MIL-OSI Europe: EIB supports Greek foodtech innovator STIQ with €20 million under InvestEU to scale up AI-powered cloud kitchen platform

Source: European Investment Bank

The European Investment Bank is investing €20 million in Greek foodtech company STIQ to support innovation, artificial intelligence, and sustainable food delivery solutions.
The financing, backed by the InvestEU programme, will help STIQ scale up its technology platform, reduce food waste, and expand into new European markets.
The project promotes digital transformation and economic cohesion, by supporting a Greece-based start-up bringing cutting-edge innovation to the traditional food services sector.

The European Investment Bank (EIB) is investing €20 million in STIQ, a fast-growing Greek foodtech company pioneering AI-powered cloud kitchen technology. The financing, backed by the InvestEU programme, will support the company’s R&D, digital innovation and international expansion, helping transform the future of food delivery in Europe through smarter, more sustainable and scalable operations.

The investment is part of the EIB’s strategic focus on digital transformation, innovation and cohesion, and reflects its continued support for high-potential technology ventures in Southern and Eastern Europe. Structured as venture debt with quasi-equity features, the financing will enable STIQ to accelerate the development of its proprietary platform, deploy advanced AI features, and expand its operational footprint beyond Greece into new EU markets.

EIB Vice-President Yiannis Tsakiris, said: “This investment reflects the EIB’s firm commitment to supporting innovation, digital transformation and entrepreneurship across Europe. STIQ is reshaping the food delivery model through technology, and we are proud to support a Greek company that is building scalable, sustainable solutions with European reach.”

Strategic impact and EU policy alignment

The EIB financing is backed by the InvestEU programme under the “Future Technologies” window and addresses key market gaps in access to growth capital for early-stage European tech companies. It reflects the EU’s broader commitment to:

Accelerating the deployment of artificial intelligence and advanced digital services
Enhancing food system resilience through innovation and data
Reducing environmental impact in urban logistics and delivery networks

· Supporting economic cohesion by investing in regions with high growth potential but limited access to venture financing.

Scaling foodtech innovation from Greece to Europe

Founded in Athens in 2022, STIQ has quickly emerged as a trailblazer in the virtual restaurant (cloud kitchen) space. Its model integrates software, logistics and food operations into a single platform that allows multiple digital restaurant brands to be prepared and delivered efficiently from a network of culinary hubs.

Key features of the platform include:

AI-powered demand forecasting, dynamic menu engineering and inventory optimisation
Smart routing and grouped order delivery, reducing CO₂ emissions and delivery time
Data-driven operations that enhance consistency, food safety, and customer satisfaction.

With five live kitchen hubs in Athens, serving over 20 brands to a potential market of 3 million residents, STIQ currently employs 200 staff and plans to reach 30 hubs across Europe by 2029. The company is scaling rapidly while maintaining a strong focus on food quality, operational efficiency and environmental responsibility, including zero-waste targets and the adoption of electric delivery fleets.

Konstantinos Davaris, Founder & CEO of STIQ said: “We are thrilled to welcome the European Investment Bank as a strategic partner in our mission to redefine fast-casual dining. At StiQ, we’re leading a new era of healthy eating by blending cutting-edge technology and AI with culinary excellence. Through our diverse portfolio of brands, including Protein Garden, Dinas, Healthy Concept, and more, we deliver

delicious, nutritious, and affordable meals that make healthy dining accessible to everyone. With EIB’s support, we’re ready to scale our vision, fostering a more sustainable, health-conscious future for communities worldwide.”

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high -impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers.Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

High-quality, up-to-date photos of our headquarters for media use are available here.

About InvestEU

The InvestEU programme brings together EU financial tools to support investment, innovation and job creation. Through an EU budget guarantee and cooperation with partners such as the EIB, it aims to mobilise more than €372 billion in investment during 2021–2027 across strategic sectors and regions.

About STIQ

STIQ is an AI-driven foodtech company operating a digital platform of cloud kitchens and virtual restaurant brands. Headquartered in Cyprus and founded in Athens, it combines technology, culinary expertise and logistics to deliver smarter, faster and more sustainable food services. The company has raised over €10 million to date and is now entering its European growth phase.

EIB supports Greek foodtech innovator STIQ with €20 million under InvestEU to scale up AI-powered cloud kitchen platform
EIB supports Greek foodtech innovator STIQ with €20 million under InvestEU to scale up AI-powered cloud kitchen platform
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MIL OSI Europe News –

July 25, 2025

MIL-OSI Europe: Spain: Greene signs €224 million financing deal with EIB and Santander to invest in non-recyclable waste recovery

Source: European Investment Bank

The financing will be used to build five innovative plants that will convert more than 200 000 tonnes of waste a year into raw materials for industry.
Approximately 50% of the financing will come from the European Investment Bank (EIB) and the other 50% from Santander.
The project supports the circular economy, climate action and cohesion between regions.

Greene Enterprise has signed a €224 million financing deal with the European Investment Bank (EIB) and Santander to build five innovative industrial plants in Spain for the treatment of non-recyclable waste. Greene is a Spanish company offering an innovative technology solution for the treatment and recycling of industrial and urban solid waste, biomass and sludge, diverting it from incineration and landfill.

Expected to be operational between 2026 and 2029, the plants will convert this waste into high-value industrial products through advanced pyrolysis technology. They will all concentrate on extracting value from the reject fraction – waste that would otherwise be sent to landfills or incinerated.

The total treatment capacity of the five plants will exceed 200 000 tonnes a year. The waste will be converted into pyrolytic oil, char and other reusable materials for industry, supporting the circular economy and helping reduce CO₂ emissions.

The projects to be financed are located in Muel (Zaragoza), La Selva del Camp (Tarragona), San Cristóbal de Entreviñas (Zamora), Madridejos (Toledo) and As Somozas (A Coruña). The Valogreene CML Madridejos and Valogreene Recinor As Somozas plants are in the final phase of construction and are expected to be commissioned in 2026. Two of the plants have been designated as priority interest projects by the autonomous communities of Aragón and Galicia, underscoring their strategic nature.

The construction and commissioning of the Valogreene plants will help boost the local economy and create jobs in the towns where they are located. Once operational, each plant is expected to create more than 20 direct jobs and more than 40 indirect jobs.

The project supports the EU Circular Economy Action Plan and contributes to the EIB’s strategic priorities of climate action and cohesion between regions set out in its Strategic Roadmap for 2024-2027.

Photo legend: Valogreene Recinor As Somozas plant

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Agreement, as pledged in its Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024. This financing is contributing to the green and digital transition, economic growth, competitiveness and improved services for citizens.

High-quality, up-to-date photos of the organisation’s headquarters for media use are available here.

Greene

Greene Enterprise was founded in 2011 by four chemistry entrepreneurs from Elche, Alicante. Its shareholders include two major investment groups. Greene currently has more than 130 employees.

The company provides the market with an innovative and efficient technology that addresses the need to manage and eliminate materials classified as waste, diverting them from landfill and incineration. This solution applies to various types of waste, notably industrial solid waste, urban solid waste, biomass and water treatment sludge.

Our technology enables the efficient conversion of solid waste into high-quality raw materials. We use an integrated approach that combines advanced separation techniques and innovative chemical processes to extract reusable materials.

The Valogreene solid waste material recovery plants developed by Greene target the currently non-recoverable reject fraction of waste and convert it into sustainable raw materials such as oils, calcium carbonate-rich materials, activated carbon, synthetic waxes and hydrogen. This is achieved through a sustainable and profitable thermosconversion process that aligns with circular economy principles and supports 2030 targets.

