Commercial Bank – Pivdencom Bank http://pivdencombank.com/ Fri, 17 Sep 2021 23:48:45 +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 Two North End banks were robbed within minutes of each other on Friday morning https://pivdencombank.com/two-north-end-banks-were-robbed-within-minutes-of-each-other-on-friday-morning/ https://pivdencombank.com/two-north-end-banks-were-robbed-within-minutes-of-each-other-on-friday-morning/#respond Fri, 17 Sep 2021 23:48:45 +0000 https://pivdencombank.com/two-north-end-banks-were-robbed-within-minutes-of-each-other-on-friday-morning/

Police are asking the public for help in catching a cheeky bank robbery suspect who robbed two North End banks minutes apart on Friday morning.

Photos of the scruffy suspect, who is believed to be in his 30s, show a man carrying a padded CVS plastic bag.

Citizens Bank, located at 315 Hanover St., was robbed at 9:10 a.m. and a Santander bank at 287 Hanover St., was robbed just 4 minutes later. The two shores are approximately 130 feet apart and located on the same side of the street.

No gun was shown, but the suspect pretended to have one in his possession, Boston police said. No injuries were reported. The suspect is a Hispanic man in his thirties. We still don’t know what the suspect stole.

The FBI was present at the scene.

Community members who wish to help with the investigation anonymously are encouraged to call the CrimeStoppers whistleblower line at 1 (800) 494-TIPS or by texting “TIP” to CRIME (27463).

The BPD’s public newspaper on Friday shows three bank heists and two street heists.

In 2019, the FBI reported 2,160 commercial bank robberies. In Massachusetts alone, 58 bank robberies were reported. Data shows they most often occur on Fridays between 9 a.m. and 11 a.m.

Social networks ignited just after the robberies on one of the city’s most popular boulevards.

“Guess who’s watching ‘The Town’ tonight?” one person joked, referring to the blockbuster movie starring Ben Affleck, Jon Hamm, Jeremy Renner, Rebecca Hall and Blake Lively based on Chuck Hogan’s 2004 novel “Prince of Thieves”.

The book is about a group of Charlestown-based bank robbers leading the FBI on a mad dash through Boston as they rob banks and even Fenway Park.

Investigators were seen leaving the banks with bags of evidence. Still, BPD made the call to share any information anyone might have spotted on Hanover Street early on Friday.

“BPD Community Alert,” police wrote at the end of the day, “the Boston Police Department is seeking the public’s assistance in identifying the suspect wanted in connection with the recent bank robberies in the north of the country. “

Source link

]]>
https://pivdencombank.com/two-north-end-banks-were-robbed-within-minutes-of-each-other-on-friday-morning/feed/ 0
Royal Bank of Canada appoints Nadine Ahn Chief Financial Officer and Maria Douvas Chief Legal Officer https://pivdencombank.com/royal-bank-of-canada-appoints-nadine-ahn-chief-financial-officer-and-maria-douvas-chief-legal-officer/ https://pivdencombank.com/royal-bank-of-canada-appoints-nadine-ahn-chief-financial-officer-and-maria-douvas-chief-legal-officer/#respond Fri, 17 Sep 2021 14:27:00 +0000 https://pivdencombank.com/royal-bank-of-canada-appoints-nadine-ahn-chief-financial-officer-and-maria-douvas-chief-legal-officer/ A Royal Bank of Canada (RBC) logo can be seen on Bay Street in the heart of Toronto’s financial district on January 22, 2015. REUTERS / Mark Blinch / File Photo

Sept. 17 (Reuters) – The Royal Bank of Canada (RY.TO) on Friday appointed two women, already in senior positions at the country’s largest lender, to its management team, joining other banks national and global organizations that increase diversity in their senior ranks.

Head of Investor Relations Nadine Ahn will become Royal Bank’s new CFO effective Nov. 1, succeeding Rod Bolger, who will be leaving after a decade with the lender, RBC said in a statement.

General Counsel Maria Douvas will assume the newly created role of Legal Director, with immediate effect.

Royal Bank shares fell 0.25% to C $ 129.16 at the start of trading in Toronto, in line with the broader benchmark (.GSPTSE).

Big banks around the world are facing increasing pressure to make change in an industry that has historically had few women or people of color in its senior ranks, with that change accelerating in recent years.

Last year, Laurentian Bank of Canada (LB.TO) appointed Rania Llewellyn CEO and President, making her the first woman to head a major Canadian bank.

Last year, Citigroup Inc (CN) appointed Jane Fraser as its new CEO, making her the first woman to head a major Wall Street bank.

Canadian banks have made changes to their leadership even outside of the diversity push.

Last month, the National Bank of Canada (NA.TO) appointed Laurent Ferreira, COO, CEO, to replace Louis Vachon, who is retiring in October.

The Toronto-Dominion Bank (TD.TO) in June appointed CFO Riaz Ahmed as head of securities and wholesale banking, Kelvin Tran, former executive vice president of corporate finance, taking over as as CFO.

Ahn joined RBC, Canada’s largest lender, in 1999 and has held senior financial positions, including corporate treasury.

Douvas joined RBC in 2016 and has served as the bank’s General Counsel and Labor Law and General Counsel in the United States.

