logo

News related to
Bank

Establishing Extensive Connections with Thailand’s Innovation Ecosystem as 8 Thai Startups Successfully Land at HK Science Park HONG KONG SAR – Media OutReach Newswire – 8 August 2024 – Hong Kong Science and Technology Parks Corporation (HKSTP) is leading 14 pioneering startups to the Techsauce Global Summit 2024, Southeast Asia’s premier innovation and technology flagship event, from 7-9 August in Bangkok, Thailand. The participation aims to support […]

By P. Sudhir The mass revolt against the authoritarian government of Sheikh Hasina Wazed has had a dramatic outcome with the fall of the government and Sheikh Hasina fleeing the country. On Monday (August 5), the `March to Dhaka’ called by the student protestors saw tens of thousands of people reaching the city and marching […]

Savings deposits in UAE banks have witnessed a notable increase, climbing 8.4% to reach $80.2 billion. This growth underscores the strengthening financial stability and growing confidence in the country’s banking sector. Recent data indicates that UAE banks have experienced a substantial uptick in savings deposits over the past year. This rise reflects both increased economic stability and a shift in public financial behaviors. As consumers and businesses […]

By Sushil Kutty All banks have a savings account product with minimum balance requirements. If the minimum account balance (MAB) is not maintained, a fee is charged. However, in the interest of financial inclusion, the RBI mandated that all banks should also offer a no-fee zero account balance basic savings bank deposit account (BSBDA). But […]

Nuvama Private, the private banking arm of the Nuvama Group, has launched its operations in the Dubai International Financial Centre (DIFC), marking a significant step in its strategy to serve the wealth management needs of the Indian diaspora and other high-net-worth individuals (HNWIs) in the Middle East. This move comes as Nuvama Private aims to leverage Dubai’s position as a major financial hub to cater to the growing demand for comprehensive wealth management services among non-resident Indians (NRIs) and global investors.

With the acquisition of a Category III C license, Nuvama Private is one of the few Indian private banks authorized to provide advisory services and distribute investment products in the region. This expansion will facilitate greater access for NRIs and other clients to the rapidly growing Indian markets, which have seen significant developments in both public and private sectors over the past few years.

Alok Saigal, President and Head of Nuvama Private, emphasized the importance of this expansion, noting that approximately one-quarter of Dubai’s expatriate population consists of NRIs, many of whom are ultra-high-net-worth individuals (UHNWI). Saigal stated, “There is a growing aspirational class of global investors eager to participate in the India growth story. We understand the unique needs of the Indian mindset and are committed to providing tailored wealth management solutions for both onshore and offshore clients.”

The new office in DIFC will also help Nuvama Private meet the evolving needs of Indian clients seeking to diversify their investments beyond India. Vivek Sharma, Head of Offshore at Nuvama Private, highlighted the bank’s role in addressing these global needs, saying, “With the evolution of Indian UHNW families, their requirements are becoming global. Our DIFC arm will play an integral role in serving both local and international needs alongside our established practice in India.”

The leadership team for the DIFC office includes Vishwajit Patil, who brings over 20 years of experience in banking and wealth management to his role as Senior Executive Officer. Patil’s extensive background is expected to contribute significantly to the success of Nuvama’s regional operations.

Salmaan Jaffery, Chief Business Development Officer at DIFC Authority, welcomed Nuvama Private to the center, acknowledging Dubai’s status as the Middle East city with the highest concentration of wealth. Jaffery remarked, “We are pleased to have Nuvama in our ecosystem, which offers vast opportunities for wealth and asset management clients. The significant non-resident Indian population in Dubai, familiar with Nuvama, provides a strategic advantage.”

The establishment of the DIFC office aligns with Nuvama Private’s broader strategy to become a preferred partner for private banking needs, providing comprehensive solutions tailored to the aspirations of HNWIs and UHNWI clients. As the firm continues to expand its footprint, it aims to strengthen its position as a leading player in the global wealth management industry.

This strategic move by Nuvama Private not only enhances its service offerings but also underscores the importance of Dubai as a pivotal hub for connecting investors to opportunities in one of the world’s fastest-growing markets.

