The world of banking and financial services has changed vastly in recent years. Even before the pandemic, the space had been increasingly catalysed by a wave of rapid digitalisation that has served to expand the number and variety of products available across the market.
The past two years have seen many ups and downs in banking, but one major “up” story is that of Nordea. As CEO Frank Vang-Jensen explains, Nordea turned things around by centring its operations on its customers and following an ambitious new three-pronged business plan. Nordea’s example can help other banks get back on track to success.
Turkey is a strategically important country, acting as a bridge between Europe and Asia. ICBC Turkey, a subsidiary of China’s ICBC conglomerate, has been a crucial financial link between the two countries over the six years since its inception, helping fulfil China’s ambitious Belt and Road Initiative and driving prosperity in the region.
When a bank merger happens, it’s not just two financial institutions that are joining together — it’s two sets of customers. Understandably, the customers of acquired banks can feel a lot of uncertainty about the future of their financial services, and these doubts can lead to increased customer attrition.
Over the last few years, there has been a fundamental shift towards more sustainable habits across societies. From cutting back on plastic to using public transport more, to choosing brands that use sustainable materials, the momentum is moving in the right direction. But this is just the proverbial tip of the iceberg. Ultimately, consumers and businesses need to be able to do more.
For Afghanistan, August 2021 was a pivotal month, with the extremist Taliban seizing government control. This regime change has shaken the country to its core, including its banking system, which, according to some, is on the verge of collapse. What are the prospects for the country’s banks to gain secure footing on the road to recovery?
Italy’s Banca Monte dei Paschi claims the title of the world’s oldest bank, but not for much longer. In recent years, hammered by bad debts, MPS has survived only with sizable aid from the government and will soon be absorbed by UniCredit, assuming the latter bank’s conditions are met. This union will create Italy’s new banking behemoth.
The pandemic had previously put a break on impending SWIFT Releases that were originally pencilled in for 2020. When those were pushed back to November 2021, that was a welcome deferment to allow financial institutions to ready themselves for the upcoming changes to Trade Finance Category 7 for Guarantees and Standby Letters of Credit.
The term bad bank seems like an oxymoron, but in practice, the concept has been actualized in a few countries to address the problem of bad debt. The National Asset Reconstruction Company, supported by the India Debt Resolution Company, is India’s attempt to absorb and rehabilitate the nonperforming assets plaguing its banking system.
As environmental, social, and governance (ESG) issues receive more mainstream attention, banks are continuing to find themselves in the crosshairs. From NGOs and investors to regulators and customers – banks are continuously being pressured to do a better job on ESG.