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The Sun
22-05-2025
- Business
- The Sun
Baiduri Bank Opens Representative Office In Singapore
SINGAPORE - Media OutReach Newswire - 22 May 2025 - Baiduri Bank, Brunei Darussalam's largest conventional bank, proudly announces the opening of its first overseas representative office in Singapore. Located at Marina Bay Financial Centre (MBFC) Tower 2, this expansion marks a significant milestone in the Bank's 30-year journey in the financial sector. Since its establishment in 1994, Baiduri Bank has undergone a remarkable transformation—evolving from a home-grown bank into a leading financial institution that has played a pivotal role in Brunei's economic development. Its evolution over the past three decades has been marked by rapid growth, innovation, and expanded capabilities in retail, corporate, and institutional banking. Today, Baiduri Bank is internationally recognised for its financial strength and innovation, reflected by its A-/A-2 stable rating from S&P Global Ratings. It has also been honoured with multiple international awards including 'Bank of the Year 2024' by The Banker, 'Best Bank in Brunei' by Euromoney and Global Finance, and 'Best Banking Group in Brunei 2024' by World Finance. These accolades reinforce the Bank's credibility and its strategic readiness to expand its regional footprint. A strategic expansion into Singapore – Beyond Brunei The launch of the Singapore Representative Office represents the next chapter in this trajectory. It is a strategic move to strengthen Baiduri Bank's regional presence, promote its corporate and institutional banking capabilities, and enhance engagement with counterparty banks and financial institutions. Singapore, as one of the world's leading financial hubs, offers immense opportunities for the Bank to identify strategic partners and alliances. By acting as a bridge between Bruneian opportunities and Singapore's vibrant financial ecosystem, the office supports Brunei's economic diversification agenda while creating pathways for Singapore-based institutions and investors to access new markets and forge cross-border collaborations. Leading the Representative Office Leading the Baiduri Bank Representative Office is Mr Young Yi, Chief Representative Officer, a seasoned corporate banker with over 25 years of corporate banking experience across local and international banks, including Deutsche Bank, HSBC, Societe Generale, ANZ and Westpac. With a strong background in corporate banking, relationship management, Mr Young is a valuable addition to support Baiduri Bank's presence in Singapore. Commenting on the launch, Mr Young stated: 'I am excited and privileged to be part of Baiduri Bank's journey in Singapore and I look forward to leveraging on my network, fostering strong meaningful collaborations to achieve win-win outcomes for Baiduri Bank and our partners. With our deep local knowledge of the Bruneian market, we offer ourselves as a trusted advisor to companies based in Singapore looking to invest in Brunei. The Representative Office will also serve as a referral conduit to our banking partners for Bruneian companies looking to expand into Singapore and the region'. Strengthening regional economic collaboration Brunei presents a compelling value proposition for businesses, offering a stable operating environment, strong governance, and attractive tax schemes. As a signatory to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Brunei provides tariff-free access to one of the world's fastest-growing economic regions. With its well-educated workforce, absence of capital controls, and 1:1 currency interchangeability with the Singapore Dollar, Brunei is well-positioned as a gateway for regional business expansion. In support of this goal, Baiduri Bank is working closely with the Brunei Economic Development Board (BEDB) to encourage greater investment engagement and regional business connectivity. The Bank's Singapore Representative Office will serve as a touchpoint to facilitate conversations with potential investors and explore new opportunities linked to Brunei. By aligning efforts with BEDB, Baiduri Bank hopes to contribute meaningfully to Brunei's broader economic diversification goals—while helping connect Bruneian businesses to regional markets and Singapore-based stakeholders to emerging opportunities in Brunei. Launch and networking reception The launch ceremony of Baiduri Bank's Singapore office at MBFC Tower 2 was a distinguished event, attended by esteemed guests, including Yang Amat Mulia Pengiran Muda Dr Abdul Fattaah, Chairman of Baiduri Bank, senior government officials, and prominent leaders from the banking sector of Brunei and Singapore. Baiduri Bank's CEO, Ti Eng Hui, delivered an address outlining the Bank's vision for regional growth, followed by the unveiling of a meticulously crafted 3D replica of Baiduri Bank's headquarters presented alongside iconic landmarks of Brunei and Singapore – symbolising the strong economic ties between the two nations. Following the official ceremony, Baiduri Bank hosted a networking cocktail reception at the Mandarin Oriental Singapore, attended by over 300 guests, including representatives and senior leaders from regional financial institutions and corporations.