Sources:
– [International Adviser](https://international-adviser.com/nuvama-private-targets-non-resident-indians-through-new-difc-office)
– [Trade Arabia](https://tradearabia.com/news/BANK_416710.html)

Raja Salameh, brother of Lebanon’s former central bank governor Riad Salameh, has come under investigation in France as part of a corruption probe. This investigation is focused on the alleged embezzlement of over $330 million from Lebanon’s central bank. French authorities suspect that Raja, along with his brother, diverted these funds between 2002 and 2015, funneling them into European investments.

The case has drawn significant attention due to the extensive tenure of Riad Salameh as governor, a role he held for three decades. During this time, Riad became a prominent figure, especially as Lebanon grappled with severe economic challenges, culminating in the financial crisis that erupted in 2019.

Prosecutors from Germany, France, and Luxembourg have been actively involved in the investigation, conducting interviews with Lebanese bankers and officials in Beirut. The focus of their inquiries has been on the commissions collected by the central bank, which were purportedly transferred to Forry Associates, a company owned by Raja Salameh. The central bank allegedly collected these commissions from bond buyers and, instead of retaining them, funneled the money to Forry Associates without clear disclosure to private banks.

Despite the allegations, both Riad and Raja Salameh have denied any wrongdoing. Riad maintains that the $300 million was earned legally, emphasizing that he is being used as a scapegoat for the country’s financial woes. Pierre-Olivier Sur, Riad’s French lawyer, argued that the commissions were legitimate payments for intermediation work conducted by Forry Associates, authorized by the central bank’s management and supervisory bodies.

The revelations have intensified scrutiny of Lebanon’s financial sector and the role of its central bank. Lebanese authorities have also pursued their own investigations, leading to charges of illicit enrichment against Riad Salameh in March, which he has denied.

Riad Salameh continues to have the support of key Lebanese political figures, including Nabih Berri, the long-standing Speaker of Parliament. However, the unfolding investigations in Europe and Lebanon are likely to exert increasing pressure on him and his associates as authorities seek to uncover the full extent of the alleged financial misconduct.

The case highlights the broader challenges facing Lebanon, where endemic corruption and financial mismanagement have severely impacted the country’s economy, contributing to widespread public distrust in its institutions. As European prosecutors proceed with their investigation, the international community watches closely, hoping for accountability and transparency in addressing these serious allegations.

By Dr. Gyan Pathak INDIA bloc is now firmly against taxing people on their future crises of life and health, protested within and outside the Parliament against imposition of 18 per cent GST on life and health insurance premium, and demanded their immediate removal. Modi government seems to be unwilling to concede to the demand, […]
Advertisements
By Arun Srivastava After the sudden, inglorious exit of Sheikh Hasina from the political theatre of Bangladesh, the tone and temper of the students’ movement have changed. A new narrative is making rounds in the political and media circles that the student movement for quota reform is fading from the official narrative and BNP-Jamaat have […]

Cogo and Saascada have announced a strategic partnership aimed at reducing the carbon footprint of the financial industry. The collaboration will integrate Cogo’s carbon footprint management technology with Saascada’s digital banking platform, enabling banks and financial institutions to offer customers a way to track and manage the environmental impact of their financial activities. Cogo, a company specializing in carbon footprint management, helps individuals and businesses measure, understand, […]

Mashreq Bank, in collaboration with JLL, has embarked on a significant environmental initiative, aiming to secure LEED Zero Carbon certification for its global headquarters. This ambitious project marks a pivotal step in Mashreq’s sustainability strategy, reflecting a broader trend among financial institutions to adopt stringent environmental standards. The initiative represents a commitment to eliminating carbon emissions from the bank’s operations, aligning with the global push for more […]

KPMG Pulse of Fintech – H1’24 Singapore’s fintech deal count rose by 19 percent to 117 deals in H1’24, but total deal volume fell 34 percent to US$522.89 million in H1’24 amid economic uncertainties. Investment in cryptocurrency and blockchain in Singapore surged 22 percent to US$211.90 million across 72 deals. Global payments accounted for the largest proportion of fintech investment in H1’24, attracting US$21.4 billion. Global regtech […]

Asian stock markets surged on Tuesday, rebounding from significant losses experienced in previous sessions. Investor sentiment turned positive as market participants seized opportunities to buy stocks at lower prices, spurred by optimism despite economic concerns.

