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Porsche Financial Services Switzerland has launched a new stainless steel credit card, reflecting the brand's values and design aesthetics. The card offers benefits including 0.75% cashback on purchases, free parking at Zurich and Basel airports, discounts on driving events, and complimentary access to the Porsche Museum. Available for an introductory price of 150 Swiss francs in the first year, it also includes travel insurance and Priority Pass membership for airport lounges.
India requires a range of bilateral trade agreements to enhance market access and leverage the 'China plus one' strategy in global manufacturing, as highlighted in the Reserve Bank of India's November bulletin. The urgency lies in standardizing negotiations to tackle rules of origin and non-tariff barriers. Over the past five years, imports from FTA partners surged by 37.9%, while exports only rose by 14.5%, indicating a need for a more effective trade approach.
Euro-area banks are increasingly reliant on US dollar markets for liquidity, with their use of dollar repos nearly doubling to €1.6 trillion ($1.7 trillion) over the past two years. This reliance poses risks to financial stability, as dollar-denominated assets now represent 17% of their funding.
The EU, US, and other nations are negotiating a plan to limit financial support for foreign oil and gas projects, aiming for a deal at the OECD meeting in Paris before President-elect Donald Trump takes office. This agreement seeks to build on existing rules that restrict export-credit agencies from financing unabated coal projects.
ING Switzerland is expanding its services for corporate clients, particularly in the healthcare and pharmaceutical sectors, to enhance its relevance and market position. The bank aims to provide customized financial solutions, including treasury and risk management, as it seeks to fill the gap left by Credit Suisse in the Swiss corporate market. With over 300 employees, ING is also strengthening its local presence and has opened a new office in Zurich.
Revolut Co-Founder Nik Storonsky has indicated plans to apply for a US banking license, essential for competing in the credit card-driven market. He emphasized that without this license, the company would struggle to launch products and earn interchange fees in the US.
Revolut has surpassed 50 million customers globally, with over 900,000 in Switzerland, marking a significant milestone for the fintech. This year alone, it added more than ten million customers and reported a consolidated turnover of 2.1 billion euros, alongside a pre-tax profit of 503 million euros. CEO Nik Storonsky emphasized the company"s ambition to become the world"s leading digital bank while aiming for a customer base of 100 million.
Julius Baer has strengthened its client advisory team in St. Gallen, Eastern Switzerland, by hiring four new advisors. Selami Oezkan and Joshua Braun will join on February 1, 2025, bringing extensive experience from UBS and VZ Vermögenszentrum, respectively. Thierry Dobler and Elia Schärer have already started, enhancing the bank"s regional presence and client support.
Lombard Odier announces a leadership change in its Fribourg branch, with Stéphane Python set to take over as head on January 1, 2025. Python, a Fribourg native with extensive experience at Credit Suisse and Julius Baer, will succeed Didier Muller, who will continue to manage the office until the end of December. The branch, serving local entrepreneurs and institutional clients, has doubled in size over the past 15 years and employs six bankers from various generations.
Monte dei Paschi di Siena (Mps) is undergoing significant changes, with the government facilitating a share placement that attracts large investors and opens the door to potential mergers. Deputy Prime Minister Matteo Salvini highlights the bank's resilience and investment appeal, while Banco BPM's recent acquisition of a stake in Mps raises speculation about a merger, potentially in 2024, which could enhance economic efficiency and product distribution. The strategic moves aim to stabilize Mps and strengthen its role in the Italian banking sector.
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