Banking system – I Have 50 Dollars http://ihave50dollars.com/ Wed, 23 Nov 2022 05:13:53 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 http://ihave50dollars.com/wp-content/uploads/2021/10/cropped-icon-32x32.png Banking system – I Have 50 Dollars http://ihave50dollars.com/ 32 32 Qatar’s high-tech banking system looks capable of absorbing the pressure during the World Cup http://ihave50dollars.com/qatars-high-tech-banking-system-looks-capable-of-absorbing-the-pressure-during-the-world-cup/ Sun, 13 Nov 2022 20:34:00 +0000 http://ihave50dollars.com/qatars-high-tech-banking-system-looks-capable-of-absorbing-the-pressure-during-the-world-cup/

The FIFA World Cup Qatar 2022 provides an excellent opportunity to further promote the digital transformation of the state banking system and build on the achievements made during the period of the Covid-19 pandemic, which marked a major change in the field of digital banking services, in favor of the adequate infrastructure available to banks in a context of rapid digitization of services.
Against this backdrop, Qatar Central Bank (QCB) has unveiled a series of initiatives over the past few months to enable secure, fast and affordable digital payments planned for the World Cup.
Among the most important initiatives, the QCB issued the first license in the country to provide digital payment services through “Google Play”, as well as numerous guidelines that regulate and authorize various payment activities in the country.
According to the QCB, the new services include issuing e-wallets through the Qatar Mobile Payment system and its uses (merchant services and local money transfer), in addition to offering international money transfers through the e-wallet, through a bank or licensed exchange shop in Qatar.
In late August, the QCB issued the country’s first license for digital payment services to Ooredoo Money and iPay by Vodafone Qatar.
QNB Group CEO Abdullah al-Khalifa said, “The group has developed and dedicated a comprehensive plan over the years to develop its technology services to better serve the mass of visitors in a distinctive and seamless manner during this tournament.
We strive to deliver a successful edition of the FIFA World Cup, which is why we have dedicated all of our services, digital products and workforce to ensure that we mark our presence with excellence throughout the tournament.
This includes dedicating our ATMs as the sole provider of ATMs in and around the eight stadiums along many other key locations which are expected to accommodate large numbers of fans and spectators. »
Al-Khalifa also highlighted the launch of FIFA-designed special credit cards for all its customer segments, where it was the first bank to launch FIFA-branded special cards aimed at sharing the fun of the football event. the most prestigious with its customers. .
QNB was also the first to launch a special prepaid card design which included Laeeb, the official mascot of the FIFA World Cup Qatar 2022, where all digital prepaid cards were updated to the iPhone Wallet app. , which stores all customer cards on the iPhone.
This provides customers with a sense of exclusivity and uniqueness while sharing the thrill of football.
For his part, the CEO of the QIIB, Dr. Abdulbasit al-Shaibi, noted in previous statements to the Qatar News Agency (QNA) that the QIIB had organized a number of events and contributions in conjunction with the tournament, including a special issue of credit and debit cards, and a number of promotional offers; noting that QIIB trains its staff to deal with visitors during the tournament in a manner that reflects the true image of Doha as a forum for civilized interaction between people and nations in one of the major capitals of world sport.
He added that the QIIB has also formed a team to provide internal support during the World Cup and beyond, in case of emergency.
Al-Shaibi pointed out that QIIB has been investing heavily in banking technology for a long time, as digital transformation is an urgent necessity to improve the operating environment.
He reiterated that QIIB is working to improve the digital transformation process, confirming that the bank is opening a very unique digital branch with a modern design in Msheireb Downtown Doha.
The CEO of QIIB added that the bank has enhanced the role of technology and relied on digital services as part of a comprehensive transformation, in line with the best international standards adopted in the banking sector, expressing confidence that the bank will continue its upward march in relation to different indicators, taking advantage of all the positive market factors, following strict criteria in the field of risk assessment and encouraging leading initiatives in the field of innovation .
The Commercial Bank has also launched a premium range of special World Cup credit cards with special discounts and promotions at various participating hotels, restaurants, malls, cafes and sports stores.
In a related context, the Qatar Islamic Bank (QIB) has launched a special edition of the “Visa Signature” credit card, the Visa debit card and the Visa prepaid card, to celebrate this historic event.
QIB has partnered with Visa as part of its preparations for the event, and to strengthen its commitment to the local community, by providing its customers with exclusive cards offering bonuses and special promotions, for a smooth banking experience and enriching, enhancing the customer experience with one of the largest banks in Qatar by offering exclusive benefits to Visa cardholders.
Visa Signature offers free and unlimited access to more than 1000 airport lounges worldwide, discounts at luxury hotels and restaurants, “Absher” points with each use while customers have the option of paying a minimum of 5% per month on purchases and cash withdrawals.
Plus, Visa Signature credit cardholders can take advantage of free travel insurance, purchase protection, and an extended warranty.

