Retail wins banking business
Last year was the most successful in the history of the retail business of VTB24 Bank. He again entered the top three most powerful banks in Russia, earning a record profit of 47 billion rubles. The bank’s growth is ahead of the market by about 1.5%, therefore, the organization’s management intends to continue working with retail operations.
For the second year in a row, VTB24 is one of the three most profitable banks in Russia. Last year, the bank earned 47 billion rubles, net profit amounted to 37 billion rubles. This was announced at a press conference on the results of 2012, the President and Chairman of VTB24 Mikhail Zadornov. Continue reading
The key LIBOR rate for credit markets is going to be modernized. City of London, New York Wall Street and regulators on both sides of the Atlantic are seeking a compromise in defining rules for calculating the global interbank rate systemic for institutionalized global usury. LIBOR replacement is planned for next year.
LIBOR (London Interbank Offered Rate) – the initial rate that is used on the interbank market, as well as in international commercial agreements to determine the interest on borrowed money. It was adopted in the 84th year and since then has not undergone any special changes.
LIBOR is set daily by the British Banking Association (BBA) for loans in ten currencies. Survey data from 16 largest banks are used to determine the rate. Every day in the morning, banks inform about the rates at which loans in foreign currency are provided. In this case, the four highest and four lowest rates are cut off, and the arithmetic average is calculated for the remaining eight. She becomes the rate of the day. The rate is calculated both for a day, that is, until 12:00 of the next business day, and for weeks, months and a year. Continue reading