The Royal Bank also said that Neil McLaughlin, head of its personal and commercial banking unit, will take the helm of start-up funder RBC Ventures, replacing Mike Dobbins, who will be leaving on November 1 after more than a decade. at the lender.

Reporting by Nichola Saminather in Toronto and Noor Zainab Hussain in Bengaluru; Editing by Maju Samuel and Jonathan Oatis

Our Standards: The Thomson Reuters Trust Principles.

Source link

]]>
https://pivdencombank.com/royal-bank-of-canada-appoints-nadine-ahn-chief-financial-officer-and-maria-douvas-chief-legal-officer/feed/ 0
What happened to the Lebanese economy? https://pivdencombank.com/what-happened-to-the-lebanese-economy/ https://pivdencombank.com/what-happened-to-the-lebanese-economy/#respond Fri, 17 Sep 2021 01:51:33 +0000 https://pivdencombank.com/what-happened-to-the-lebanese-economy/
A gas-free service station available. (Sabri Ben Achour)

Drive down any main road in Beirut these days, and you’re bound to come across a line of cars, barely moving, taking up an entire lane of traffic, winding a block or even a mile. These are gas pipes.

“I’ve been here since 6 a.m. to queue, now it’s 11 a.m.,” gray-haired, sweaty Salim Al Arab said from his station wagon with the windows down in the summer heat of Beirut. You don’t use air conditioning when gas is so hard to find.

Al Arab is leading a line that stretches as far as the eye can see. It includes bus drivers and electricians, taxi drivers and delivery people, all taking hours and hours out of their day to get the gas they need to live their lives.

Gas, of course, is not half of it. Inflation there reached nearly 160% in March.

“The prices are crazy,” Ahmad Zaki said from the side of the road next to another gas station. Zaki runs a mobile cafe on the back of his motorbike. “A kilo of coffee costs me what I earn in a day. I can barely make ends meet.

I asked a baker for kanafeh, a fried cheese dish glazed with syrup.

“We don’t do that anymore. The ingredients are too expensive, ”the baker told me.

Then there is the electricity. Those who depend on the electricity grid have about an hour or two a day.

Lebanon’s power grid has been notoriously dysfunctional for many years, unable to deliver electricity around the clock for decades, but it is at a new low. Those with money to spare have generators – generators that need fuel.

Vartan Chakrian runs a small boutique in Bourj Hammoud, the Armenian quarter of Beirut. He moves and speaks slowly, as if to save energy. A small parakeet keeps him company while behind him stands a 7 foot tall pile of Kleenex. Why so many Kleenex? He cut down on perishables because the electricity cuts or fry the refrigerator.

Business is not great. Kleenex is selling and not doing badly, he says.

Of course, this economic crisis is only the basis of all the other burdens the Lebanese are under – the pandemic is simmering in the background.

“I spent all my money on my brother last year,” Chakrian told me, his eyes suddenly glowing. “He had COVID. It was not enough. He is dead.”

The current crisis in Lebanon is perhaps one of the three worst crises the world has known in 150 years, according to the World Bank.

“Sudden stop” of capital flows

It’s both simple and anything but.

Simple in that it was triggered by a simple phenomenon in economics: a “sudden stop” of capital. The flow of foreign currency into the country – dollars, euros – slowed down and practically came to a halt in 2019 and 2020.

Without enough dollars to find Lebanese pounds, the market value of the currency plummeted. It has lost 90% of its value in two years. Everything that needed to be imported suddenly became expensive and hard to find.

In Lebanon, a small country with an undernourished manufacturing sector, a lot of things are imported: gas, medicines, food.

Cancer patients protested a few weeks ago that their drugs were not available or that their cost was astronomical. Jehan Saleh, from Michigan, is in Lebanon to visit his family. She walks through what was once a bustling shopping street in Beirut known to everyone as Hamra.

Half the stores are closed and you would never guess that it was once a crowded commercial thoroughfare. She arrived with a suitcase full of supplies.

A suitcase full of medicines

“Well, I brought some basic medicine that they can’t find here – over-the-counter pain relievers, ointments, allergy medicine, stomach medicine, things they can’t. not find here. And if they can find it, they can’t afford it, ”she said.

The government subsidized essentials like gas and drugs, but this led to the two being smuggled abroad, where they could be sold for a higher profit margin. When the government announced it would cut subsidies, cases of storage were reported as sellers wanted to wait until they could sell their goods later. Both phenomena exacerbated the shortages.

St. George’s Hospital sits near the port where a massive explosion on August 4, 2020 caused $ 15 billion in property damage and left 300,000 homeless. Its lobby has been recently renovated, but some windows are still broken.

Hospital loses nearly 100 nurses

“Before, we had the best salaries,” said Wafaa Maalouf, head of nursing. “Before, we were attracted to many nurses from different fields. Unfortunately, with the deterioration of the financial situation in Lebanon, we are losing a lot of nurses. ”

Transportation to the hospital has become expensive, rents have skyrocketed and the value of wages has fallen.

“So I have about 96 resignations,” she said. “My staff was around 600 people. We’re now about 500. ”Patients are discharged only to find they can’t get the follow-up medication they need. The morale of the remaining nurses is low.

The sudden freeze of foreign capital entering Lebanon and the collapse of its currency is the tip of the economic iceberg.