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Govt to establish ‘interest-free’ Islamic banking system, says Dar http://ihave50dollars.com/govt-to-establish-interest-free-islamic-banking-system-says-dar/ Wed, 09 Nov 2022 20:31:43 +0000 http://ihave50dollars.com/govt-to-establish-interest-free-islamic-banking-system-says-dar/

The federal government announced on Wednesday that it would move forward to establish an interest-free Islamic banking system and withdraw appeals filed against it in Pakistan’s Supreme Court in the coming days.

This was announced by Federal Finance Minister Ishaq Dar on Wednesday. He said appeals filed by the State Bank of Pakistan against the imposition of Islamic banking in the country will be withdrawn.

In a televised statement, he said that in recent years progress towards imposing an “Islamic” banking system had encountered obstacles and challenges.

He further revealed that when the Federal Shariah Court issued its verdict earlier this year to impose an Islamic form of financial and banking system, the government knew that the State Bank of Pakistan and the National Bank, all two female government officials in the banking and financial sector, had separately filed appeals to the Supreme Court of Pakistan against the verdict.

“Because it is ordained in the Holy Quran, I believe the barometer of our decisions is the Quran and the Sunnah, we should all follow them,” he said.

Dar said that with the permission of Prime Minister Shehbaz Sharif and after due consultation with SBP Governor Jameel Ahmed, the central bank and the National Bank will withdraw their appeals to the Supreme Court and that their government will do everything possible to enforce the Islamic banking system. as soon as possible.

He prayed for God’s guidance on imposing this new interest-free system. He however recalled that there are many challenges in implementing this system since the entire Pakistani banking system which has been in vogue for 75 years cannot suddenly switch to a different system.

“The government has decided in light of the teachings of the Holy Quran and the Sunnah that the two appeals against the verdict of the Federal Shariah Court by the government will be withdrawn and work to implement the system within the set time.

The FSC’s verdict in the long-delayed case was announced in April. The court had ruled that the federal government and provincial governments should amend relevant laws and issued guidelines that the country’s banking system should be interest-free by December 2027.

Commercial banks and the central bank later appealed to the Supreme Court to challenge the FSC’s verdict.

During his press conference on the matter, Dar said, “With the permission of the Prime Minister and in consultation with the Governor of the SBP, I am announcing on behalf of the Federal Government that the SBP and the NBP will withdraw their appeals from the CS and of our government will try fully to implement an Islamic system in Pakistan as soon as possible.

Dar said there have been many detailed discussions on the matter over the past few weeks and a future roadmap has also been discussed with the SBP Governor.

The Minister of Finance acknowledged that there will be many challenges in the implementation of the FSC verdict and that the whole banking system and its practices could not be immediately transferred to a new system, but nevertheless, the government had decided to withdraw the appeals in the coming days and pivot Pakistan to a “no interest” direction within the time frame stipulated by the FSC.

The first petition for the abolition of the interest-based banking system in the country was filed with the FSC on June 30, 1990.

The then Chief Justice of the FSC, Dr. Tanzeelur Rehman, constituted a three-member bench which rendered judgment in the case on November 14, 1991 and called for its implementation by April 30, 1992. The government PML-N at the time challenged the Supreme Court’s decision. Years later, on December 23, 1999, the SC confirmed the FSC’s decision and ordered the authorities to ensure its implementation by June 30, 2000.

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Thico scam draws attention of Currency Board, abuse of banking system under scrutiny – The Island http://ihave50dollars.com/thico-scam-draws-attention-of-currency-board-abuse-of-banking-system-under-scrutiny-the-island/ Tue, 08 Nov 2022 00:03:57 +0000 http://ihave50dollars.com/thico-scam-draws-attention-of-currency-board-abuse-of-banking-system-under-scrutiny-the-island/

One of the alleged masterminds had been part of Prez’s delegation to Libya in 2009

By Shamindra Ferdinando

Finance Ministry Secretary Mahinda Siriwardena said yesterday (07) that the ongoing investigation into Thico’s alleged scam had caught the attention of the Central Bank and the Monetary Council.

Siriwardena, one of the five members of the Monetary Council, said the ongoing issues would be dealt with appropriately. The Monetary Board is composed of Central Bank Governor Dr. Nandalal Weerasinghe (Chairman of the Board), Dr. Ranee Jayamaha, Sanjiva Jayawardena, PC, and Nihal Fonseka.

The finance secretary said it when The Island raised alleged abuse of the banking system by the World Trade Center (WTC)-based Thico group of companies over a period of time.

The official said that although periodic warnings were issued, some people continued to be deceived by high interest rates and other benefits.

Former Governor of Western Province (January-June 2019) Azath Salley said The Island that he invested Rs 80 mn and one of his close collaborators Rs 226 mn in Thico Group of Companies led by Thilini Priyamali only on the assurance given by Janaki Siriwardena, CEO and director of The One Transworks Square project intended to build 92 commercial floors and residential tower.