Scoop
05-05-2025
- Business
- Scoop
ASB Recruiting 80 Home Ownership Specialists To Prepare For Refixing Surge
Press Release – ASB With many Kiwi having locked in short-term rates when interest rates were higher, Adam Boyd, Executive General Manager of Personal Banking says ASB is already seeing a change in customer behaviour, with people starting to fix for longer terms. ASB is on a hiring drive to recruit 80 additional home ownership specialists as it prepares for a surge in home loan applications. 80 percent of New Zealand homeowners are expected to refix their home loan within the next year, according to the Reserve Bank of New Zealand. While most of the 80 full time specialists have now been recruited, there are still some roles being advertised. The specialists will work across the bank's in-house home ownership team and mortgage adviser-led business. With many Kiwi having locked in short-term rates when interest rates were higher, Adam Boyd, Executive General Manager of Personal Banking says ASB is already seeing a change in customer behaviour, with people starting to fix for longer terms. 'As a result of falling rates, we expect 55 percent of our home loan customers will have locked in rates under 6 percent by December this year, compared to 40 percent in March 2025.' ASB is also simplifying its refinance process so that Kiwi coming to the end of their fixed rate term at another bank can receive a decision on moving to an ASB loan quicker and more easily. For its mortgage adviser-led business, ASB has introduced a system to improve the quality of applications being submitted so they can be processed more quickly. ASB was named Canstar's 2025 Bank of the Year – Home Loans Award winner. The award recognised that ASB delivers mortgage products that combine 'the best features with the lowest costs, plus provides great customer service at every stage of the mortgage journey'. ASB also won Canstar's Outstanding Value Awardsin four categories – Home Lender, Investment HomeLender, Fixed Home Lender, and Investment Fixed Home Lender. 'We are seeing elevated demand for our home loans. By growing our teams and enhancing our refinance process, we'll be able to turn around applications faster, both for our customers and the mortgage advisers we work with, while continuing to deliver great service,' says Boyd. 'We continue to offer competitive pricing, having dropped fixed rate mortgages six times this year. Our one-year fixed term rate is currently joint market leading, at 4.99 percent.'
Scoop
05-05-2025
- Business
- Scoop
ASB Recruiting 80 Home Ownership Specialists To Prepare For Refixing Surge
ASB is on a hiring drive to recruit 80 additional home ownership specialists as it prepares for a surge in home loan applications. 80 percent of New Zealand homeowners are expected to refix their home loan within the next year, according to the Reserve Bank of New Zealand. While most of the 80 full time specialists have now been recruited, there are still some roles being advertised. The specialists will work across the bank's in-house home ownership team and mortgage adviser-led business. With many Kiwi having locked in short-term rates when interest rates were higher, Adam Boyd, Executive General Manager of Personal Banking says ASB is already seeing a change in customer behaviour, with people starting to fix for longer terms. 'As a result of falling rates, we expect 55 percent of our home loan customers will have locked in rates under 6 percent by December this year, compared to 40 percent in March 2025.' ASB is also simplifying its refinance process so that Kiwi coming to the end of their fixed rate term at another bank can receive a decision on moving to an ASB loan quicker and more easily. For its mortgage adviser-led business, ASB has introduced a system to improve the quality of applications being submitted so they can be processed more quickly. ASB was named Canstar's 2025 Bank of the Year - Home Loans Award winner. The award recognised that ASB delivers mortgage products that combine 'the best features with the lowest costs, plus provides great customer service at every stage of the mortgage journey'. ASB also won Canstar's Outstanding Value Awardsin four categories - Home Lender, Investment HomeLender, Fixed Home Lender, and Investment Fixed Home Lender. 'We are seeing elevated demand for our home loans. By growing our teams and enhancing our refinance process, we'll be able to turn around applications faster, both for our customers and the mortgage advisers we work with, while continuing to deliver great service,' says Boyd. 'We continue to offer competitive pricing, having dropped fixed rate mortgages six times this year. Our one-year fixed term rate is currently joint market leading, at 4.99 percent.' ASB Bank Helping you get one step ahead. In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today. ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance. ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want. We all have our own ways to measure progress, and our own stories about the things that matter to us. Whatever way you choose to measure progress, and whatever your goals, ASB is there to help you get one step ahead.
