower than the yield on the auction of the bonds. one-year treasury or 5%, whichever is greater.

Deposits longer than one year will be “based on market behavior,” the central bank said.

Special deposit accounts can be paid at a higher interest rate.

“The auctions for the above average rate calculation will be selected based on the auction date falling in the corresponding calendar month, not the settlement date,” the central bank said.

“The maximum interest rates for the coming quarter are calculated on the last business day of the current quarter. “

In August, the central bank imposed a cap rate of 5.0% on dollar deposits, discouraging active deposit hikes by banks.

Sri Lankan dollar yields rose sharply as liquidity tightened after the downgrades and counterparty risks increased.

Sri Lanka is currently facing a currency crisis due to low interest rates imposed by cash injections.

During the ousted “Yahapalana” administration, when the currency collapsed from 131 to 181 in two crises, deposit rate controls were imposed on unlucky savers after printing money to break the bank. peg the currency and drive up inflation.

The rupee is now pegged at 200 per US dollar, which has lost credibility and parallel exchange rates are around 250 per dollar.

In 1950, a classic analyst writing in London magazine The Banker warned against creating a discretionary central bank with money printing power.

“It will be evident from this summary that the new Monetary Council is going to be given almost unlimited power of control over Ceylon’s banking system – power which, if misused, could cause irreparable harm to life. of the island.
economy, ”the analyst wrote.

“The experience of the next few years will be watched with interest to see whether the experience of Ceylon will indeed show the rest of the Empire the path that a developing economy must take to free itself from the
unmeasured drawbacks of the Currency Board system or whether it will simply provide another example of the tangled web so often woven by those who left with the good intention of making finance “the servant instead
of the master of the people ”. (Colombo / jan02 / 2021)

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Food inflation could continue in 2022 https://pivdencombank.com/food-inflation-could-continue-in-2022/ Fri, 31 Dec 2021 20:12:29 +0000 https://pivdencombank.com/food-inflation-could-continue-in-2022/

News



In this archive photo, Liza De Verteuil is shopping in Massy, ​​Mandalay, Arima stores. – Photo by Angelo Marcelle

There could be further increases in food and core inflation by 2022.

But there is also cautious optimism about the economic recovery in Trinidad and Tobago next year, once the gradual reopening of the economy continues.

The central bank expressed this view in its latest monetary policy announcement (AMP) on Friday, the definitive AMP for 2021.

After a delay of several months, the bank said external price pressures are currently having a direct and widespread impact on domestic inflation. Headline inflation hit 3.9% year-on-year in October, down from 2.4% a month earlier.

“Food inflation jumped to 7.6 percent from 5.8 percent in September and is expected to rise further given the situation in world grain markets.”

As a result of this development, National Flour Mills (NFM) announced on Wednesday that its wholesale price would be increased by 15 to 20 percent and suggested a 19 percent increase in the retail price of flour.

On Thursday, NFM said the increase in the retail price of its hibscus flour would be 17%, not the original 19%. Kiss Baking Company has said the price of some of its products will increase by 9%. Linda’s Bakery has said a price increase for its products will be determined next month.

The bank said core inflation, which excludes food items, nearly doubled to 2.9% from the previous month.

“Stronger price pressures were also seen for building materials, with the building materials price index rising 12.6% in the third quarter of 2021 compared to the same quarter a year earlier.”

The bank also said: “At the national level, commercial operations are starting to recover after the gradual opening of the economy since the third quarter, a signal of cautious optimism for 2022 if this momentum continues.”

On financing, the bank said business lending increased 1.3% year-on-year in October 2021, the first increase since August 2018. “Recent lending has been particularly buoyant for the banking sectors. construction, finance and mortgage lending cent increases.

But the bank said: “Consumer loans contracted 2.3%, despite a slight drop in interest rates. The weighted average lending rate of commercial banks fell to 7.04% in September, or 16 basis points lower than in March.

