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AIK BANKA- a Serbian reformist bank!

It has been 45 years since the establishment of the AIK bank of Serbia, and it has gained a reputation for being one of the most reliable and efficient financial institutions as it mainly focuses on the customer satisfactions through high quality retail and commercial products and services. Today, the bank is able to gain the position of being in one of the top 10 banks in the country. Their organic growth and acquisition has made the bank focus on increasing the market presence and it was the first Serbian bank to enter the European Union market because of its acquisition of the Slove­nia’s Gorenjska banka.  The underlying footprints or the bank’s business strategy includes ‘regional connection, European values, stability, availability, trust, social responsibility and orientation towards individual-user requirements’ according to the CEO, Jelena Galić.

Getting to know that the bank exists because of its customers, the bank continuously aims at searching new and fresh views to do what they have been better at, now through the development of digital services and products which is made available for the customers throughout the days and weeks and tailor make it to meet the requirements of their customers’ changing needs like being in the first in its market to offer an e-commerce service.  The bank has also supported the government in preserving the stability and prosperity for Serbians in a taxing macroeconomic environment.

AIK Banka’s everlasting commitment to its community matches the services delivery the offer and it is shown in the continuous investments in the innovations, attached to the highest terms of professionalism and business ethics. The respect of their business partners, customers and consumers and the demonstrated environmental awareness and its protection are all a highlight of the bank. It also concerns to boarder social issues. In accepting these contributions, this reformist bank won the prestigious International Banker award for the best commercial bank in Serbia five years in a row, 2015-19.

Ms. Jelena Galić, chairman of the Executive Board and chief executive officer, shared AIK Banka’s latest activities and achievements. She had few insights which were worth noting to better ourselves in the verge of banking.

Serbia achieved and preserved macroeconomic constancy through accountable economic policy and helped investor self-assurance grow, which considerably augmented the inflow of foreign direct investment and overall influenced the deterioration in risk premiums and growth in credit scores. The National Bank of Serbia has donated significantly to achieving good economic results through the dependable execution of monetary policy and full harmonization with fiscal policy. AIK Banka chains all programs envisioned for the local market, observes the market trends, is in continual contact with its clients and accepts all the available initial activities. Taking into interpretation the capital and liquidity spots of the bank as well as the fact that the pointers in this area are suggestively above the regulatory limits and market standards, and with all obtainable market information in this age. They are fully convinced that they shall maintain a steady position in the future as well, she said. The headquarters underlying our business plans are the regional assembly, European values, stability, availability, trust, social responsibility and alignment towards individual-user necessities, thus safeguarding these long-term sustainability, she concluded.

The bank’s basic goal resides the same that is to create products and services for each client, looking individually at his/her personal requirements and preferences. And the appropriate deliberation of market trends and requirements of the bank’s users as well as a passable response to tasks and wise management of the changes and risks that they bring is a method that they have cultivated so far and will continue to nurture.

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Goldman banker hired by the Citi bank

Citigroup has hired Luisa Leyenaar-Huntingford from Goldman Sachs. This new hire is to co-head its global infrastructure franchise. Because, it seeks to win more business from cash-rich investment firms focusing on infrastructure deals. Leyenaar-Huntingford will be based in London. Responsibility will be shared with Todd Guenther in New York.

The pair will work closely with industry teams covering healthcare, industrials, natural resources and clean energy transition (NRCET), technology and communications. Leyenaar-Huntingford helped in the establishment of the Goldman’s infrastructure franchise in her time at the Wall Street bank. They will team up with Citi’s Iberia co-head of banking, capital markets and advisory (BCMA) Jorge Ramos will continue to be a senior member of the global infrastructure franchise.

The infrastructure sector is poised for further growth, according to the memo. The memo was released by Citi’s global co-heads of the alternative assets group Anthony Diamandakis and John Eydenberg, and its EMEA head of BCMA Nacho Gutierrez-Orrantia. There was significant private investment demand across the globe to deal with environmental, energy, transportation, waste, communication, digital and other social needs.

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Banks make slow progress on UK gender pay

Major banks in Britain made a slight dent in their gender pay gaps. Several insurers went backwards. Companies in Britain with more than 250 employees have been required to publish the difference between the pay and bonuses of their male and female employees. They got a reprieve due to the pandemic, last year. The financial services sector has shown one of the largest genders pay gaps in Britain. The lack of women in senior jobs is the main reason.

Pay gap data from 21 major financial institutions showed a narrowing in their average mean gender pay gap. This is just 0.4 percentage points. Banks alone had a pay gap which narrowed by one percentage point. Ann Francke, chief executive of the Chartered Management Institute said that the UK’s financial services industry has often been singled out. It really does have to get its house in order. Goldman Sachs had the widest gender pay gap in the year to April 2020. Goldman posted a gender pay gap of 51.8%. The bank told the staffs that narrowing the gap further was a critical priority. A spokesperson for banking lobby group UK Finance said, that there is clearly more still to be done.

FTSE 100 insurers Prudential, Legal & General and M&G reported a widening in their pay gaps. Prudential’s UK gender pay gap widened to 45.2%. M&G also reported a widening in its pay gap in the most recent year to 30.5%. The M&G spokesperson said that they are determined to narrow their gender pay gap and will do this by achieving better representation of women in all roles at all levels of our organization. Legal & General’s mean gender pay gap widened to 30.8%.

The insurer said that the legal & general is tackling the underlying causes of its pay gap. This is by creating a more diverse workforce and a more inclusive culture through sustained, long-term action. Admiral had a gender pay gap last year of 12.8%. The 21 firms surveyed were Barclays, HSBC, Lloyds, NatWest, Standard Chartered, Bank of America Merrill Lynch, Goldman Sachs International, JPMorgan, Morgan Stanley, UBS, Credit Suisse, Deutsche Bank, PGMS (a Phoenix unit), abrdn, Schroder Investment Management, St James’s Place, Legal & General, Prudential, Admiral Group, Aviva and M&G.

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BOJ to lower inflation target-Japan’s finance minister

Japan’s outgoing finance minister, Taro Aso, said that he had proposed lowering the central bank’s 2% inflation target. This is when the prices took a hit from plunging oil prices. He was the finance minister for nearly nine years. The slump in oil price was among the main reasons the government could not officially declare an end to deflation. In his final news conference as finance minister, Aso said that he proposed to Governor Kuroda that, with oil prices falling this much, it would be hard to achieve 2% inflation. Hence, the target must be lowered at some point. He stated this by referring to Bank of Japan (BOJ) chief Haruhiko Kuroda.

Aso also said that the governor said he would do his best to achieve the target. This is stated by adding that policymakers must scrutinise at some point, why the BOJ’s inflation target of 2% has not been met. The remarks highlight how the government and lawmakers distanced themselves from the BOJ’s target years ago, despite central bank reassurances that achieving the target was possible by maintaining or increasing stimulus.

Aso was deeply involved in negotiations with the BOJ. After Kuroda took over as governor, he deployed a massive asset-buying program. This is for pulling Japan out of deflation. Aso supported the BOJ’s stimulus efforts. He is a member of the cabinet. And also, had raised many doubts that monetary policy alone can reflate the economy out of the doldrums. New Prime Minister Fumio Kishida is set to form a cabinet.

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