One Transworks Square announced at the end of February 2019 the launch of phase II of the project (JW Marriott Hotel & Residences). Senior management said the second phase would be completed in two and a half years.

Salley stressed that he had absolutely no reason to have doubts about the investments because the influential businesswoman had been known to him since 2002. According to Sally, the leader of the National Unity Alliance (NUA) formerly led by Ms. Ferial Ashraff, when they first met, he was Deputy Mayor of the UNP-led Colombo City Council (CMC).

Responding to another question, Salley said that when the Criminal Investigation Department (CID) recorded his statement about the investment gone wrong, he reported to investigators the complicity of bank officials in the abuse of the system. banking.

Specific reference was made to the manager of a branch of a private bank located at the WTC regarding the issuance of instructions by Thilini Priyamali to stop payments after issuing checks to be cashed at that particular bank, said Sally. How could this particular bank allow her to irresponsibly issue checks continuously despite not having enough funds in her account, Salley asked.

Salley stressed that he would not have invested money or encouraged his partner to commit up to Rs 226 min with Thilini Priyamali without the guarantee of Janaki Siriwardena.

So far, the Fort magistrate has remanded five people arrested in connection with the Thico scam until November 16 pending further investigations. The CID arrested Waduwaarage Thilini Priyamali on October 5. On October 17, police arrested one of his associates, Dissanayake Mudiyanselage Isuru Shammika Bandara. A few days later, police apprehended Wijesuriya Arachchige Kasun Harshana Perera, director of Thico Construction Company, Ven. Borelle Sirisumana, who reportedly said he had attained the state of arahat, and Janaki Siriwardena were taken in on the 1st and 4th respectively. november.

A female officer, Chief Inspector Niroshani Hewapathirana, the officer in charge of CID’s Financial Crimes Investigation Division, is leading the investigation.

Appearing on ‘The Truth with Chamuditha’, Salley recently said that Janaki Siriwardena was so influential that slain Libyan leader Colonel Muammar Gaddafi provided a special plane to take her home. The Libyan leader stepped in after she sought to return home citing an emergency, the former Western Province governor told the interviewer. According to Salley, Janaki Siriwardena was part of the government delegation led by President Mahinda Rajapaksa.

President Rajapaksa visited Libya in April and August 2009. Rajapaksa has publicly stated that Sri Lanka’s economy could have collapsed before the war was concluded in May 2009 if Muammar Gaddafi had not not agree to lend $500 million to Sri Lanka. in response to a single phone call from him.

Salley said he first met Thilini Priyamali at Janaki Siriwardena’s office in the One Transworks Square project building on May 3 this year. Stating that he had not even heard of Thilini Priyamali before that, Salley said the meeting took place on the day of Ramazan. The head of the NUA said that in a week, he had given Rs 45 mins to Janaki Siriwardena and Thilini Priyamali. “Of this amount, Janaki Siriwardena collected Rs 5 mins from me and subsequently Thilini Priyamali received Rs 19 mins and 21 mins over two days. Both days she came with Isuru Banadara who was driving a Benz Series 7.”

Later, Janaki Siriwardena accepted Rs 20 mins and 15 mins over two days at his office, Sally said, in total he invested Rs 80 mins. “I haven’t got my money back,” Salley said, acknowledging his associate also faced a dilemma. Although Salley declined to name the partner or what business he was involved in, he did not deny when Chamuditha Samarawickrema repeatedly asked if the anonymous investor was Abdul Shattar. Lawyer Maithri Gunaratne told The Island yesterday that he was representing Abdul Shattar, who was one of the few people to press charges in the matter.

Salley questioned the reporting of the Thico scam by two social media commentators in a way he said was intended to influence ongoing investigations. Claiming that the duo did so at the request of Janaki Siriwardena, Salley said some of those who were duped by the duo did not press charges for fear of repercussions. Salley said one of the commentators referencing his military background warned the public about his marksmanship prowess, both with handguns and assault weapons. This was meant to scare those struggling to get their money back, Salley said, adding that The One Transworks project now had serious problems.

Revealing he has contacted India-based boss Janaki Siriwardena, Salley said the project was unlikely to be completed amid growing controversy over it.

Commenting on the involvement of Ven. Borelle Sirisumana thera in Thico’s “operation”, Salley said that after an argument over the failure of the two women to settle the money taken from him and his associate, the monk on at least six occasions ensured the prompt return of their money. But, so far, not a single penny has been returned, Salley said, revealing that some of the money taken from them appeared to have been given to a Galle-based Kattandiya, a former member of the Southern Provincial Council which is the custodian of a devalaya. in Bataduwa.

Salley recalled a ceremony conducted by this particular kattandiya at the One Transworks complex at the request of Janaki Siriwardena.

