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Showing posts with label Banking. Show all posts
Showing posts with label Banking. Show all posts

Monday, July 22, 2019

State of Bank of Pakistan (SBP) allows banks to buy and sell foreign currencies in Pakistan

State of Bank of Pakistan (SBP) allows banks to buy and sell foreign currencies in Pakistan

State of Bank of Pakistan (SBP) allows banks to buy and sell foreign currencies in Pakistan

KARACHI: State of Bank of Pakistan on Saturday has authorized all banks in the country to buy and sell all foreign currencies with the public.

In the revised chapters of Foreign Exchange (FE) Manual, the SBP put an end to the business of exchange companies by handing over the foreign currency business to all banks and their branches across Pakistan.

“Such currencies or instruments may be freely purchased by the Authorised Dealers (banks) against payment in PKR. Authorized dealers may also purchase foreign currencies withdrawn by the account holders from their foreign currency accounts and from the walk-in-customers against payment in PKR subject to fulfillment of applicable AML/CFT regulations,” SBP had stated.

Earlier, the foreign currency exchange business was solely restricted to exchange companies with banks not getting permitted to buy or sell it with the public. WebDesk

Tuesday, July 16, 2019

Standard Chartered Pakistan Launches “Sustainability Review 2018”

Standard Chartered Pakistan Launches “Sustainability Review 2018”

Standard Chartered Pakistan Launches “Sustainability Review 2018”

  • The Bank has launched a new Community Investment Strategy, Futuremakersby Standard Chartered, empowering the next generation to learn, earn and grow.
  • This strategy builds on the success of ourexisting community programmes.
  • We will expand Goal, our existing girls’education programme; in Pakistan 4,500 girls have been empowered since 2016
  • We will endeavour to incorporate financialeducation into all programmes; in Pakistan 438 employees volunteered to conduct Financial Education sessions in 2018 alone
  • We will develop new global communityprogrammes in employability andentrepreneurship; in Pakistan we have launched the #SCWomenInTech programme to provide training and mentoring to 20 female entrepreneurs
  • We will build on the legacy of Seeing is Believing; in Pakistan over 12 million beneficiaries have been impacted since 2004 

Standard Chartered Pakistan launches its annual Sustainability Review, setting out how it has delivered on its strategy to provide a strong return for shareholders, while creating social and economic value in the communities where it operates.

As the largest international bank in the country, Standard Chartered is now truly a part of the social fabric of this country. Through the Bank’s sustainability strategy we seek to strengthen relationships between the business, community, government and clients.

Giving back to the community remains an important part of Standard Chartered’s sustainability agenda. In Pakistan, the Bank’s community efforts are focused on education and health.

As a responsible company, the Bank has continued to transform people’s lives through its community programmes with employees contributing more than 1,000 volunteering days. Globally, it surpassed the $100 million target for Seeing is Believing (SiB), the Bank’s initiative to tackle avoidable blindness and visual impairment, two years earlier.

In Pakistan, the Bank’s SiB journey in numbers is truly inspiring, impacting over 12 million beneficiaries. It has conducted over 500,000 sight restoring surgeries, trained over 60,000 lady healthcare workers, screened over 1.5 million children for refractive errors, while we have 24 visually impaired employees working in the Bank.

SiB still have projects that will continue to be implemented till 2020 in Karachi, Lahore, Islamabad, Mansehra, Haripur, Swat and Swabi, with a focus on diabetic retinopathy and accelerating support for female cataract patients through our partners Sight Savers and Layton Rehmatulla Benevolent Trust (LRBT).

We are also leveraging this opportunity to announce the Bank’s new Community Investment strategy, Future makers by Standard Chartered. This is our global initiative to tackle the issue of inequality and seeks to promote greater economic inclusion for young people in our communities. We will do this by supporting disadvantaged young people from low-income households, particularly girls and people with visual impairments, to take part in programmes focused on education, employability and entrepreneurship.For Pakistan, this would translate into furthering our Goal programme. Our adolescent girls’ focused programme grew in its third year to span 17 schools in Lyari, Saddar and Keemari and reached more than 4,500 girls. We will also be looking at providing a financially inclusive environment for females by launching initiatives such as Women in Tech.