The Caesar law

Hezbollah chief Hassan Nasrallah blamed the situation on what some here are calling a US-led siege. The US Caesar Syria Civilian Protection Act, threatening sanctions against those helping or working with the regime in Syria, has complicated the already difficult task of supplying Lebanon with fuel and electricity and has dissuaded some expatriates from sending electricity. money in Lebanon. But there are many other factors behind Lebanon’s economic collapse, and they date back decades.

“Fifteen years ago, we imported about $ 20 billion worth of goods a year.. We only exported around $ 3 billion, ”explains Kamal Hamdan, director general of the Beirut Consulting and Research Institute.

Foreign currency outflows were offset by tourists from the Gulf, Syria and Iran to spend. It was also balanced by international loans, international aid and remittances from millions of Lebanese living abroad, Hamdan explained from a dark, uncooled office as a generator for a nearby hotel purred behind – plan.

“The turning point was 2011,” Hamdan said. “The Arab Spring and the explosion of antagonism between Saudi Arabia and Iran have had repercussions on the political and economic relations between Lebanon and Saudi Arabia and consequently all the countries of the Gulf area . Gulf aid was reduced to a trickle in 2016.

Domestic and foreign debt

During this time, the Lebanese government was accumulating debts, both internal and external. The debt-to-gross domestic product ratio, which fell until 2012, reversed and reached 150% in 2018.

Nassib Ghobril, chief economist of the Byblos Bank group, describes it as unprecedented.

” Public expenses [went] from $ 6.8 billion in 2005 to $ 18 billion in 2018. We have seen 31,000 people recruit for political reasons into the public sector, ”Ghobril said. “We have seen a decision to indiscriminately increase the wages and salaries of public sector workers and employees and retirees without taking into account this impact on public finances and on confidence.”

As foreign currencies entering the country stopped balancing outflows, Lebanon’s central bank began trying to attract foreign currencies into the country by raising interest rates more and more, reaching nearly 10 %.

She started borrowing from commercial banks, which borrowed from their own depositors and customers. It bought a few years, Hamdan said. But eventually the flows started to slow down again. With fewer dollars coming in, the central bank had less ammunition to peg the Lebanese pound to the dollar. Black market exchange rates emerged, revealing that the real value of the pound was falling.

The events of 2019 “created panic”

Then in 2019, a series of shocks brought down the house of cards. In the financial world, Fitch Ratings downgraded Lebanon’s debt in August, a small Lebanese bank was blacklisted by the US Treasury Department, and an Israeli drone strike in a southern Beirut suburb has collectively sounded alarm bells. to the ears of investors.

“These three events created panic and led to a turning point in the sudden halt in capital inflows,” Ghobril said.

In November 2019, Lebanese banks closed their doors amid nationwide protests calling for the resignation of the government, further eroding confidence in the banking system. Desperate Lebanese tried to buy goods or works of art during this period in an attempt to preserve their savings.

Finally, in March 2020, the government defaulted on its external debts.

“This has led to an almost complete halt to all inflows of capital into Lebanon,” Ghobril said.

Limited access to bank accounts

The consequences spilled over into the banking system, with banks limiting people’s access to their accounts and forcing the Lebanese to convert their accounts to US dollars at the old dollar rate. This actually meant that every depositor with dollars in Lebanon was actually losing 80% of the value of their accounts.

“They stole our money,” said Laila Said angrily. She lives in a suburb and made a rare trip downtown to shop. “How can you make money for years and years and have someone take your money now?” “

But Lebanon, like most places, is nothing if not a land of contradictions. There are segments of the economy that do better – wealthy and operating on the dollars brought in by tourists and expatriates.

In the mountains outside of Beirut, wedding music can still be heard across the valleys. At a restaurant by a waterfall in Lebanon’s Chouf region, a couple dine on a floating platform in a pool fed by a stream. Admission is $ 20.

The United States and France have offered hundreds of millions of dollars in humanitarian aid. But the recovery would require loans in the order of billions, according to economists.

The IMF offered such loans subject to reform, but the government was unwilling or unable to accept them. Until recently, Lebanon did not have a fully functioning executive branch – the latter resigned in August 2020 after the massive explosion in the port of Beirut but remained on an interim basis. A new government was announced earlier this month and promises to tackle the crisis.

For some, it is too little, too late.

Hisham Kekhia works for the family bottle manufacturing business. Last June, he fell ill.

“For three weeks, I couldn’t find the most basic drug,” he told me. “It was the last straw. It has become unlivable. So I’m going to go. He will go to Turkey, he thinks.

He will leave behind a country which, for many, becomes unrecognizable.

Source link

]]>
https://pivdencombank.com/what-happened-to-the-lebanese-economy/feed/ 0
Metropolitan Bank: Public Offering Price of Common Shares (Form 8-K) https://pivdencombank.com/metropolitan-bank-public-offering-price-of-common-shares-form-8-k/ https://pivdencombank.com/metropolitan-bank-public-offering-price-of-common-shares-form-8-k/#respond Thu, 16 Sep 2021 14:52:11 +0000 https://pivdencombank.com/metropolitan-bank-public-offering-price-of-common-shares-form-8-k/

Metropolitan Bank Holding Corp. evaluates the public offering of ordinary shares

NEW YORK, NEW YORK – September 15, 2021 – Metropolitan Bank Holding Corp. (NYSE: MCB) (the “Company”), the holding company of Metropolitan Commercial Bank (the “Bank”), today announced the price of a binding takeover bid for 2,000,000 common shares at a price of 75 $ per share. The Company has also granted the underwriters a 30 day option to purchase up to 300,000 additional common shares.

