September 8, 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

Credit Suisse bankruptcy could have collapsed Swiss economy, says Finance Minister

Swiss Finance Minister, Karin Keller-Sutter, has stated that if Credit Suisse had gone bankrupt, Switzerland’s economy would have likely collapsed. In an interview with Le Temps, she explained that the Swiss government acted in the country’s best interests by quickly arranging a takeover of Credit Suisse by UBS, its larger domestic rival. The collapse of […]

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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 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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Banking International

French Authorities Search Paris Offices of Five Banks in Tax Fraud Probe

The Paris offices of five banks, including Societe Generale, BNP Paribas, and HSBC, were searched by French authorities on suspicion of fiscal fraud related to the dodging of dividend tax payments. This investigation is part of a broader European probe into dividend tax fraud. Similar investigations have already taken place in Germany and other European […]

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Banking International

First Citizens BancShares Buys Silicon Valley Bank’s Assets after Collapse.

First Citizens BancShares, based in Raleigh, North Carolina, has acquired the assets and loans of Silicon Valley Bank (SVB), which was seized by US regulators earlier this month after a run on the bank. The failure of SVB, one of the largest bank failures in the US since the financial crisis of 2008, triggered fears […]

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Economy International

Global economy is heading into a decade of low growth, economist says

The global economy is heading into a decade of low growth, according to acerbating Factors such as the persistent Covid-19 pandemic and escalating tensions between the U.S. and China. This could have severe implications for businesses and consumers around the world. Daniel Lacalle, author and chief economist at Tressis Gestion, told CNBC’s “Squawk Box Europe” […]

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