KARACHI: Country’s foreign exchange reserves fell for third straight week and have declined by almost $761 million to $14.48 billion from $15.24 billion recorded in the week ended January 22, 2010. Reserves held by the State Bank of Pakistan (SBP) fell to $10.70 billion from $11.44 billion as witnessed three week earlier, while those held [...]
Credit Suisse Group AG, Switzerland’s biggest bank by market value, had a “strong start” to the year, after reporting a fourth straight quarterly profit in the final three months of 2009. “We are confident about our prospects for 2010,” Chief Executive Officer Brady Dougan said in a statement today. “We have had a strong start [...]
KARACHI: The National Assembly adopted a bill enabling the State Bank of Pakistan to strengthen bank regulations and supervision to safeguard against various risks as well to provide matching tools to bank regulators for corrective measures with a view to maintaining financial stability. Talking to Geo News, Executive Director of State Bank of Pakistan (SBP) [...]
ISLAMABAD: The National Assembly on Monday unanimously passed the Banking Companies (Amendment) Act 2009 – amending sections 14, 19, 26A, 41B and 42 of the Banking Companies Ordinance 1962 – providing the State Bank of Pakistan (SBP) with more supervisory powers to regulate all scheduled banks. The new law is aimed at strengthening SBP’s bank-regulating [...]
Regulators in Minnesota closed 1st American State Bank late Friday in the 16th bank seizure of the year. The $18 million-asset bank, based in Hancock, was the third institution to be closed in the state this year. The Federal Deposit Insurance Corp. said Community Development Bank FSB in Ogema would take over 1st American’s operations. [...]