Salley denied accusations that he had an affair with Thilini Priyamali. Various Tamil social media platforms have exploited unsubstantiated allegations and claims made by a particular social media activist with a military background. These platforms would be dealt with appropriately through legal means, Salley said, warning that he would not give up until he recovered the money that had been stolen from him. Sally estimated the total amount embezzled by Thilini Priyamali and Janaki Siriwardena at more than Rs 4 billion. However, others have speculated that the total amount could be as high as Rs 10 billion.

A lawyer familiar with the matter told The Island that the former minister who served in Chandrika Bandaranaike Kumaratunga’s cabinet is said to have made quite a big investment with Thico. However, he had not filed a complaint with the police so far. Salley also claimed that he knew three other people who had lost money, but were afraid to disclose their whereabouts, fearing reprisals from Janaki Siriwardena.

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COLUMBIA BANKING SYSTEM ANNOUNCES AGREEMENT TO SELL THREE BRANCHES IN NORTHERN CALIFORNIA TO FIRST NORTHERN BANK http://ihave50dollars.com/columbia-banking-system-announces-agreement-to-sell-three-branches-in-northern-california-to-first-northern-bank/ Mon, 07 Nov 2022 14:00:00 +0000 http://ihave50dollars.com/columbia-banking-system-announces-agreement-to-sell-three-branches-in-northern-california-to-first-northern-bank/

Branches are divested to meet US Department of Justice (DOJ) requirements for Columbia Ongoing merger with Umpqua

TACOMA, Wash. and DIXON, Calif., November 7, 2022 /PRNewswire/ — Columbia Banking System, Inc. (NASDAQ: COLB) (“Colombia“), the parent company of Columbia Bank, today announced that Columbia Bank has entered into a definitive purchase and assumption agreement with First Northern Bank (“First Northern”), a wholly owned subsidiary of First Northern Community Bancorp (OTCQB: FNRN) sell three branches to Northern California.

The branches, as well as about $128 million of total deposits and approximately $4 million of total loans, are transferred to honor commitments to the United States Department of Justice (“DOJ”) under the Columbia pending merger with Umpqua Holdings Corporation (“Umpqua”). After the merger, Columbia Bank will serve the Northern California market through Umpqua Bank branches in the same communities.

Colombia and First Northern will provide additional information to customers affected by this transaction. The sale is expected to close in the first quarter of 2023, subject to regulatory approval and other closing conditions, including the completion of Columbia merger with Umpqua. All employees will be retained by First Northern and the branches will remain in operation.

“We are confident in First Northern’s commitment to their communities and know that they will work tirelessly to make the transition seamless for these customers,” said Columbia’s President and CEO. Clint Stein said. “This agreement satisfies a key DOJ requirement to proceed with the closing of our transformational merger with Umpqua.”

“We are excited about the expansion of our franchise through the proposed acquisition of these branches,” said First Northern President and CEO, Louise A. Walker, commented. “These markets are a great fit for First Northern and allow us to expand our footprint north along the I-5 corridor. We are committed to serving the communities of coluse, Orleans and willows and I look forward to welcoming the Colombia branch employees with open arms and offering our new customers and communities the exceptional brand of personalized service of First Northern Bank. »

Colombia will transfer the following branches:

  • 558 Market Street, Colusa, California
  • 328 Walker Street, Orland, California
  • 155 N. Tehama Street, willows, california

About Colombia

Based in Tacoma, WashingtonColumbia Banking System, Inc. (NASDAQ: COLB) is the holding company of Columbia Bank, a full-service commercial bank licensed in the State of Washington, with offices in Washington, Oregon, California, Idaho and Utah. The bank was named one of Puget Sound Business Journal from washington Best Workplaces”, more than 10 times. Columbia was named on the Forbes 2022 list of “America’s Top Banks” marking 11 consecutive years on the publication’s list of top financial institutions. More information about Columbia can be found on its website at www.columbiabank.com.

About First Northern

First Northern Bank is an independent community bank specializing in relationship banking. The Bank, whose head office is in Solano County since 1910, currently serves Solano, yolo, Sacramento, Usherand Against Costa counties, as well as the western slope of El Dorado County. Experts are available for small business, commercial, real estate and agribusiness loans, as well as mortgages. The bank is a preferred lender of the SBA. Non-FDIC insured investing and brokerage services are available at all branches, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn and Rancho Cordoba. The Bank also has a commercial credit office in Walnut Creek. Home and small business loan officers are available by appointment at any of the Bank’s 11 branches. First Northern is classified as a Veribanc “Blue Ribbon” bank and a “5-Star Superior” bank by Bauer Financial for the earnings period ended June 30, 2022 (veribanc.com) and (bauerfinancial.com). The Bank can be found on the web at thatsmybank.com, on Facebook and on LinkedIn.