High-quality, up-to-date photos of the organisation’s headquarters and projects for media use are available here: https://www.greene.es/multimedia/

Santander

Banco Santander (SAN SM) is a leading commercial bank founded in 1857, headquartered in Spain. It is one of the largest banks in the world by market capitalisation. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform, providing services to individuals, small and medium-sized businesses, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. In the first quarter of 2025, Banco Santander had €1.4 trillion in total funds, 175 million customers, 7 900 branches and 207 000 employees.

MIL OSI Europe News –

July 25, 2025

MIL-OSI United Kingdom: G20 Development Meeting: Baroness Chapman’s speech

Source: United Kingdom – Executive Government & Departments

Speech

G20 Development Meeting: Baroness Chapman’s speech

Minister for Development, Baroness Chapman, gave a speech on the UK’s new approach to development at the G20 Development Ministerial Meeting in South Africa .

Congratulations to the Presidency on hosting the first G20 in Africa.

It has taken 20 years to meet in Africa. There is no world in which this should have taken so long. From the UK’s perspective, we should not wait another 20 years to do this again.

This is at the core of what I want to use my intervention to say. That we in the UK believe we have to do development differently now.

We cannot start from the idea that ‘we know best’. We must not just pay lip service to what our partners tell us. When we say partnership and not paternalism – we have to mean it.

The solutions of 2005 are not the solutions of 2025. And with environmental shocks, health crises, and more conflicts than at any time since the middle of the last century, all hitting the poorest hardest, we have to face up to reality.

This is the only way to rise to the global challenge that Mandela gave us – to Make Poverty History.

There are three specific ways in which we are transforming the UK’s approach.

One – we are listening. Our new approach is already informing our new strategy. But there is a long way to go.

New leadership from across the globe is changing what is possible, again. Powerful voices like President of the African Development Bank, Akinwumi Adesina. The new Commonwealth Secretary General, Shirley Botchwey. Nigerian Health Minister, Muhammad Ali Pate.

These are just a few of the 47 African governments and multilateral bodies, and over 200 businesses and communities that the UK has consulted – following our Foreign Secretary’s visit to Cape Town last year.

Two – we are thinking like investors, not donors, and bringing all the UK’s strengths to the table.

In partnership, we can share everything from world-class health and tech know-how, to new ways of getting finance flowing into emerging and developing markets – from the world’s green finance hub in London.

I saw some of this yesterday at an agri-business in this region, with British International Investment helping to create 400 local jobs. Critical for the economy and for supporting South Africa’s Just Energy Transition Partnership.

We’re making headway on getting money in place before disasters hit, and unlocking private capital – as we discussed together in Seville, at FFD4 two weeks ago.

The private sector is vital – which is why we matched private funding for Gavi, so we can get new ideas and fresh thinking into how we keep our populations healthy.

And third – this is all part of our shared mission for economic growth and opportunity. That is how we get countries on a journey out of development and aid – and help millions more people out of poverty.

So, I want to thank the Presidency for choosing themes that go to the heart of how we can work together.

On illicit finance – my friend the Foreign Secretary is leading the UK’s efforts to tackle this shared challenge, and he will host a global conference.

There is more though for us all to do – to give people confidence that they can trust governments to use their money well, and combat criminals laundering money through the world’s financial centres.

And on social protection – together, we are developing systems every government needs, to reach the most vulnerable people facing hunger and poverty.

That includes the work my colleague Lord Collins is co-leading, alongside Somalia’s Deputy Prime Minister – to make sure this can be felt in the most fragile places on earth.

Finally, these auspicious occasions, as I am sure you all know, can happen with such frequency that we show up and we repeat positions we have been stuck on for years. But instead, I want to use every occasion we come together as an opportunity to leave ‘business as usual’ behind – and push for the change we all know is needed.

So we are going to work together, harder – to secure reform at the United Nations, the International Monetary Fund, and the World Bank.

To improve and expand the G20’s approach to debt, ahead of the leaders summit.

To back Brazil’s work to make the next climate summit count.

And to champion ambition and innovation at the African Development Bank – as well as the replenishment of the Global Fund, that we are proud to co-host alongside South Africa.

This is how we remake development for the next 20 years. Making sure we don’t wait decades to meet in Africa again.

Starting with the idea that we need to learn from one another – and drop the old idea that ‘we know best’.

And facing up to reality. So we listen to our partners. Think like investors. And bringing all our strengths to bear, in pursuit of the economic growth and opportunity that we need – to help millions more people put poverty behind them.

Thank you.

Published 25 July 2025

MIL OSI United Kingdom –

July 25, 2025

India–UK FTA will boost Indian manufacturing, services: RBI Governor

Source: Government of India

Source: Government of India (4)

Reserve Bank of India (RBI) Governor Sanjay Malhotra on Friday said the India–UK Free Trade Agreement (FTA) is expected to provide a boost to multiple sectors of the Indian economy, including manufacturing and services.

Speaking at an event in Mumbai, Malhotra said that with multilateralism losing momentum globally, such bilateral agreements are becoming increasingly important for India’s trade strategy.

“The UK FTA is the way forward, because unfortunately, multilateralism appears to have taken a back seat,” Malhotra said, adding that trade negotiations with the United States are also at an advanced stage.

Malhotra also noted that India is actively pursuing several other trade agreements, many of which are currently under negotiation.

The RBI Governor’s remarks came a day after Union Commerce and Industry Minister Piyush Goyal said India is expanding its trade relations across geographies, following the signing of the landmark FTA with the UK.

“Very good talks are going on with New Zealand, Oman, Chile, Peru, and the European Union. And on the bilateral trade agreement (BTA), good discussions are also underway with the United States,” Goyal told IANS in London. “I firmly believe that all these negotiations will lead to positive outcomes.”

India and the US recently concluded the fifth round of BTA negotiations in Washington, DC.

The Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) is set to come into effect on October 1. The agreement is projected to generate around one million direct jobs in India.

The India–UK FTA, now officially termed the Comprehensive Economic and Trade Agreement (CETA), is being viewed as a key milestone in India’s global trade policy, with the potential to unlock billions of dollars in trade and investment.

—IANS

July 25, 2025

MIL-OSI Asia-Pac: Eighth Joint Conference on Advancing Hong Kong’s Full Participation in and Contribution to Belt and Road Initiative held in Beijing (with photos)

Source: Hong Kong Government special administrative region – 4

     The Government of the Hong Kong Special Administrative Region (HKSAR), the National Development and Reform Commission (NDRC) and relevant central ministries held the eighth Joint Conference on Advancing Hong Kong’s Full Participation in and Contribution to the Belt and Road Initiative (B&RI) in Beijing today (July 25).

     Vice Chairman of the NDRC Mr Zhou Haibing attended the conference with Mainland officials led by him, including representatives from the NDRC, the Hong Kong and Macao Work Office of the Communist Party of China Central Committee, the Hong Kong and Macao Affairs Office of the State Council, the Supreme People’s Court, the Ministry of Foreign Affairs, the Ministry of Science and Technology, the Ministry of Justice, the Ministry of Commerce, the Ministry of Transport, the People’s Bank of China, the State-owned Assets Supervision and Administration Commission of the State Council, the National Financial Regulatory Administration, and the Liaison Office of the Central People’s Government in the HKSAR.

     The Secretary for Justice, Mr Paul Lam, SC, in his capacity as chairperson of the Working Group on Belt and Road (B&R) Development under the Steering Group on Integration into National Development, led HKSAR Government officials to attend the conference. They included the Secretary for Commerce and Economic Development, Mr Algernon Yau, who was also the Hong Kong-side Convenor of the Joint Conference, and representatives from the Commerce and Economic Development Bureau (CEDB), the Department of Justice, the Financial Services and the Treasury Bureau, the Innovation, Technology and Industry Bureau, the Development Bureau, the Environment and Ecology Bureau, the Belt and Road Office of the CEDB, and the Office of the Government of the HKSAR in Beijing. The Chairman of the Hong Kong Trade Development Council, Professor Frederick Ma, and a representative from the Airport Authority Hong Kong also attended the meeting.

