Bank

2024 - 1 - 17

Banking Buzz: A Look at Recent Financial Headlines

African Development Bank - Ethiopia Nigd Bank - Frost Bank - Justice Department - Mekelakeya - National Bank of Angola - Patriot Bank - Retail Banking - Sainsbury's - Standard Bank

Catch up on the latest buzz in the banking world with stories ranging from cybersecurity to sponsorship deals and more!

In the world of banking, recent headlines have been buzzing with a mix of cybersecurity incidents, sponsorship deals, and financial resolutions. The National Bank of Angola managed to mitigate a cyberattack on its systems, maintaining its infrastructure and data integrity. Meanwhile, Frost Bank in Texas solidifies its brand presence through high-profile sponsorships and a widespread branch network anchoring it in local communities.

On the legal front, the Justice Department reached an agreement with Patriot Bank, settling allegations with a hefty $1.9 million payment. Additionally, the call for more decisive action in funding gas projects was made by Standard Bank, stressing the importance of addressing corruption and enacting structural reforms for Africa's financial stability.

In more positive news, the African Development Bank supported the training of Burundi's public administration managers, enhancing their implementation capabilities. Ethiopia Nigd Bank and Mekelakeya emerged as frontrunners in the Ethiopa Premier League season, showcasing their dominance in the banking sector.

To wrap it up, Sainsbury's announced its phased withdrawal from the banking business, redirecting its focus to food retail. This move signals a shift in the retail banking landscape, suggesting potential consolidation in the industry. Despite challenges, banks continue to play a vital role in shaping economies and driving financial progress.

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Image courtesy of "The Record by Recorded Future"

National Bank of Angola says it mitigated cyberattack (The Record by Recorded Future)

The bank said a January 6 cybersecurity incident was mitigated “without significant impacts on its infrastructure and data.”

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Image courtesy of "The Financial Brand"

How a Texas Bank Anchors its Brand in Local Communities (The Financial Brand)

A handful of high-profile sponsorships and a deep branch network keep the Texas-based Frost Bank front and center.

Justice Department Secures Agreement with Patriot Bank to Resolve ... (Department of Justice)

The Justice Department announced today that Patriot Bank (Patriot) has agreed to pay $1.9 million to resolve allegations that the bank engaged in a pattern ...

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Image courtesy of "News24"

Stop pussyfooting about funding gas projects, says Standard Bank ... (News24)

A sovereign-debt crisis is the biggest issue facing Africa right now, and nations need to address corruption and implement “fundamental structural reforms” ...

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Image courtesy of "African Development Bank"

Burundi: African Development Bank helps train managers on ... (African Development Bank)

The African Development Bank has supported the capacity building of about 50 managers from Burundi's public administration to consolidate implementation of ...

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Image courtesy of "SuperSport"

Frontrunners Ethiopia Nigd Bank and Mekelakeya win big ... (SuperSport)

Ethiopia Nigd Bank and Mekelakeya have been the top title challengers this Ethiopa Premier League season and they both strengthened their positions with big ...

Former Banking Executive Pleads Guilty to Evading Anti-Money ... (Department of Justice)

Peter McVey, 45, of Kansas City, Missouri, who served as vice president and director of treasury services for a bank, pleaded guilty to failing to maintain an ...

Fitch Updates Its Non-Bank Financial Institutions Rating Criteria (Fitch Ratings)

Related Content: Non-Bank Financial Institutions Rating CriteriaFitch Ratings-London-17 January 2024: Fitch Ratings has updated its Non-Bank Financial I.

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Image courtesy of "News24"

Banking on brilliance: 8 distinctions for SA Reserve Bank governor's ... (News24)

SA Reserve Bank governor Lesetja Kganyago's daughter, Mmabodiba Kganyago, has bagged eight distinctions in the 2023 matric exams that were administered by ...

Fitch Affirms Gulf Bank at 'A'; Outlook Stable (Fitch Ratings)

Fitch Ratings-Dubai-18 January 2024: Fitch Ratings has affirmed Gulf Bank K.S.C.P.'s (GB) Long-Term Issuer Default Rating (IDR) at 'A' with a Stable Out.

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Image courtesy of "Financial Times"

Sainsbury's to exit core banking business (Financial Times)

Supermarket plans 'phased withdrawal' as speculation grows over retail banking consolidation.

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Image courtesy of "BBC News"

Sainsbury's plans to wind down bank as it focuses on food (BBC News)

The retailer plans a "phased withdrawal" but says its 1.9m bank customers will see no immediate change.

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Image courtesy of "The Guardian"

Sainsbury's Bank open to offers as retailer plans to exit finance (The Guardian)

Sainsbury's Bank has opened the door to fresh takeover offers, after the supermarket group announced it would exit the banking business nearly 27 years ...

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Image courtesy of "Reuters"

Sainsbury's to gradually withdraw from banking (Reuters)

British supermarket Sainsbury's said on Thursday it would wind down its banking business and instead offer financial products through third parties, ...

Fitch Affirms National Bank of Kuwait at 'A+'; Stable Outlook (Fitch Ratings)

Fitch Ratings-Dubai-18 January 2024: Fitch Ratings has affirmed National Bank of Kuwait S.A.K.P.'s (NBK) Long-Term Issuer Default Rating (IDR) at 'A+' w.

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Image courtesy of "Benjamin Dada"

Angola's central bank tames latest data breach (Benjamin Dada)

The apex of Angola (Banco Nacional de Angola) suffered a cyberattack on its systems on January 6th, 2024. Revealing the incident in a fresh statement, ...

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Image courtesy of "Bloomberg"

Sainsbury Plans Phased Withdrawal From Banking Business (Bloomberg)

J Sainsbury Plc is planning a “phased withdrawal” from the banking division as part of its wider aim to focus on its core food business.

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Image courtesy of "Euromoney magazine"

Why bankers, not venture capitalists, should lead bank venture units (Euromoney magazine)

Some banks like the idea of external venture capitalists leading their venture businesses, but banker-led units are more likely to cement their inherent ...

Fitch Affirms National Bank of Kuwait (International) at 'A+'; Outlook ... (Fitch Ratings)

Fitch Ratings-London-18 January 2024: Fitch Ratings has affirmed National Bank of Kuwait's (International) PLC's (NBKI) Long-Term Issuer Default Rating.

Fitch Affirms Boubyan Bank at 'A'; Outlook Stable (Fitch Ratings)

Fitch Ratings-Dubai-18 January 2024: Fitch Ratings has affirmed Boubyan Bank K.S.C.P.'s (BBY) Long-Term Issuer Default Rating (IDR) at 'A' with a Stable.

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