Latest news with #TrustBank
Business Times
23-05-2025
- Business
- Business Times
Trust Bank's FY2024 loss narrows to S$93.4 million
[SINGAPORE] Trust Bank on Friday (May 23) reported a loss of S$93.4 million for the financial year ended Dec 31, 2024, narrowing from a loss of S$128.4 million a year ago. Revenue more than doubled to S$97 million, from S$39 million in FY2023, the digital bank, which is owned by Standard Chartered Bank and FairPrice Group, said in a press release. Its interest income was S$72.8 million, up 124.7 per cent from S$32.4 million a year ago. Deposit balances doubled to S$3.8 billion, from S$1.9 billion a year ago. The group attributed this to the launch of Trust+, a banking product with a bonus tier of interest on deposit balances, as well as use of its gamified savings pots and more customers crediting their salaries to Trust savings accounts. Customer numbers reached 974,000 by the end of December and one million early in 2025, Trust noted. Dwaipayan Sadhu, CEO of Trust Bank, said: 'Our growth has been driven by the continued growth in our customer base and the rapid expansion of our range of innovative products and services.'
Business Times
23-05-2025
- Business
- Business Times
Trust Bank's FY2024 net interest income soars 124.7% to S$72.8 million; losses narrow
[SINGAPORE] Trust Bank on Friday (May 23) reported net interest income of S$72.8 million for the financial year ended Dec 31, 2024, up 124.7 per cent from S$32.4 million a year ago. Revenue more than doubled to S$97 million, from S$39 million in FY2023, the digital bank, which is owned by Standard Chartered Bank and Fairprice Group, said in a press release. However, the group continues to be loss-making. Its loss for the year narrowed to S$93.4 million, from a loss of S$128.4 million in FY2023. Deposit balances doubled to S$3.8 billion, from S$1.9 billion a year ago. The group attributed this to the launch of Trust+, a banking product with a bonus tier of interest on deposit balances, as well as use of its gamified savings pots and more customers crediting their salaries to Trust savings accounts. Customer numbers reached 974,000 by the end of December and one million early in 2025, Trust noted. Dwaipayan Sadhu, CEO of Trust Bank, said: 'Our growth has been driven by the continued growth in our customer base and the rapid expansion of our range of innovative products and services.'
Yahoo
27-03-2025
- Business
- Yahoo
AlbaCore Launches its Senior Direct Lending Strategy, with Commitments from ADIA and Mitsubishi UFJ Trust and Banking Corporation
LONDON, March 27, 2025--(BUSINESS WIRE)--European credit specialist AlbaCore Capital Group ("AlbaCore") today announces the launch of a new Senior Direct Lending Strategy ("the Strategy"), having secured anchor investments from a wholly owned subsidiary of the Abu Dhabi Investment Authority ("ADIA") and Mitsubishi UFJ Trust and Banking Corporation (the "Trust Bank"). AlbaCore has successfully completed its first close, bringing together an expected $1.8 billion in investable capital. With the launch of the Strategy, AlbaCore is well positioned to take advantage of the growing opportunity set to finance loans, further expanding its market presence and delivering enhanced value to clients globally. "Securing commitments from ADIA and the Trust Bank for the first vintage of our Senior Direct Lending Strategy is a testament to the attractiveness of the opportunity set in the market and how well positioned AlbaCore is to take advantage of it," said David Allen, Managing Partner and Chief Investment Officer at AlbaCore. The Strategy will leverage AlbaCore's deep knowledge of European corporate capital structures to build a diversified portfolio of senior direct lending investments, focusing on downside protection and delivering attractive risk-adjusted returns. The Strategy will also draw upon AlbaCore's thorough bottom-up fundamental credit analysis to primarily finance senior private loans in upper-mid to large cap performing European corporates. Hamad Shahwan AlDhaheri, Executive Director of the Private Equities Department at ADIA, said: "This anchor commitment presented the opportunity to grow our existing relationship with AlbaCore, which has established itself as a leading specialist European credit manager. AlbaCore's Senior Direct Lending strategy is well placed to address the significant and growing demand from European corporates for private credit solutions." "We are excited to support the Strategy through this anchor investment. This strategic initiative aligns with that of our global asset management business, which is to expand our private product competitiveness globally in the direct lending space," said Takafumi Ihara, Chief Executive, Asset Management & Investor Services Business Unit at the Trust Bank. - End - About AlbaCore Capital GroupAlbaCore Capital Group is one of Europe's leading alternative credit specialists, investing in private capital solutions, opportunistic and dislocated credit, CLOs, and structured products. Founded in 2016, AlbaCore is part of the First Sentier Investors Group. AlbaCore's investment philosophy is focused on capital preservation and generating attractive risk adjusted returns through the cycle for its investors. AlbaCore manages US$9.0 billion in AUM1 as of December 31, 2024 on behalf of global pension funds, sovereign wealth funds, consultants, insurance companies, family offices and endowments around the world. For more information, visit About MUFGMitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world's leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,000 locations in more than 40 countries. The Group has about 140,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to "be the world's most trusted financial group" through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG's shares trade on the Tokyo, Nagoya, and New York stock more information, visit About the Trust BankMitsubishi UFJ Trust and Banking Corporation, as a core member of MUFG, provides its customers with a wide range of comprehensive financial solutions leveraging unique and highly professional functions as a leading trust bank. Such financial solutions include real estate, stock transfer agency, asset management and investor services, and inheritance related services, in addition to banking operations. The Trust Bank aims to realize its vision to be the trust bank that can create a safe and enriching society and future alongside customers through trust; as such, its key concept is "Create a Better Tomorrow". For more information, visit About First Sentier InvestorsFirst Sentier Investors manages US$134.9 billion in assets (as of December 31, 2024) on behalf of institutional