Mashreq Bank: UAE's Oldest and Leading Bank

Jinesh Gosar: Banking Transformation Leader Bridging Two Decades of Financial Services Excellence with Strategic Innovation Icons Oman recognizes Jinesh Gosar, Founder & CEO of SimpliFI Consulting FZ-LLC, for pioneering enterprise banking strategies that deliver measurable impact across the GCC and broader Middle East. With 22 years of progressive experience spanning technology consulting, institutional banking, and organizational strategy, Jinesh Gosar brings a rare combination of execution excellence and visionary thinking to banking innovation in the region. At Bank Muscat, as Head of One Bank Strategy, Jinesh architected and deployed a comprehensive enterprise relationship framework that transformed how the bank serves corporate clients. This holistic, cross-business unit approach enhanced relationship coverage and unlocked new revenue streams from existing client relationships, demonstrating how strategic coordination creates value. Prior to this organization-wide strategy role, Jinesh spent 11 years leading the bank's Global Financial Institutions business, expanding Trade Finance, Correspondent Banking, and FI Lending across the Middle East, Africa, Indian subcontinent, and Europe. His leadership delivered substantial revenue growth while maintaining portfolio resilience through multiple economic disruptions, including the COVID-19 pandemic, Arab Spring, and the 2011 European debt crisis. His banking career began at ICICI Bank in Mumbai, where he specialized in structuring FX and Interest Rate hedging solutions for corporate clients prior to and during the 2008 sub-prime crisis—an experience that shaped his perspectives on leverage-driven growth, approach to risk management, and belief in creating sustainable growth strategies. Uniquely, Jinesh's career foundation lies in technology consulting, where he implemented Oracle eBusiness Suite ERP systems for global clients, advising on supply chain optimization and financial reporting best practices. Today, through SimpliFi Consulting FZ-LLC, Jinesh advises commercial banks on implementing his proprietary Ecosystem Banking Framework (EBF)—a methodology that enhances relationship coverage for corporate clients, promotes collaboration across business silos, and creates new revenue streams by embedding banks deeper into customer ecosystems. Building on his holistic understanding of banking and his rich and diverse FI coverage experience, he champions practical AI adoption through use cases that solve real banking challenges rather than technology for technology's sake. Jinesh holds a Global Executive MBA from INSEAD and is a Chartered Accountant from The Institute of Chartered Accountants of India. His combination of deep banking operations experience, strategic leadership credentials, and technology fluency positions him uniquely to guide financial institutions through the complexities of modern banking transformation.

In banking, RAK, EBD, and CBD are primarily associated with specific banks or services, particularly in the UAE context. They are not general banking position acronyms. Here's what they mean: * RAK: This refers to RAKBANK, also known as the National Bank of Ras Al Khaimah (P.S.C). It's one of the oldest and most dynamic banks in the UAE, offering a wide range of personal, business, and wholesale banking services. * EBD: This can have a couple of meanings depending on the context: * Emirates Development Bank (EDB): This is an Emirati state-owned financial institution established in 2015 in the UAE. Its primary service is to provide financing to startups, SMEs, and large corporations in sectors like manufacturing, healthcare, food security, and advanced technology. * Express Business Deposit (EBD): This refers to a service offered by some banks (like NAB in Australia, based on search results) that allows eligible business customers to make quick and secure deposits, often through designated drop-off points or online forms. * CBD: This stands for Commercial Bank of Dubai. It's a UAE banking and financial services corporation headquartered in Deira, Dubai, established in 1969. It offers a comprehensive suite of personal and business banking products and services. Therefore, when you see "RAK, EBD, CBD positions in banking," it most likely refers to job opportunities or roles within: * RAKBANK * Emirates Development Bank (EDB) * Commercial Bank of Dubai (CBD) If "EBD" refers to "Express Business Deposit," it would likely be a feature or service within a bank rather than a specific bank itself.

