Alfonso Gomez, an industry veteran, joins from Banco Bilbao Vizcaya Argentaria (BBVA), where he spent more than three decades in a range of senior roles across key financial locations such as New York, London, Madrid, and Zurich. Most recently, he served as CEO of BBVA Switzerland for over 12 years. Alfonso Gomez will be based in Geneva and report to Ida Liu, CEO of HSBC Private Bank.

“We are delighted to welcome Alfonso Gomez, whose extensive experience in Switzerland, strong track record of leadership and commitment to excellence in customer service ideally position him to lead our Swiss Private Bank, an integral and strategically important part of our global franchise,” said Ida Liu.

In addition to being a financial industry veteran, Alfonso Gomez has been actively involved in the Swiss financial ecosystem. Since 2018, he has served on the board of the Association of Foreign Banks in Switzerland and has held the position of Vice Chairman since early 2023. He is also a board member of the Swiss Finance Institute.

Daniel Calado will now return to his responsibilities as Chief Financial Officer of HSBC Private Bank Switzerland and EMEA, while continuing as a member of the banking venture’s executive committee.

“Under Alfonso Gomez’s expert leadership, our Swiss Private Bank will continue to leverage HSBC’s global and diversified business model for the benefit of our clients, addressing the private banking needs of entrepreneurs and businessmen in some of the world’s fastest-growing markets. We take this opportunity to warmly thank Daniel for his excellent leadership and valuable contributions, which he will continue to develop as a key member of our executive committee,” said Yannick Hausmann, Chairman of the Board of Directors of HSBC Swiss Private Bank.

It is worth mentioning that HSBC Swiss Private Bank had Gabriel Castello as its CEO until December 2024, when he was promoted to interim CEO of global private banking. John Shipman then took over as interim head. However, his tenure lasted less than a year, as he joined rival Barclays as their Swiss CEO in November 2025.

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Announcing the move, Capital A founder and CEO Tony Fernandes said Hamid’s onboarding will help spearhead growth, including a possible listing of the business in Hong Kong ⁠by mid-2026.

In January 2026, Capital A completed the sale of its short-haul aviation business to AirAsia X, allowing the latter to focus on expanding operations and reducing costs while Capital A looked to grow its businesses in areas including logistics, branding and aircraft maintenance. The move, along with Hamid’s appointment, comes amid both companies facing headwinds caused by the Middle East conflict, which has sent jet fuel prices soaring.

Capital A’s shares are down 27% over the past month, while AirAsia X’s have plunged 41%.

According to Tony Fernandes, Capital A has seen an ‌impact from the Middle East conflict on its businesses, which include aircraft maintenance, freight and logistics, food catering and branding services. However, AirAsia would work to keep its fares low, while desisting from the practice of cancelling flights amid the ongoing conflict. The budget carrier would also provide updates on its operations in the first week of April.

Capital A is also aiming to list its branding unit, AirAsia Next, in the United States by the end of 2026, reviving a plan that was called off two years ago.

Tony Fernandes also stated that the listing plans for Capital A and AirAsia Next were dependent on the group’s exit from PN17 classification, a tag given by Malaysia’s stock exchange to financially distressed companies.

Capital A has been classified as PN17 since 2022, after incurring massive losses due to COVID-19 pandemic-related disruptions.

“We just need to submit our audited accounts (to the stock exchange). I don’t want to jump the gun, but that’s the last thing we have (to do),” Tony Fernandes concluded.

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Bank of Montreal, the third-largest Canadian bank by market value, said in October that it would sell 138 branches to First Citizens Bank, apart from reinvesting in markets with stronger client engagement and longer-term growth prospects.

Bank of Montreal’s latest move comes amid some of the biggest American banking players investing in building branches in affluent areas to attract more clients, earn consumer trust and provide higher-value services such as mortgage services and wealth management. In 2023, Bank of Montreal bought BNP Paribas’ US unit, Bank of the West, for USD 16.3 billion. This was the BMO’s largest deal to date, giving it access to nearly two million customers, about 500 retail branches, and commercial and wealth offices in the Midwest and Western United States.

“The bank plans to open three new financial centres in Greater Los Angeles in 2026, two in the Bay Area and two in San Diego, which will create hundreds of jobs and expand access to in-person and advice-led banking,” the lender said in its media note.