     Mr Lam said that the HKSAR Government has been taking forward B&R co-operation to go deeper and deliver outcomes, thereby fully participating in and contributing to the B&RI under the continued guidance of the eight major steps the country has been taking to support high-quality B&R co-operation, with a view to facilitating Hong Kong’s active integration into overall national development. With the country’s support, Hong Kong will continue to deepen international exchanges and co-operation and will actively utilise its own advantages to exert a greater role in the country’s high-level opening up to the world.

     He pointed out that over the past year, the HKSAR Government has actively served as a proponent for institutional openness through Hong Kong’s strengths as a platform for two-way opening up; a pioneer for co-operation in new fields through strengths in education, science and technology and talent; and a facilitator for people-to-people bonds through strengths as a melting pot of diversified cultures. The HKSAR Government has been exploring emerging markets such as the Middle East, the Association of Southeast Asian Nations and other B&R countries, while making full use of Hong Kong’s professional services aligned with international standards, thereby building Hong Kong as the gateway between the country and the world and highlighting Hong Kong’s role as the premier B&R functional platform. He expressed gratitude to the Central Government for the staunch support of hosting the International Organization for Mediation headquarters in Hong Kong, which will help strengthen Hong Kong’s roles as an international dispute resolution services centre and a capital for international mediation.

     Mr Yau stated in the meeting that the HKSAR Government will fully capitalise on the 10th Belt and Road Summit to showcase Hong Kong’s important roles as an active participant and the premier B&R functional platform to the Mainland and overseas. He reported on Hong Kong’s progress in carrying out B&R work, including the CEDB’s ongoing pursuit of the early accession of Hong Kong to the Regional Comprehensive Economic Partnership, the pursuit of early conclusion of ongoing negotiations for free trade and investment agreements, and actively following up on the plan to establish Economic and Trade Offices in Kuala Lumpur, Malaysia and Riyadh, Saudi Arabia, to fully take forward the economic and trade relations between Hong Kong and B&R countries.

     The meeting also focused its discussion on the seven work proposals on further promoting the B&RI that the HKSAR Government put forward for consideration by central ministries, covering capacity building, deepening exchanges and co-operations with B&R countries, legal and dispute resolution services, cross-boundary financing, and the expansion of international co-operation and ties in innovation and technology. Representatives of relevant Joint Conference Mainland ministries introduced their respective work in supporting Hong Kong’s participation in and contribution to the B&RI and provided feedback on the HKSAR Government’s work proposals. The HKSAR Government is grateful for the support expressed by relevant central ministries at the meeting on various work proposals and will actively follow up with them.

     In addition, the meeting noted the HKSAR Government’s key areas and major work in its future participation and contribution to the B&RI, including leveraging Hong Kong’s role as a B&R functional platform to explore business opportunities and facilitating business matching and participation in B&R projects. The HKSAR Government will continue to consolidate Hong Kong’s unique advantage of connecting with the Mainland and the rest of the world under “one country, two systems”, seize the enormous opportunities brought about by national development, strengthen and deepen exchanges and co-operations with B&R countries, and give full play to its role as a “super connector” and “super value-adder”.

     The Arrangement between the NDRC and the HKSAR Government for Advancing Hong Kong’s Full Participation in and Contribution to the B&RI, signed between the HKSAR Government and the NDRC in 2017, provides the direction and a blueprint for Hong Kong’s full participation in and contribution to the B&RI, as well as sets up the Joint Conference mechanism to discuss relevant matters, with meetings convened at least once a year.

MIL OSI Asia Pacific News –

July 25, 2025

MIL-OSI: Southside Bancshares, Inc. Announces Financial Results for the Second Quarter Ended June 30, 2025

Source: GlobeNewswire (MIL-OSI)

Second quarter net income of $21.8 million;

Second quarter earnings per diluted common share of $0.72;

Tax-equivalent net interest margin⁽¹⁾linked quarter increased nine basis points to 2.95%;

Annualized return on second quarter average assets of 1.07%;

Annualized return on second quarter average tangible common equity of 14.38%⁽¹⁾; and

Nonperforming assets remain low at 0.39% of total assets.

TYLER, Texas, July 25, 2025 (GLOBE NEWSWIRE) — Southside Bancshares, Inc. (“Southside” or the “Company”) (NYSE: SBSI) today reported its financial results for the quarter ended June 30, 2025. Southside reported net income of $21.8 million for the three months ended June 30, 2025, a decrease of $2.9 million, or 11.6%, compared to $24.7 million for the same period in 2024. Earnings per diluted common share decreased $0.09, or 11.1%, to $0.72 for the three months ended June 30, 2025, from $0.81 for the same period in 2024. The annualized return on average shareholders’ equity for the three months ended June 30, 2025 was 10.73%, compared to 12.46% for the same period in 2024. The annualized return on average assets was 1.07% for the three months ended June 30, 2025, compared to 1.19% for the same period in 2024.

“We reported excellent financial results for the second quarter ended June 30, 2025, which included earnings per share of $0.72, a return on average assets of 1.07%, and a return on average tangible common equity of 14.38%,” stated Lee R. Gibson, Chief Executive Officer of Southside. “Linked quarter, the net interest margin⁽¹⁾ increased nine basis points to 2.95%, net interest income increased $414,000 to $54.3 million, and deposits net of public fund and brokered deposits increased $90.1 million. The linked quarter total loans increased $35 million, while average loans decreased $106 million due primarily to heavy payoffs during the first two months of the quarter. Total loan growth during the month of June was $104 million. Our loan pipeline is solid and we currently anticipate three to four percent loan growth for all of 2025. During the quarter we expensed $1.2 million related to the write-off and demolition of an existing branch that was replaced with a new building.”

Operating Results for the Three Months Ended June 30, 2025

Net income was $21.8 million for the three months ended June 30, 2025, compared to $24.7 million for the same period in 2024, a decrease of $2.9 million, or 11.6%. Earnings per diluted common share were $0.72 for the three months ended June 30, 2025, compared to $0.81 for the same period in 2024, a decrease of 11.1%. The decrease in net income was a result of increases in noninterest expense and provision for credit losses, partially offset by increases in net interest income and noninterest income and a decrease in income tax expense. Annualized returns on average assets and average shareholders’ equity for the three months ended June 30, 2025 were 1.07% and 10.73%, respectively, compared to 1.19% and 12.46%, respectively, for the three months ended June 30, 2024. Our efficiency ratio and tax-equivalent efficiency ratio⁽¹⁾ were 55.67% and 53.70%, respectively, for the three months ended June 30, 2025, compared to 54.90% and 52.71%, respectively, for the three months ended June 30, 2024, and 57.04% and 55.04%, respectively, for the three months ended March 31, 2025.

Net interest income for the three months ended June 30, 2025 was $54.3 million, an increase of $0.7 million, or 1.2%, compared to the same period in 2024. The increase in net interest income was due to decreases in the average rate paid on and average balance of our interest bearing liabilities, partially offset by decreases in the average yield of and average balance of our interest earning assets. Linked quarter, net interest income increased $0.4 million, or 0.8%, compared to $53.9 million for the three months ended March 31, 2025, due to the decrease in the average balance of interest bearing liabilities, the increase in the average yield on our interest earning assets and the decrease in the rate paid on interest bearing liabilities, partially offset by the decrease in the average balance of our interest earning assets.

Our net interest margin and tax-equivalent net interest margin⁽¹⁾ increased to 2.82% and 2.95%, respectively, for the three months ended June 30, 2025, compared to 2.74% and 2.87%, respectively, for the same period in 2024. Linked quarter, net interest margin and tax-equivalent net interest margin⁽¹⁾ increased from 2.74% and 2.86%, respectively, for the three months ended March 31, 2025.