What FNB’s Acquisition of Standard Chartered’s Retail Business Means for Corporate Customers. The announcement that First National Bank (FNB) Zambia will acquire Standard Chartered Bank Zambia’s Wealth and Retail Banking business marks a major shift in Zambia’s financial sector. While this aligns with Standard Chartered’s global strategy to focus on its strength in Corporate and Investment Banking, the move raises important questions about trust, client loyalty, and the balance between retail and business banking. Standard Chartered has built deep relationships with corporates, multinationals, and SMEs over the years. However, the sale of its retail and wealth business may cause some clients to question the bank’s long-term commitment to the market. In banking, trust is built not only on financial stability but also on presence and continuity. When a bank exits a visible segment like retail, some corporate clients inevitably begin exploring alternatives for a more integrated relationship. Many business owners and executives prefer maintaining both personal and business accounts with one bank. From experience, this approach is cheaper and more efficient as internal transfers such as salary payments and staff reimbursements are faster and often free of interbank charges. It also simplifies relationship management. With FNB taking over the retail portfolio, this synergy will be disrupted. Companies that previously enjoyed seamless transactions between corporate and staff accounts may now face higher costs and added complexity if they continue corporate banking with Standard Chartered. For FNB, this acquisition presents a valuable opportunity to expand its customer base and cross-sell business banking products to former Standard Chartered clients. For many SMEs and mid-sized firms, FNB could become the preferred choice by offering both retail and business services under one institution. Standard Chartered’s task now is to reassure corporate clients that this divestment is not an exit but a strategic focus on high-value corporate services. Strengthening its leadership in trade finance, treasury, structured lending, and capital markets will help the bank retain its core corporate relationships and reinforce its premium positioning. This transaction reflects a changing banking landscape in Zambia. FNB gains scale and opportunity, Standard Chartered faces a test of loyalty and communication, and corporate customers must weigh convenience and cost. Some will stay with Standard Chartered for its international reach, while others will move to FNB for integration and simplicity. The key lesson is that in modern banking, customer ecosystems and relationships matter just as much as financial strength. 💬 What’s your take? Will Standard Chartered’s corporate clients remain loyal, or will they follow their retail ties to FNB

Renewal and Validation of LEI Certificate: Banking Requirements Simplified In the world of banking and finance, transparency and trust are key. To achieve this, regulators across the globe introduced the Legal Entity Identifier (LEI) system. If your business deals with banks, financial institutions, or capital markets, you likely already have an LEI Certificate. But having one is not enough — renewing and validating your LEI regularly is equally important. Every LEI is linked to key business details . Why LEI Renewal is Important An LEI certificate is valid for one year from the date of issuance. After that, it must be renewed annually to remain active. If it’s not renewed on time, the LEI status becomes “Lapsed”, meaning the entity’s information is outdated. Banks and regulators usually reject transactions linked to a lapsed LEI. This can affect: Loan disbursements or renewals Foreign exchange and trade transactions Investment and derivative reporting KYC and compliance checks So, timely renewal keeps your business compliant and ensures smooth banking operations. --- LEI Renewal Process Simplified Renewing your LEI is simple and can be done online in a few steps: 1. Visit the LEI Issuer’s Website Go to the website of the LEI Registration Agent or Local Operating Unit (LOU) where your LEI was originally issued. 2. Enter Your LEI Number Check your existing LEI details and confirm if any business information has changed. 3. Update and Validate Information If your company’s legal details have changed (like address or ownership), update them during renewal. This ensures that banks and regulators always have accurate information. 4. Pay the Renewal Fee Pay the renewal fee (usually for one year or multiple years, depending on your choice). 5. Receive the Updated LEI Certificate Once the validation is complete, your LEI status changes back to “Active”, and you’ll receive a renewed certificate. --- Banking Requirement: LEI Validation Banks are required by the RBI (Reserve Bank of India) and other regulators to validate LEIs before processing certain transactions. During validation, the bank checks: Whether the LEI is active If the business details match the official records The expiration date of the LEI This process helps banks maintain transparency, accountability, and risk control in financial dealings. --- Key Takeaways LEI renewal is mandatory every year. An active LEI ensures smooth banking transactions. Validation keeps company data up to date and trusted by financial institutions. Failure to renew may lead to transaction rejections or compliance issues. --- Conclusion The renewal and validation of an LEI Certificate may sound like a routine task, but it plays a vital role in maintaining trust and transparency in the banking system. Keeping your LEI active not only fulfills regulatory requirements but also enhances your company’s credibility in the global financial ecosystem. #Bank #Nbfc #Loans

Starting from October 15, 2025, For current and savings accounts held with Singapore’s seven major retail banks — DBS Bank, OCBC Bank, United Overseas Bank (UOB), Citibank Singapore, Maybank Singapore, HSBC Singapore, and Standard Chartered Bank — a new “cooling-off period” mechanism will take effect. When an account’s balance is at least S$50,000, and a single electronic transfer (combined with any withdrawals made in the previous 24 hours) exceeds 50% of the account balance, the transaction will trigger the cooling-off mechanism. In such cases, the transaction — along with subsequent outgoing payments — will either be delayed for 24 hours or automatically declined. This measure applies only to electronic fund transfers made through mobile banking apps or internet banking. Transactions conducted at bank branches or ATMs, such as cash withdrawals or over-the-counter services, are not affected. Certain categories of transactions are exempted, including: • Standing instructions for recurring transfers • Regular GIRO / eGIRO payments • Bill payments to recognised institutions (e.g., utilities and telecommunications providers) as determined by the bank When a transaction is delayed, the bank will immediately notify the customer via the mobile banking app or internet banking platform. If the transaction is legitimate, no further action is required, and the system will automatically release the funds after 24 hours. The aim of this cooling-off mechanism is to combat scams involving rapid electronic fund transfers, giving customers a period to review and verify their transactions — and to prevent significant financial losses caused by impulsive or fraudulent actions.