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which may be identified by words such as “may”, “expected”, “anticipate”, “continue” or other words comparable. In addition, all statements other than statements of historical fact that discuss activities that Colombia or First Northern anticipates or expects to occur or may occur in the future are forward-looking statements. Readers are encouraged to read the Securities and Exchange Commission reports of Colombia or First Northern, in particular their respective annual report on Form 10-K for the fiscal year ended December 31, 2021for meaningful cautionary language explaining why actual results may differ materially from those anticipated by management.

SOURCEColumbia Banking System, Inc.

]]> Central bank of Vietnam ready to provide liquidity to the banking system – Business & Finance http://ihave50dollars.com/central-bank-of-vietnam-ready-to-provide-liquidity-to-the-banking-system-business-finance/ Mon, 07 Nov 2022 08:00:00 +0000 http://ihave50dollars.com/central-bank-of-vietnam-ready-to-provide-liquidity-to-the-banking-system-business-finance/

HANOI: Vietnam’s central bank is ready to provide liquidity to the local banking system, Governor Nguyen Thi Hong said on Sunday, as lenders come under pressure from rising interest rates and tighter credit conditions.

Hong confirmed that the central bank held emergency meetings over the week with commercial banks to discuss system liquidity, Reuters reported on Friday. “The State Bank of Vietnam is ready to provide liquidity to help credit institutions maintain their ability to pay,” Hong told national broadcaster VTV, while adding that the situation is now developing in a “ positive direction”.

The central bank raised policy rates this year by a total of 200 basis points and allowed the dong to weaken, as the currency lost 6% against the US dollar in the past three months. The stock market has fallen more than 20% in the past three months.

A widening anti-corruption drive has meanwhile hit the real estate sector, ensnaring prominent businessmen, brokers and developers and freezing the debt market that has fueled the expansion of the sector. Hong said things had improved and urged local banks to assess the situation cautiously.

“The market is now moving positively and the market sentiment is now calm,” she said. “Vietnam’s economic fundamentals remain positive.” The government has taken steps to boost public investment, exports and foreign investment inflows, which Hong said helps ease the pressure on the foreign exchange market and the liquidity of the banking system.

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The law should be revised to improve the security of the banking system http://ihave50dollars.com/the-law-should-be-revised-to-improve-the-security-of-the-banking-system/ Fri, 04 Nov 2022 04:20:00 +0000 http://ihave50dollars.com/the-law-should-be-revised-to-improve-the-security-of-the-banking-system/

VIETNAM, November 4 –

HÀ NỘI — The State Bank of Vietnam (SBV) plans to add many new regulations, including those related to cross-ownership, in the upcoming amended Credit Institutions Law to improve system security banking.

In a report of the SBV reviewing and studying the law on credit institutions published recently, the SBV stated that the implementation of the law revealed many shortcomings which need to be examined and amended to ensure the restructuring of credit institutions and continuously improve the legal framework for dealing with bad debts and ending cross-shareholdings in banks.

The revision should also supplement the legal regulations on monetary and banking activities to bring them in line with market principles.

According to the SBV, sanctions related to the restructuring of weak credit institutions will also be reinforced under the next amended law.

The SBV expects the change in the law to prevent cross-shareholdings and abuse of governance by major shareholders to manipulate the operations of credit institutions.

Accordingly, the SBV will reduce the holding ratio of a shareholder and its related persons to limit dominance and acquisition to ensure the publicity of the credit institution.

At the same time, the SBV will also amend and supplement the regulations on the organization, management and administration of credit unions.

With regard to improving the quality of operation of credit institutions, the SBV will reduce the credit limit ratio in addition to studying and revising other prudential ratios in the operations of joint stock credit institutions.

Regarding the restructuring of weak credit institutions, the SBV plans to modify several regulations to adapt to the practice of implementing special control regulations on weak credit institutions.

The SBV will add a number of new regulations, including exempting state inspectors and supervisors from liability from legal risks in the process of dealing with weak credit institutions, because dealing with weak credit institutions and specially inspected is a difficult and complicated matter, which can lead to legal risks for the SBV in general as well as for state inspectors and supervisors.

Earlier, experts raised concerns about the involvement of real estate companies in commercial banks, warning that it could pose risks to the financial system and the wider economy. While it is now more difficult for property moguls to manipulate banks, there are still some loopholes they can take advantage of. Through complex networks of subsidiaries and affiliates, these ultimate shareholders can channel credit to their own businesses, circumventing regulations on credit and loan limits for the real estate industry.

According to experts, the participation of real estate companies in banks can negatively influence the lending practices of these banks. Managers of real estate companies, who are also ultimate owners of some banks, can channel more loans into their real estate projects.

