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Swedbank warns on growth as quarterly profit tops forecast STOCKHOLM: Banking group Swedbank said on Tuesday growth in its home markets could be dragged down by a weak global economy and political uncertainty in Sweden as it posted forecast-beating profits boosted by lending to corporate and mortgage clients.The bank, which pulled out of Russia and Ukraine last year to focus on Sweden and the Baltics, warned credit demand in the Baltics could be hit by turmoil in Ukraine but said it had not yet seen any direct financial impact on its business.Swedbank and Swedish rival SEB are two of the biggest lenders in Latvia, Lithuania and Estonia."Sweden's economic growth is being jeopardised by a shaky global economy and uncertainty about the new government's economic policies and weak parliamentary support," Swedbank said in a statement."The global economy is out of step. The US and the UK are the shining lights, but the Eurozone and China are stuttering considerably," Swedbank Chief ...

CIMB Thai Bank says to miss 2014 loan target due to weak economy BANGKOK: The Thai unit of Malaysian bank CIMB Group Holdings Bhd said on Tuesday it would miss its 15 percent loan growth target for this year due to weak economic growth, and forecast even slower loan growth in 2015. Loans grew 6.9 percent in the first nine months of 2014, when the bank set aside 5.7 billion baht in loan loss provision, Narongchai Wongthanavimok, senior executive vice president at CIMB Thai Bank told reporters. "The ...
Poland's Alior Bank buys Meritum Bank for $107 million WARSAW: Poland's Alior Bank said on Tuesday it had agreed to buy a 98 percent stake in smaller rival Meritum Bank from two private equity funds and the European Bank of Reconstruction and Development (EBRD) for 353 million zlotys ($107 million).About half of the purchase price, or 173 million zlotys, will be paid to Innova Capital and WCP Cooperatief, a unit of Wolfensohn Capital Partners, in the form of new shares issued by Alior Bank, ...
ECB starts buying covered bonds in fight to revive euro zone economy FRANKFURT/PARIS: The European Central Bank has started buying covered bonds, an ECB spokesman said on Monday, opening a new front in its battle to revive the euro zone economy and keep deflation at bay.The ECB has already given banks the opportunity to borrow four-year loans and will also start buying bundled loans or asset-backed securities (ABS) later this year, having now cut its main interest rate to almost zero.By taking some of these assets off ...
China central bank says to advance yuan convertibility BEIJING: China aims to quicken the process of making the yuan convertible on the capital account and will allow foreign investors to use the currency to invest in Chinese financial institutions, Central Bank Deputy Governor Hu Xiaolian said on Monday. China will also widen the number of channels for cross-border yuan flows and shift the focus of monetary policy to one that controls the price rather than the quantity of money, Hu said in remarks ...
Turkish central bank says opens 3bn lira repo auction ISTANBUL: Turkey's central bank opened a one-week fixed-rate repo auction with a volume of 3 billion lira ($1.34 billion), bank data showed on Monday. The repo matures on October 27. Copyright Reuters, 2014 ...
Philippines seen holding rates on Thursday and rest of the year MANILA: The Philippine central bank is likely to keep monetary policy unchanged on Thursday after inflation eased last month, a Reuters poll showed.Nine of the 11 respondents in the poll expect the central bank to keep both the overnight borrowing rate at 4.0 percent on Thursday, when it meets to review policy. Eight of the 11 forecast no change that day in the special deposit account rate, now at 2.5 percent. Three project a 25 ...

 



 
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Banking Review 2013


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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln