Tag: Banks

Development Banks: Features, Functions, and Objectives
Development Banks essentially a multi-purpose Financial Institution with a broad development outlook. This article explains about Development Banks and with their topics – Features, Functions, and Objectives. The important functions of development banks in India.

Learn, Explain each topic of Development Banks – Features, Functions, and Objectives.

A development bank may, thus, be defined as a financial institution concerned with providing all types of financial assistance (medium as well as long-term) to business units, in the form of loans, underwriting, investment and guarantee operations, and promotional activities-economic development in general, and industrial development, in particular. In short, a development bank is a development-oriented bank; The Development Banks and their topics Features, Functions, and Objectives below are.

Features of Development Banks:

Following are the main characteristics or features of development banks:
- It is a specialized financial institution, provides medium and long-term finance to business units.
- Unlike commercial banks, it does not accept deposits from the public, It is not just a term-lending institution. It’s a multi-purpose financial institution.
- It is essentially a development-oriented bank. Its primary objective is to promote economic development by promoting investment and entrepreneurial activity in a developing economy. It encourages new and small entrepreneurs and seeks balanced regional growth.
- They provide financial assistance not only to the private sector but also to the public sector undertakings, It aims at promoting the saving and investment habit in the community.
- It does not compete with the normal channels of finance, i.e., finance already made available by the banks and other conventional financial institutions. Its major role is of a gap-filler, i. e., to fill up the deficiencies of the existing financial facilities.
- Its motive is to serve the public interest rather than to make profits. It works in the general interest of the nation.
Functions of Development Banks:

Development banks have been started with the motive of increasing the pace of industrialization. The traditional financial institutions could not take up this challenge because of their limitations. To help all round industrialization development banks were made multipurpose institutions. Besides financing, they were assigned promotional work also.

Some important functions of these institutions discuss as follows:

Financial Gap Fillers:

Development banks do not provide medium-term and long-term loans only but they help industrial enterprises in many other ways too.

These banks subscribe to the bonds and debentures of the companies, underwrite their shares and debentures and, guarantee the loans raised from foreign and domestic sources. They also help undertakings to acquire machinery from within and outside the country.

Undertake Entrepreneurial Role:

Developing countries lack entrepreneurs who can take up the job of setting up new projects. It may be due to a lack of expertise and managerial ability. Development banks were assigned the job of entrepreneurial gap filling.

They undertake the task of discovering investment projects, promotion of industrial enterprises, provide technical and managerial assistance, undertaking economic and technical research, conducting surveys, feasibility studies, etc. The promotional role of the development bank is very significant for increasing the pace of industrialization.

Commercial Banking Business:

Development banks normally provide medium and long-term funds to industrial enterprises. The working capital needs of the units are met by commercial banks. In developing countries, commercial banks have not been able to take up this job properly. Their traditional approach in dealing with lending proposals and assistance on securities has not helped the industry.

Development banks extend financial assistance for meeting working capital needs to their loan if they fail to arrange such funds from other sources. So far as taking up other functions of banks such as accepting of deposits, opening letters of credit, discounting of bills, etc. there is no uniform practice in development banks.

Joint Finance:

Another feature of the development bank’s operations is to take up joint financing along with other financial institutions. There may be constraints of financial resources and legal problems (prescribing maximum limits of lending) which may force banks to associate with other institutions for taking up the financing of some projects jointly.

It may also not be possible to meet all the requirements of concern by one institution, So more than one institution may join hands. Not only in large projects but also in medium-sized projects it may be desirable for a concern to have, for instance, the requirements of a foreign loan in a particular currency, met by one institution and under the writing of securities met by another.

Refinance Facility:

Development banks also extend the refinance facility to the lending institutions. In this scheme, there is no direct lending to the enterprise. The lending institutions are provided funds by development banks against loans extended’ to industrial concerns.

In this way, the institutions which provide funds to units are refinanced by development banks. In India, the Industrial Development Bank of India (IDBI) provides reliance against term loans granted to industrial concerns by state financial corporations. commercial banks and state co-operative banks.

Credit Guarantee:

The small scale sector is not getting proper financial facilities due to the clement of risk since these units do not have sufficient securities to offer for loans, lending institutions are hesitant to extend the loans. To overcome this difficulty many countries including India and Japan have devised the credit guarantee scheme and credit insurance scheme.
- In India, a credit guarantee scheme was introduced in 1960 with the object of enlarging the supply of institutional credit to small industrial units by granting a degree of protection to lending institutions against possible losses in respect of such advances.
- In Japan, besides credit guarantee, insurance is also provided. These schemes help small-scale concerns to avail loan facilities without hesitation.
Underwriting of Securities:

Development banks acquire securities of industrial units through either direct subscribing or underwriting or both. The securities may also be acquired through promotion work or by converting loans into equity shares or preference shares. So, as learn about development banks may build portfolios of industrial stocks and bonds.

These banks do not hold these securities permanently. They try to disinvest in these securities in a systematic way which should not influence the market prices of these securities and also should not lose managerial control of the units. Development banks have become worldwide phenomena.

Their functions depend upon the requirements of the economy and the state of development of the country. They have become well-recognized segments of the financial market. They are playing an important role in the promotion of industries in developing and underdeveloped countries.

Objectives of Development Banks:

The main objectives of the development banks are:
- They promote industrial growth.
- To develop backward areas.
- To create more employment opportunities.
- The generate more exports and encourage import substitution.
- To encourage modernization and improvement in technology.
- To promote more self-employment projects.
- The revive sick units.
- To improve the management of large industries by providing training.
- To remove regional disparities or regional imbalance.
- They promote science and technology in new areas by providing risk capital, and.
- To improve the capital market in the country.
Development Banks: Features, Functions, and Objectives!

The Few important functions of development banks in India are as follows:
- They promote and develop small-scale industries (SSI) in India.
- To finance the development of the housing sector in India.
- To facilitate the development of large-scale industries (LSI) in India.
- They help in the development of the agricultural sector and rural India.
- To enhance the foreign trade of India.
- They help to review (cure) sick industrial units.
- To encourage the development of Indian entrepreneurs.
- To promote economic activities in backward regions of the country.
- They contribute to the growth of capital markets.
Now let’s discuss each important function of development banks one by one.

Small Scale Industries (SSI):

Development banks play an important role in the promotion and development of the small-scale sector. The government of India (GOI) started the Small Industries Development Bank of India (SIDBI) to provide medium and long-term loans to Small Scale Industries (SSI) units. SIDBI provides direct project finance and equipment finance to SSI units. It also refinances banks and financial institutions that provide seed capital, equipment finance, etc., to SSI units.

Development of Housing Sector:

Development banks provide finance for the development of the housing sector. GOI started the National Housing Bank (NHB) in 1988.

NHB promotes the housing sector in the following ways:
- It promotes and develops housing and financial institutions.
- It refinances banks and financial institutions that provide credit to the housing sector.
Large Scale Industries (LSI):

The development bank promotes and develops large-scale industries (LSI). Development financial institutions like IDBI, IFCI, etc., provide medium and long-term finance to the corporate sector. They provide merchant banking services, such as preparing project reports, doing feasibility studies, advising on the location of a project, and so on.

Agriculture and Rural Development:

Development banks like the National Bank for Agriculture & Rural Development (NABARD) helps in the development of agriculture. NABARD started in 1982 to provide refinance to banks, which provide credit to the agriculture sector and also for rural development activities. It coordinates the working of all financial institutions that provide credit to agriculture and rural development. It also provides training to agricultural banks and helps to conduct agricultural research.

Enhance Foreign Trade:

Development banks help to promote foreign trade. The government of India started the Export-Import Bank of India (EXIM Bank) in 1982 to provide medium and long-term loans to exporters and importers from India. It provides Overseas Buyers Credit to buy Indian capital goods. Also, encourages abroad banks to provide finance to the buyers in their country to buy capital goods from India.

Review of Sick Units:

Development banks help to revive (cure) sick-units. The government of India (GOI) started the Industrial Investment Bank of India (IIBI) to help sick units. IIBI is the main credit and reconstruction institution for a revival of sick units. It facilitates modernization, restructuring, and diversification of sick-units by providing credit and other services.

Entrepreneurship Development:

Many development banks facilitate entrepreneurship development. NABARD, State Industrial Development Banks, and State Finance Corporations provide training to entrepreneurs in developing leadership and business management skills. They conduct seminars and workshops for the benefit of entrepreneurs.