Bank of Montreal has over 220 financial centres in California, and the planned expansions would add more than 50% to its footprint in the American state. Shares of BMO have returned a little over 7% so far in 2026, ahead of its larger peer, Royal Bank of Canada.

Meanwhile, BMO is navigating a more volatile North American rate environment while doubling down on expansion and capital discipline in the United States. For global investors, BMO offers a diversified North American banking franchise with exposure to cross-border trade, wealth management, and capital markets, but faces risks like cyclical credit and regulations.

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“Takaichi may seek the BOJ’s help in keeping yen from falling in check, as the fact that Washington conducted rate checks to prop up the yen last month signals its preference for the currency to strengthen against the dollar,” Makoto Sakurai remarked.

“Currency intervention has only a temporary effect in combating yen-selling pressure. The best way to counter a weak yen is for the BOJ to raise interest rates. A renewed yen slide would push up inflation through higher import costs and offset some of the downward pressure from government fuel subsidies,” said Makoto Sakurai, who reportedly retains close contact with the central bank’s incumbent policymakers.

“If the need to combat sharp yen falls emerges, the BOJ can justify raising rates as soon as March by pointing to prospects of strong wage growth in annual spring wage talks between companies and unions. It would make better sense to wait until April, but depending on yen moves, there’s a chance the BOJ could raise rates in March,” the former board member added.

Sakurai served as a BOJ board member from 2016 to 2021, the timeframe that saw the central bank shift its policy focus away from huge asset purchases toward controlling long-term interest rates through the introduction of bond yield control.

He stated that the BOJ may need to raise its policy rate twice in both 2026 and 2027, increasing it from the current 0.75% to 1.75%. This rate will neither cool nor overheat the Japanese economy.

“Hiking rates at a faster pace could hurt Japan’s banking system by increasing bankruptcies among small firms and hurting the balance sheets of regional lenders,” Makoto Sakurai added.

The year 2024 saw a massive change in the BOJ’s policy approach, with the central bank ending a decade-long massive stimulus programme, apart from raising rates several times, including in December, when it took its short-term policy rate to a 30-year high of 0.75%.

With inflation exceeding the BOJ’s 2% target for nearly four years, Governor Kazuo Ueda has signalled the apex institution’s readiness to keep raising rates if its economic projections materialise. The BOJ’s next policy meeting will be held on March 18-19, followed by the board meeting on April 27-28, during which it will also make fresh quarterly growth and inflation forecasts.

A weak yen has become both an economic and political headache for Japanese policymakers, with the phenomenon hurting households and retailers by pushing up imported fuel and food costs. Since Takaichi’s ascendancy as the country’s Prime Minister in October 2025, the currency has fallen about 8% against the dollar to an 18-month low of 159.45 in January. In fact, according to reports published in The Mainichi daily, one of Japan’s major newspapers, Takaichi, during her meeting with BOJ Governor Ueda in February, expressed “reservations” about additional interest rate hikes.

While there hasn’t been any proper clarification from either of the two personalities, the report signals potential friction over monetary policy that could complicate the BOJ’s coordination efforts with the newly strengthened administration. While Ueda described the meeting as a “general exchange of views on economic and financial developments,” apart from refuting rumours of the PM making specific monetary policy requests, Takaichi said that she hoped the central bank would work closely with the government to durably achieve its 2% inflation target, accompanied by wage gains.

According to the BOJ governor, when he met Takaichi in November 2025, she was told that the central bank was gradually raising interest rates to guide inflation smoothly toward its 2% target and ensure the economy achieves sustainable growth.

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The balance sheet growth comes amid the backdrop of listed Gulf banks report significant, record third-quarter profits. The combined net income for the period stood at USD 16.6 billion, an 11.6% increase from a year earlier, apart from marking a third consecutive quarterly increase, said a Kamco Invest report from December 2025, as credit conditions improved across the region.

Al-Budaiwi noted, “This path has been adopted by the GCC states as a steadfast approach and an unwavering commitment in all fields, especially within the monetary and banking sectors.”

While highlighting swift transformations in the world economy against a backdrop of successive political crises, the GCC Secretary-General remarked, “This necessitated enhancing the readiness of economic and monetary policies and taking measures to address these variables and mitigate their impacts.”

