credit

Credit Suisse postpones 10%-12% return on tangible equity ambition

Adds further detail from statement, background

ZURICH, Dec 15 (Reuters)Credit Suisse CSGN.Son Tuesday reiterated its key financial ambition for a 10%-12% return on tangible equityin the medium term but avoided re-committing to the 10% goal previously set for this year.

Switzerland’s second-biggest bank also laid out plans to boost growth in wealth management, aiming to grow wealth-related pre-tax profit to 5.0 – 5.5 billion Swiss francs ($5.64- $6.20 billion) by 2023 or approximately 10% annually, as well as investment banking.

It said it expected to turn around its asset management business in 2021 by focusing more on alternative and private market offerings, and those related to sustainable investing.

“Today, we are outlining … broad-based investment initiatives to accelerate growth in our Wealth Management-related businesses and our Investment Bank,” Thomas Gottstein said in remarks prepared for his first investor outlook presentation as

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Bank of Israel to offer non-bank credit deals to COVID-hit small businesses

By Steven Scheer



a group of people walking down a sidewalk in front of a store: People wear protective face masks as they shop at a market amid Israel's second-wave coronavirus disease (COVID-19) lockdown, in Jerusalem


© Reuters/AMMAR AWAD
People wear protective face masks as they shop at a market amid Israel’s second-wave coronavirus disease (COVID-19) lockdown, in Jerusalem

JERUSALEM (Reuters) – The Bank of Israel said on Sunday it would start offering repo transactions with supervised non-bank credit providers to increase the supply of credit to very small businesses struggling to borrow due to the COVID-19 crisis.

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It said the new monetary tool would begin operating in the first week of January, with the objective of boosting credit supply to these businesses beyond what is issued by banks.

These non-bank providers, such as credit card companies and institutions, would be supervised by the Bank of Israel or the Finance Ministry’s capital markets division.

“In view of the crisis, lowering the cost of the financing source for non-bank credit providers will create an incentive for them and contribute to the pass-through

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UAE, Israel export credit agencies sign agreement to boost trade

DUBAI (Reuters) – The export credit agencies of the United Arab Emirates (UAE) and Israel have signed a cooperation agreement to develop economic relations between the two countries, the UAE’s state news agency WAM said.



a harbor filled with lots of traffic: The flags of the U.S., United Arab Emirates, Israel and Bahrain flutter along a road in Netanya


© Reuters/NIR ELIAS
The flags of the U.S., United Arab Emirates, Israel and Bahrain flutter along a road in Netanya

Etihad Credit Insurance and the Israel Foreign Trade Risks Insurance Corporation (ASHR’A) plan to support jointly exports, trade, and investment between the two countries, WAM said.

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Since the UAE and Israel agreed to normalise relations in August, the two countries have signed a series of accords to boost economic and business ties.

The annual exchange of trade between Israel and the UAE across several industries is expected to reach $4 billion per year, the WAM report said.

“With state guarantees from both countries, this deal will encourage exports and investments, help minimise political

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