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Star in the ascent
“Prediction is very difficult, especially about the future”. A quote that has been variously attributed to individuals as diverse as physicist Niel Bohr and baseball player Yogi Berra. Whoever said it first, it most definitely has a ring of truth, and to prove it, here’s a prediction taken from the IMF World Economic Outlook of April 2007:“The world economy is expected to continue to grow robustly in 2007 and 2008—with a modest deceleration from the rapid pace of 2006 bringing growth more in line with potential and helping to contain inflationary pressures in the fifth and sixth years of the current expansion. Specifically, glo... -
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Banking on transparency
The Middle East and North Africa (MENA) region has been one of those emerging markets in which corporate governance is seen as a relatively new concept; indeed it is only in the last ten years that an Arabic word, “hawkamah” for ‘corporate governance’ has emerged. But despite its infancy in the region, corporate governance has been making significant headways. Hawkamah Institute for Corporate Governance is an international association dedicated to the advancement of good corporate governance across MENA. Hawkamah has been at the forefront of corporate governance debates through conducting studies on the state of governance in the Midd... -
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Informing decisions
BRE Bank has grown from the need of the young capital market in Poland at early stages of its development. From the very beginning it had an ambition to create innovative products, offer cutting edge business solutions and build partnering relations with its clients. Thus, it aimed to establish cooperation with prominent foreign banks, support export-oriented projects and meet market needs with regard to acquisition of foreign currencies. In line with its “stand out or die” principle, the bank has many a time played a role of pioneer, setting new trends both in terms of customer service and product offering. It was the first privatised Po... -
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Prioritising growth
Constantly developing and improving its services, Blom Bank Group provides universal banking services that meet its’ clients needs. These services include: Commercial Banking, Corporate Banking, Private and Investment Banking, Asset Management, Retail Banking, Islamic Banking and Insurance products and services. Blom Bank’s strategy is based on the expansion in the region and the diversification of its services to become a leading regional bank while continuing to ensure peace of mind to its customers and stakeholders. In fact, as one of the oldest established banks in Lebanon, if not the region, Blom Bank has always been at the centre of... -
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Bridging the pensions gap
How has the past year affected OTP Pension Funds’ performance? After a negative, pessimistic year in 2008 we achieved real success last year. In terms of investments, 2009 was also the most successful year of the Funds. Last year for instance we achieved a yield of 33.51 percent in our growth portfolio, having the highest risk-exposure in our Private Pension Fund. I believe everybody would love to make as high a yield as that on their own savings. However I must note with respect to these figures that in 2008 our yield was nearly at the same level, however with a negative sign. Last year nearly all portfolios outweighed the loss of 2008. La... -
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Banco Popolare CEO sees 2010 results in line
Italy’s Banco Popolare expects 2010 results to be in line with forecasts while possible sales of non-strategic assets could boost its capital ratios, its chief executive said recently. In La Stampa daily, Pier Francesco Saviotti also ruled out any merger with Italian cooperative bank peer Ubi Banca, speculation which regularly surfaces, and said there had never been any contacts on a tie-up. “I think there can only be marginal operations,” he said in the interview when asked about consolidation in the sector. This year’s results are “in line with the forecasts. We ought to close (the year) with a few million more profit than 2009”... -
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Maintaining the balance
Specialising in market niches such as government banking, infrastructure projects, factoring to suppliers of government-owned firms, agribusiness, and fiduciary services, Banco Interacciones continues to strengthen its structure through good results and a 100 percent plough back net income policy. In 2009 the net income was 39 percent higher than the previous year, exceeding shareholders expectations. The institution has been named the Best Investment Bank in Mexico for 2010 by World Finance. Growth in a downturn The Institution managed not to be a part of crisis, acting proactively to take preventive measures anticipating the effects that th... -
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The new broker generation
At present, without giving unnecessary specifics the whole foreign exchange market can be described in a few words: expanding, progressive, capacious, a kind of melting pot (as applied to the group and level of its participants). The last characteristics will be considered in details. Stability to different financial disasters (due to the principal of functioning), investment potential and efficient investment management, which is close to the absolute, made forex manna from heaven not only for traders but also for a great number of companies, specialised in various activities: from brokerage to educational courses, from Expert Advisors’ sa... -
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Merger stimulates growth
ICBC Macau was established by integrating the Macau Branch of ICBC (Macau Branch) with Seng Heng Bank (Seng Heng) in July 2009. Holding a full banking licence issued by the Monetary Authority of Macau (AMCM), ICBC Macau has 14 branches, three subsidiaries and 500 staff members in Macau. It is the biggest local bank in Macau and ranks second in terms of total assets – close to 55bn patacas ($6.8bn) – among the 27 banks in Macau. ICBC has transferred all the Macau Branch’s assets and liabilities as well as the rights and obligations of its businesses to Seng Heng. Accordingly, Seng Heng has been renamed as ICBC Macau and is 89.3 percent o... -
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WTO: Global crisis to hurt trade for up to 2 years
Global trade will face lingering protectionism for up to two years, as the job market reels from the global financial crisis, World Trade Organisation Director-General Pascal Lamy said recently. “We are not out of the woods in coping with this protectionist tensions,” Lamy told reporters in the Chilean capital Santiago during a visit. “We on the trade side know by experience that we still have one or two years of stress to live and to cope with.” Lamy said the recovery in the global job market will lag that of the world economy by around 18 months....
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