| New International Banking Federation to represent global financial services industry
The countries represented by the Federation collectively have more than 18,000 banks with 275,000 branches, including around 700 of the world’s top 1000 banks which alone manage worldwide assets of over US$31 trillion. The federation, which will be based in London, will increase the effectiveness of the financial services industry’s response to multi-lateral and national government issues. Board members include Donald Ogilvie, president and chief executive officer of the American Bankers Association, David Bell, chief executive of the Australian Bankers Association and Raymond Protti, president and CEO of the Canadian Bankers Association. The chairman will be Ian Mullen, initially in his capacity as chairman of the European Banking Federation Executive Committee. The federation formally became operational on March 30th, 2004. Ian Mullen said: "Over the past two years, the list of global initiatives which require collective industry attention has been continuously growing and some of these will be permanent agenda items for the new federation. These include issues such as capital adequacy, anti-money laundering and other financial crime, corporate governance and business continuity planning. The chief executive officers of the banking associations have met informally for a number of years but the time has now arrived where we need to strengthen the industry voice when dealing with supra-national policy and regulation." Donald Ogilvie commented: "Banking knows no borders. It has become a 24/7 business right around the globe. To operate in this environment banks need to be aware of what is happening not just in their own country, but around the world as well. They also need to be able to make their voice heard further and further by communicating efficiently and effectively not only at a national level but at a global level too. National trade associations have already proved their effectiveness and we have built on this expertise to set up a trade federation that will have an even greater reach and represent its members worldwide." David Bell added: "Finance is bringing countries and continents ever closer and there is a growing need for banks of all sizes to be represented at a global level to encompass growing regulatory and other demands. Banks can no longer look just at their own national regulatory requirements. Even if their operations are purely domestic, their operations are likely to be affected either directly or indirectly by legislation elsewhere. We will now have a trade body that will be able both to lead and deliver at the highest level right across the globe." Raymond Protti said: "Providers of financial services, wherever they are based, are operating in diverse business and regulatory environments. Banks need to consider where new legislation is coming from and how they can carry on their business effectively. The International Banking Federation will offer global leadership for the issues we have in common and the forum to learn from each regions unique circumstances."
•Date:
8th April 2004 •Region: Various •Type:
Article •Topic: Financial
sector |