The total gross proceeds of the offering will be approximately $ 150.0 million before discounts and expenses. Assuming that the Underwriters exercise their option to purchase additional shares in full, the total gross proceeds of the offering would be approximately $ 172.5 million before discounts and expenses. The Company plans to use the net proceeds of the offering for general corporate purposes, which may include financing the repayment or repurchase of outstanding debt, share repurchases, investments in the Bank. , as regulatory or other capital, ongoing operations, interest and dividend payments and possible acquisitions of businesses or assets. The closing of the offer is scheduled for September 20, 2021, subject to customary closing conditions.

JP Morgan and Keefe, Bruyette & Woods, A Stifel company, act as co-bookkeepers.

Metropolitan Bank Holding Corp. has filed with the Securities and Exchange Commission (the “SEC”) a pre-registration statement (including a prospectus) on Form S-3 (File No. 333-254197) and a preliminary prospectus supplement for the offer to which this press release relates. Before investing, you should read the preliminary prospectus supplement and the accompanying prospectus, including the information incorporated by reference therein, as well as other documents that we have filed and that we will file with the SEC for obtain more complete information about the Company and this offer. The proposed offer is being made only by means of an effective pre-registration statement, including a preliminary prospectus supplement and a final prospectus supplement, copies of which may be obtained, where available, free of charge by visiting EDGAR on the SEC website at www.sec.gov. Additionally, copies may be obtained from JP Morgan Securities LLC, c / o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling (866) 803-9204; or from Keefe, Bruyette & Woods, Inc., Attention: Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019 or by calling the toll free number (800) 966-1559.

This press release does not constitute an offer to sell or the solicitation of an offer to buy such securities, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Metropolitan Bank Holding Corp.

Metropolitan Bank Holding Corp. (NYSE: MCB) is the holding company of the Metropolitan Commercial Bank. The Bank offers a wide range of business, commercial and personal banking products and services to small and medium-sized businesses, public entities and high net worth individuals in the New York metropolitan area. Founded in 1999, the Bank is headquartered in New York City and operates six branches in Manhattan, Brooklyn and Great Neck, Long Island. The Bank is also an active debit card issuer for third party debit card programs and provides critical global payments infrastructure to its fintech partners. The Bank is a New York State chartered commercial bank and a member bank of the Federal Reserve System with deposits insured up to applicable limits by the Federal Deposit Insurance Corporation and an Equal Lender. chances. For more information, please visit www.mcbankny.com.

Forward-looking statements

The information disclosed in this press release includes various forward-looking statements which are based on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. ” expects ” ‘think’, ‘anticipates’, ‘may,’ ” ” ” ” ” ‘should’ ” ‘might’ and other similar expressions are intended to identify such forward-looking statements. The Company cautions that these forward-looking statements are necessarily speculative and speak only as of the date of writing, and are subject to numerous assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially from these forward-looking statements. Therefore, you should not place undue reliance on forward-looking statements. In addition to the specific risk factors disclosed in the Company’s annual report on Form 10-K for the year ended December 31, 2020, the following factors, among others, could cause actual results to differ materially and adversely from these forward-looking statements: changes in the financial services industry and US and global capital markets, changes in economic conditions nationally, regionally and in the Company’s markets, the nature and timing of the actions of the Reserve federal and other regulatory agencies, the nature and timing of laws and regulations affecting the financial services industry, government intervention in the US financial system, changes in federal and state tax laws, changes in levels market interest rates, price pressures on loan and deposit products, ris credit issues of the Company’s lending and leasing activities, successful implementation, deployment and upgrades of new and existing technologies, systems, services and products, customer acceptance of the Company’s products and services and competition. Additionally, given its ongoing and dynamic nature, it is difficult to predict the continued effects the COVID-19 pandemic will have on our business and operating results. The pandemic and related local and national economic disruptions may, among other effects, result in a material adverse change in demand for our products and services; increased levels of loan defaults, problematic assets and foreclosures; branch disruptions, staff unavailability and increased cybersecurity risks when employees work remotely. All statements made by the Company that are not historical facts should be considered as forward-looking statements. The Company is under no obligation to update and does not undertake to update any of its forward-looking statements made here.

Investor contact:

Gregory A. Sigrist

Executive Vice President and Chief Financial Officer

(212) 301-7880

Disclaimer

Metropolitan Bank Holding Corp. published this content on September 16, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on September 16, 2021 02:51:01 PM UTC.

Source link

]]>
https://pivdencombank.com/metropolitan-bank-public-offering-price-of-common-shares-form-8-k/feed/ 0
Malaysia and Thailand urge banks to become “ASEAN Qualified Banks” https://pivdencombank.com/malaysia-and-thailand-urge-banks-to-become-asean-qualified-banks/ https://pivdencombank.com/malaysia-and-thailand-urge-banks-to-become-asean-qualified-banks/#respond Wed, 15 Sep 2021 00:52:17 +0000 https://pivdencombank.com/malaysia-and-thailand-urge-banks-to-become-asean-qualified-banks/

The initiative is part of the April 2019 bilateral agreement between BNM and BOT under the ASEAN banking integration framework.