Ms. Khadija Hashimi, Head of Corporate Affairs and Brand & Marketing, Standard Chartered, Pakistan said: “Here for good, our brand promise is all about commitment – to our customers and clients, to our people and to the communities where we work. Standard Chartered has been committed to the long term growth and development of this country. This commitment has spanned one and a half century and remains just as strong today.We stand firm in our determination to create long term value for society as well as our shareholders.”

To read the full 2018Sustainability Review, 

Monday, July 15, 2019

Zong 4G becomes connectivity partner for Faysal Bank Ltd

Zong 4G becomes connectivity partner for Faysal Bank Ltd

Zong 4G becomes connectivity partner for Faysal Bank Ltd

Pakistan’s No.1 Data Network, Zong 4G has partnered with, Faysal Bank Ltd (FBL), one of the leading banks in Pakistan to provide customized corporate voice and data services. The strategic collaboration will enable Faysal Bank Limited to optimize operations for end-to-end customer experiences through unparalleled connectivity of Zong 4G.

The partnership between the companies was formalized, after signing of contract between Mr. Moied Javeed, Acting Chief Commercial Officer of Zong 4G and Mr.Iftikhar Rasul, Divisional Head General Services, Faysal Bank in the presence of Mr. Wang Hua, Chairman and CEO, Zong 4G and Mr. Yousaf Hussain President and CEO, Faysal Bank along with other senior members of management.

Entering the alliance with Zong CMPak, Faysal Bank is set to reach new heights by uplifting the connectivity needs of their team through the widest 4G network of Pakistan. With Zong’s unmatched 4G connectivity, Faysal Bank team will be able to use the fastest internet for daily operations as well as to remain connected through Pakistan’s No.1 Data Network.

Zong 4G has demonstrated capabilities in delivering corporate solutions and managing the communication needs of corporate clientele. With the largest enterprise portfolio and widest 4G network, Pakistan’s No. 1 Data Network is enabling enterprises with seamless connectivity and finest solutions to ensure optimization of services for their customers everywhere anywhere.

“Speaking at the occasion, Chairman and CEO Zong 4G, Mr. Wang Hua said,” Our tailored corporate propositions are enablers for digital transformation for corporations, which position them to prepare for digital future. Through our industry-leading expertise and widest connectivity, we are acting as a digital bridge for Faysal Bank, allowing them to facilitate their customers with ease.”

Adding to the occasion, Mr. Yousaf Hussain, President & CEO – Faysal Bank said “. It gives us great pleasure to partner with Zong as Faysal Bank is looking for a long term relationship benefiting the customers with exclusive services that will be modulated under this project.  Zong 4G has a reputation of being the 4G leader in the market with widest and fastest connectivity services. Faysal Bank believes that this alliance will be mutually beneficial for both organizations and will help in reaching larger markets.’

Committed to be at the forefront of digitalization in Pakistan, Zong 4G‘s modernized and widest network coverage is shaping the digital future of enterprises and millions across the country.

Friday, July 12, 2019

Deutsche Bank to slash 18,000 jobs by 2022 - by AFP

Deutsche Bank to slash 18,000 jobs by 2022 - by AFP

Deutsche Bank to slash 18,000 jobs by 2022 - by AFP

FRANKFURT AM MAIN: Germany's biggest lender Deutsche Bank said Sunday it would cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil.

The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche.

The bank said the layoffs would reduce annual costs by six billion euros ($6.7 billion) over the same period.

"Today we have announced the most fundamental transformation of Deutsche Bank in decades," chief executive Christian Sewing said, dubbing the scheme "a restart for Deutsche Bank".

The lender did not immediately make clear where the axe would fall.

But with executives looking to find synergies in the integration of subsidiary Postbank and central infrastructure roles, many jobs are likely to go in home country Germany.

The new round of job cuts comes on top of some 6,000 already carried out over the past year.

Bosses expect the restructuring plan to sap second-quarter results by some three billion euros this year, making for a net loss of 2.8 billion.

Over the whole year, Deutsche is likely to plunge back into the red after a brief flirtation with profitability in 2018.

The bank does not plan to pay out dividends this year or next.

Last chance?
The restructuring could be a last chance for Deutsche after much-hyped merger talks with crosstown rival Commerzbank fell through earlier this year.

Negotiations collapsed despite the backing of the finance ministry in Berlin, which feared seeing a vital link in the financing of the country´s economy bought up from abroad.