Japan’s Nikkei 225 Index led the recovery, soaring nearly 3,000 points to surpass the 34,400 mark. Major contributors included SoftBank Group, Honda, and Toyota, which saw substantial gains, lifting overall market performance. The Nikkei’s recovery followed a sharp decline on Monday, reflecting investor confidence in the resilience of major sectors.

Australia’s S&P/ASX 200 Index also saw a modest increase, driven by gains in technology stocks like Appen and iron ore miners such as BHP Group. This uptick came despite a drop in building approvals reported by the Australian Bureau of Statistics, indicating a mixed economic outlook.

South Korea’s KOSPI Index surged by 3%, bolstered by a positive turn in market sentiment. Investors showed renewed interest in major tech stocks, which had been heavily sold off in the previous sessions.

Hong Kong’s Hang Seng Index experienced a 2% rise, with significant gains in the technology and financial sectors. Companies like Tencent and HSBC contributed to the index’s recovery, demonstrating resilience amidst broader economic uncertainties.

This rebound across Asian markets followed the worst sell-off since 2008, triggered by fears of a U.S. recession and geopolitical tensions in the Middle East. Despite these underlying concerns, the latest market performance indicates a cautious optimism among investors, driven by strategic buying and a focus on long-term growth prospects.

Overall, the recovery in Asian stock markets highlights the dynamic nature of global financial markets, where investor sentiment can quickly shift in response to evolving economic indicators and geopolitical events. This positive trend suggests a potential stabilization in the coming weeks, contingent on continued investor confidence and favorable economic developments.

Swedish oil company Tethys Oil has secured a five-year term loan facility worth $60 million for its operations in Oman, through its local subsidiary, Tethys Oil Block 3&4 Ltd. This strategic move aims to bolster the company’s exploration and production capabilities in the region. The loan agreement, finalized with the Abu Dhabi Commercial Bank (ADCB), will support Tethys Oil’s ongoing projects and expansion plans within the Sultanate. […]

By Nantoo Banerjee The sudden and sharpest cut in the import duty on gold and gold doré seems to be quite confusing since even at a 15 percent import duty on gold India’s import of the yellow metal surged nearly 30 percent amounting US$45.54 billion in the last financial year. The gold import in the […]

Five prominent payment firms are vying to participate in the Indian central bank’s digital currency pilot program. Among these contenders are GooglePay, Walmart-backed PhonePe, and AmazonPay. The initiative, led by the Reserve Bank of India (RBI), aims to test the feasibility and efficiency of the digital rupee (e-rupee) in real-world transactions. The digital rupee pilot seeks to explore the benefits of a central bank digital currency (CBDC) […]

Neobanks, also known as digital banks, are transforming the banking landscape in the Gulf Cooperation Council (GCC) countries through innovative technology and a customer-centric approach. Unlike traditional banks, neobanks operate entirely online without physical branches, offering services such as savings accounts, payment solutions, and loans through mobile apps and websites. This shift is driven by the demand for more efficient, personalized, and accessible banking services. The rise […]

KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 5 August 2024 – The growth of financial technologies, including blockchains and cryptocurrencies, depends on how well the legal system can adapt. Globally, the legal status of cryptocurrencies remains ambiguous as most countries still need to establish comprehensive laws to govern them. However, only a few states explicitly prohibit crypto mining. While the global regulatory landscape continues to evolve, […]

By Harihar Swarup When newcomer Arvind Kejriwal defeated three—time chief minister Sheila Dikshit in her constituency of New Delhi in 2013 assembly polls, jubilant supporters took to streets, hailing the moment when a common man got an opportunity to master electoral politics. Kejriwal’s Aam Aadmi Party soon became the premier force in Delhi politics. In […]