Why PSL Was the Core Reason JPMorgan Chase Avoided Retail Banking in India: The most critical factor behind JPMorgan Chase not entering the retail banking business in India is the Priority Sector Lending (PSL) requirement mandated by the Reserve Bank of India. Under PSL rules, all commercial banks in India must ensure that at least 40 percent of their total lending is directed toward priority sectors such as agriculture, small and micro enterprises, affordable housing, and certain economically disadvantaged categories. While these sectors are vital for inclusive economic development, they typically offer lower lending margins, involve higher credit risk, and require extensive on-ground networks for credit evaluation and recovery. For a global bank like JPMorgan Chase, whose credit strategy is centered around corporate, institutional, and high-quality retail lending, allocating such a large share of its balance sheet to segments outside its core strengths would significantly change its risk profile and reduce profitability. To comply with PSL, Chase would need to build a large rural and semi-urban distribution network, develop specialized underwriting teams, and maintain ongoing customer engagement in dispersed geographies. This is fundamentally different from its global operating model, which focuses on scale-driven, centralized, and standardized banking services. The alternative option, which is purchasing PSL certificates from other banks every year, would create a recurring cost burden and still not solve the strategic compatibility issue. Even long-established foreign banks like Citi, HSBC, and Standard Chartered have faced sustained challenges managing their PSL obligations and have often relied on certificate purchases rather than deep expansion in priority sectors. For JPMorgan Chase, the decision was strategic rather than market-avoidant. By choosing not to enter retail banking, the bank avoided a regulatory lending obligation that does not align with its risk appetite, operating structure, or business economics. Instead, it focused on corporate banking, investment banking, global markets, custody, treasury solutions, and large technology centers in India. These segments offer higher margins, lower risk volatility, and fewer regulatory constraints compared to mass retail banking under PSL requirements.

Standard Charter Uganda plans to sell Wealth Retails Banking (WRB) arm to Absa. As the part of Standard Chartered’s global strategy to improve operational efficiencies, simplify operations, and focus on core strengths, the banking industry has witnessed divesting of wealth and retail banking under StanChart Bank. After succesful sell of Wealth and Retail banking operation in Tanzania to Access Bank, in June 2025, the Bank plan to divest Uganda operations as implementation of part of Standard Chartered’s strategy to exit its wealth and retail banking sectors in Botswana, Uganda, and Zambia. The bank has not disclosed price tag of this move. However, under the terms of the deal, Absa Bank Uganda will acquire Standard Chartered’s retail and wealth management portfolios in Uganda. Absa Group, said to be the third-largest bank in South Africa by assets, is actively working on enhancing its retail banking division. This transaction is part of its broader effort to stabilise and grow the retail bank under new CEO Kenny Fihla, following its separation from Barclays in 2020. The bank previously divested its shareholding in subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone. In July, the bank reported a stronger-than-expected profit, attributed to scaling back on less profitable sectors, refocusing on high-net-worth clients and corporate customers worldwide, according to the publication. Under investment and corporate banking the fall of one king with high net worth is the fall of the entire kingdom

𝐒𝐨𝐮𝐭𝐡𝐞𝐚𝐬𝐭 𝐁𝐚𝐧𝐤 𝐋𝐚𝐮𝐧𝐜𝐡𝐞𝐬 𝟖 (𝐄𝐢𝐠𝐡𝐭) 𝐀𝐠𝐞𝐧𝐭 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐎𝐮𝐭𝐥𝐞𝐭𝐬 Southeast Bank PLC. formally launched 8 (Eight) Agent Banking outlets - “Shagotom” to facilitate the people outside the formal Banking system across the country, specially at the rural and semi-urban areas at Chapainawabganj, Gazipur, Manikganj, Barishal , Rajbari & Tangail. Its main objective is to uphold the trend of financial inclusion and spread banking services at every corner of the country. Abidur Rahman Chowdhury, Managing Director (Current Charge) of Southeast Bank PLC, virtually inaugurated the formal operations of the 8 (Eight) Agent Banking outlets. Senior executives from the Bank's Head Office, Head of Branches, and the proprietors of the eight Agent Banking outlets were also connected virtually in the launching ceremony. Southeast Bank Agent Banking, branded as “Shagotom,” offers a comprehensive range of modern and technology-driven Conventional and ‘Tijarah’-Islamic Banking services. At Southeast Bank Agent Banking outlets customers can enjoy a variety of facilities including account opening (savings/current); Cash Deposit/Withdrawal; Fund transfer facility; Cash transfer through BEFTN, RTGS at any Bank account; receiving Foreign Remittance; Processing of Cheque Book, Debit Card and Credit Card; BO Account opening and Share transactions facilities; Micro, Medium and Krishi loan with insurance benefit; Utility bill; Collection of Loan installment; Government allowance, Regular Customers Loan and also get internet banking facilities. Additionally, customers can access essential banking services 24/7 through Recycler ATMs available at the Agent Banking outlets.