Regional Development:

The development bank facilitates rural and regional development. They provide finance for starting companies in backward areas. Also, they help companies in project management in such less-developed areas.

Contribution to Capital Markets:

The development bank contributes to the growth of capital markets. They invest in equity shares and debentures of various companies listed in India. Also, invest in mutual funds and facilitate the growth of capital markets in India.
May 31, 2018
What is Development Banks? Meaning and Definition!
Development banks are those which have been set up mainly to provide infrastructure facilities for the industrial growth of the country. The Concept of Development Banks: Meaning of Development Banks, Definition of Development Banks, and Development Banking in India: Definition and Features! They provide financial assistance for both public and private sector industries. Also learned, Commercial Paper, What is Development Banks? Meaning and Definition!

Learn, Explain What is Development Banks? Meaning and Definition!

Meaning of Development Banks:

Development banks are specialized financial institutions. They provide medium and long-term finance to the industrial and agricultural sector. They provide finance to both private and public sector. Development banks are multipurpose financial institutions. They do term lending, investment in securities and other activities. They even promote saving and investment habit in the public.

Definition of Development Banks:

There is no precise definition of the development bank. William Diamond and Shirley Bosky consider industrial finance and development corporations as ‘development banks’ Fundamentally a development bank is a term lending institution.

Development bank is essentially a multi-purpose financial institution with a broad development outlook. A development bank may, thus, be defined as a financial institution concerned with providing all types of financial assistance (medium as well as long-term) to business units, in the form of loans, underwriting, investment and guarantee operations, and promotional activities — economic development in general, and industrial development, in particular. “In short, a development bank is a development-oriented bank.”

The definition of the term ‘development banks’ can be stated as follows:

In General Sense:

“Development banks are those financial institutions whose prime goal (motive) is to finance the primary (basic) needs of the society. Such funding results in the growth and development of the social and economic sectors of the nation. However, needs of the society vary from region to region due to differences were seen in its communal structure, economy and other aspects.”

As per Banking subject (mainly in the Indian context):

“Development banks are financial institutions established to lend (loan) finance (money) on the subsidized interest rate. Such lending is sanctioned to promote and develop important sectors like agriculture, industry, import-export, housing, and allied activities.”

Development Banks in India:

Working capital requirements are provided by commercial banks, indigenous bankers, co-operative banks, money lenders, etc. The money market provides short-term funds which mean working capital requirements.

The long-term requirements of business concerns are provided by industrial banks and the various long-term lending institutions which are created by the government. In India, these long-term lending institutions are collectively referred to as development banks.

They are:
1. Industrial Finance Corporation of India (IFCI), 1948
2. Industrial Credit and Investment Corporation of India (ICICI), 1955
3. Industrial Development of Bank of India (IDBI), 1964
4. State Finance Corporation (SFC), 1951
5. Small Industries Development Bank of India (SIDBI), 1990
6. Export-Import Bank (EXIM)
7. Small Industries Development Corporation (SIDCO)
8. National Bank for Agriculture and Rural Development (NABARD).
In addition to these institutions, there are also institutions such as Life Insurance Corporation of India, General Insurance Corporation of India, National Housing Bank, Unit Trust of India, etc., which are providing investment funds.

Development banks in India are classified into the following four groups:
- Industrial Development Banks: It includes, for example, Industrial Finance Corporation of India (IFCI), Industrial Development Bank of India (IDBI), and Small Industries Development Bank of India (SIDBI).
- Agricultural Development Banks: It includes, for example, National Bank for Agriculture & Rural Development (NABARD).
- Export-Import Development Banks: It includes, for example, Export-Import Bank of India (EXIM Bank).
- Housing Development Banks: It includes, for example, the National Housing Bank (NHB).
Industrial Finance Corporation of India (IFCI) is the first development bank in India. It started in 1948 to provide finance to medium and large-scale industries in India.

Development Banking in India: Definition and Features!

In the field of industrial finance, the concept of the development bank is of recent origin. In a country like India, the emergence of development banking is a post-independence phenomenon.

In Western countries, however, development banking had a long period of evolution. The origin of development banking may be traced to the establishment of ‘Society General Pour Favoriser I’ lndustrie Nationale’ in Belgium in 1822. But the notable institution was the ‘Credit Mobiliser’ of France, established in 1852, which acted as the industrial financier.