Đinh Trọng Thịnh, a lecturer at the Academy of Finance, said cross-ownership between real estate companies and banks can cause banks to prioritize businesses for loans in some cases. This will lead to many consequences in bank lending in addition to creating inequalities between companies in access to bank loans. —VNS

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2022-11-02 | NDAQ:COLB | Press release http://ihave50dollars.com/2022-11-02-ndaqcolb-press-release/ Wed, 02 Nov 2022 18:34:51 +0000 http://ihave50dollars.com/2022-11-02-ndaqcolb-press-release/

Veteran banker Ryan Summers will provide commercial banking services across the spectrum, from small businesses to middle-market businesses

PHOENIX, November 2, 2022 /PRNewswire/ — Columbia Bank (“Colombia“), the wholly-owned subsidiary of Columbia Banking System, Inc. (NASDAQ: COLB), today announced the expansion of its commercial lending division to Arizona with veteran nomination Phoenix– neighborhood banker Ryan Summers.

Summers, with 14 years of commercial banking experience, will build a team dedicated to delivering the full range of business lending services that Colombia offers through. The team will be paired Columbia resources, technology and scope of services with deep Arizona market expertise and local decision-making serving residents and businesses―from small business owners to mid-market businesses.

“Expanding our commercial banking footprint to Arizona is one of our long-standing strategic priorities. This allows us to serve dynamic businesses operating in this dynamic state, while providing a one-stop-shop for business owners with operations in the western United States,” said Clint SteinPresident and CEO of Colombia. “We are building the first regional bank in the West, and Arizona is an essential element in realizing this vision and making it a reality.”

Based in the Phoenix metropolitan area, Summers joins Colombia as Senior Vice President and Arizona leader in commercial banking. Summers is an experienced banker with an in-depth knowledge of cash flow issues facing businesses of all sizes. Most recently, he was senior vice president and market leader of corporate banking for US Bank in Arizona. Summers graduated magna cum laude of George Fox University in Oregon.

“Ryan is a high caliber commercial banker who knows Arizona market and will add value to customers right from the start,” said Chris Merrywell, Columbia Chief Executive Officer. “We plan to quickly build a team as we identify the best talent to serve this important market, starting with a commercial lending office in Phoenix.”

About Colombia

Based in Tacoma, WashingtonColumbia Banking System, Inc. (NASDAQ: COLB) is the holding company of Columbia Bank, a full-service commercial bank licensed by the State of Washington with offices throughout Washington, Oregon, California, Idaho and Utah. The bank was named one of Puget Sound Business Journal from washington Best Workplaces”, more than 10 times. Columbia was named on the Forbes 2022 list of “America’s Top Banks” marking 11 consecutive years on the publication’s list of top financial institutions. More information about Columbia can be found on its website at www.columbiabank.com.

Media contacts:

Financial Profiles, Inc.

Juanita Gutierrez

jgutierrez@finprofiles.com

(310) 622.8235

Financial Profiles, Inc.

Kevin Dobbs

kdobbs@finprofiles.com

(310) 622.8245

Columbia Bank logo.  (PRNewsFoto/Columbia Bank)

Quote View original content for multimedia download: https://www.prnewswire.com/news-releases/columbia-bank-expands-business-lending-division-into-arizona-with-key-leadership-hire-301666669.html

SOURCE Columbia Bank

]]> Form 8-K COLUMBIA BANKING SYSTEM, Due: October 25 http://ihave50dollars.com/form-8-k-columbia-banking-system-due-october-25/ Wed, 26 Oct 2022 13:18:56 +0000 http://ihave50dollars.com/form-8-k-columbia-banking-system-due-october-25/
Item 8.01.

Other events.

On October 25, 2022, the Federal Reserve Board of Governors (the “Federal Reserve Board”) approved Columbia Banking System, Inc.’s (“Columbia”) application for the previously announced combination of Columbia and Umpqua Holdings. Corporation (“Umpqua”) pursuant to the agreement and plan of merger (the “Merger Agreement”), dated October 11, 2021, by and between Umpqua, Columbia and Cascade Merger Sub, Inc. (“Merger Sub” ), which provides, among other things and subject to the terms and conditions set forth therein, that (i) Merger Sub will merge with and into Umpqua, with Umpqua as the surviving company, (ii) immediately following such merger, Umpqua will merge with and in Columbia, with Columbia as the surviving company, and (iii) shortly after such subsequent merger, Columbia State Bank, a Washington State chartered commercial bank and wholly owned subsidiary of Columbia, will merge with and into Umpqua Bank, an Oregon State-chartered commercial bank and wholly-owned subsidiary of Umpqua (collectively, the “Transaction”).

Columbia and Umpqua have already received required regulatory approvals from the Oregon Department of Consumer and Business Services and the Washington Department of Financial Institutions regarding the transaction.

Completion of the transaction remains subject to the receipt of required regulatory approvals, including approval from the Federal Deposit Insurance Corporation, and other customary closing conditions set forth in the merger agreement.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections and statements regarding the benefits of the transaction, Columbia’s and Umpqua’s plans, goals, expectations and intentions, anticipated timing of the Transaction; and other statements that are not historical facts. These statements are subject to numerous assumptions, risks and uncertainties. All statements other than statements of historical fact, including statements of beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as “expect”, “anticipate”, “believe”, “intend”, “estimate”, “plan”, “target”, “objective” or similar or future expressions or conditional verbs such as “will”, “may”, “could”, “should”, “could”, “could”, or similar variations. Forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995.

