Banking
World Bank welcomes AIIB
Jim Yong Kim, World Bank Group President The World Bank will collaborate with the Asian Infrastructure Investment Bank (AIIB) in solving world poverty, World Bank Group President Jim Yong Kim said on Tuesday. “The fundamental issue for us is, the enemy cannot be other institutions; the enemy has to be the poverty,” Kim said at the Center for Strategic and International Studies in Washington in advance of the World Bank/IMF spring meetings. Kim dismissed the notion that the AIIB would challenge to the US-dominated World Bank, saying it has been clear that “this is not a competition, but cooperation, and we have already cooperated in many joint projects”. The AIIB, which was initiated by Chinese President Xi Jinping, has had around 50 countries applying to be founding members by the March 31 deadline. Included are key US allies such as Great Britain, France, Germany and Italy. Former US Secretary of State Madeleine Albright said previously that the US “miscalculated” in not seeking membership in the AIIB
Jim Yong Kim, World Bank Group President The World Bank will collaborate with the Asian Infrastructure Investment Bank (AIIB) in solving world poverty, World Bank Group President Jim Yong Kim said on Tuesday. “The fundamental issue for us is, the enemy cannot be other institutions; the enemy has to be the poverty,” Kim said at the Center for Strategic and International Studies in Washington in advance of the World Bank/IMF spring meetings. Kim dismissed the notion that the AIIB would challenge to the US-dominated World Bank, saying it has been clear that “this is not a competition, but cooperation, and we have already cooperated in many joint projects”. The AIIB, which was initiated by Chinese President Xi Jinping, has had around 50 countries applying to be founding members by the March 31 deadline. Included are key US allies such as Great Britain, France, Germany and Italy. Former US Secretary of State Madeleine Albright said previously that the US “miscalculated” in not seeking membership in the AIIB
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World Bank welcomes AIIB
Banking
HSBC to Scale Back China Credit Card Operations Amid Expansion Challenges – Reuters
HSBC is withdrawing from its China credit card business due to difficulties in expanding, marking a strategic retreat in a challenging market environment.
HSBC’s Strategy Shift in China
HSBC is scaling back its credit card operations in China, highlighting challenges the bank has faced in expanding its customer base. The competitive landscape, combined with changing consumer preferences, has made it increasingly difficult for the bank to maintain its position in this lucrative market.
Market Challenges Ahead
Recent reports indicate that HSBC is reassessing its strategy, focusing resources on other areas where it sees stronger growth potential. The decision to pull back reflects the broader difficulties foreign banks encounter when trying to penetrate China’s financial services sector.
Future Focus
As HSBC pivots away from its credit card business in China, it aims to concentrate on digital banking and wealth management services. This strategic shift underscores the bank’s commitment to adapting to the evolving landscape of financial services while ensuring long-term sustainability in the region.
Source : Exclusive: HSBC pulling back from China credit card business after struggling to expand – Reuters
Banking
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(more…)Banking
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