In 1920, Japan established the Industrial Bank of Japan to cater to the financial needs of her industrial development. In the post-war era, the Industrial Development Bank of Canada (1944), the Finance Corporation for Industry Ltd. (FCI) and the Industrial and Commercial Finance Corporation Ltd. (ICFC) of England (1945), etc., were established as modern development banks to provide term loans to industry. In 1966, the U.K. Government set up the Industrial Reorganisation Corporation (IRC). In India, the first development bank called the Industrial Finance Corporation of India was established in 1948.
May 31, 2018
Interest Rate Risk on Banks

Interest Rate Risk on Banks

The management of interest rate risk should be one of the critical components of market risk management in banks. The regulatory restrictions in the past had greatly reduced many of the risks in the banking system. Deregulation of interest rates has, however, exposed them to the adverse impacts of interest rate risk. Different Types of Risk Faced by Banks Today!

Interest rate risk on banks is the potential negative impact on the Net interest income and it refers to the vulnerability of an institutions financial condition to the movement in interest rates. Changes in interest rate affect earnings, value of assets, liability, off-balance sheet items and cash flow. Hence, the objective of interest rate risk management is to maintain earnings, improve the capability, ability to absorb potential loss and to ensure the adequacy of the compensation received for the risk taken and effect risk return trade-off.

Management of interest rate risk aims at capturing the risks arising from the maturity and re-pricing mismatches and is measured both from the earnings and economic value perspective.

The Net Interest Income (NII) or Net Interest Margin (NIM) of banks is dependent on the movements of interest rates. Any mismatches in the cash flows (fixed assets or liabilities) or repricing dates (floating assets or liabilities), expose bank’s NII or NIM to variations. The earning of assets and the cost of liabilities are now closely related to market interest rate volatility.

Earnings perspective involves analyzing the impact of changes in interest rates on accrual or reported earnings in the near term. This is measured by measuring the changes in the Net Interest Income (NII) equivalent to the difference between total interest income and total interest expense.

Economic value perspective involves analyzing the expected cash inflows on assets minus expected cash outflows on liabilities plus the net cash flows or off-balance sheet items. The economic value perspective identifies risk arising from long-term inteerst rate gaps.

In detail Interest Rate Risk on banks, is the risk due to changes in market interest rates, which might adversely affect the bank’s financial condition. The immediate impact of change in interest rates is on the bank’s earnings through fall in Net Interest Income (NII). Process of Investment, Ultimately the impact of the potential long-term effects of changes in interest rates is on the underlying economic value of bank’s assets, liabilities and off-balance sheet positions. The interest rate risk when viewed from these two perspective is called as “Earning’s Perspective” and “Economic Value Perspective”, respectively.

In simple terms, high proportion of fixed income assets would mean that any increase in interest rate will not result in higher interest income (due to fixed nature of interest rate) and likewise reduction interest rate will not decrease interest income. Low proportion of fixed assets will have the opposite effect.

Banks have laid down policies with regard to Volume, Minimum Maturity, Holding Period, Duration, Stop Loss, Rating Standards, etc., for classifying securities in the trading book. Risk Management Model, The statement of interest rate sensitivity is being prepared by banks. Prudential limits on gaps with a bearing on total assets, earning assets or equity have been set up.

Interest rate will be explained with the help of examples!

For instances, a bank has accepted long-term deposits @ 13% and deployed in cash credit @ 17%. If the market interest rate falls by 1%, it will have to reduce interest rate on cash credit by 1% as cash credit is repriced quarterly. However, it will not be able to reduce interest on term deposits. Thus, the net interest income of the bank will go down by 1%.

Or suppose a bank has 90 days deposit @ 9% deployed in one year bond @ 12%. If the market interest rate arises by 1%, the bank will have to renew the deposits after 90 days at a higher rate. However it will continue to get interest rate at the old rate from the bond. In this case too, the net interest income will go down by 1%.

Types of Interest Rate Risk on Banking

The various types of interest rate risk in banking are identified as follows:

Price Risk: Price risk occurs when assets are sold before their stated maturities. In the financial market, bond prices and yields are inversely related. The price risk is closely associated with the trading book, which is created for making profit out of short-term movements in interest rates. Banks which have an active trading book should, therefore, formulate policies to limit the portfolio size, holding period, duration, defeasance period, stop loss limits, marking to market, etc.