BNM (Bank Negara Malaysia) and BOT (Bank of Thailand) invite banks from Thailand and Malaysia to express interest in becoming an ASEAN Qualified Bank (QAB) in Malaysia and Thailand.

The initiative is part of the April 2019 bilateral agreement between BNM and BOT under the ASEAN Banking Integration Framework (ABIF). The bilateral agreement and its commitments are part of the ASEAN Framework Agreement on Services (AFAS).

A joint BNM-BOT statement says QABs are being considered to facilitate greater intra-ASEAN trade and investment in the region, in line with the ASEAN Economic Community Master Plan 2025 which aims to create an integrated ASEAN economy and highly cohesive.

A strong and well-managed bank

Under the QAB arrangement, a Malaysian commercial bank will be able to establish a banking subsidiary in Thailand (i.e. a Malaysian QAB), while a Thai commercial bank will be able to do the same in Malaysia.

To ensure the financial stability of both countries, a QAB candidate, whether a new entrant or an existing bank in the host country, must be a “strong and well-managed bank” whose interest is supported by the regulator of the home country; and comply with the prudential requirements of the host country.

A successful QAB candidate will benefit from market access and operational flexibilities granted under the bilateral agreement. The two countries have agreed to grant benefits on a reciprocal basis.

Each country will not allow more than three QABs, including existing commercial banks.

Currently, two Malaysian banks (CIMB and RHB Bank) are doing business in Thailand and one Thai bank (Bangkok Bank) is doing business in Malaysia. These banks can convert their current licenses to QAB in order to gain more flexibility for future expansion.

Malaysian banks seeking to operate in Thailand under the QAB deal can offer services at up to 40 locations (including branches, ATMs and kiosks) and must have at least THB 15 billion ( US $ 455 million) of capital, according to the rules notified in the Royal Gazette.

Important milestone

According to BNM Governor Ms. Nor Shamsiah Yunus, the QAB bilateral agreement will benefit the people of Malaysia and Thailand, allowing them to enjoy better banking convenience as well as access to a wider range of banking products. .

“We are making great strides towards creating an integrated and cohesive ASEAN economy,” she said. “We are confident that the QAB agreement will foster more business opportunities and economic activity between the two countries to both facilitate our economic recoveries amid the ongoing pandemic.”

BOT Governor Sethaput Suthiwartnarueput said the bilateral QAB deal marked another important step for deeper regional financial integration and would result in a “wider range of high-quality financial products”.

“Our aspiration is to see the QAB agreements pave the way for further financial cooperation among ASEAN members as the region embraces new financial innovations,” he said.

Thailand is in talks with Indonesia, the Philippines and Myanmar on similar arrangements. Malaysia has reportedly concluded negotiations with Indonesia and the Philippines.




Source link

]]>
https://pivdencombank.com/malaysia-and-thailand-urge-banks-to-become-asean-qualified-banks/feed/ 0
China, Indonesia launch local currency trade and investment settlement framework https://pivdencombank.com/china-indonesia-launch-local-currency-trade-and-investment-settlement-framework/ https://pivdencombank.com/china-indonesia-launch-local-currency-trade-and-investment-settlement-framework/#respond Wed, 08 Sep 2021 00:10:52 +0000 https://pivdencombank.com/china-indonesia-launch-local-currency-trade-and-investment-settlement-framework/

What’s new: The central banks of China and Indonesia on Monday launched a cooperation framework to promote the use of local currencies for bilateral trade settlement and direct investment, official statements said.

“This is conducive to promoting the direct quotation between the Indonesian rupiah and the Chinese yuan, expanding the use of local currencies in bilateral trade and facilitating the trade and investment of the two countries,” the People’s Bank said. from China in a statement. declaration.

Five Chinese commercial banks, including Industrial and Commercial Bank of China Ltd. (ICBC) and Bank of China Ltd. (BOC), and several Indonesian banks have been selected to undertake transactions under the initiative.

The context: The framework is based on a memorandum of understanding signed by the two central banks in September last year. It marks a step forward in China’s efforts to promote the internationalization of the yuan.

Monday both ICBC and BOC announced that they had entered into the first local currency settlement agreements under the initiative for customers in China’s Zhejiang Province and Indonesia. Using the yuan and rupee for bilateral trade settlement can reduce currency risks and exchange costs for Chinese and Indonesian companies, thereby improving the efficiency of capital use, BOC said in a statement. communicated.

Related: Four Things to Know About the Chinese Yuan Cross-Border Clearing System

Quick Takes are condensed versions of stories related to China for quick news that you can use.

Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Joshua Dummer (joshuadummer@caixin.com)

To download our app for getting late-breaking alerts and reading news on the go.

To have our free weekly newsletter must read.

Source link

]]>
https://pivdencombank.com/china-indonesia-launch-local-currency-trade-and-investment-settlement-framework/feed/ 0
Intense competition in middle market lending benefits commercial borrowers https://pivdencombank.com/intense-competition-in-middle-market-lending-benefits-commercial-borrowers/ https://pivdencombank.com/intense-competition-in-middle-market-lending-benefits-commercial-borrowers/#respond Thu, 02 Sep 2021 14:10:00 +0000 https://pivdencombank.com/intense-competition-in-middle-market-lending-benefits-commercial-borrowers/

Cerebro’s analysis of the mid-market commercial and industrial loan market includes its quarterly survey and the Federal Reserve Quarterly Survey of Commercial Banks. In doing so, Cerebro provides a complete picture of business loans to middle market borrowers, as well as the outlook for the next six months.

