Banks are showing willingness to participate in the recently launched Zarkhez-e (Asaan Digital Zarai Qarza) initiative, the Pakistan Banks Association (PBA) said on Thursday, noting that the scheme has been structured as a commercially viable incentive model for agricultural loan. The statement sought to clarify that lender engagement was based on business logic rather than […]
BANKING
SBP injects Rs4.2 trillion to stabilise market liquidity
KARACHI – The State Bank of Pakistan (SBP) has injected a total of Rs4,245.5 billion into the money market through Reverse Repo Purchase and Shariah Compliant Mudarabah-based Open Market Operations (OMO) to maintain liquidity and ensure smooth financial operations. According to details, the SBP conducted the Open Market Operation (Reverse Repo Purchase) on October 24, […]
UAE’s IHC to Acquire 85% Stake in Pakistan’s First Women Bank
ISLAMABAD – The United Arab Emirates (UAE) International Holding Company (IHC) has successfully finalised a deal to acquire 85% shares of First Women Bank Limited (FWBL) in Pakistan, sources told ARY News on Friday. FWBL, incorporated in 1989, is 82.64% owned by the Government of Pakistan. The acquisition was made for $14.6 million (around Rs […]
CGPA organizes public private dialogue on access to finance for SMEs
Centre for Governance & Public Accountability (CGPA) in collaboration with Small & Medium Enterprises Development Authority (SMEDA) organized a public private dialogue on access to finance by SMEs here the other day, said a press release issued here on Thursday. The event was aimed at discussing the issues faced by business community of Peshawar […]
Google pulls plug on plan for mobile banking in Pay app
Google has hit the brakes on a project to add mobile banking to its Pay app, even as the online financial services market for everyday investors heats up. The company has ended work on its Plex project but continues to eye ways to integrate financial services, a spokesperson said Friday confirming a Wall Street Journal […]
EU banks can weather ‘harsh’ crises but with big losses
European banks can weather a severe economic crisis with a sharp drop in their financial reserves, according to results from an extensive stress test published on Friday. In the worst-case scenario, described as “very severe” and covering a period of three years, the European banking sector would suffer a capital loss of 265 billion euros […]
Better economy, merger boom boosts US bank earnings
Profits at Goldman Sachs jumped amid a merger boom, while JPMorgan Chase’s results were boosted by the impact of the recovering economy on loan quality, according to results released Tuesday. The financial heavyweights reported soaring second-quarter profits compared with the year-ago period when large banks set aside massive reserves in case clients defaulted amid the coronavirus […]
Morgan Stanley to require Covid-19 vaccines at New York offices
Morgan Stanley will require employees, visitors and clients to be vaccinated to enter its buildings in the New York metropolitan area, a source told AFP Wednesday. Starting July 12, staff of the investment bank and others wishing to enter buildings in New York City and in nearby Westchester County will be required to attest to […]
Germany buys data from Dubai in crackdown on tax fraud
Germany has purchased data from an anonymous source in Dubai on millions of taxpayers worldwide in a bid to crack down on tax evasion, the finance ministry said Wednesday. The data provides information on people who own land, property and other assets in the Gulf emirate, including several thousand Germans, the ministry said in a […]