Reinvestment Risk: Uncertainty with regard to interest rate at which the future cash flows could be reinvested is called reinvestment risk. Any mismatches in cash flows would expose the banks to variations in NII as the market interest rates move in different directions.

October 11, 2017
Different Types of Risk Faced by Banks Today!

Different Types of Risk Faced by Banks Today!

All companies which have a profit maximizing objective hold a certain degree of risk whether through microeconomic or macroeconomic factors. Banks also face a number of risks atypical of non financial companies due to the payment and intermediary function which they perform. What is Risk Management? Recent changes in the banking environment has lead to an increased pressure to maximize shareholder value, this means that banks take on a higher risk in order to gain a higher return. It is due to this increased pressure and market volatility that banking risk needs such effective management to ensure the banks continued solvency. Risk can be defined as an “exposure to uncertainty of outcome” measured by the volatility (standard deviation) of net cash flow within the firm. Banks aim to add equity to the bank by maximizing the risk adjusted return to shareholders highlighting the importance of fully considering the risk and return business equation. Exposure to risk does not always lead to a loss, pure risk only has a downside from the expected outcome but speculative risk can produce either a better or worse result that expected.

Credit risk is the risk that the counterparty will fail to repay the loan in part or full. This includes delayed payments or any default on the loan agreement. It is widely know that credit risk is one of the most damaging risks to banks, for this reason there is usually a separate credit department run around a credit culture of the management’s views. The objective of the credit department will be to maximize shareholder value added through credit risk management. To manage credit risk banks do sometimes take a security over the loan such as property or shares which the bank can take possession of in the event of default on the loan agreement. If the market prices of the security become volatile the bank may ask for more security to offset the probability of marginal default increasing. Credit constraints are implemented to make sure there is a restriction on certain loan agreements to a specific category of borrower, well defined credit limits will reduce the risk of adverse selection. Pricing the loan is a technique which uses a risk adjusted premium to determine the rate of interest on a loan, with the riskier the loan the higher the premium, although a higher interest rate may increase probability of default so must be monitored regularly. The final credit risk management method is to reduce credit losses by building a portfolio with diversification between low and high risk lending. This essentially offsets high risk and return lending with low risk and return lending to minimize any losses incurred.

A similar but more specific concept to credit risk is sovereign risk involving risk that a government will default on a loan agreement from a private sector bank. Risk Management Model, This case is unusual because if a government sates that the default is due to movement of resources to resolve domestic issues it can declare the loan agreement void due to immunity in the legal process, this will barrier debt recovery through the taking the possession of assets and often leave the bank with partial or full loss of the loan. Debt repudiation is an extreme case where the government no longer recognizes their debt or obligations to creditors. Due to problems and the high risk associated with government lending a foreign currency sovereign credit rating was defined in an attempt to enable informed investor lending decisions.

An interest rate is a premium paid in order to consume resources in the present rather than at a later date. Interest rate risk is loss or gain in the value of a position due to changes in the interest rate, it is a speculative risk because the changes in interest rates can lead to both a positive and negative result. There are two types of interest rate which are fixed rate and rate sensitive, the simpler form of risk lies with fixed rate assets and liabilities because a change in the interest rate above or below the fixed rate with lead to a loss or gain in capital. Simulation approaches are highly complex and involve an assessment of the potential changes of interest rates on earnings, future economic value and impact on cash flow. Static simulations assess only the cash flow of on and off balance sheet activity, whereas dynamic simulations build a model predicting the future changes of interest rates and expected changes in the banks activity. The best known interest rate risk management method is gap analysis. This is a detailed analysis of the gap between interest rate sensitive assets and interest rate sensitive liabilities over a specific duration. A rate sensitive asset or liability is defined by an asset or liability in which the cash flow changes in the same direction as interest rates. The changes in interest rates have a detrimental effect if there is a mismatch between rate sensitive assets and liabilities, this is because if the level of rate sensitive liabilities is higher than rate sensitive assets, an increase in interest rates will lead to less profits. High quality interest rate risk management can effectively increase or decrease the gap in order to maximize revenue.

Operational risk is defined at the risk of loss from a breakdown in internal processes and/or management failure. This can occur through different events such as a law suit, systems failure, or damage to assets and its effects can lead to an increase in unsystematic market risk and liquidity risk. Although there has been significant importance placed upon operational risk there is at present still no clear method of measuring its risk and effects on a general basis.