Cerebro launched its investigation in the second half of 2020, making it the fourth consecutive investigation providing information on the $ 3 billion credit market to alternative lenders that compete with commercial banks for businesses. Participants include CEOs and Vice Presidents who manage loans in private and mezzanine credit funds and business development spaces. These lenders work with middle market borrowers and offer loan amounts ranging from $ 2 million and $ 100 million.

Loans require ease for larger loans

The Cerebro survey reports that credit standards have become more favorable to borrowers, with 36% of lenders saying they have relaxed the standards in the past three months. With a jump from 1Q21, which announced 28% of credit easing, the market continues to follow its uptrend as lenders expect their capitalization to improve.

The market is also showing signs of marked economic improvement, as COVID-19 vaccines have been distributed and have led to a sharp drop in the number of deaths since the start of 2021. Additionally, nearly 60% of lenders reported that the increased competition from other lenders was an important factor. to relax the standards in the last three months.

Commercial loan applications on the rise

Almost 70% of lenders reported an increase in demand for credit compared to the previous quarter. Responses from lenders with increased demand indicate that the top two reasons for questions about new loans were due to mergers and acquisitions (91% said this was a significant factor) or because other sources of capital were less attractive.

In 1Q21, 27% of non-bank lenders indicated that mergers and acquisitions were not a significant driver of demand for them; however, in 2Q21, that number fell to 9%. Borrowers looking for better terms on their principal continued to be a big driver quarter over quarter, with 70% of lenders indicating this is a big reason they saw more transaction flow.

Prospects for borrowers Positive trends

28% of lenders expect larger loans to become even easier to obtain over the next six months and they also expect rates and terms to continue improving for borrowers facing competition from other lenders. 94% of lenders surveyed who plan to relax standards plan to do so in response to increased competition from lenders, which is a 10% increase from the previous quarter. The expected improvement in a lender’s loan portfolio along with increased risk tolerance were the second most important reasons for the ability to relax credit standards with 65% and over 80% of response from lenders, respectively.

“We continue to see loan terms improve as demand and competition from other lenders increase. To get more loans, lenders have made concessions on loan terms due to reduced risk. borrower industry, improved liquidity position and increased risk tolerance, “said Matthieu Bjonerud, CEO of Cerebro Capital. “Hungry lenders and greedy borrowers are creating a market of choice that will continue into the third quarter. “

Cerebro’s network of more than 800 lenders is split equally between commercial banks and non-bank lending institutions. With such a large network of lenders, Cerebro offers mid-market businesses a data-driven approach to navigate hundreds of commercial and non-bank bank lenders. Download raw data for additional information.

About Cerebro Capital: Powered by more than 800 commercial banks and non-bank lending institutions, Cerebro Capital (“Cerebro”) is a data-driven platform specifically designed to democratize access to credit markets by connecting corporate borrowers and lenders to find and take out business loans ranging from $ 2 million To $ 100 million. Working with financial and technology experts, Cerebro has created a comprehensive business loan management solution designed to revolutionize the way borrowers, lenders, intermediaries and stakeholders manage corporate debt. To learn more about Cerebro, please visit https://www.cerebrocapital.com/.

SOURCE Cerebro Capital

Related links

https://www.cerebrocapital.com/

Source link

]]>
https://pivdencombank.com/intense-competition-in-middle-market-lending-benefits-commercial-borrowers/feed/ 0
Dispatches in Afghanistan: “the impact of international donors on Afghanistan’s economic development over the past two decades will be demolished” – JURIST – News https://pivdencombank.com/dispatches-in-afghanistan-the-impact-of-international-donors-on-afghanistans-economic-development-over-the-past-two-decades-will-be-demolished-jurist-news/ https://pivdencombank.com/dispatches-in-afghanistan-the-impact-of-international-donors-on-afghanistans-economic-development-over-the-past-two-decades-will-be-demolished-jurist-news/#respond Tue, 31 Aug 2021 23:51:15 +0000 https://pivdencombank.com/dispatches-in-afghanistan-the-impact-of-international-donors-on-afghanistans-economic-development-over-the-past-two-decades-will-be-demolished-jurist-news/ EXCLUSIVE JURIST – Law students and lawyers in Afghanistan file reports with JURIST on the situation there after the fall of Kabul to the Taliban. Here, a lawyer from Kabul presents his latest observations and his take on the country’s economic situation under the Taliban. For reasons of confidentiality and security, we retain his name and institutional affiliation. The text has only been slightly retouched to respect the author’s voice.

Finding a source of sustainable growth was and remains a major economic challenge for Afghanistan. In the past, this obstacle has been partially / fully removed / filled by major projects and the cooperation of entities such as the World Bank, Asian Development Bank (AfDB), USAID and many other donors / partners in Afghanistan. Almost all of these donors have left Afghanistan or have suspended projects in the country for the time being.