Liquidity in the financial system remained plentiful, with commercial bank excess reserves at the central bank averaging $ 7.37 billion in the first half of December. In addition, the bank said the interest rate differential between Trinidad and Tobago and 90-day U.S. Treasuries was

relatively stable at around 27 basis points since June.

After taking note of domestic economic developments, including the resumption of trade operations in a more open framework and the transmission of external inflation to local prices, the bank’s monetary policy committee decided to maintain the repo rate. at 3.5%.

The bank committee also felt that TT’s economic outlook as we enter 2022 was clouded by significant uncertainty about the path covid19 will take in the future.

From a global perspective, the bank said global inflationary pressures, mainly driven by constraints on the supply side, increased in the second half of 2021.

“Such pressures have led to tightening monetary policies in several countries.”

These include the United States (with inflation above its 2% target for the ninth consecutive month) and the United Kingdom, where the Bank of England raised its key rate by 15 basis points to 0. , 25%, the first rate hike by a major central bank. since the start of the pandemic.

The bank observed that emerging and developing economies continued to raise interest rates, to cope with domestic inflation and in anticipation of the potential impact of rising interest rates in advanced economies on capital flows.

At the same time, the outlook for global growth has darkened with the emergence of the rapidly spreading omicron variant of covid19, with some countries reverting to difficult travel and other restrictions on mobility and economic activities. “

The next AMP is scheduled for March 25.

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Sensex, Nifty Trade Flat; Top winners from Wipro, Tata Consumer and HCL Tech https://pivdencombank.com/sensex-nifty-trade-flat-top-winners-from-wipro-tata-consumer-and-hcl-tech/ Thu, 30 Dec 2021 05:11:03 +0000 https://pivdencombank.com/sensex-nifty-trade-flat-top-winners-from-wipro-tata-consumer-and-hcl-tech/

The Nikkei is down 0.2% while the Hang Seng is up 0.3%. The Shanghai Composite is trading up 0.8%.

In US stock markets, Wall Street indices closed at all-time highs on Wednesday thanks to a boost from retailers like Walgreens and Nike, as investors ignored concerns about the Omicron variant spreading.

The Dow Jones Industrial Average gained 0.3% while the Nasdaq fell 0.1%. The S&P 500 hit new highs again, gaining 0.1%.

With that, the Dow Jones has now risen six consecutive trading days, marking the longest streak of gains since a streak of seven sessions from March 5 to March 15 of this year.

Back home, Indian stock markets are trading on a flat note.

The ESB Sensex trades 69 points. Meanwhile, the NSE Nifty is trading up 17 points.

Wipro and HCL Tech are among the top winners today. Bajaj Finserv, meanwhile, is one of the big losers today.

The BSE Mid Cap Index and the BSE Small Cap Index are trading up 0.1% and 0.4% respectively.

Sector indices trade in a blended fashion with stocks from the telecommunications sector and the IT sector showing long interest.

Real estate and energy stocks, on the other hand, are trading in the red.

Shares of Suzlon Energy and ESAB India hit their 52-week highs today.

The rupee is trading at 74.53 against the US dollar.

Gold prices are trading down 0.2% at ??47 749 for 10 grams.

Meanwhile, silver prices are trading down 0.4% to ??61,593 per kg.

In global markets, gold prices have stabilized above the key level of US $ 1,800 per ounce as the weak US dollar, making the bullion attractive to holders of other currencies, a balanced pressure from firm Treasury yields eroding the metal’s appeal.

Crude oil prices rose today to extend several consecutive days of gains, supported by data showing fuel demand in the United States is holding up well despite the surge in Omicron coronavirus infections.

In the news of the PSU space, State-owned power producer SJVN said on Wednesday it would invest ??600 billion to exploit 5,097 megawatts (MW) of hydropower in Arunachal Pradesh.

Company President and CEO Nand Lal Sharma met with the Chief Deputy Minister in New Delhi to discuss a roadmap for developing hydropower projects.