The Basel II accord provided three suggested methods of calculating the operating risk of a firm. The basic approach allocates capital using gross income as an indicator for the bank’s exposure to operational risk. The Standardized approach divides the bank into business units and lines and uses individual indicators to calculate a department specific level of exposure to operational risk. The final method of calculating operational risk is the internal measurement approach which allows each bank to use individual internal loss data to determine the capital allocation.

Market risk is the risk of movement in the price function of financial instruments, resulting in the loss/gain in value. It is a speculative risk, measured by the probability in potential loss/gain in value of a portfolio. The risk occurs in two separate forms; Systematic market risk is caused by the price movement of all financial instruments due to changes in the macroeconomic climate. Unsystematic risk occurs when an instrument moves out of line with the rest of the market due to internal factors with the issuer. Systematic market risk can be prepared for in event of downturn in the economic climate by capital allocation to the specific risk calculated by the risk adjusted rate on capital. Value at risk is a measure of potential losses incurred to a portfolio due to adverse market price movements often used in risk management. Unsystematic risk can be offset by diversification of investments into several different countries and/or industries effectively spreading the risk in attempt to avoid huge losses in specific sector investment. The diversification of investment into foreign countries may increase the potential probability of currency risk.

Exchange rate flexibility exposes all firms with a short or long term position in any given currency to currency risk. Globalized markets have lead to increases in multinational firms and foreign investment, increasing the level of foreign exchange and political risks. Any exchange of money in a currency other than the firm’s home currency would be expressed as a purchase of foreign currency. Foreign exchange transactions can involve many forms of on and off balance sheet financial instruments. Duration analysis can be used to compare the value of foreign bond to the foreign or domestic currency interest rates. Measures of net risk exposure for each currency can be assessed using gap analysis and will be equal to the difference between assets and liabilities in each currency.

Political risk arises through the risk of political interference in the operations of a private sector bank, the exposure of which can range between interest rate and exchange regulations to the nationalization of the financial service industry. The main factors which have been stated as to affect political risk is internal or external armed conflict, democratic government, and government stability.

The level of Liquidity risk can affected by many of the other risks and is defined as the risk that the bank will have insufficient liquid assets on its balance sheet and is therefore unable to fulfil financial commitments without the sale of assets; this is generated from a mismatch in size and maturity of assets and liabilities on the balance sheet or due to loan defaults with a surge of depositor demands. Day to day liquidity risk (funding risk) relates to the daily withdrawals and is predictable due to low depositor withdrawals, if there was a surge of withdrawals then many banks would rely in loans from the interbank market to cover the short term illiquidity. A more unpredictable risk also arising from increased depositor withdrawals is a liquidity crisis. The increase in withdrawals often stems from lack of confidence in the bank, this situation will force the bank to borrow at an elevated interest rate or rely on central bank intervention and deposit insurance to avoid a run. In this situation the central bank can provide provisions in the form of high interest loans or advances, however this is costly and can further damage the banks reputation. Ideally the bank could use a method of maturity matching to guarantee liquidity and eliminate the funding risks. This is the coordination of cash flow by matching the maturity of an asset with the maturity of a liability. This is unlikely to be a widely used approach as asset transformation is a key source of banking profit. Usually the bank will hold a certain level of liquid assets to reassure creditors and signal to the market that the bank is doing well, an increase holding of liquid assets will avoid the liquidity problem but due to a trade off between liquidity and profitability lower return on investments. The most widely used technique of managing banks liquidity is Gap analysis, the liquidity gap is defined by the difference between net liquid assets and unpredictable liabilities. This gives the ability to monitor available capital over time.

Financial services differ from other firms because of the high level of financial risks that they assume through the payment and intermediary functions. It is therefore critical to manage the risks faced to ensure solvency and to maximize the firm’s value added. In some cases the management of an individual risk can have a positive or negative effect on another risk which shows that they are not mutually exclusive. Many of the main financial crises have risen from a combination of risks surrounding losses due to poor credit risk management, it is important to highlight diversification of a portfolio and asset liability management as influencing factors in effective risk management as they can reduce the probability of several risks. In the future it is important to continue developing new formal and quantitative risk management processes to ensure continues solvency within the financial services industry.

October 11, 2017