Tag: cbtx commercial bank

Rabo commercial bank launches ‘cashless’ banking in Kollupititiya

Rabo Commercial Bank has announced it will start commercial banking in the Kollumititi district of Kollupsi, capital of the Kontana province, with a target to become a member of the bank’s commercial banking group in the next two years.

“The decision was taken after several meetings with the central bank and the finance ministry,” Rabo’s president, S.M. Myseni, said in a statement.

Rabo has about 20 employees and has branches in Kontany, Vavala, and the central business district of Vavals.

The bank will also be accepting cheques in cash from customers in Kondamba, Kollumsi, and Vavana.

“We will be a member to a bank and will provide banking services, but not a commercial banking unit,” Mysenyi said.

The Kondamansat Bank was the first bank to offer commercial banking services in Kossu, an area that has been struggling with unemployment, drug addiction and crime.

Rabo is the first commercial bank to launch in Kombi, an impoverished area in central Uganda, the world’s most populous country with a population of more than 8 million.

The government is considering allowing commercial banks in the region to start operations later this year.

It is also a major financial hub, with more than 200 commercial banks operating in the area.

Earlier this month, Rabo announced that it was accepting cheque payments from Kombisat Bank, the country’s largest private bank.

The two entities signed an agreement for Rabo to open a branch in the central capital, Kampala, in 2019.

Read more about Rabo and commercial banking here

How a $100 million award will help Canada’s biggest banks in the future

The National Bank of Canada will receive $100m in a new incentive package in the coming months to encourage it to invest in the banking sector, the Canadian government announced Tuesday.

The new package is designed to help the bank to improve its balance sheet and expand its commercial banking portfolio, and is expected to help Canada become a world leader in banking, said Minister of Finance Bill Morneau.

The $100-million package is a new reward for banks that have contributed to the Canadian economy in the last five years, and will help ensure that Canadian banks remain competitive globally, Morneau said in a news release.

The incentive package is based on a five-year average of Canada’s financial performance that is updated quarterly.

It was announced Tuesday at the Confederation of Canadian Municipalities’ annual meeting in Ottawa.

The incentives, which are targeted to banks with a total assets of more than $1 billion, include: a $30m increase in the maximum annual grant; $25m for each of the next five years; a $15m bonus for each year up to five years that the bank has contributed to Canada’s economic growth; and a $10m bonus each year thereafter.

The National Bank’s commercial banking and securities lending portfolios will receive a $500m increase over the next four years, Morreau said.

The bank’s banking and retail banking operations will receive an additional $100million, while its retail and investment banking business will receive another $200million.

The maximum annual reward for the bank’s retail banking and investment banks is $5 million.

The next annual incentive is expected in 2020, Morrea said.