Over the past four years, the firm's market capitalisation has fallen by 75 percent, making it a potential target for takeovers by bigger fish.

As markets closed Friday, Deutsche was worth 15 billion euros ($17 billion), placing it firmly at the back of the pack in a European industry dominated by the likes of HSBC (165 billion euros), Spain's Banco Santander (69 billion) and France's BNP Paribas (54 billion).

"Deutsche plays in the first division, and should lay the foundations for things to stay that way" over the weekend, urged economy minister Peter Altmaier in the tabloid-style Bild´s Sunday edition.

Since he took the helm in early 2018, Sewing has attempted to refocus the sprawling group on stable revenue-generating business areas, including retail banking and so-called transaction banking for businesses.

Meanwhile Deutsche's focus has shifted from its attempt to compete with US-based global giants back to its home turf of Germany and Europe.

Investment banking burned
In particular, tough cuts to the former flagship investment banking unit have been on the agenda since May.

Sunday's announcements target the once-proud division.

Deutsche will stop almost all share trading activity, and is in talks with France's BNP Paribas to sell off some of its business and staff in the field.

On Friday, Garth Ritchie, the head of Deutsche's South African investment banking unit, was first out of the door.

The unit's business had fallen back by 20 percent in the first quarter of 2018 alone, and it was no longer bringing in the fat profits of former years.

Especially in the US, it was for years plagued by lawsuits and scandals, including some linked to the so-called "Panama Papers" leak of sensitive documents about offshore dealings.

On top of the rank-and-file cuts, Deutsche is also rebuilding its board, sending away compliance chief Sylvie Matherat and two other executives.

The group will also create a so-called "bad bank" unit to host some 74 billion euros of low-quality assets, notably those linked to derivatives transactions – highly speculative financial products.

Deutsche's woes are a microcosm of a struggling German banking sector that was once widely envied.

Last year, more than 32,000 jobs were cut in the industry, or 5.4 percent of the total workforce of 565,000, according to Barkow Consulting figures.

Bosses complain that low interest rates in the eurozone, sluggish economic growth and competition from new online platforms are sapping their performance.

Source: AFP
Deutsche Bank CEO says he reprimanded executives for having $1,800 suits fitted day of mass layoffs - via CNBC

Deutsche Bank CEO says he reprimanded executives for having $1,800 suits fitted day of mass layoffs - via CNBC

Deutsche Bank CEO says he reprimanded executives for having $1,800 suits fitted day of mass layoffs - via CNBC

Deutsche Bank CEO Christian Sewing says he reprimanded executives for having expensive custom suits tailored the day that mass layoffs hit the troubled bank’s offices in London, New York and Tokyo. 

Two tailors were photographed coming out of the German bank’s London office on Monday. Originally, the men were incorrectly identified as employees who had been sacked. 

In reality, they were at Deutsche’s London office to fit $1,800 suits for senior staff who were not hit by the job cuts, according to a report in Financial News. 

“That someone would let a tailor come on such a day is disrespectful,” Sewing said in an interview with the German newspaper Handelsblatt on Thursday. “In no way is this behavior in keeping with our values.”

When asked if there would be any personnel consequences, Sewing said only that he called the “colleagues” involved and discussed the incident with them.

“I assume in any case that the two colleagues will not forget my telephone call,” Sewing said, suggesting he gave them a tongue-lashing. 

Deutsche Bank announced Sunday that it was shutting down its global stock trading business and slashing 18,000 positions in a massive restructuring to improve the troubled bank’s profitability. 

Deutsche once sought to compete with large American banks on Wall Street, a strategy that began with its $10 billion acquisition of Bankers Trust in the late 1990s. 

But the German bank’s aggressive and ambitious strategy to become a global power house ultimately backfired. Deutsche has been severely weakened by a series of costly scandals related to business practices in the run-up to the 2008 financial crisis as well as other alleged wrongdoing.

Deutsche reached a $7.2 billion settlement with the U.S. Justice Department in January 2017 for allegedly misleading investors in the sale of mortgage-backed securities. The bank was also slapped with a $630 million fine over allegations of Russian money laundering. 

Those penalties came two years after the bank paid a $2.5 billion fine to U.S. and U.K. regulators for allegedly participating in a scheme to rig interest rates.

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