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Posts published in “Banking”

FBNQuest Mutual Funds returns 104%

FBNQuest Asset Management, a subsidiary of FBN Holdings, has held yearly general meetings for five mutual funds managed by the firm.

The funds are the FBN Balanced Fund, FBN Smart Beta Equity Fund, FBN Eurobond Fund, FBN Bond Fund and the FBN Money Market Fund.

Bank CEOs to testify as U.S. Congress ramps up scrutiny of Wall Street

United States Congress will hold hearings next month with the chief executives of major Wall Street banks as Democratic lawmakers step up scrutiny of the role lenders have played in helping struggling Americans recover from the COVID-19 pandemic.

The House Financial Services Committee and the Senate Banking Committee will hear testimony from JPMorgan Chase & Co(JPM.N), Bank of America Corp (BAC.N), Citigroup Inc (C.N), Wells Fargo & Co (WFC.N), Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N), according to a notice from the House of Representatives committee.

FG begins commercialisation of Federal Mortgage Bank

The Federal Government of Nigeria on Thursday announced that it had commenced the process for the full commercialisation of the Federal Mortgage Bank of Nigeria.

Part of the process was the inauguration of the Joint Technical Committee for the commercialisation of the bank by the Bureau of Public Enterprises.

Nigeria’s Microfinance Banks Assets hit N856.3bn on Recapitalization

According to the central bank of Nigeria, the total assets of the microfinance banks in Nigeria rose by N97.32bn from N758.98bn as of the end of July 2020 to N856.3bn as of the end of September 2020 as the firms move to achieve their recapitalisation requirements.

This was contained in a report by the Central Bank of Nigeria on ‘Microfinance banks’ account (2SR) Assets’ quarterly bulletin obtained by our correspondent on Wednesday.

GTbank Sealed By Kano State Revenue Service Over Tax Evasion

Information reaching us has it that GTbank Branches Sealed By Kano State Revenue Service Over Tax Evasion.

Many customers of Guaranty Trust Bank (GTB) were stranded on Tuesday after the Kano State Internal Revenue Service (KIRS) sealed five branches of bank for tax evasion.

Stanbic IBTC empowers youths to become business leaders

The Chief Executive, Stanbic Ibtc Holdings Plc, Dr Demola Sogunle, has said the organisation is committed to empowering youths to become successful entrepreneurs.

He spoke during the 2021 edition of the Youth Leadership Series organised by the Stanbic with the theme ‘Winning’.

PurplePay launches mobile app solution

PurplePay, a digital payment solution provider, has launched its mobile pay solution application for global use with Nigeria as the pioneer leading country.

This digital payment platform would offer and shape consumers’ experiencing seamless transactions with the aim to change the way businesses, religious centres and NGOs send and receive funds, it stated.

China March new bank loans rise but broad credit growth eases

New bank loans in China rose more expected in March from the previous month due to strong corporate and household demand, as the central bank walks a tightrope between supporting tering economy and containing debt risks.

A man wearing a mask walks past the headquarters of the People’s Bank of China, the central bank, in Beijing, China, as the country is hit by an outbreak of the new coronavirus, February 3, 2020. REUTERS/Jason Lee/File Photo
Chinese banks extended 2.73 trillion yuan ($416.62 billion)in new yuan loans in March, up from 1.36 trillion yuan in February and exceeding analyst expectations of 2.45 trillion yuan, according to data released by the People’s Bank of China (PBOC) on Monday.

Bank of Industry grows assets by 78.8% to N1.86tn

The Bank of Industry Group concluded the 2020 financial year with a 78.8 per cent growth of assets from N1.04tn to N1.86tn between 2019 and 2020.

A statement by the bank on Monday said the increase was driven to a large extent by the successful debt syndication of €1bn and $1bn that were concluded in March and December 2020 respectively.