Noninterest income was $12.1 million for the three months ended June 30, 2025, an increase of $0.6 million, or 5.1%, compared to $11.6 million for the same period in 2024. The increase was primarily due to a decrease in net loss on sale of securities available for sale (“AFS”) and increases in other noninterest income and trust fees, partially offset by a decrease in bank owned life insurance income (“BOLI”). On a linked quarter basis, noninterest income increased $1.9 million, or 18.8%, compared to the three months ended March 31, 2025. The increase was primarily due to an increase in other noninterest income, a decrease in net loss on sale of securities AFS, and increases in deposit services income, trust income and brokerage services income. The increase in other noninterest income was primarily due to an increase in swap fee income for the three months ended June 30, 2025.

Noninterest expense increased $3.5 million, or 9.8%, to $39.3 million for the three months ended June 30, 2025, compared to $35.8 million for the same period in 2024, primarily due to increases in other noninterest expense, professional fees and salaries and employee benefits expense. On a linked quarter basis, noninterest expense increased by $2.2 million, or 5.8%, compared to the three months ended March 31, 2025, due to increases in other noninterest expense and net occupancy expense. The increase in other noninterest expense was primarily due to a one-time charge of $1.2 million on the demolition of an old branch facility following completion of the new branch during the three months ended June 30, 2025.

Income tax expense decreased $0.5 million, or 9.5%, for the three months ended June 30, 2025, compared to the same period in 2024. On a linked quarter basis, income tax expense remained the same at $4.7 million. Our effective tax rate (“ETR”) increased slightly to 17.8% for the three months ended June 30, 2025, compared to 17.4% for the three months ended June 30, 2024, and decreased slightly from 18.0% for the three months ended March 31, 2025. The higher ETR for the three months ended June 30, 2025 compared to the same period in 2024, was primarily due to an increase in state income tax expense.

Operating Results for the Six Months Ended June 30, 2025

Net income was $43.3 million for the six months ended June 30, 2025, compared to $46.2 million for the same period in 2024, a decrease of $2.9 million, or 6.2%. Earnings per diluted common share were $1.42 for the six months ended June 30, 2025, compared to $1.52 for the same period in 2024, a decrease of 6.6%. The decrease in net income was a result of increases in noninterest expense and provision for credit losses, partially offset by increases in net interest income and noninterest income and a decrease in income tax expense. Returns on average assets and average shareholders’ equity for the six months ended June 30, 2025 were 1.05% and 10.65%, respectively, compared to 1.11% and 11.74%, respectively, for the six months ended June 30, 2024. Our efficiency ratio and tax-equivalent efficiency ratio⁽¹⁾ were 56.34% and 54.36%, respectively, for the six months ended June 30, 2025, compared to 56.41% and 54.11%, respectively, for the six months ended June 30, 2024.

Net interest income was $108.1 million for the six months ended June 30, 2025, compared to $107.0 million for the same period in 2024, an increase of $1.2 million, or 1.1%, due to decreases in the average rate paid on and average balance of our interest bearing liabilities, partially offset by the decrease in the average yield of interest earning assets.

Our net interest margin and tax-equivalent net interest margin⁽¹⁾ were 2.78% and 2.91%, respectively, for the six months ended June 30, 2025, compared to 2.73% and 2.87%, respectively, for the same period in 2024.

Noninterest income was $22.4 million for the six months ended June 30, 2025, an increase of $1.1 million, or 5.1%, compared to $21.3 million for the same period in 2024. The increase was primarily due to increases in trust fees, other noninterest income and gain on sale of loans, partially offset by a decrease in BOLI income.

Noninterest expense was $76.3 million for the six months ended June 30, 2025, compared to $72.6 million for the same period in 2024, an increase of $3.7 million, or 5.1%. The increase was primarily due to increases in other noninterest expense and professional fees, partially offset by a decrease in salaries and employee benefits expense.

Income tax expense decreased $0.4 million, or 4.0%, for the six months ended June 30, 2025, compared to the same period in 2024. Our ETR was approximately 17.9% and 17.6% for the six months ended June 30, 2025 and 2024, respectively. The higher ETR for the six months ended June 30, 2025, as compared to the same period in 2024, was primarily due to an increase in state income tax expense.

Balance Sheet Data

At June 30, 2025, Southside had $8.34 billion in total assets, compared to $8.52 billion at December 31, 2024 and $8.36 billion at June 30, 2024.

Loans at June 30, 2025 were $4.60 billion, an increase of $12.6 million, or 0.3%, compared to $4.59 billion at June 30, 2024. Linked quarter, loans increased $34.7 million, or 0.8%, due to increases of $28.8 million in commercial real estate loans, $12.3 million in construction loans and $9.0 million in commercial loans. These increases were partially offset by decreases of $7.5 million in municipal loans, $5.3 million in 1-4 family residential loans and $2.5 million in loans to individuals.

Securities at June 30, 2025 were $2.73 billion, an increase of $18.1 million, or 0.7%, compared to $2.71 billion at June 30, 2024. Linked quarter, securities decreased $6.2 million, or 0.2%, from $2.74 billion at March 31, 2025.

Deposits at June 30, 2025 were $6.63 billion, an increase of $136.0 million, or 2.1%, compared to $6.50 billion at June 30, 2024. Linked quarter, deposits increased $41.1 million, or 0.6%, from $6.59 billion at March 31, 2025.

At June 30, 2025, we had 178,970 total deposit accounts with an average balance of $34,000. Our estimated uninsured deposits were 38.5% of total deposits as of June 30, 2025. When excluding affiliate deposits (Southside-owned deposits) and public fund deposits (all collateralized), our total estimated deposits without insurance or collateral was 21.1% as of June 30, 2025. Our noninterest bearing deposits represent approximately 20.6% of total deposits. Linked quarter, our cost of interest bearing deposits decreased one basis point from 2.83% in the prior quarter to 2.82%. Linked quarter, our cost of total deposits remained at 2.26%.

Our cost of interest bearing deposits decreased 16 basis points, from 2.99% for the six months ended June 30, 2024, to 2.83% for the six months ended June 30, 2025. Our cost of total deposits decreased 11 basis points, from 2.37% for the six months ended June 30, 2024, to 2.26% for the six months ended June 30, 2025.

Capital Resources and Liquidity

Our capital ratios and contingent liquidity sources remain solid. During the second quarter ended June 30, 2025, we purchased 424,435 shares of the Company’s common stock at an average price of $28.13 per share, pursuant to our Stock Repurchase Plan. Under this plan, repurchases of our outstanding common stock may be carried out in open market purchases, privately negotiated transactions or pursuant to any trading plan that might be adopted in accordance with Rule 10b5-1 of The Securities Exchange Act of 1934, as amended. The Company has no obligation to repurchase any shares under the Stock Repurchase Plan and may modify, suspend or discontinue the plan at any time. Subsequent to June 30, 2025, and through July 23, 2025, we purchased 2,443 shares of common stock at an average price of $30.29 pursuant to the Stock Repurchase Plan.

As of June 30, 2025, our total available contingent liquidity, net of current outstanding borrowings, was $2.33 billion, consisting of FHLB advances, Federal Reserve Discount Window and correspondent bank lines of credit.

Asset Quality

Nonperforming assets at June 30, 2025 were $32.9 million, or 0.39% of total assets, an increase of $26.0 million, or 375.7%, compared to $6.9 million, or 0.08% of total assets, at June 30, 2024, due primarily to an increase of $27.4 million in restructured loans. The increase in restructured loans was due to the extension of maturity in the first quarter of 2025 on a $27.5 million commercial real estate loan to allow for an extended lease up period. Linked quarter, nonperforming assets increased $0.7 million, or 2.2%, from $32.2 million at March 31, 2025.