In light of that, here are some things that could happen in the not-so-distant future:

1: Afghanistan loses many of its strategic partners / donors through which the country has grown in agriculture, mining and energy, banking and finance, trade, transit , etc. Any suspension and / or closure of the activities of one or more of the aforementioned areas will lead to unemployment and lack of contribution to the economic growth of the country.

2: Afghanistan derives a large part of its income from agriculture and some of the largest agricultural projects have been financed by the World Bank, Asian Development Bank and other development banks as well as funds established during of the last 20 years in the country. Because the WB and the ADB have stopped financing projects for the moment, there will be no development projects concerning agriculture in Afghanistan.

3: Banking and finance: The banking system is formed and supervised by the central bank of Afghanistan. The central bank also determines the country’s financial and monetary policies. In addition, money service providers and traders also offer the services of a commercial bank, but in a more traditional way. The currency, the Afghani, experienced rapid inflation in the month before the Taliban’s second rise in the country. Only three months ago, 1 USD was AFN 77 and now AFN 88. This has resulted in a price increase, as almost all of the country’s needs are imported from abroad.

World Bank projects are handled by a specific division at the Central Bank of Afghanistan. This division is not working at the moment.

A UN sanction imposed on the Taliban government in 1999 froze government accounts abroad and closed the few branches of Afghan banks in other countries. Since 1999, a large group of Taliban leaders and their partners are still on the blacklist of the UN and many other international agencies. The US Federal Reserve also froze an amount of $ 9.4 billion used to invest in many sections that had benefited Afghanistan. This is because the Taliban are still on their sanctions list.

Large numbers of the Taliban, the Haqani Group, Al Qaeda leaders and others were on the Afghan central bank’s sanctions list, and suspicious transactions by commercial banks as well as monetary service providers were closely monitored for prevent money laundering and terrorist financing. This means that now that they have the government, they will have the power to control where to send money and who can or cannot do it. Domestically, nothing prevents them from doing so for the moment.

Regarding the supervision of commercial banks and the development of the banking sector in Afghanistan, it seems that they have no plans. There are many reasons for this. First, the governor of the central bank has no academic and professional experience. He was only the financial director of the Taliban. Neither the first deputy governor nor his second deputy governor has sufficient financial knowledge.

Another challenge is for the Taliban to remove some people who have worked for many years at the central bank and who have sufficient banking and financial capacity / skills. Personally, I don’t see any economist on their team.

4: Private sector: it is badly damaged and some of the biggest national and international companies have already left the country. The private sector is affected by insecurity, political instability, weak institutions, inadequate infrastructure, widespread corruption and a difficult business environment (Afghanistan was ranked 173rd out of 190 countries in the Doing survey Business 2020).

5: Legislative reform: Previously, the Afghan government initiated many legislative reform projects, but none of them are currently underway. I have had the honor of working with ____ on some major legislative reform projects through which we have renewed laws and regulations 40 to 60 years old in areas such as a) municipal law, b) mining law and its regulations, c) the Law on Hydrocarbons and its regulations, d) Code of Commercial Procedure, e) Law on State Companies, etc.

All of the above results in part and / or all of unemployment, disinterest of the private sector for investment, increased poverty and makes the economic sustainability of the country increasingly dependent on foreign aid. More importantly, as we are seeing right now, Taliban officials such as the governor of the central bank, the Minister of Industry and Commerce, etc. only know Islamic law and Sharia law, and I actually doubt that they have official Sharia certification. Therefore, the impact of international donors on the economic development of Afghanistan over the past two decades will be wiped out. The situation will worsen further due to a lack of human resources and expertise.

Source link

]]>
https://pivdencombank.com/dispatches-in-afghanistan-the-impact-of-international-donors-on-afghanistans-economic-development-over-the-past-two-decades-will-be-demolished-jurist-news/feed/ 0
CF (CFBK) drops 1.04% on moderate volume on August 27 https://pivdencombank.com/cf-cfbk-drops-1-04-on-moderate-volume-on-august-27/ https://pivdencombank.com/cf-cfbk-drops-1-04-on-moderate-volume-on-august-27/#respond Sat, 28 Aug 2021 01:41:00 +0000 https://pivdencombank.com/cf-cfbk-drops-1-04-on-moderate-volume-on-august-27/

Shares of CF Bankshares Inc (NASDAQ: CFBK) fell 1.04%, or $ 0.2 per share, to close at $ 19.10 on Friday. After opening the day at $ 19.30, CF shares fluctuated between $ 19.70 and $ 18.71. 2,489 shares traded hands, down from their 30-day average of 5,102. Friday’s activity brought CF’s market cap to $ 102,315,205.

CF is headquartered in Worthington, Ohio.

About CF Bankshares Inc

CF Bankshares Inc. is a financial holding company which owns 100% of the shares of CFBank, National Association (CFBank). CFBank is a boutique commercial bank headquartered in Columbus, Ohio. CFBank has focused on improving Ohio’s economy and meeting the financial needs of closed businesses since 1892. More than a century has passed, and yet CFBank’s goal remains the same. : Guiding Ohio compatriots to financial stability and success with agility, ease, and care. CFBank changed from a federal savings association to a national bank in December 2016. As CFBank grew, CFBank has maintained a penchant for individualized service and direct customer access to decision makers. CFBank now has locations in four major Ohio metro markets – Columbus, Cleveland, Cincinnati and Akron, as well as branches in the Columbiana Country (two locations). In each location, CFBank provides commercial loans and leases, commercial and residential real estate loans and deposit management services, corporate cash management, residential loans and retail banking services and products. full. In addition, CFBank also has a national residential lending platform. CFBank is also pleased to offer its customers the convenience of online online banking, mobile banking and remote deposits.