Although there is no assurance that any list of risks and uncertainties or risk factors is complete, listed below are certain factors that could cause actual results to differ materially from those contained or underlying – as understood in forward-looking statements: changes in economic, political or industry conditions; the extent and duration of COVID-19[feminine] the pandemic and its impact on global economic and financial market conditions and on the respective businesses, results of operations and financial condition of Columbia and Umpqua; uncertainty of U.S. fiscal and monetary policy, including Federal Reserve interest rate policies or the effects of any decline in housing and commercial real estate prices, high unemployment rates or increasing, or any slowdown in, economic growth, particularly in the western United States; volatility and disruptions in global capital and credit markets; interest rate movements; LIBOR reform; competitive pressures, including on product prices and services; the success, impact and timing of Columbia’s and Umpqua’s respective business strategies, including market acceptance of any new product or service and Columbia’s and Umpqua’s ability to successfully implement efficiency and operational excellence initiatives; the nature, extent, timing and results of governmental actions, reviews, reviews, reforms, regulations and interpretations; changes in laws or regulations; the occurrence of any event, change or other circumstance that may give rise to the right of either or both parties to terminate the merger agreement to which Columbia and Umpqua are parties; the outcome of any legal proceedings that have been or may be brought against Columbia or Umpqua; delays in completing the Transaction; the inability to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction); failure to comply with any of the other conditions of the Transaction in a timely manner or at all; changes in Columbia’s or Umpqua’s stock price prior to closing, including due to the other party’s financial performance prior to closing, or more generally due to broader stock market movements, and the performance financial companies and peer group companies; the possibility that the expected benefits of the Transaction may not be realized when expected or at all, including due to the impact or issues arising from the integration of the two companies or due to the strength of the economic and competitive factors in the areas in which Columbia and Umpqua do business; certain restrictions during the duration of the Operation which

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PM stresses the role of the banking system as the arteries of the economy | Bank and finance http://ihave50dollars.com/pm-stresses-the-role-of-the-banking-system-as-the-arteries-of-the-economy-bank-and-finance/ Sun, 16 Oct 2022 14:46:00 +0000 http://ihave50dollars.com/pm-stresses-the-role-of-the-banking-system-as-the-arteries-of-the-economy-bank-and-finance/
Prime Minister Pham Minh Chinh (center) speaks during the meeting with presidents and CEOs of commercial banks in Hanoi on October 16. (Photo: SGGP)
The event took place on the occasion of 77 years since the late President Ho Chi Minh sent a letter to the industry and commerce sector and the 18th Vietnam Entrepreneurs Day (October 13).

Nguyen Thi Hong, Governor of the State Bank of Vietnam (SBV), said that in the first nine months of 2022, the SBV has been leading monetary policy proactively and flexibly while coordinating it closely with political budgetary and macroeconomic measures to contribute to the recovery of the economy. It also remained vigilant in the face of inflationary risks to help maintain macroeconomic stability.

The SBV submitted to the government for approval and implementation a policy of supporting the interest rate of 2% for businesses through commercial banks. Cashless payment has increased sharply while the restructuring of credit institutions along with the settlement of non-performing loans has been promoted, inspection and monitoring carried out frequently and strictly, she noted.

The Prime Minister applauded the efforts of the entire banking sector, saying the sector has made important contributions to the country’s achievements. He said the sector simultaneously fulfilled two tasks: helping to curb inflation and stabilize the macro-economy, and providing credit to the economy.

He cited statistics showing that by the end of September, total credit supply had reached VND 11.55 quadrillion ($478.5 billion), up 10.8 percent from the previous year. end of 2021. Commercial banks have been steadily growing in terms of size, quality, and financial capacity. The total assets of joint-stock banks now stand at approximately VND 7.5 quadrillion, including more than VND 7 quadrillion from the four state-owned commercial banks.

In particular, commercial banks have also exercised their social responsibility by actively engaging in poverty alleviation, responding to natural disasters, and donating medical supplies and money to the Covid-19 vaccine fund.

During the meeting, the Head of Government also highlighted some shortcomings, difficulties and challenges facing the banking sector, including the rapid and complex changes in the global situation, the surge in inflation and interest rates in the world and the sharp depreciation of many currencies. Meanwhile, Vietnam’s economy is still small and has great openness but limited resilience; people and businesses have been hit hard by the Covid-19 pandemic; equity, corporate bond and real estate markets revealed some problems; and the financial strength, quality, management capacity and technology of commercial banks remain modest.

PM stresses role of banking system as arteries of ảnh economy 2 Prime Minister Pham Minh Chinh speaks during the meeting with presidents and CEOs of commercial banks in Hanoi on October 16. (Photo: SGGP)

Prime Minister Chinh instructed the SBV to maintain a tight, prudent yet proactive, flexible and effective monetary policy while harmoniously combining it with fiscal and other policies to control inflation, stabilize the macro economy, boost growth and to guarantee the great balances of the economy.