Talking about the 86th Meeting of the Committee of Central Bank Governors in Manama, the meeting was chaired by Central Bank of Bahrain Governor Khalid Ebrahim Humaidan and attended by his counterparts from across the six-member bloc.

During the event, Al-Budaiwi emphasised that GCC states have proven their ability to remain resilient and overcome various crises with efficiency and competence, making it imperative to enhance the responsiveness of economic and monetary policies and implement measures to address fluctuations.

Turning to the bloc’s standing on the world stage, Al-Budaiwi asserted that member nations have solidified their position as reliable international economic partners due to the robustness of their economies, along with factors like the stability of their fiscal and monetary policies and the effectiveness of their institutional structures. All these indicators now clearly confirm the strength and resilience of the banking and monetary sectors within the member states.

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Lowering long-term borrowing costs has evolved into a critical objective, yet the path forward bristles with contradictions and constraints. If the administration cannot successfully diminish market expectations for future Federal Reserve policy rates, it must pivot toward alternative strategies focused on reducing the “term premium,” that additional yield investors demand for holding long-term bonds instead of perpetually rolling over short-term securities.

Several technical approaches exist to address the term premium. The Treasury could expand its bond buyback programmes, restructure federal debt issuance to favour shorter maturities over longer-dated securities, and implement long-discussed modifications to banking regulations that might stimulate demand for government bonds. Theoretically, these measures could ease pressure on long-term rates by altering the supply-demand balance in the Treasury market.

Nevertheless, the effectiveness of these strategies appears questionable. Market participants have already tested or publicly discussed many of these adjustments over the preceding year. Bond traders have likely incorporated these prospective policy changes into their pricing calculations, signifying that the tools may have already exhausted substantial portions of their potential impact.

Throughout 2025, Treasury yields maintained relative stability despite numerous market shocks and disturbances, suggesting that conventional policy levers possess limited potency in the current environment.

The yield curve tells a revealing story about the administration’s dilemma. Long-term Treasury yields have demonstrated remarkable stubbornness in confronting concerns that would customarily propel borrowing costs upward.

Apprehensions about fiscal expansion, tariff escalations, overheated economic growth, and potential threats to Federal Reserve independence have all failed to push long-term rates conspicuously higher. Yet paradoxically, these identical yields have obstinately refused to descend meaningfully even as the Fed resumed its easing cycle in late 2024.

The numerical evidence illuminates this intractable reality. The 30-year Treasury yield currently hovers just above 4.8%, precisely where it stood when Donald Trump assumed office. The 10-year yield has contracted roughly 40 basis points, which might superficially resemble progress.

However, during this identical interval, estimates of the 10-year term premium have increased approximately 30 basis points to reach nearly 80 basis points. This arithmetic demonstrates that the decline in nominal yields has suffered nearly complete offset by an increase in the risk premium investors require for holding long-term government debt.

This market comportment elucidates the administration’s palpable impatience with the Federal Reserve’s calibration of interest rate reductions. Confronting circumscribed options to manipulate long-term borrowing costs through orthodox means, the administration appears to be canvassing every conceivable avenue to importune the central bank into more bellicose monetary accommodation.

The objective revolves around compelling faster and more trenchant rate diminutions that might finally vanquish the long-term yields that predominate for mortgages and other consumer borrowing.

Political meddling in Federal Reserve policymaking, already perceptible in recent days, may constitute an emerging ramification of this exasperation. However, substantial uncertainty persists whether hectoring the Fed to eviscerate rates more pugnaciously, or subverting the central bank’s institutional autonomy, will genuinely consummate the coveted outcome of depressed long-term Treasury yields.

The mathematics of monetary policy presents a fundamental conundrum. Precipitous interest rate reductions would instantaneously impact short-term rates, furnishing the administration with a political shibboleth. Yet the reverberations on long-term debt could prove deleterious.

If aggressive rate curtailments overheat an economy already operating at elevated temperatures, the term premium embedded in long-term bonds would likely distend further. Investors would exact even heftier compensation for the amplified inflation jeopardy and economic turbulence that premature or immoderate easing might catalyse.

Inflation remains recalcitrantly elevated above the Federal Reserve’s target, and a durable reversion to price stability has proven maddeningly elusive. Aggressive rate reductions in this milieu risk reigniting inflationary conflagrations rather than extinguishing them.