The allowance for loan losses totaled $44.4 million, or 0.97% of total loans, at June 30, 2025, compared to $44.6 million, or 0.98% of total loans, at March 31, 2025. The allowance for loan losses was $42.4 million, or 0.92% of total loans, at June 30, 2024. The increase in allowance as a percentage of total loans compared to June 30, 2024 was primarily due to an increase in economic uncertainty forecasted in the CECL model.

For the three months ended June 30, 2025, we recorded a provision for credit losses for loans of $0.7 million, compared to a reversal of provision of $0.9 million and a provision of $42,000 for the three months ended June 30, 2024 and March 31, 2025, respectively. Net charge-offs were $0.9 million for the three months ended June 30, 2025, compared to net charge-offs of $0.3 million for the three months ended June 30, 2024 and March 31, 2025. Net charge-offs were $1.2 million for the six months ended June 30, 2025, compared to net charge-offs of $0.6 million for the six months ended June 30, 2024.

We recorded a reversal of provision for credit losses on off-balance-sheet credit exposures of $19,000 for the three months ended June 30, 2025, compared to provision for losses on off-balance-sheet credit exposures of $0.4 million and $0.7 million for the three months ended June 30, 2024 and March 31, 2025, respectively. We recorded a provision for losses on off-balance-sheet credit exposures of $0.6 million for the six months ended June 30, 2025, compared to a reversal of provision for credit losses on off-balance-sheet credit exposures of $0.7 million for the six months ended June 30, 2024. The balance of the allowance for off-balance-sheet credit exposures was $3.8 million and $3.2 million at June 30, 2025 and 2024, respectively, and is included in other liabilities.

Dividend

Southside Bancshares, Inc. declared a second quarter cash dividend of $0.36 per share on May 8, 2025, which was paid on June 5, 2025, to all shareholders of record as of May 22, 2025.

_______________

(1)	Refer to “Non-GAAP Financial Measures” below and to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for more information and for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.

Conference Call

Southside’s management team will host a conference call to discuss its second quarter ended June 30, 2025 financial results on Friday, July 25, 2025 at 11:00 a.m. CDT. The conference call can be accessed by webcast, for listen-only mode, on the company website, https://investors.southside.com, under Events.

Those interested in participating in the question and answer session, or others who prefer to call-in, can register at https://register-conf.media-server.com/register/BIad8374913fda48e3a6a27e230e7c4225 to receive the dial-in number and unique code to access the conference call seamlessly. While not required, it is recommended that those wishing to participate, register 10 minutes prior to the conference call to ensure a more efficient registration process.

For those unable to attend the live event, a webcast recording will be available on the company website, https://investors.southside.com, for at least 30 days, beginning approximately two hours following the conference call.

Non-GAAP Financial Measures

Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. These include the following fully taxable-equivalent measures (“FTE”): (i) Net interest income (FTE), (ii) net interest margin (FTE), (iii) net interest spread (FTE), and (iv) efficiency ratio (FTE), which include the effects of taxable-equivalent adjustments using a federal income tax rate of 21% to increase tax-exempt interest income to a tax-equivalent basis. Interest income earned on certain assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments.

Net interest income (FTE), net interest margin (FTE) and net interest spread (FTE). Net interest income (FTE) is a non-GAAP measure that adjusts for the tax-favored status of net interest income from certain loans and investments and is not permitted under GAAP in the consolidated statements of income. We believe that this measure is the preferred industry measurement of net interest income and that it enhances comparability of net interest income arising from taxable and tax-exempt sources. The most directly comparable financial measure calculated in accordance with GAAP is our net interest income. Net interest margin (FTE) is the ratio of net interest income (FTE) to average earning assets. The most directly comparable financial measure calculated in accordance with GAAP is our net interest margin. Net interest spread (FTE) is the difference in the average yield on average earning assets on a tax-equivalent basis and the average rate paid on average interest bearing liabilities. The most directly comparable financial measure calculated in accordance with GAAP is our net interest spread.

Efficiency ratio (FTE). The efficiency ratio (FTE) is a non-GAAP measure that provides a measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. The ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. We calculate this ratio by dividing noninterest expense, excluding amortization expense on intangibles and certain nonrecurring expense by the sum of net interest income (FTE) and noninterest income, excluding net gain (loss) on sale of securities available for sale and certain nonrecurring impairments. The most directly comparable financial measure calculated in accordance with GAAP is our efficiency ratio.

These non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently. Whenever we present a non-GAAP financial measure in an SEC filing, we are also required to present the most directly comparable financial measure calculated and presented in accordance with GAAP and reconcile the differences between the non-GAAP financial measure and such comparable GAAP measure.

Management believes adjusting net interest income, net interest margin and net interest spread to a fully taxable-equivalent basis is a standard practice in the banking industry as these measures provide useful information to make peer comparisons. Tax-equivalent adjustments are reflected in the respective earning asset categories as listed in the “Average Balances with Average Yields and Rates” tables.

A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

About Southside Bancshares, Inc.

Southside Bancshares, Inc. is a bank holding company with approximately $8.34 billion in assets as of June 30, 2025, that owns 100% of Southside Bank. Southside Bank currently has 53 branches in Texas and operates a network of 71 ATMs/ITMs.

To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://investors.southside.com. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive email notification of company news, events and stock activity, please register on the website under Resources and Investor Email Alerts. Questions or comments may be directed to Lindsey Bailes at (903) 630-7965, or lindsey.bailes@southside.com.

Forward-Looking Statements

Certain statements of other than historical fact that are contained in this press release and in other written materials, documents and oral statements issued by or on behalf of the Company may be considered to be “forward-looking statements” within the meaning of and subject to the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. These statements may include words such as “expect,” “estimate,” “project,” “anticipate,” “appear,” “believe,” “could,” “should,” “may,” “might,” “will,” “would,” “seek,” “intend,” “probability,” “risk,” “goal,” “target,” “objective,” “plans,” “potential,” and similar expressions. Forward-looking statements are statements with respect to the Company’s beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause the Company’s actual results to differ materially from the results discussed in the forward-looking statements. For example, benefits of the Share Repurchase Plan, trends in asset quality, capital, liquidity, the Company’s ability to sell nonperforming assets, expense reductions, planned operational efficiencies and earnings from growth and certain market risk disclosures, including the impact of interest rates and our expectations regarding rate changes, tax reform, inflation, tariffs, the impacts related to or resulting from other economic factors are based upon information presently available to management and are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future. Accordingly, our results could materially differ from those that have been estimated. The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, interest rate fluctuations, including the impact of changes in interest rates on our financial projections, models and guidance, and general economic and recessionary concerns, as well as the effects of declines in the real estate market, tariffs or trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services), high unemployment and increasing insurance costs, as well as the financial stress to borrowers as a result of the foregoing, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, and our ability to manage liquidity in a rapidly changing and unpredictable market.

Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, under “Part I – Item 1. Forward Looking Information” and “Part I – Item 1A. Risk Factors” and in the Company’s other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

Southside Bancshares, Inc. Consolidated Financial Summary (Unaudited) (Dollars in thousands)

	As of
		2025						2024
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
ASSETS
Cash and due from banks	$	109,669		$	103,359		$	91,409		$	130,147		$	114,283
Interest earning deposits		260,357			293,364			281,945			333,825			272,469
Federal funds sold		20,069			34,248			52,807			22,325			65,244
Securities available for sale, at estimated fair value		1,457,124			1,457,939			1,533,894			1,408,437			1,405,944
Securities held to maturity, at net carrying value		1,272,906			1,278,330			1,279,234			1,288,403			1,305,975
Total securities		2,730,030			2,736,269			2,813,128			2,696,840			2,711,919
Federal Home Loan Bank stock, at cost		24,384			34,208			33,818			40,291			32,991
Loans held for sale		428			903			1,946			768			1,352
Loans		4,601,933			4,567,239			4,661,597			4,578,048			4,589,365
Less: Allowance for loan losses		(44,421	)		(44,623	)		(44,884	)		(44,276	)		(42,407	)
Net loans		4,557,512			4,522,616			4,616,713			4,533,772			4,546,958
Premises & equipment, net		147,263			142,245			141,648			138,811			138,489
Goodwill		201,116			201,116			201,116			201,116			201,116
Other intangible assets, net		1,333			1,531			1,754			2,003			2,281
Bank owned life insurance		138,826			137,962			138,313			137,489			136,903
Other assets		148,979			135,479			142,851			124,876			133,697
Total assets	$	8,339,966		$	8,343,300		$	8,517,448		$	8,362,263		$	8,357,702

LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest bearing deposits	$	1,368,453		$	1,379,641		$	1,357,152		$	1,377,022		$	1,366,924
Interest bearing deposits		5,263,511			5,211,210			5,297,096			5,058,680			5,129,008
Total deposits		6,631,964			6,590,851			6,654,248			6,435,702			6,495,932
Other borrowings and Federal Home Loan Bank borrowings		611,367			691,417			808,352			865,856			763,700
Subordinated notes, net of unamortized debt issuance costs		92,115			92,078			92,042			92,006			91,970
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,277			60,276			60,274			60,273			60,272
Other liabilities		137,043			92,055			90,590			103,172			144,858
Total liabilities		7,532,766			7,526,677			7,705,506			7,557,009			7,556,732
Shareholders’ equity		807,200			816,623			811,942			805,254			800,970
Total liabilities and shareholders’ equity	$	8,339,966		$	8,343,300		$	8,517,448		$	8,362,263		$	8,357,702

Southside Bancshares, Inc. Consolidated Financial Summary (Unaudited) (Dollars in thousands)

	Three Months Ended
		2025						2024
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
Income Statement:
Total interest and dividend income	$	98,562		$	100,288		$	101,689		$	105,703		$	104,186
Total interest expense		44,296			46,436			47,982			50,239			50,578
Net interest income		54,266			53,852			53,707			55,464			53,608
Provision for (reversal of) credit losses		622			758			1,384			2,389			(485	)
Net interest income after provision for (reversal of) credit losses		53,644			53,094			52,323			53,075			54,093
Noninterest income
Deposit services		6,125			5,829			6,084			6,199			6,157
Net gain (loss) on sale of securities available for sale		—			(554	)		—			(1,929	)		(563	)
Gain (loss) on sale of loans		99			55			138			115			220
Trust fees		1,879			1,765			1,773			1,628			1,456
Bank owned life insurance		833			799			848			857			1,767
Brokerage services		1,219			1,120			1,054			1,068			1,081
Other		1,990			1,209			2,384			233			1,439
Total noninterest income		12,145			10,223			12,281			8,171			11,557
Noninterest expense
Salaries and employee benefits		22,272			22,382			22,960			22,233			21,984
Net occupancy		3,621			3,404			3,629			3,613			3,750
Advertising, travel & entertainment		950			924			884			734			795
ATM expense		405			378			378			412			368
Professional fees		1,401			1,520			1,645			1,206			1,075
Software and data processing		3,027			2,839			2,931			2,951			2,860
Communications		342			383			320			423			410
FDIC insurance		955			947			931			939			977
Amortization of intangibles		198			223			249			278			307
Other		6,086			4,089			4,232			3,543			3,239
Total noninterest expense		39,257			37,089			38,159			36,332			35,765
Income before income tax expense		26,532			26,228			26,445			24,914			29,885
Income tax expense		4,719			4,721			4,659			4,390			5,212
Net income	$	21,813		$	21,507		$	21,786		$	20,524		$	24,673

Common Share Data:
Weighted-average basic shares outstanding		30,234			30,390			30,343			30,286			30,280
Weighted-average diluted shares outstanding		30,308			30,483			30,459			30,370			30,312
Common shares outstanding end of period		30,082			30,410			30,379			30,308			30,261
Earnings per common share
Basic	$	0.72		$	0.71		$	0.72		$	0.68		$	0.81
Diluted		0.72			0.71			0.71			0.68			0.81
Book value per common share		26.83			26.85			26.73			26.57			26.47
Tangible book value per common share		20.10			20.19			20.05			19.87			19.75
Cash dividends paid per common share		0.36			0.36			0.36			0.36			0.36

Selected Performance Ratios:
Return on average assets		1.07	%		1.03	%		1.03	%		0.98	%		1.19	%
Return on average shareholders’ equity		10.73			10.57			10.54			10.13			12.46
Return on average tangible common equity ⁽¹⁾		14.38			14.14			14.12			13.69			16.90
Average yield on earning assets (FTE) ⁽¹⁾		5.25			5.23			5.24			5.51			5.45
Average rate on interest bearing liabilities		2.98			3.03			3.12			3.28			3.32
Net interest margin (FTE) ⁽¹⁾		2.95			2.86			2.83			2.95			2.87
Net interest spread (FTE) ⁽¹⁾		2.27			2.20			2.12			2.23			2.13
Average earning assets to average interest bearing liabilities		129.33			128.10			129.55			128.51			128.62
Noninterest expense to average total assets		1.92			1.78			1.80			1.73			1.72
Efficiency ratio (FTE) ⁽¹⁾		53.70			55.04			54.00			51.90			52.71

(1)	Refer to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.

Southside Bancshares, Inc. Consolidated Financial Highlights (Unaudited) (Dollars in thousands)

	Three Months Ended
		2025						2024
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
Nonperforming Assets:	$	32,909		$	32,193		$	3,589		$	7,656		$	6,918
Nonaccrual loans		4,998			4,254			3,185			7,254			6,110
Accruing loans past due more than 90 days		—			—			—			—			—
Restructured loans		27,512			27,505			2			—			145
Other real estate owned		380			388			388			388			648
Repossessed assets		19			46			14			14			15

Asset Quality Ratios:
Ratio of nonaccruing loans to:
Total loans		0.11	%		0.09	%		0.07	%		0.16	%		0.13	%
Ratio of nonperforming assets to:
Total assets		0.39			0.39			0.04			0.09			0.08
Total loans		0.72			0.70			0.08			0.17			0.15
Total loans and OREO		0.72			0.70			0.08			0.17			0.15
Ratio of allowance for loan losses to:
Nonaccruing loans		888.78			1,048.97			1,409.23			610.37			694.06
Nonperforming assets		134.98			138.61			1,250.60			578.32			613.00
Total loans		0.97			0.98			0.96			0.97			0.92
Net charge-offs (recoveries) to average loans outstanding		0.08			0.03			0.08			0.04			0.02

Capital Ratios:
Shareholders’ equity to total assets		9.68			9.79			9.53			9.63			9.58
Common equity tier 1 capital		13.36			13.44			13.04			13.07			12.72
Tier 1 risk-based capital		14.41			14.49			14.07			14.12			13.76
Total risk-based capital		16.91			17.01			16.49			16.59			16.16
Tier 1 leverage capital		10.03			9.73			9.67			9.61			9.40
Period end tangible equity to period end tangible assets ⁽¹⁾		7.43			7.54			7.33			7.38			7.33
Average shareholders’ equity to average total assets		9.94			9.75			9.76			9.67			9.52

(1)	Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.

