June 6, 2023
Banking International

Saudi Arabia’s Social Development Bank loans $770m to SMEs and startups in Q1 2023

Saudi Arabia’s Social Development Bank has provided over $770 million in financing to more than 30,000 small businesses, startups, and self-employed individuals during the first quarter of 2023. The bank offered loans worth $260 million to 2,000 small enterprises and startups, while over 9,000 individuals received social financing valued at $143 million. In addition, the […]

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Banking International

Yellen predicts US economic growth despite banking sector turmoil

US Treasury Secretary Janet Yellen remains optimistic about the growth of the world’s biggest economy, despite concerns over a potential recession due to the recent banking sector turmoil. The collapse of Silicon Valley Bank (SVB) and Signature Bank last month created shockwaves in the industry, leading the Treasury Department and Federal Reserve to intervene to […]

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Banking Pakistan

KE partners with Bank Alfalah for cashback on bill payments via Alfa App and QR codes.

K-Electric, one of the leading electric supply companies in Pakistan, has recently announced a partnership with Bank Alfalah, one of the largest private banks in the country. Under this collaboration, Bank Alfalah customers can now enjoy cashback rewards when they use the bank’s Alfa App and QR codes to pay their monthly utility bills. This […]

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Banking Pakistan

Pakistan’s Economic and Debt Viability at Risk, says World Bank in Development Update

Pakistan’s economic and debt sustainability are at risk, according to the World Bank’s ‘Pakistan Development Update’ report. The flagship report has predicted nearly stagnant economic growth and an average inflation rate of 29.5% for the current fiscal year, while warning of severe dangers to the country’s economy. Pakistan’s economic future appears to be highly uncertain, […]

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Banking International

Goldman Sachs UK’s gender pay gap widens to 53.2%, while others make progress.

Major banks such as HSBC (HSBA.L), Goldman Sachs (GS.N), Morgan Stanley (MS.N), and Standard Chartered (STAN.L) have reported a concerning trend – the gender pay gap has widened in 2022, according to Reuters’ review of the data. Moreover, the analysis revealed a troubling disparity between Black and white employees, especially in the banks that disclosed […]

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Banking International

JPMorgan CEO Jamie Dimon warns of ongoing impact of U.S. banking crisis

In a letter addressed to JPMorgan Chase & Co’s shareholders, CEO Jamie Dimon stated that the U.S. banking crisis is an ongoing issue that will continue to have a long-lasting impact for years to come. He explained that even when the crisis is finally resolved, its repercussions will still be felt for quite some time. […]

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Banking Pakistan

Samba Bank names Ahmad Tariq Azam as new CEO

Samba Bank, a leading financial institution in Pakistan, has recently announced the appointment of Ahmad Tariq Azam as its new President and CEO. This decision has been approved by the Board of Directors of the bank, and is now subject to the approval of the State Bank of Pakistan. Ahmad Tariq has been associated with […]

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Banking International

Regional Banks Struggle as Cash Reserves Plunge, Prompting Risky Investment Decisions

US regional banks, with assets between $50bn and $250bn, had their lowest cash reserves since the 2008 financial crisis at the start of 2023. As interest rates rose, they cut the percentage of assets held in cash from an average of 13% to 7%, according to data from the Federal Deposit Insurance Corporation. This left […]

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Banking International

US Stocks Surge as Bank Worries Ease and Tech Takes the Lead Ahead of Key Data Releases.

On Wednesday, US stocks saw significant gains as investors shrugged off concerns about the banking system following the collapse of Silicon Valley Bank. This news came as a relief to many investors, who had been worried about the stability of the financial sector after the high-profile failure of a major bank. The technology sector was […]

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Banking International

FNB’s eStore Wins Model Bank Award for Omnichannel Excellence

FNB, a diversified financial services company operating in seven states and the District of Columbia, has been awarded the prestigious Celent Model Bank Award for its proprietary digital platform, eStore®. The innovative platform is a digital marketplace accessible via fnb-online.com, the FNB Direct Mobile Banking app, and interactive digital kiosks in all FNB branches. Customers […]

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