Market participants have already commenced contemplating scenarios where the Fed might necessitate reversing course and constricting monetary policy anew to countervail a potential resurgence in inflation. This prospect alone could perpetuate elevated term premiums irrespective of metamorphoses in short-term policy rates.

The ramifications for the administration’s reported fascination with mortgage market interventions prove particularly ominous. Any initiative to depress mortgage rates by manipulating Treasury yields or badgering the Fed would likely founder on these fundamental contradictions.

If long-term yields remain stubbornly elevated despite aggressive Fed accommodation, or worse yet, if they ascend due to inflation trepidations, then endeavours to render homeownership more accessible through attenuated mortgage rates would simply disintegrate.

The administration discovers itself ensnared between competing objectives and shackled by market realities that refuse to genuflect to political pressure. The holy grail of suppressed Treasury yields may remain perpetually beyond grasp, not from deficiency of effort or ingenious policy formulations, but because the underlying economic fundamentals and the labyrinthine complexity of bond markets resist the oversimplified solutions political expediency mandates.

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“We predict that Qatar’s North Field Expansion project will boost LNG production by roughly 32% by 2027 and contribute to stronger real GDP growth of an average of 5% in 2026-2028, up from 2.7% growth in 2024-2025,” the report stated.

“Government revenue and the non-hydrocarbon economy are expected to benefit from increased LNG production. But we anticipate lending growth to stay at about 4% to 5%,” S&P Global Ratings noted.

High-risk cyclical industries, such as real estate, real estate rental services, hotels, contractors, commercial agencies and investment firms have seen a comparatively concentrated increase in lending in recent years. These industries make up somewhat less than half of all domestic loans.

The real estate market in Qatar is making a modest comeback. According to data released by the Real Estate Regulatory Authority, the total number of properties and units sold in 2025 rose by almost 51% year over year. Strong demand in the residential housing market in strategic Doha neighbourhoods was the primary cause of this. Regulatory changes like the new “Qatar Residency by Investment” programme, which grants long-term residency to foreigners who make commercial or real estate investments, help to sustain the current recovery.

In the first three quarters of 2025, the hotel business gradually recovered, with tourist arrivals up 2% year over year, mostly from Gulf nations. According to the S&P Global Ratings report, “We expect the estimated systemwide average non-performing loan ratio to decline to about 3.4% in 2026-2027, down from an estimated 3.7% in 2024-2025, supported by the stable asset quality of the two largest banks, the Qatar National Bank (QNB) and Qatar Islamic Bank (QIB).”

The report concluded, “We anticipate that the number of new non-performing loans will be low while the real estate industry continues to function better. However, several mid-sized banks will have substantial Stage 2 loan risk due to historical real estate holdings.”

There is also an anticipation that a mix of recoveries and write-offs, as well as interest rate reductions and precautionary provisions booked during the previous several years, will help stabilise asset quality. According to our estimates, the systemwide coverage ratio was around 128% as of September 30, 2025, and it will continue to be higher than 100% in 2026-2027.

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“Despite the current yield level, which ⁠is high, ‌the auction outcome was not strong,” said Katsutoshi Inadome, a senior strategist at Sumitomo Mitsui Trust Asset Management, while interacting with Reuters.

“That is because the market ⁠is concerned that the Bank of Japan (BOJ) is behind the curve in dealing with the risk of inflation, and it will have to raise the rate higher,” he added.

The 10-year bond yields climbed to ⁠a near three-decade high in the previous session, leading to the January 6 auction, as markets braced for further interest rate hikes by the BOJ. The central bank raised ‍its policy rate to 0.75% from 0.5% in December 2025, but the yen has struggled to regain ground as markets expect the pace of the BOJ’s rate hikes to remain slow.

A weaker yen, while lifting import costs and fuelling inflation, also reinforces analyst expectations of further interest rate hikes.

“Markets now expect the BOJ’s terminal rate to rise to about 1.7%, based on forward one-year overnight index swaps (OIS) two years ahead, which are pricing in roughly 1.6956%,” Inadome said.

The OIS, a rate for swapping the overnight call rate and a fixed interest rate, provides an effective ⁠way to monitor market perceptions about the BOJ’s monetary ‌policy.