He also asked the central bank to carry out the plan for restructuring credit institutions and settling bad debts; intensify the treatment of underperforming commercial banks; revise and align the legal framework on monetary, credit and banking issues with international practices and the Vietnamese situation; increase inspection and supervision; improve staff capacity; ensuring system security; and continue the digital transformation of the sector.

For commercial banks, he asked them to strengthen their governance, management and financial capacity; improve the quality and efficiency of service and credit; ensuring transparency; modernize operations and improve competitiveness; develop digital banking and cashless payment; expand their networks; improving the efficiency of credit distribution; stimulate non-credit services and green credit; and continue to take social responsibility.

The Prime Minister also requested ministries and sectors to work closely with the SBV to address relevant issues, especially commercial banks’ opinions and proposals, so that the sector can develop strongly and sustainably to contribute more to development. national.

ANV

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PM stresses the role of the banking system as the arteries of the economy | Company http://ihave50dollars.com/pm-stresses-the-role-of-the-banking-system-as-the-arteries-of-the-economy-company/ Sun, 16 Oct 2022 08:38:00 +0000 http://ihave50dollars.com/pm-stresses-the-role-of-the-banking-system-as-the-arteries-of-the-economy-company/
Prime Minister Pham Minh Chinh (center) speaks at the meeting with commercial bank presidents and CEOs in Hanoi on October 16. (Photo: VNA)

Hanoi (VNA) – Prime Minister Pham Minh Chinh said that banking system play the role of arteries of the economy during a meeting with presidents and CEOs of commercial banks in Hanoi on October 16.

The event was held on the occasion of 77 years since the late President Ho Chi Minh sent a letter to the industry and commerce sector and on 18 Vietnamese Entrepreneurs Day (October 13).

Nguyen Thi Hong, Governor of the State Bank of Vietnam (SBV), said that in the first nine months of 2022, the SBV has been leading monetary policy proactively and flexibly while coordinating it closely with political budgetary and macroeconomic measures to contribute to the recovery of the economy. It also remained vigilant in the face of inflationary risks to help maintain macroeconomic stability.

The SBV submitted to the government for approval and implementation a policy of supporting the interest rate of 2% for businesses through commercial banks. Cashless payment has increased sharply while the restructuring of credit institutions along with the settlement of non-performing loans has been promoted, inspection and monitoring carried out frequently and strictly, she noted.

The Prime Minister applauded the efforts of the entire banking sector, saying the sector has made important contributions to the country’s achievements. He said the sector simultaneously fulfilled two tasks: helping to curb inflation and stabilize the macro-economy, and providing credit to the economy.

He cited statistics showing that by the end of September, total credit supply had reached VND 11.55 quadrillion ($478.5 billion), up 10.8 percent from the previous year. end of 2021. Commercial banks have steadily grown in terms of size, quality and financial capacity. The total assets of joint-stock banks now stand at approximately VND 7.5 quadrillion, including more than VND 7 quadrillion from the four states commercial banks.

In particular, commercial banks have also exercised their social responsibility by actively engaging in poverty alleviation, responding to natural disasters, and donating medical supplies and money to the COVID-19 vaccine fund.

During the meeting, the Head of Government also highlighted some shortcomings, difficulties and challenges facing the banking sector, including the rapid and complex changes in the global situation, the surge in inflation and interest rates in the world and the sharp depreciation of many currencies. Meanwhile, Vietnam’s economy is still small and has great openness but limited resilience; people and businesses have been hit hard by the COVID-19 pandemic; equity, corporate bond and real estate markets revealed some problems; and the financial strength, quality, management capacity and technology of commercial banks remain modest.

Prime Minister Chinh instructed the SBV to maintain a tight, prudent yet proactive, flexible and effective monetary policy while harmoniously combining it with fiscal and other policies to control inflation, stabilize the macro economy, boost growth and to guarantee the great balances of the economy.

He also asked the central bank to carry out the plan for restructuring credit institutions and settling bad debts; intensify the treatment of underperforming commercial banks; revise and align the legal framework on monetary, credit and banking issues with international practices and the Vietnamese situation; increase inspection and supervision; improve staff capacity; ensuring system security; and continue the digital transformation of the sector.

For commercial banks, he asked them to strengthen their governance, management and financial capacity; improve the quality and efficiency of service and credit; ensuring transparency; modernize operations and improve competitiveness; develop digital banking and cashless payment; expand their networks; improving the efficiency of credit distribution; stimulate non-credit services and green credit; and continue to assume social responsibility.

The Prime Minister also requested ministries and sectors to work closely with the SBV to address relevant issues, especially commercial banks’ opinions and proposals, so that the sector can develop strongly and sustainably to contribute more to development. national./.

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