Southside Bancshares, Inc. Consolidated Financial Highlights (Unaudited) (Dollars in thousands)

	Three Months Ended
		2025						2024
Loan Portfolio Composition	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
Real Estate Loans:
Construction	$	470,380		$	458,101		$	537,827		$	585,817		$	546,040
1-4 Family Residential		736,108			741,432			740,396			755,406			738,037
Commercial		2,606,072			2,577,229			2,579,735			2,422,612			2,472,771
Commercial Loans		380,612			371,643			363,167			358,854			359,807
Municipal Loans		363,746			371,271			390,968			402,041			416,986
Loans to Individuals		45,015			47,563			49,504			53,318			55,724
Total Loans	$	4,601,933		$	4,567,239		$	4,661,597		$	4,578,048		$	4,589,365

Summary of Changes in Allowances:
Allowance for Securities Held to Maturity
Balance at beginning of period	$	64		$	—		$	—		$	—		$	—
Provision for (reversal of) securities held to maturity		(9	)		64			—			—			—
Balance at end of period	$	55		$	64		$	—		$	—		$	—

Allowance for Loan Losses
Balance at beginning of period	$	44,623		$	44,884		$	44,276		$	42,407		$	43,557
Loans charged-off		(1,194	)		(613	)		(1,232	)		(773	)		(721	)
Recoveries of loans charged-off		342			310			277			365			444
Net loans (charged-off) recovered		(852	)		(303	)		(955	)		(408	)		(277	)
Provision for (reversal of) loan losses		650			42			1,563			2,277			(873	)
Balance at end of period	$	44,421		$	44,623		$	44,884		$	44,276		$	42,407

Allowance for Off-Balance-Sheet Credit Exposures
Balance at beginning of period	$	3,793		$	3,141		$	3,320		$	3,208		$	2,820
Provision for (reversal of) off-balance-sheet credit exposures		(19	)		652			(179	)		112			388
Balance at end of period	$	3,774		$	3,793		$	3,141		$	3,320		$	3,208
Total Allowance for Credit Losses	$	48,250		$	48,480		$	48,025		$	47,596		$	45,615

Southside Bancshares, Inc. Consolidated Financial Highlights (Unaudited) (Dollars in thousands)

	Six Months Ended
	June 30,
		2025			2024
Income Statement:
Total interest and dividend income	$	198,850		$	206,944
Total interest expense		90,732			99,988
Net interest income		108,118			106,956
Provision for (reversal of) credit losses		1,380			(427	)
Net interest income after provision for (reversal of) credit losses		106,738			107,383
Noninterest income
Deposit services		11,954			12,142
Net gain (loss) on sale of securities available for sale		(554	)		(581	)
Gain (loss) on sale of loans		154			(216	)
Trust fees		3,644			2,792
Bank owned life insurance		1,632			2,551
Brokerage services		2,339			2,095
Other		3,199			2,498
Total noninterest income		22,368			21,281
Noninterest expense
Salaries and employee benefits		44,654			45,097
Net occupancy		7,025			7,112
Advertising, travel & entertainment		1,874			1,745
ATM expense		783			693
Professional fees		2,921			2,229
Software and data processing		5,866			5,716
Communications		725			859
FDIC insurance		1,902			1,920
Amortization of intangibles		421			644
Other		10,175			6,631
Total noninterest expense		76,346			72,646
Income before income tax expense		52,760			56,018
Income tax expense		9,440			9,834
Net income	$	43,320		$	46,184
Common Share Data:
Weighted-average basic shares outstanding		30,311			30,271
Weighted-average diluted shares outstanding		30,397			30,310
Common shares outstanding end of period		30,082			30,261
Earnings per common share
Basic	$	1.43		$	1.52
Diluted		1.42			1.52
Book value per common share		26.83			26.47
Tangible book value per common share		20.10			19.75
Cash dividends paid per common share		0.72			0.72

Selected Performance Ratios:
Return on average assets		1.05	%		1.11	%
Return on average shareholders’ equity		10.65			11.74
Return on average tangible common equity ⁽¹⁾		14.26			15.99
Average yield on earning assets (FTE) ⁽¹⁾		5.24			5.42
Average rate on interest bearing liabilities		3.01			3.27
Net interest margin (FTE) ⁽¹⁾		2.91			2.87
Net interest spread (FTE) ⁽¹⁾		2.23			2.15
Average earning assets to average interest bearing liabilities		128.71			128.16
Noninterest expense to average total assets		1.85			1.74
Efficiency ratio (FTE) ⁽¹⁾		54.36			54.11

(1)	Refer to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.

Southside Bancshares, Inc. Consolidated Financial Highlights (Unaudited) (Dollars in thousands)

	Six Months Ended
	June 30,
		2025			2024
Nonperforming Assets:	$	32,909		$	6,918
Nonaccrual loans		4,998			6,110
Accruing loans past due more than 90 days		—			—
Restructured loans		27,512			145
Other real estate owned		380			648
Repossessed assets		19			15

Asset Quality Ratios:
Ratio of nonaccruing loans to:
Total loans		0.11	%		0.13	%
Ratio of nonperforming assets to:
Total assets		0.39			0.08
Total loans		0.72			0.15
Total loans and OREO		0.72			0.15
Ratio of allowance for loan losses to:
Nonaccruing loans		888.78			694.06
Nonperforming assets		134.98			613.00
Total loans		0.97			0.92
Net charge-offs (recoveries) to average loans outstanding		0.05			0.02

Capital Ratios:
Shareholders’ equity to total assets		9.68			9.58
Common equity tier 1 capital		13.36			12.72
Tier 1 risk-based capital		14.41			13.76
Total risk-based capital		16.91			16.16
Tier 1 leverage capital		10.03			9.40
Period end tangible equity to period end tangible assets ⁽¹⁾		7.43			7.33
Average shareholders’ equity to average total assets		9.84			9.43

(1)	Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.

Southside Bancshares, Inc. Consolidated Financial Highlights (Unaudited) (Dollars in thousands)

	Six Months Ended
	June 30,
Loan Portfolio Composition		2025			2024
Real Estate Loans:
Construction	$	470,380		$	546,040
1-4 Family Residential		736,108			738,037
Commercial		2,606,072			2,472,771
Commercial Loans		380,612			359,807
Municipal Loans		363,746			416,986
Loans to Individuals		45,015			55,724
Total Loans	$	4,601,933		$	4,589,365

Summary of Changes in Allowances:
Allowance for Securities Held to Maturity
Balance at beginning of period	$	—		$	—
Provision for (reversal of) securities held to maturity		55			—
Balance at end of period	$	55		$	—

Summary of Changes in Allowances:
Allowance for Loan Losses
Balance at beginning of period	$	44,884		$	42,674
Loans charged-off		(1,807	)		(1,355	)
Recoveries of loans charged-off		652			791
Net loans (charged-off) recovered		(1,155	)		(564	)
Provision for (reversal of) loan losses		692			297
Balance at end of period	$	44,421		$	42,407

Allowance for Off-Balance-Sheet Credit Exposures
Balance at beginning of period	$	3,141		$	3,932
Provision for (reversal of) off-balance-sheet credit exposures		633			(724	)
Balance at end of period	$	3,774		$	3,208
Total Allowance for Credit Losses	$	48,250		$	45,615

The tables that follow show average earning assets and interest bearing liabilities together with the average yield on the earning assets and the average rate of the interest bearing liabilities for the periods presented. The interest and related yields presented are on a fully taxable-equivalent basis and are therefore non-GAAP measures. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” for more information.