“Yields on longer-dated bonds also rose, with the 20-year JGB yield edging up 1.5 bps to 3.06%. The 30-year JGB yield rose 2 bps ‌to 3.475%. The ⁠two-year JGB yield inched down 0.5 bp to 1.185%. The five-year yield was flat ⁠at 1.595%,” Reuters concluded.

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Bank of Baghdad has expanded its portfolio to domains like retail banking, card services, retail loans, corporate banking, and credit facilities. In 2008, with the development of financial markets, the bank obtained membership in leading global payment companies Visa and Mastercard, strengthening its regional position. To keep pace with this progress, the bank activated its first ATM at the Al-Mansour branch, providing customers with more convenience and ease.

The following year, the Bank of Baghdad launched digital services, including internet banking and SMS notifications, while also establishing an extensive ATM network. By 2011, the bank had achieved numerous milestones, including establishing one of the largest branch and ATM networks, which enhanced its presence and facilitated customer access to its services.

Bank of Baghdad also added a new feather to its crown in 2024, as International Finance honoured the bank as the “Best Commercial Bank in Iraq” for the second consecutive year, a recognition that further highlights its commitment to delivering exceptional banking services.

The bank also expanded its operational footprint by signing a cooperation agreement with Visa International, enhancing its financial innovation. It also raised its capital to 400 billion Iraqi dinars, reflecting its commitment to delivering stronger and more sustainable banking solutions.

Bank of Baghdad already possesses long-standing expertise and a strong network of correspondent banks in major financial hubs, with its global network including leading international banks like Citibank, JPMorgan Chase, DBS Bank, UniCredit Bank, and DBS Bank (China). The comprehensive network has made international transactions simpler and faster, apart from providing competitive foreign exchange rates and currency services.

The driving force behind Bank of Baghdad’s remarkable rise is its Senior Banking Executive, Ahmed T. Muallah, a seasoned industry leader who brings over 25 years of experience across renowned global financial institutions, including Barclays, Citigroup, Deutsche Bank, Standard Chartered, and Renaissance Capital.

Ahmed Muallah built his career at the intersection of international investment banking and frontier market growth with a proven track record of driving revenues, building high-performing teams, and expanding market share across Europe, the Middle East, and Iraq.

Currently serving as Acting CEO at the Bank of Baghdad, Ahmed Muallah previously served as Chief Business Officer at the National Bank of Iraq, where he spearheaded consumer, commercial, and SME banking operations, championed financial inclusion initiatives, and strengthened operational efficiency across all business lines.

Earlier in his career, Ahmed Muallah established the operations of Renaissance Capital in the Middle East, managed Deutsche Bank’s regional growth, and led Standard Chartered’s wholesale banking presence in Iraq, delivering revenues far beyond forecasts.

With deep expertise in investment banking, asset management, and commercial banking, Ahmed Muallah has successfully overseen multi-billion-dollar transactions, managed professionals in over a dozen countries, and advised on landmark projects spanning infrastructure, healthcare, and education.
Not resting upon its laurels, Bank of Baghdad has already drawn up its roadmap for 2026. Key plans include driving business growth by increasing the customer base, adding 15 new branches, and advancing digitalisation by improving mobile banking, the mobile app, and the website.

The bank, which already provides account and card services along with gold loans in its retail segment, will introduce more products within the category. Equal attention will be paid to strengthening overall operations to ensure consistency and quality.

Bank of Baghdad recently signed a strategic agreement with the International Finance Corporation (IFC) to join the Global Trade Finance Programme, opening wider horizons for its clients to access international markets. It is now well set to pull off more strategic partnerships that support the bank’s sustainable growth, reaffirming its commitment to responsibility, innovation, and customer service.

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Johannesburg-based Absa has positioned its Commercial Business Bank as that kind of partner, with a clear value proposition centred on three core principles: client centricity, holistic solutioning, and personalised partnerships.

Stonie Steenkamp, Managing Executive for Commercial at Absa Business Banking, said, “At Absa Commercial Business Banking, we don’t just see ourselves as financial service providers. We are trusted advisors, partners in our clients’ ecosystems, and growth enablers. By combining deep sector expertise with tailored, holistic solutions, we ensure that our clients are empowered to succeed.”