investors, pension funds, wholesale distributors, investment platforms, financial advisers and their clients worldwide. The firm was acquired by Mitsubishi UFJ Trust and Banking Corporation, a wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc. in August 2019, and operates as a standalone global investment management business with offices across Europe, the Americas, and the Asia Pacific. First Sentier Investors is a globally Certified B Corporation and signatory to the UK Stewardship Code. The firm's investment expertise spans a range of asset classes and specialist sectors focused on delivering sustainable investment success based on responsible investment principles. For more information, visit About ADIAEstablished in 1976, the Abu Dhabi Investment Authority is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. For more information, please visit _________________________________ 1 AUM is calculated as the sum of the Net Asset Value, undrawn capital commitments, available debt finance and assets of all vehicles managed by AlbaCore. View source version on Contacts Press Contacts: Lansons (London) Monica Martin Roig +44 (0) 7949 689524 monicamr@ Lansons (New York) James Schiavone +1 917 238 9614 jamess@ Sign in to access your portfolio
Yahoo
10-02-2025
- Business
- Yahoo
Trust Bank and TerraPay Launch First-of-its-Kind International Payment Solution for Bangladeshi Students Going Abroad to Study
DHAKA, Bangladesh, Feb. 10, 2025 /PRNewswire/ -- Trust Bank, a leading private commercial bank in Bangladesh and TerraPay, a global money movement company, have partnered to offer an innovative payment solution for all students in Bangladesh. This first-of-its-kind initiative is an alternative to the traditional payment system, reshaping how Bangladeshi students pay tuition fees and manage living expenses while studying abroad. By leveraging TerraPay's global payment infrastructure, the solution offers a secure, completely digital, and frictionless process for international transactions, addressing the increasing demand for faster, more efficient cross-border payments. With regulatory frameworks favoring student-related payments, this collaboration between Trust Bank and TerraPay provides students and their families a faster, streamlined solution to pay tuition fees and manage living expenses abroad without the delays associated with traditional processes. In 2023, over 52,799 Bangladeshi students studied abroad, according to UNESCO. The number of Bangladeshi students studying abroad has been increasing over the years. Traditionally, these students and their families relied on cumbersome and costly payment transactions. With TerraPay, Trust Bank ensures faster processing times, real-time transaction tracking, competitive exchange rates, and full transparency. The platform empowers users to send tuition fees and living expenses securely to educational institutions and student bank accounts in major destinations like the USA, UK, Canada, Australia, Germany, Japan, and South Korea. For Trust Bank, this partnership represents a leap forward in delivering customer-centric services that cater to the modern needs of Bangladeshi families. Through TerraPay's advanced APIs and web-based platform, banks can monitor real-time transaction statuses 24/7, offering an unparalleled level of transparency and control. With 90% of payments delivered within 1 minute globally, TerraPay's infrastructure sets a new standard for speed and reliability in international payments. Furthermore, the cost-effective model—free from hidden backend charges—allows Trust Bank to provide competitive pricing to its customers while significantly reducing operational complexities. This collaboration marks a historic milestone as it is the first time Bangladesh Bank has approved a partnership between a local bank and a licensed Payment Service Provider (PSP) for processing student-related payments. Fully compliant with regulatory directives, the solution not only ensures secure transactions but also facilitates financial inclusivity by making digital payments accessible to all. Speaking on this transformative initiative, Ahsan Zaman Chowdhury, Managing Director of Trust Bank, said, "This partnership underscores our commitment to innovation and customer satisfaction. By collaborating with TerraPay, we are not only simplifying the payment process for students but also setting a new benchmark for international banking solutions in Bangladesh." Echoing this sentiment, Ani Sane, Co-Founder and Chief Business Officer at TerraPay, stated, "Our partnership with Trust Bank is a testament to the power of collaboration in driving financial inclusion and innovation. We are thrilled to bring our global payment expertise to Bangladesh, enabling students and their families to make education payments abroad with ease and confidence." Trust Bank and TerraPay are paving the way for a more connected, efficient, and transparent financial future for Bangladeshi students and their families. About Trust Bank PLC: Trust Bank PLC is one of the leading private commercial banks in Bangladesh, renowned for its innovative financial solutions and commitment to excellence. Established in 1999, the bank has rapidly evolved to become a trusted name in the financial sector, serving a diverse clientele ranging from individual customers to corporate entities. With a network of over 100 branches and numerous ATMs nationwide, the bank emphasizes reliability, transparency, and customer-centric service. Its dedication to innovation and quality has positioned it as a preferred partner for financial collaborations and a significant contributor to Bangladesh's economic development. About TerraPay: TerraPay simplifies global money movement, providing a single connection to one of the most expansive cross-border payment networks regulated in over 30 global markets. The platform enables payments to 144+ receiving countries, 210+ sending countries, over 3.7 billion mobile wallets, 7.5 billion bank accounts, and more than 12 billion cards. TerraPay is on a mission to create a borderless financial world, making money transfers instant, reliable, transparent, and fully compliant. Founded in 2014, TerraPay operates in over 12 countries and has built the global digital wallet interoperable network, driving financial inclusion even in the most remote markets. TerraPay is headquartered in London, with offices in cities like Bangalore, Dubai, Bogota, Dar es Salaam, Kampala, and Singapore. Backed by leading investors including the IFC (World Bank), Prime Ventures, Partech Africa, and Visa, TerraPay continues its rapid global expansion. For more information, contact:Juveria Samrinjuveria.n@ SOURCE TerraPay Sign in to access your portfolio
