Chief operating officer Sandeep Chouhan has been appointed acting CEO and the bank is “fully engaged in securing the CEO’s successor within the briefest delays”, according to a statement. It didn’t provide a reason for Manna’s resignation.
In the filing, FAB said that its exposure included $7.7 million to Phoenix Commodities as part of a syndicated loan with other banks, as well as $55.3 million in bilateral and syndicated loans to entities related to Phoenix, including Phoenix Global DMCC and SMEG DMCC
Lebanon's parliament has passed a law to lift banking secrecy for public officials, including over corruption or funding "terrorism", a lawmaker said, after months of protests in the crisis-hit country.
“Many Swedish companies have seen a sharp decline in their revenues and are therefore having difficulty paying their expenses,” the Riksbank said in its Financial Stability Report 2020.
Recently the share prices of the UK's largest banks have collapsed, in common with those of many other companies. Banks such as RBS, Barclays and HSBC have seen their share price fall to levels not seen since the 2008 financial crisis.
The ECB has published its May 2020 Financial Stability Review, which provides an overview of potential risks to financial stability in the euro area. The main conclusion of the FSR is that the impact of the COVID-19 pandemic on the economy has greatly amplified existing vulnerabilities in the financial sector, corporates and sovereigns.
The third-biggest sheikhdom in the United Arab Emirates mandated HSBC Holdings Plc, Mashreqbank PSC, Sharjah Islamic Bank and Dubai Islamic Bank PJSC among others for the deal, people with knowledge of the matter said.
The transfers from the kingdom’s foreign-currency reserves to its Public Investment Fund were made in March and April on an “exceptional” basis, and will “strengthen the investment capacity of the fund,” Finance Minister Mohammed Al-Jadaan said in a statement published by the official Saudi Press Agency on Friday
The initiative, which lasts for the remainder of 2020, provides concessionary loans for national companies operating in sectors considered crucial to the UAE economy – such as healthcare, food security and manufacturing.
BlackRock Inc. attracted some of the world’s largest institutional investors and sovereign funds when a major stake was sold this month, illustrating chief Larry Fink’s connections with deep sources of capital in the US, Middle East and Asia.
The loans made up nearly 8.1% of the total cumulative balance of credit facilities given to all private-sector economic and commercial activities in Q1 2020, accounting for AED1.149 trillion, according to the data revealed by Emirates news agency WAM
The allotments with a 16-month maturity were made on 20 May under the ECB’s so-called “pandemic emergency longer-term refinancing operations” plan, or PELTRO. The facility mainly targets smaller banks and those who aren’t eligible for a separate program with targeted lending criteria.
Banks will understandably be taking a cautious approach in the short-to-medium term as a result of the fallout from the Covid-19 pandemic. The full financial effects of the virus on households is unknown, but is already having an impact on business and the macro economy.
Based out of Dubai International Financial Centre (DIFC) the investment readiness and investor matching platform, InstaVal, is aimed particularly at SME owners to gauge options in the current market climate, in terms of raising money, merging with competition, or selling a business.
The new digital product range will accommodate every type of SME through every step of the payment process with an all-in-one solution, including card and digital payment processing and e-commerce tools such as a website builder, e-invoicing and payment gateway.
Nedbank has launched a new ‘super app’, called Avo, which will give the bank’s customers to access online shopping, essential services and financial products on a single platform.The group said the term ‘super app’ refers to the fact that Avo is actually a multitude of apps aggregated into one.
Standard Bank says it has launched significant improvements to its mobile banking app.The improvements on the app range across personal and business banking solutions and are immediately available, said Andrew van der Hoven, head of digital banking at Standard Bank.
Anton Nikonorov told Rusbase that the venture, which is called Intruder, will target Generation Z, especially streamers, influencers and bloggers. The fintech will offer a mobile app, but it will also be able to work in messenger apps via a bot so users can pay and receive receipts through social media.
With COVID-19 continuing to claim victims and governments still enforcing strict public health rules, online events are providing professionals with the opportunity to keep up with trends and build contacts without the need to travel.
When dealing with the COVID-19 crisis many people struggle to find the best sources of information. As a contribution to the business community, Infomineo has put together a repository of the best sources of information which we will keep updating during the COVID-19 crisis.
Understand the impact of the crisis on the Italian economy through epidemiological Info, impact on expected GDP Growth, HC system capacity, main macro Indicators, and more …
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