In 2024, Absa refined its segmentation and coverage model to ensure it meets the diverse and complex needs of commercial clients. The model is delivered through dedicated client teams that include a trio of “Relationship Executive,” “Transactional Banker,” and “Credit Analyst,” supported by product and sector specialists. The result is personalised service, informed advice, and holistic solutions aligned to client complexity and ambition.

Absa’s sector focus is central to its future-fit approach. From agriculture and manufacturing to transport, renewables, wholesale, retail and franchise, public sector, and tourism, Absa leverages decades of experience and in-depth knowledge to support clients with tailored solutions.

For example, as the largest financier of agriculture, Absa has financed the sector for more than a century and provides farmers with strategic insights through its AgriTrends report, while partnerships with industry leaders such as John Deere and Rovic Leers unlock further value. When it comes to renewables, Absa has financed more than 1,500 projects and grown its ambition 17-fold in five years, helping businesses adopt clean energy solutions that ensure sustainability and resilience.

These sector-led strategies are combined with a holistic product offering, from Islamic Banking to advanced payment acceptance solutions that enable clients to grow, run, and optimise their businesses. Whether it’s working capital management, cash flow optimisation, or international banking, Absa ensures that businesses are equipped with the right tools to compete and succeed.

Absa’s commitment to clients extends beyond financial products. Their value proposition is enriched with beyond-banking offerings such as advanced data analytics that provide actionable insights into customer behaviour, and employee banking propositions that support financial wellness in the workplace. These solutions create shared value, benefiting businesses, their employees and communities.

The Game-changer Called Ecosystem Banking

SMEs form the backbone of the South African economy, as enterprises act as the engines of innovation, job creation, and community development. However, many SMEs face obstacles that prevent them from realising their full potential. While access to finance often serves as one of the barriers, entrepreneurs face a wider range of other challenges, which include a lack of skills, networks, and difficulty accessing markets.

The latest Small Business Growth Index (SBGI), a partnership between Absa Business Banking and the South African Chamber of Commerce and Industry (SACCI) and independently conducted by the Bureau of Market Research (BMR) at Unisa, highlighted issues like poor financial management, lack of digital knowledge, and cash flow management skills hurting the small businesses.

Skills gaps exacerbate these issues and continue to hinder growth and long-term sustainability. The solution lies in “Ecosystem Banking,” which combines access to capital with essential non-financial support such as training, mentorship, and networking opportunities. This approach recognises that while financial resources are vital, they are insufficient to boost sustainable growth. Absa’s solutions have revolutionised this approach.

“As the Bank of the Entrepreneur, we believe that SMEs need more than capital to succeed. That is why we design solutions that support the full entrepreneurial ecosystem. Our financial offerings provide the flexibility required to manage working capital or expand operations, while our non-financial initiatives offer access to skills, markets, and digital tools to drive competitiveness. Partnerships play a vital role as well. By working with government, corporates, and industry associations, we can strengthen supply chains and create an environment where SMEs can thrive,” said Vignesh Subramani, Head of Sales and Distribution for SME Business at Absa Business Banking.

This commitment to holistic SME support was recently recognised when Absa was named “Most Innovative SME Bank – South Africa – 2025” by the International Finance Awards. In addition, Absa also received the “Most Innovative Commercial Bank – South Africa – 2025” and “Best Shariah Compliant Banking Solutions Provider – South Africa – 2025” awards.
“The accolade acknowledges our role in building digital-first solutions, developing skills training programmes, and nurturing partnerships that give SMEs access to markets and networks. It recognises our ability to create an ecosystem where entrepreneurs can access funding, mentorship, knowledge, and growth opportunities,” Subramani stated.

Performing On The Climate Front As Well

Absa actively supports clients in adopting environmentally and socially responsible practices, aligning with the global “Sustainable Development Goals.” Through initiatives such as green financing for renewable energy and climate-conscious business models, Absa helps businesses future-proof their operations while contributing to a just energy transition.

An example is Absa’s active participation in the Energy Bounce Back Scheme, a National Treasury and SARB-backed initiative that makes solar financing more accessible. By March 2025, Absa had financed over R626 million through this scheme, helping businesses mitigate energy risks while contributing to South Africa’s low-carbon transition.

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