INSOL Europe’s Post

A new report published today by the Federation of International Banks in Ireland (FIBI) shows that 70% of FIBI member firms expect to see growth in their Irish operations in 2024. More than 40% of FIBI firms also expect to increase the number of people employed in 2024 and invest further in technology and innovation here. Read in full here https://lnkd.in/e_yhVvNz

Developments in the implosion of Luxembourg’s Banque Havilland S.A. The private bank’s Liechtenstein and Swiss operations have been put into voluntary liquidation days after it emerged that the European Central Bank moved to revoke its Luxembourg banking license. In an internal memo, executives have said that the business has no problems with its solvency or liquidity. Buyers could still takeover parts of the bank and the Monaco unit is already said to have received an approach from a potential suitor. Read the latest here on Bloomberg News Banque Havilland Begins Closure of Swiss and Liechtenstein Units https://lnkd.in/eV9b4nDY

We had productive in-depth discussions with Governor Pablo Hernández de Cos of Banco de España and Chair of the Basel Committee of the Bank for International Settlements – BIS on the eurozone's economic landscape, banking developments, and future collaboration strategies. Grateful for this partnership that strengthens both our economies. #EurozoneUnity #CentralBanking

🏦 Liechtenstein: A Small Nation with a Big Banking Presence Explore more about Liechtenstein’s powerful banking sector here - https://buff.ly/2KHt1g1 Though small in size, Liechtenstein boasts a robust and flourishing banking industry, making it a fascinating topic in the global financial market. With a German-speaking population and a thriving economy, this European nation continues to punch above its weight in the world of finance. #LiechtensteinBanking #GlobalFinance #FinancialIndustry #EuropeanBanking #BankingSector #EconomicStrength

Banque Havilland: Shutting Down Operations in Liechtenstein: Banque Havilland is surrendering its banking license in Liechtenstein and liquidating its operations. The root cause of this decision lies in Luxembourg. #banquehavilland #liechtenstein

Raiffeisen has abandoned its proposed plan to repatriate stranded assets in Russia under regulatory pressure: “Under the plan announced in December, Raiffeisen’s Russian subsidiary would have bought shares amounting to 24.1% of Austrian builder Strabag SE from Iliadis JSC, a Russian company that had recently acquired the stake from Deripaska’s MKAO Rasperia Trading. Raiffeisen then planned to repatriate the shares as a dividend in kind. The decision to abandon the plan highlights how difficult it’s become for banks to try and exit Russia with money in hand. Raiffeisen has failed to find an adequate buyer since announcing sale plans in 2022. Meanwhile, the European Central Bank has indicated that it wants the lender, and peers such as UniCredit SpA, to further cut the subsidiary’s loan book.” #russia #sanctions #austria #oligarchs Raiffeisen Forced to Abandon Russian Plan After Regulators Balk https://lnkd.in/gz99qxVK

RSVP! With rising costs, how can financial sector competition ease the pressure on Canadians' wallets?💸 💬Hear from our experts in this live webinar on how changes in financial policy can spark innovation & address the cost-of-living crisis: #canada #finance #competition #business #costofliving #crisis

On July 3, the French Banking Supervisor publicly released its Decision No. 2024-C-18, which sets new weights for banks' exposures related to French cities, intercity structures, departments, and regions, and now treats them as exposures to the central government. In an environment with multiple financial headwinds, this decision should further improve French sub-sovereign access to and cost of funding, at a time when their investment needs are significant. Read more here: https://lnkd.in/eBBB-iWt #SovereignRatings

Our Partner Zahide Altunbas Sancak, Ph.D. discussed key legal updates in Türkiye, including tax changes affecting restructuring cases, new regulations for short-term rentals. Looking ahead, Altunbas Sancak predicts strategic investments to drive the firm's pipeline, particularly in the energy and technology sectors. Stay tuned for more developments from Guleryuz Partners! #TurkishEconomy #LocalElections #DigitalBanking #Energy #LegalUpdates #SustainableDevelopment

Jerry Grbic, CEO of the ABBL, looks at the resilience of Luxembourg banks and businesses in the face of the current economic crisis. An interview in today's Luxembourg Times! 🗞️ 📣 𝗔𝗺𝗼𝗻𝗴 𝘁𝗵𝗲 𝗸𝗲𝘆 𝗵𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀: 📌 Banks in Luxembourg saw a notable increase in profits in 2023, with net profits rising by over 67% to €6.6 billion. This rise stemmed from the rebound in interest rates, leading to higher returns on reserves placed with central banks, highlighting a 𝗽𝗿𝘂𝗱𝗲𝗻𝘁 𝗯𝗮𝗻𝗸𝗶𝗻𝗴 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵. Banks are putting integrity first, ensuring fairness in their dealings with customers. 📌 Banks play a crucial role in supporting healthy businesses and stimulating sustainable growth, serving as pillars of the economy.  📌 Given the current situation, Jerry points out that ‘weak businesses will suffer’, underlining the ethical stance of Luxembourg banks. Non-performing companies are not kept afloat, ensuring financial stability. 🚀 🔗 Learn more about the ABBL's commitment to responsible banking practices: https://lnkd.in/esqq3yHy Explore the 2023 Annual Report for a comprehensive overview of the financial centre and its prospects: https://lnkd.in/e954PYqh #Finance #Resilience #EthicalBanking #ABBL