Sharma said that the development of these projects involving an interim investment of ??600 billion and will be commissioned by SJVN in the next 8 to 10 years.

He added that at the time of commissioning, these projects are expected to generate around 20 billion units of clean energy per year on a cumulative basis.

Note that SJVN has set itself an ambitious goal of achieving an installed capacity of 5,000 MW by 2023, 12,000 MW by 2030 and 25,000 MW by 2040.

It remains to be seen how that will play out.

In addition, the share price of Bharat Petroleum Corporation (BPCL) is at the center of concerns today.

The country’s largest insurance company, LIC, has acquired a 2.02% stake in the state-owned petroleum refineries company through open market transactions.

This increased LIC’s stake in BPCL from 5.01% to 7.03% today.

At the same time, as uncertainty hangs over the privatization of BPCL, the government’s disinvestment objective of ??It is unlikely that 1.75 tonnes for fiscal year 2022 will be reached.

The Center could lower its divestment revenue target in the revised estimates, even if it is on track to launch LIC’s initial public offering (IPO).

Reports indicate that While LIC’s IPO is expected to be completed before March 2021, the planned privatization of BPCL could extend into the next fiscal year.

This implies that when Finance Minister Nirmala Sitharaman presents the Union budget for 2022-2023, revised divestment estimates could be around ??500 billion less than the 2021-22 budget forecasts.

Due diligence for the sale of BPCL took longer than expected. Interested bidders were given access to the refiner’s financial data in April, but found delays in performing due diligence due to disruption from the pandemic.

Speaking of PSU, take a look at the chart below which shows how the BSE PSU Index has performed against BSE Sensex over the past few years.

As the graph above shows, over the past decade, ??100 invested in the BSE PSU index would have eroded to ??80, compared to nearly 3 times more gains for the Sensex.

Here’s what Richa Agarwal, chief small-cap analyst at Equitymaster, wrote about PSU stocks in one of the editions of Profit Hunter:

However, it would be folly to paint all the power supplies with the same brush. There are a few exceptions in this space, which put their private peers to shame.

In a recent editorial, I shared an opportunity in a rising PSU stock that enables an irreversible megatrend – digitization.

Let’s move on to news from the banking sector, The gross non-performing asset ratio (GNPA) of scheduled commercial banks is expected to rise to 9.5% in September 2022, from 6.9% in September 2021 in a severe crisis scenario, the Reserve Bank of India announced on Wednesday ( RBI).

In its 24th issue of the Financial Stability Report (FSR), the RBI said programmed commercial banks would, however, have sufficient capital, both at the aggregate and individual level, even under stressful conditions.

Listed commercial banks’ risk-weighted assets (CRAR) ratio hit a new high of 16.6% and their provisioning coverage ratio (PCR) stood at 68.1% in September 2021.

In the report, the central bank noted that the global recovery had lost momentum in the second half of 2021, impacted by the resurgence of infections in several parts of the world and supply disruptions.

Inflationary pressures add to the pressure.

Here is an excerpt from the report,

Bank credit growth is showing signs of a gradual recovery, led by the personal segment, although credit flows to lower-rated companies remain hesitant. Micro, small and medium enterprises (MSMEs) as well as the microfinance segment are showing signs of stress.

We will keep you posted on the latest developments in this space. Stay tuned.

This article is syndicated from Equitymaster.com

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Indonesian banking regulations: Shareholding, capitalization and management of commercial banks on the basis of OJK regulation n ° 12 / POJK.03 / 2021 – Finance and Banking https://pivdencombank.com/indonesian-banking-regulations-shareholding-capitalization-and-management-of-commercial-banks-on-the-basis-of-ojk-regulation-n-12-pojk-03-2021-finance-and-banking/ Tue, 28 Dec 2021 09:29:28 +0000 https://pivdencombank.com/indonesian-banking-regulations-shareholding-capitalization-and-management-of-commercial-banks-on-the-basis-of-ojk-regulation-n-12-pojk-03-2021-finance-and-banking/

Indonesia: Indonesian banking regulations: Shareholding, capitalization and management of commercial banks on the basis of OJK regulation n ° 12 / POJK.03 / 2021

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The Indonesian banking market has grown rapidly alongside the use of information technology and digital transactions. According to recent data, at least five digital banks are competing in the Indonesian market, including DigiBank, TMRW and Bank Jago which were established in the past two years. In addition, several commercial banks are currently processing the establishment of their digital banks at the Financial Services Authority / Otoritas Jasa Keuangan(“OJK“).

