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Posts published in “Banking”

United States Bank Profits fell 36.5% in 2020 on Pandemic Concerns – FDIC

United States bank profits fell 36.5% in 2020 from the prior year as banks set aside massive amounts to guard against potential losses, but the industry showed signs of strengthening in the fourth quarter as the economy begins to recover from the pandemic, a regulator reported on Tuesday.

The industry posted $147.9 billion in profits in 2020, a sharp decline from record 2019 profits, according to the Federal Deposit Insurance Corporation.

Standard Chartered Bank Introduces COVID-19 Support for Entrepreneurs

Standard Chartered Bank Nigeria plc has said it has launched new programme with Youth Business International , to support young entrepreneurs hit by the economic impact of COVID – 19 .
In a statement on Tuesday , it said the project was part of ‘Futuremakers ’ by Standard Chartered , a global initiative to tackle inequality .

Nigeria Banks Boost Remittances, Expand Dollar Account

Nigeria Banks have started opening dollar accounts for recipients of remittances that did not have one as part of efforts to boost international payments and foreign exchange inflow in the country.

This is in response to the Central Bank of Nigeria’s order to banks to facilitate money transfers by automatically opening dollar accounts for those who do not currently have such, according to operators.

The order aimed to ensure that all international money transfers would be successfully processed even if senders entered naira account details for transactions.

Stanbic IBTC Nigeria Boosts Agriculture Sector with Low-interest Loans

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has reaffirmed its commitment to the growth of Nigeria’s agriculture sector by supporting farmers and other players in the agricultural value chain.

As the demands on agribusinesses change seasonally, the foremost financial institution provides financing solutions for agricultural enterprises to suit their requirements. These needs range from availability of resources to farming equipment, as well as enhancement of seasonal cashflow, amongst others.

Access Bank, Lagos Partner on Soft Loans for Female Entrepreneurs

Access Bank Nigeria Plc and Lagos State Government have created a new window of discounted financing for female entrepreneurs as part of their shared commitments to empower women and enhance wealth distribution.

The discounted financing solution known as the “LSETF-W Initiative Loan” was specially created by the Access Bank W Initiative programme in partnership with the Lagos State Employee Trust Fund (LSETF) to provide low-interest loans for female businesses to flourish in the state.

World Bank names Senegal’s Former finance minister to head IFC

The World Bank on Thursday announced it selected former Senegal finance minister Makhtar Diop to lead the agency responsible for private sector finance at a critical time for the global recovery.

He would be the first African to lead the International Finance Corporation (IFC) which leverages financing to support private firms in developing nations.

Nigeria Banks Cut Borrowings from CBN over Excess Liquidity

Nigeria deposit Money Banks have continued to reduce their borrowings from the Central Bank of Nigeria.

The CBN attributed this new development to excess liquidity in the system.

Banks borrowed N15.95bn from the CBN in the Standing Lending Facility window in November, the CBN disclosed this in its latest monthly economic report for November.

British Court Blocks Release of HSBC Papers in Huawei CFO Fraud Case

News report reaching us says a British judge on Friday blocked the release of internal HSBC documents relating to U.S. fraud allegations against Huawei Chief Financial Officer Meng Wanzhou.

Meng is facing charges of bank fraud in the United States for allegedly misleading HSBC about Huawei’s business dealings in Iran, causing the bank to violate U.S. sanctions.

Barclays Resumes Dividend as Annual Profit Halves

British leading bank Barclays, has resumed modest shareholder payouts after a year-long hiatus due to the COVID-19 pandemic, setting expectations other British lenders will follow suit when they report 2020 earnings in the next few days.
The resumption came as Barclays’ profit fell by half, much less than forecast as a strong performance by its investment bank offset provisions against bad loans from the economic fallout of the COVID-19 pandemic

Fidelity Bank Nigeria issues N41.21b Tier II Local Bonds

Fidelity Bank Plc has issued 10-year N41.21 billion in fixed rate unsecured subordinated bond at a 8.5 per cent coupon rate due in 2031.

The bond issuance, which was fully subscribed given that total investor interest and commitments in the bonds were N56.6 billion, adds to the portfolio of landmark transactions structured by the bank, and underscores its capacity to successfully execute debt capital market transactions.