The United Arab Emirates (UAE) is reinforcing its diplomatic stance by balancing its aid efforts in Gaza with maintaining ties with Israel. This comes amid escalating tensions and concerns over the humanitarian situation in the Gaza Strip. The UAE has been actively involved in providing humanitarian assistance to Gaza. UAE’s Ambassador to the United Nations, Lana Nusseibeh, highlighted the country’s efforts, including the establishment of a field […]

93.2% claims settlement ratio reflects strong customer trust in the insurer HONG KONG SAR – Media OutReach Newswire – 1 August 2024 – MSIG Insurance (Hong Kong) Limited (“MSIG”) today published its fifth annual MSIG Claims Report which presents the total claims honoured in Hong Kong and Macau during the year as well as the insurer’s latest initiatives. In 2023, MSIG’s claims settlement ratio reached 93.2% – […]

The world’s 500 richest individuals experienced a staggering collective loss of $134 billion, driven by mounting fears of a looming recession in the United States. A widespread sell-off in global stock markets was triggered by concerning jobs data and faltering manufacturing activity, casting a shadow over economic stability. Economic indicators have been signaling distress, particularly in the US labor market, where a slowdown in job growth has […]

As the official insurer of NATAS Fair, Etiqa Insurance Singapore continues to be Singaporeans’ trusted travel partner through the years. SINGAPORE – Media OutReach Newswire – 1 August 2024 – Etiqa Insurance Singapore (Etiqa) is proud to announce its continued partnership as the Official Sponsor and Travel Partner for National Association of Travel Agents Singapore (NATAS) Holidays 2024, held from 16 August to 18 August at the […]

The report surveyed 114 senior fraud professionals in Asia to uncover fraud trends, challenges, and prevention measures by financial institutions SINGAPORE – Media OutReach Newswire – 1 August 2024 – GBG, the leading expert in global identity and location, in collaboration with Chartis Research, revealed that 8 in 10 Asian financial institutions and banks are facing significant challenges related to digital fraud detection, but are actively investing […]

HO CHI MINH CITY, VIETNAM – Media OutReach Newswire – 1 August 2024 – Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank – HOSE: HDB) has announced its financial report for the second quarter of 2024, with profit before tax for the first half of the year reaching VND 8,16 trillion (appx. US$324.47 million), an increase of 48.9% over the same period driven by HDBank’s […]

VISHNU RAJA
RYO YAMADA
HITORI GOTOH
IKUYO KITA
Just in:
Sber announces results of GigaArt AI-art festival: Nearly half a million images // Abu Dhabi court holds NMC executives liable for fraud // Deemed status for high-performing aided colleges // Lula commits to budget discipline after election victory // BJP leader condemns cyber attacks over Mammootty wedding visit // Setback for Usha in Olympic body // LNG tanker exits through Hormuz reach wartime peak // Vasavan alleges one-man show by CM Satheesan // Republicans Struggling To Come Out Of Nov 3 Debacle To Prepare For 2028 Prez Polls // Trump’s Defeat In Midterm May Lead To Both Challenges And Opportunities For Indian Economy // Vasavan alleges one-man show by CM Satheesan // From Seoul to Wuzhen: Korean Celebrities and Creators Spark a Water Town Slow-Living Trend // AutoSwift secures close to A$10 million from Singapore’s X Star Technology to scale AI WINGMAN // Trump directs Justice Department scrutiny of Democratic threats // Abu Dhabi property transaction value climbs 76.1 percent // PhotonPay Strengthens North American Regulatory Footprint with Canada’s RPAA Registration // Gulf states formalise joint railway operating framework // BJP leader condemns cyber attacks over Mammootty wedding visit // NIA Highlights Three Exemplary Breakthroughs from National Innovation Awards, Driving Thailand Toward a Global ‘Innovation Nation’ // Lee Kum Kee Sauce-Sponsored 2026/27 Hong Kong Windsurfing Circuit – iQFOiL Championships Conclude Successfully //