In view of the enormous growth of the Indonesian banking sector, OJK has issued OJK Regulation No. 12 / POJK.03 / 2021 regarding commercial banks (“Regulation OJK 12/2021“) which sets out the provisions for the oversight and operation of commercial and digital banks.

In our previous post, we discussed the establishment and reporting obligations of commercial and digital banks. Thus, we will now focus our analysis on shareholding, the capitalization requirement and the exemption from the use of foreign labor.

Shares Owned by banks: Indonesian entity banks (Bank Berbadan Hukum Indonesia Where “BHI“) are required to comply with the following requirements relating to controlling shareholders:

  1. Shares held by controlling shareholders cannot be guaranteed in favor of other parties, unless the competent institutions with such authority authorize it for the rescue and processing of certain issues (Art. 35 of OJK regulation 12/2021);
  2. Controlling shareholders must meet the relevant requirements established by OJK by passing the suitability test conducted by OJK (Art. 36 and 37 of OJK regulation 12/2021);
  3. Controlling shareholders are prohibited from participating in any decision-making relating to the operations of BHI, unless such controlling shareholders are also directors, auditors or employees of the bank;

In addition, Article 39 of OJK Regulation 12/2021 states that any change, replacement and / or addition to controlling shareholders must be made in accordance with the provisions and requirements set out by OJK.

Failure to comply with OJK requirements will result in progressive sanctions ranging from: (i) written notifications, (ii) fines, (iii) ban on expanding business activities and / or freezing of certain business activities, to (iv) ban on ‘business activities apply to controlling shareholders, directors, auditors and / or officers of the main part of the digital bank.

Funding changes: OJK requires an IHB to send notification and / or information regarding changes in funding, including:

  1. variations in the amount of paid-up capital due to the payment of the dividend which is effected by distribution of shares; and
  2. changes in the shareholding structure affecting or not affecting the controlling position;

In this regard, the bank concerned will submit the notification to OJK together with: (i) the minutes of the shareholders’ meeting; and (ii) a notarial deed reaffirming this modification within 10 working days at the latest.

Failure to comply with this obligation will result in progressive sanctions ranging from (i) written notices, (ii) administrative fines, (iii) the ban on expanding commercial activities and / or the suspension of certain commercial activities, to (iv) the prohibition for the directors of the bank to become the Main Party (Pihak Utama) in accordance with the regulations in force of the OJK.

Employment of foreign workers by digital banks: OJK Regulation 12/2021 allows digital banks to employ foreign workers as directors, managers and / or experts or consultants, regardless of the current composition of their shareholder base, as stipulated in OJK Regulation n ° 37 /POJK.03/2017 on the employment of foreigners Workers and the transfer of[1]Knowledge program within the banking sector (“Regulation OJK 37/2017“) (Art. 28 (1) of OJK Regulation 12/2021).

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

POPULAR POSTS ON: Finance and Banking in Indonesia

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St. Paul’s Open Cities Health Center appoints Mitchell Davis Jr. Permanent CEO – Twin Cities https://pivdencombank.com/st-pauls-open-cities-health-center-appoints-mitchell-davis-jr-permanent-ceo-twin-cities/ Sun, 26 Dec 2021 17:34:43 +0000 https://pivdencombank.com/st-pauls-open-cities-health-center-appoints-mitchell-davis-jr-permanent-ceo-twin-cities/

PLEASE NOTE – HEALTH CARE

Mitchell Davis Jr.