Southeast Bank PLC Launches 8 New Agent Banking Outlets. Southeast Bank PLC has inaugurated 8 new Agent Banking outlets under the brand name “Shagotom”, expanding its reach to rural and semi-urban areas including Chapainawabganj, Gazipur, Manikganj, Barishal, Rajbari, and Tangail. The initiative aims to promote financial inclusion and make banking services accessible to unbanked communities across Bangladesh. The outlets were virtually inaugurated by Abidur Rahman Chowdhury, Managing Director (Current Charge) of Southeast Bank PLC, alongside senior officials and local agents. Through “Shagotom” outlets, customers can enjoy a wide range of modern and Islamic banking services, such as account opening, deposits and withdrawals, fund transfers, remittance, loans, bill payments, and 24/7 ATM services. This new expansion reflects Southeast Bank’s commitment to digital innovation and inclusive growth, ensuring that quality banking services reach every corner of the country.

IFSC Code IFSC Code (Indian Financial System Code) is an 11-character alphanumeric code used in India to identify specific bank branches for electronic fund transfers. Mandated by the Reserve Bank of India (RBI), it facilitates secure and efficient transactions through systems like NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Payment Service). As of October 2025, IFSC codes remain integral to India’s digital banking ecosystem, supporting seamless interbank transactions. Structure of IFSC Code The IFSC code follows a standardized format: First 4 characters: Bank identifier (e.g., SBIN for State Bank of India, HDFC for HDFC Bank). 5th character: Reserved, always ‘0’ (zero). Last 6 characters: Branch identifier, unique to each branch (e.g., 000123 for a specific branch). Example: SBIN0001234 SBIN = State Bank of India 0 = Reserved 001234 = Branch code (e.g., a specific SBI branch) Purpose and Usage Fund Transfers: Enables accurate routing of funds for NEFT, RTGS, and IMPS transactions. Online Banking: Used in internet banking, mobile apps, and UPI for interbank transfers. Payment Systems: Supports bill payments, loan repayments, and other digital transactions. Verification: Ensures transactions reach the correct bank and branch, reducing errors. Key Features Unique Identification: Each branch of a bank has a distinct IFSC code. RBI Oversight: Managed by RBI and assigned through the National Payments Corporation of India (NPCI). Integration: Links with core banking systems for real-time processing. Accessibility: Available on bank websites, passbooks, cheque books, and RBI’s database. How to Find an IFSC Code Bank Documents: Printed on cheque books, passbooks, or account statements. Bank Website: Most banks list IFSC codes for branches on their websites. RBI Database: RBI’s official website provides a searchable list of IFSC codes. Third-Party Portals: Websites like NPCI, bankbazaar.com, or apps like PhonePe allow IFSC lookup. Branch Contact: Customers can contact their bank branch or customer care. Importance in 2025 Digital Payments: With UPI handling over 50% of global real-time payment volume, IFSC codes ensure accurate linking of accounts for transactions. Financial Inclusion: Supports fund transfers to rural and cooperative bank branches. Regulatory Compliance: Ensures adherence to RBI’s KYC and anti-money laundering norms. Cross-Border Transactions: Used in some international remittances alongside SWIFT codes. Challenges Errors in Entry: Incorrect IFSC codes lead to failed transactions. Branch Mergers: Bank mergers (e.g., SBI or PSU bank consolidations) may change IFSC codes, requiring updates. Awareness: Some users, especially in rural areas, struggle to locate or use IFSC codes. Example Banks and IFSC Codes (2025) State Bank of India (SBI): SBIN000XXXX HDFC Bank: HDFC000XXXX ICICI Bank: ICIC000XXXX Axis Bank: UTIB000XXXX Punjab National Bank (PNB): PUNB0XXXXXX