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Tag: Bank

  • Azerbaijan’s bank opens a representative office in Istanbul and announces office opening in Moscow and Dubai

    Azerbaijan’s bank opens a representative office in Istanbul and announces office opening in Moscow and Dubai

    Azerbaijan’s bank opens a representative office in Istanbul and announces office opening in Moscow and Dubai

    Baku, Fineko/abc.az. Texnikabank OJSC continues its network expansion in accordance with the strategic development plan.

    The Bank reports that taking into account close relationships between Turkey and Azerbaijan, as well as broad trade turnover between the two countries, Texnikabank has become the first out of Azerbaijani banks which opened a representative office in Istanbul, Turkey. It operates in an office building at: Gümüş suyu İnönü Cad № 24, Öməravni məhəlləsi Bəyoğlu İstanbul.

    “The opening of the Turkish office creates conditions for closer cooperation with Turkish banks and more opportunities in the area of financial transactions. Texnikabank offers its products to companies operating on the markets of Azerbaijan and Turkey, and renders all kinds of banking services,” the Bank says.

    The strategic plan priority is to expand structural units of the Bank.

    “Besides the Turkish markets, we are planning to appear at two more banking markets – Russia and the UAE – and, consequently, open representative offices in Moscow and Dubai,” Texnikabank informed.

    Texnikabank OJSC was founded in 1993, and due to the main indicators is now in TOP 5 of the banking sector.

    via Azerbaijan Business Center – Azerbaijan’s bank opens a representative office in Istanbul and announces office opening in Moscow and Dubai.

  • Bank warns of weaker growth in UK

    Bank warns of weaker growth in UK

    Bank of England governor Mervyn King has slashed growth forecasts for the UK
    Bank of England governor Mervyn King has slashed growth forecasts for the UK

    The Bank of England has braced the country for weaker growth as rocketing energy bills and tough Government cuts continue to squeeze household spending.

    In its quarterly inflation report, the Bank cut growth forecasts for the next two years and warned inflation will fall back later than previously expected in 2013.

    The Bank warned energy bills could surge as much as 15% this year, far ahead of its previous expectations, piling pressure on the cost of living and dampening growth.

    Despite the uncertain outlook, economists said the report suggested interest rates will increase from 0.5% to 1% by the end of the year.

    Bank governor Mervyn King said the soft patch in growth will be temporary but the recovery will hinge on business investment and exports. He warned the squeeze on household budgets may have further to go.

    It is the fourth time the Bank has downgraded its growth forecast in the year since the coalition Government was formed.

    The report reopened the debate over the severity of Chancellor George Osborne’s austerity measures and the ability of the economy to withstand the cuts, with Shadow Treasury chief secretary Angela Eagle saying: “Cutting too deep and too fast, as this Conservative-led Government is doing, is a vicious circle.”

    The Bank downgraded its expectations for gross domestic product in 2011 to around 1.7%, from about 2% in its February report. In 2012, GDP is expected to be around 2.2%, from just under 3%.

    The rate of inflation, currently at 4%, is now expected to hit 5% this year and remain above the Government’s 2% target throughout 2012 before falling back – but only if interest rates rise in line with market expectations from the third quarter of 2011.

    The gloomier outlook reflected the impact of surging energy prices – such as crude oil in the wake of political unrest in Libya – and the impact disappointing real wages will have on spending.

    London Evening Standart