More gain than pain from article 64
Citibank: a school for bankers
Banks are vulnerable on two scores: they are the government’s biggest creditor and the main sources of their funding is in foreign currency. “Most profits are made from risky positioning, cross-currency funding and treasury operations, not from business directly related to customers,” says Melih Araz, a prominent Turkish banker. “Bottom lines are highly vulnerable to currency, interest-rate movements and country-risk variables.
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