Yahoo
31-01-2025
- Business
- Yahoo
Grupo Financiero Banorte SAB de CV (GBOOF) Q4 2024 Earnings Call Highlights: Strong Annual ...
Release Date: January 29, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Grupo Financiero Banorte SAB de CV (GBOOF) reported a solid net income for 2024, reaching 56.2 billion pesos, a 7% increase from 2023. The company maintained a strong capital adequacy ratio of 21.8% and a CET1 ratio of 13.2%, indicating robust capital generation. Loan growth was strong, with a 14% increase year-over-year, driven by corporate and commercial segments. The insurance business saw significant growth, with a 26% increase compared to 2023, supported by higher business generation. Grupo Financiero Banorte SAB de CV (GBOOF) was recognized as Bank of the Year in Mexico, highlighting its digital transformation and customer service improvements. Net income for the fourth quarter declined by 4% quarter-over-quarter due to annual expense management strategies. The Mexican peso weakened, ending 2024 at 20.82 pesos per dollar, with further depreciation expected in 2025. The company anticipates a slight deceleration in loan growth for 2025 due to uncertainties around trade negotiations. Cost of risk increased to 1.8% in the quarter, reflecting higher provisions due to strong loan origination. Grupo Financiero Banorte SAB de CV (GBOOF) faces potential challenges from macroeconomic uncertainties, including trade policies and global economic deceleration. Warning! GuruFocus has detected 2 Warning Sign with GBOOF. Q: Could you elaborate on the guidance for 2025 and what factors could lead to achieving the higher or lower end of the guidance? A: The guidance reflects a cautious outlook due to uncertainties such as tariffs and economic slowdowns. Upside potential could come from improved foreign direct investment and government-private sector collaborations. Conversely, downside risks include adverse trade policies and global economic deceleration. (Answered by CEO Marco Ramirez and Chief Economist Alejandro Padilla) Q: Is the 90% payout ratio in dividends and buybacks sustainable for 2025? A: The 50% payout is considered standard, with additional returns depending on market conditions and strategic decisions. The company aims to maintain flexibility in capital returns to maximize shareholder value. (Answered by CEO Marco Ramirez) Q: What is the strategy for managing interest rate sensitivity in 2025? A: The bank plans to maintain a neutral interest rate sensitivity throughout 2025, adjusting dynamically as needed. This strategy aims to mitigate risks associated with interest rate fluctuations. (Answered by CEO Marco Ramirez) Q: Can you provide insights into the performance and future strategy for the digital banking platform, Banorte? A: Banorte is finalizing a new value proposition to cater to tech-savvy individuals and enhance financial inclusion. The strategy involves leveraging existing capabilities to offer innovative solutions, with more details to be shared in the next quarterly call. (Answered by CEO Marco Ramirez and COO Rafael A) Q: What are the expectations for cost of risk in 2025, and are there any concerns about asset quality? A: The cost of risk is expected to be between 1.8% and 2%, primarily due to proactive provisioning for consumer lending growth. There are no significant concerns about asset quality deterioration. (Answered by Chief Risk Officer Dr. Salazar) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