Visit the CF Bankshares Inc profile for more information.

About the Nasdaq Stock Market

The Nasdaq Stock Market is a global leader in trading data and services, as well as the listing of stocks and options. The Nasdaq is the world’s largest stock exchange for options volume and is home to the five largest US companies – Apple, Microsoft, Amazon, Alphabet and Facebook.

To get more information about CF Bankshares Inc and keep up with the latest company updates, you can visit the Company Profile page here: CF Bankshares Inc. Profile For More Financial Markets Information , be sure to visit Equities News. Also, don’t forget to sign up for the Daily Fix to get the best stories delivered to your inbox 5 days a week.

Sources: The chart is provided by TradingView based on 15 minute lag prices. All other data is provided by IEX Cloud as of 8:05 p.m. ET on the day of publication.

DISCLOSURE:
The views and opinions expressed in this article are those of the authors and do not represent the views of equities.com. Readers should not take the author’s statements as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please visit: http://www.equities.com/disclaimer


Biden vows to complete evacuation and avenge deaths of 13 U.S. servicemen


Atlanta Fed Chairman Bostic Says October would be ‘Reasonable’ Time to Start Cutting Bond Purchases

Texas House Republicans pass new voting restrictions bill after months of Democrat protests

Contaminant found in Moderna vaccines in Japan is believed to be metallic

Hurricane New Orleans watches as Tropical Storm Ida looms

Microsoft Warns Cloud Computing Customers Against Exposed Databases

Peloton shares fall 10.6% in after-hours trading with worse-than-expected quarterly loss

Roundhill MEME ETF Tries to Tap Retail Investor Sentiment and Social Media

Source link

]]>
https://pivdencombank.com/cf-cfbk-drops-1-04-on-moderate-volume-on-august-27/feed/ 0
Ajman Bank: partners with Kamel Pay to offer innovative payment solutions to businesses and individuals https://pivdencombank.com/ajman-bank-partners-with-kamel-pay-to-offer-innovative-payment-solutions-to-businesses-and-individuals/ https://pivdencombank.com/ajman-bank-partners-with-kamel-pay-to-offer-innovative-payment-solutions-to-businesses-and-individuals/#respond Tue, 24 Aug 2021 07:26:20 +0000 https://pivdencombank.com/ajman-bank-partners-with-kamel-pay-to-offer-innovative-payment-solutions-to-businesses-and-individuals/

Ajman Bank partners with Kamel Pay to provide innovative payment solutions to businesses and individuals

Ajman Bank, one of the leading Sharia-compliant banks in the UAE, has signed a partnership agreement with Kamel Pay, a fintech company, to create and implement a highly innovative payments value proposition for businesses and individuals in the United Arab Emirates. This partnership will form the basis for the growth of digital financial solutions in the United Arab Emirates.

Inspired by the UAE’s national payment system strategy to evolve towards a cashless society, Kamel Pay was envisioned in 2019 as a Fintech company with the strategic aim of giving businesses and individuals digital access to a full range of financial services in the United Arab Emirates. Kamel Pay aims to expand beyond the UAE and become the leading Fintech company in the MENA region.

Mr. Hussain Al Qemzi, President of Kamel Pay, said: “We are delighted to partner with Ajman Bank and launch digital financial services for businesses and individuals across the UAE; via a user-friendly and secure digital application platform. This partnership will enable much needed financial inclusion for the underbanked population of the UAE through the cutting edge digital app Kamel Pay providing relevant and affordable financial services for their personal and family needs.

“Having Ajman Bank as a trusted banking partner will provide Kamel Pay with a solid foundation to deliver innovative financial products and a seamless customer experience for businesses and individuals through a state-of-the-art payment platform and superior service delivery. . This collaboration between a bank and an agile Fintech offering the latest digital technologies will have a substantial impact on the adoption of secure and cashless payments across the UAE; especially in the under-banked population which had been largely neglected until now.

Mr. Mohamed Amiri, CEO of Ajman Bank, said: “We are delighted to partner with Kamel Pay as part of our continued commitment to strengthen the payment infrastructure with the most advanced, secure and cashless payment solutions. . Our goal is to develop a robust electronic payment ecosystem based on data and information to increase the safety and security of electronic payments. It complements our strategy and vision to meet the needs of our customers with the most innovative products and services. ‘

Kamel Pay strives to stay at the forefront of solving the UAE’s ever-emerging financial needs and future markets by delivering the benefits of secure, instant and cashless payments through product innovation and digital technology. peak.

Unlike many other fintech companies, the founding team of Kamel Pay comprises a group of seasoned professionals with over 100 years of collective experience in commercial banking and technology leadership with a proven track record in developing and executing solutions. innovative, customer-centric digital technologies delivering value-added customer benefits. in several banking and financial services organizations in the region.

Source link

]]>
https://pivdencombank.com/ajman-bank-partners-with-kamel-pay-to-offer-innovative-payment-solutions-to-businesses-and-individuals/feed/ 0