Open Cities Health Center, a federally licensed health center in St. Paul, announced it had appointed Mitchell Davis Jr. as chief executive officer; Davis has been the interim CEO since June.

AGRIBUSINESS

SHC inc., an agri-food cooperative based in Inver Grove Heights, announced the appointment of Kirstie foster as Senior Vice President, Marketing Communications.

ENGINEER ARCHITECT

adapt, a Plymouth-based construction engineering and architectural consulting firm, in partnership with DIRTT environmental solutions, welcomed Jennifer zeller as DIRTT champion and
Business Development Director.

EDUCATION

ECMC Group, a family of nonprofit fundraisers based in Minneapolis, announced the appointment of Bruce feist as vice president of applications and analytics.

FINANCIAL SERVICES

Creative Fundraising Consultants, a St. Paul-based fundraising consultant for nonprofits, announced that Liz jellema will join the company as COO, effective January 10. … Based in Indiana Former National Bank announced the promotion of Rob triplet to director of commercial banking, senior vice president for Minnesota. Old National is Minnesota’s eighth bank in terms of deposit market share. … prosperous, a Minneapolis-based diversified financial services organization, announced that Carolyn Sakstrup joins the company as executive vice president and director of growth and generosity.

LAW

Fredrikson & Byron, Minneapolis, announced that the lawyer Steven C. Schaefer joined the firm as counsel in the Banking & Finance and Corporate & Securities groups and this lawyer Sarah A. Horstmann has joined the Litigation, Trade Secrets and Non-competition groups as a shareholder. … Maslon, Minneapolis, announced the addition of a lawyer Dmetri culkar to the Company’s Business and Securities group. … Henson efron, Minneapolis, announced that Sarah J. Hewitt joined the firm within the Family Law group.

MANUFACTURING

Digital manufacturer Protolabs, Maple Plain, has announced that it has appointed Stacy greiner to its board of directors. Greiner is the general manager of sales and marketing in North America for Dun & Bradstreet, a provider of business intelligence data and analytics.

MEDICAL TECHNOLOGY

Medtronic announced that Ivan Fong will join the company on Feb. 1 as executive vice president, legal counsel and secretary, according to Reuters; Fong was previously at Maplewood 3M and will replace Brad lerman at Medtronic when Lerman retired at the end of January; In addition, reported Medtronic executive hires include Mira Sahney, chair, pelvic health; Harry “Jump” Kiil, president, cranial and vertebral technologies; Bob hopkins, responsible for the overall strategy; Mei Jiang, head of global digital innovation, and Dr Austin Chiang, Chief Medical Officer of the Gastrointestinal Department, a newly created post. Medtronic, a manufacturer of implantable medical devices and treatments, is based in Ireland with executive operations at Fridley.

NON-PROFIT

City and community of Mendota Heights leaders announced the formation of a Mendota Heights Community Foundation to fund community development events and activities for those who live, study or work in Mendota Heights. The members of the board are: Sandra krebsbach, President; Steve norton, vice-president; Litton field, treasurer; Marie magnuson, secretary and Liz Petschel, in general. All have held elected or appointed leadership positions in Mendota Heights City Government. … The Saint-Paul and Minnesota Foundation announced the election of Michael Echols, Chris Galvin, Alex West Steinman and Tarek Tomes to its board of directors; Echols is executive vice-president, financial director and administrative director of the Carousel
Motor group; Galvin is president of the Andersen division at Andersen Corp.; Steinman is co-founder and CEO of The Coven, and Tomes is Commissioner of Minnesota IT Services and State of Minnesota responsible for information.

TECHNOLOGY

Three Minnesota companies have been nominated for Deloitte‘s North America Technology Fast 500 ranking of the fastest growing North American companies in technology, media, telecommunications, life sciences, fintech and energy: cybersecurity: Arctic wolf, Eden Prairie; Payroll Software : Plugged, Minneapolis; Sleep Apnea: Inspiring medical systems, Golden Valley.