Southside Bancshares, Inc. Average Balances and Average Yields and Rates (Annualized) (Unaudited) (Dollars in thousands)

	Three Months Ended
	June 30, 2025							March 31, 2025
	Average Balance			Interest		Average Yield/Rate ⁽³⁾		Average Balance			Interest		Average Yield/Rate ⁽³⁾
ASSETS
Loans ⁽¹⁾	$	4,519,668		$	67,798	6.02	%	$	4,625,902		$	68,160	5.98	%
Loans held for sale		1,108			16	5.79	%		752			11	5.93	%
Securities:
Taxable investment securities ⁽²⁾		735,669			6,205	3.38	%		749,155			6,363	3.44	%
Tax-exempt investment securities ⁽²⁾		1,130,903			10,351	3.67	%		1,134,590			10,253	3.66	%
Mortgage-backed and related securities ⁽²⁾		1,003,887			13,040	5.21	%		1,041,038			13,523	5.27	%
Total securities		2,870,459			29,596	4.14	%		2,924,783			30,139	4.18	%
Federal Home Loan Bank stock, at cost, and equity investments		31,169			524	6.74	%		43,285			483	4.53	%
Interest earning deposits		259,617			2,753	4.25	%		319,889			3,370	4.27	%
Federal funds sold		27,778			308	4.45	%		43,813			478	4.42	%
Total earning assets		7,709,799			100,995	5.25	%		7,958,424			102,641	5.23	%
Cash and due from banks		84,419							89,703
Accrued interest and other assets		452,573							457,948
Less: Allowance for loan losses		(44,747	)						(45,105	)
Total assets	$	8,202,044						$	8,460,970
LIABILITIES AND SHAREHOLDERS’ EQUITY
Savings accounts	$	596,125			1,451	0.98	%	$	593,953			1,429	0.98	%
Certificates of deposit		1,407,017			14,905	4.25	%		1,336,815			14,406	4.37	%
Interest bearing demand accounts		3,311,330			21,071	2.55	%		3,406,342			21,412	2.55	%
Total interest bearing deposits		5,314,472			37,427	2.82	%		5,337,110			37,247	2.83	%
Federal Home Loan Bank borrowings		394,119			3,721	3.79	%		614,897			5,837	3.85	%
Subordinated notes, net of unamortized debt issuance costs		92,097			935	4.07	%		92,060			932	4.11	%
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,276			1,015	6.75	%		60,275			1,014	6.82	%
Repurchase agreements		72,295			634	3.52	%		75,291			666	3.59	%
Other borrowings		28,022			564	8.07	%		33,061			740	9.08	%
Total interest bearing liabilities		5,961,281			44,296	2.98	%		6,212,694			46,436	3.03	%
Noninterest bearing deposits		1,339,463							1,334,933
Accrued expenses and other liabilities		85,827							88,450
Total liabilities		7,386,571							7,636,077
Shareholders’ equity		815,473							824,893
Total liabilities and shareholders’ equity	$	8,202,044						$	8,460,970
Net interest income (FTE)				$	56,699						$	56,205
Net interest margin (FTE)						2.95	%						2.86	%
Net interest spread (FTE)						2.27	%						2.20	%

(1)	Interest on loans includes net fees on loans that are not material in amount.
(2)	For the purpose of calculating the average yield, the average balance of securities do not include unrealized gains and losses on AFS securities.
(3)	Yield/rate includes the impact of applicable derivatives.

Note: As of June 30, 2025 and March 31, 2025, loans totaling $5.0 million and $4.3 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

Southside Bancshares, Inc. Average Balances and Average Yields and Rates (Annualized) (Unaudited) (Dollars in thousands)

	Three Months Ended
	December 31, 2024							September 30, 2024
	Average Balance			Interest		Average Yield/Rate ⁽³⁾		Average Balance			Interest		Average Yield/Rate ⁽³⁾
ASSETS
Loans ⁽¹⁾	$	4,604,175		$	70,155	6.06	%	$	4,613,028		$	72,493	6.25	%
Loans held for sale		1,562			23	5.86	%		871			11	5.02	%
Securities:
Taxable investment securities ⁽²⁾		784,321			6,949	3.52	%		791,914			7,150	3.59	%
Tax-exempt investment securities ⁽²⁾		1,138,271			10,793	3.77	%		1,174,445			11,825	4.01	%
Mortgage-backed and related securities ⁽²⁾		1,031,187			12,043	4.65	%		886,325			11,976	5.38	%
Total securities		2,953,779			29,785	4.01	%		2,852,684			30,951	4.32	%
Federal Home Loan Bank stock, at cost, and equity investments		37,078			591	6.34	%		41,159			582	5.63	%
Interest earning deposits		273,656			3,160	4.59	%		281,313			3,798	5.37	%
Federal funds sold		43,121			508	4.69	%		33,971			488	5.71	%
Total earning assets		7,913,371			104,222	5.24	%		7,823,026			108,323	5.51	%
Cash and due from banks		102,914							100,578
Accrued interest and other assets		454,387							455,091
Less: Allowance for loan losses		(44,418	)						(42,581	)
Total assets	$	8,426,254						$	8,336,114
LIABILITIES AND SHAREHOLDERS’ EQUITY
Savings accounts	$	594,196			1,456	0.97	%	$	598,116			1,490	0.99	%
Certificates of deposit		1,187,800			13,537	4.53	%		1,087,613			12,647	4.63	%
Interest bearing demand accounts		3,459,122			23,468	2.70	%		3,409,911			24,395	2.85	%
Total interest bearing deposits		5,241,118			38,461	2.92	%		5,095,640			38,532	3.01	%
Federal Home Loan Bank borrowings		572,993			5,557	3.86	%		618,708			6,488	4.17	%
Subordinated notes, net of unamortized debt issuance costs		92,024			945	4.09	%		91,988			937	4.05	%
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,274			1,095	7.23	%		60,273			1,180	7.79	%
Repurchase agreements		80,891			782	3.85	%		83,297			899	4.29	%
Other borrowings		61,196			1,142	7.42	%		137,482			2,203	6.37	%
Total interest bearing liabilities		6,108,496			47,982	3.12	%		6,087,388			50,239	3.28	%
Noninterest bearing deposits		1,383,204							1,344,165
Accrued expenses and other liabilities		112,320							98,331
Total liabilities		7,604,020							7,529,884
Shareholders’ equity		822,234							806,230
Total liabilities and shareholders’ equity	$	8,426,254						$	8,336,114
Net interest income (FTE)				$	56,240						$	58,084
Net interest margin (FTE)						2.83	%						2.95	%
Net interest spread (FTE)						2.12	%						2.23	%

(1)	Interest on loans includes net fees on loans that are not material in amount.
(2)	For the purpose of calculating the average yield, the average balance of securities do not include unrealized gains and losses on AFS securities.
(3)	Yield/rate includes the impact of applicable derivatives.

Note: As of December 31, 2024 and September 30, 2024, loans totaling $3.2 million and $7.3 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

Southside Bancshares, Inc. Average Balances and Average Yields and Rates (Annualized) (Unaudited) (Dollars in thousands)

	Three Months Ended
	June 30, 2024
	Average Balance			Interest		Average Yield/Rate ⁽³⁾
ASSETS
Loans ⁽¹⁾	$	4,595,980		$	70,293	6.15	%
Loans held for sale		1,489			24	6.48	%
Securities:
Taxable investment securities ⁽²⁾		783,856			7,009	3.60	%
Tax-exempt investment securities ⁽²⁾		1,254,097			12,761	4.09	%
Mortgage-backed and related securities ⁽²⁾		830,504			11,084	5.37	%
Total securities		2,868,457			30,854	4.33	%
Federal Home Loan Bank stock, at cost, and equity investments		40,467			573	5.69	%
Interest earning deposits		300,047			4,105	5.50	%
Federal funds sold		75,479			1,021	5.44	%
Total earning assets		7,881,919			106,870	5.45	%
Cash and due from banks		110,102
Accrued interest and other assets		424,323
Less: Allowance for loan losses		(43,738	)
Total assets	$	8,372,606
LIABILITIES AND SHAREHOLDERS’ EQUITY
Savings accounts	$	604,753			1,454	0.97	%
Certificates of deposit		1,020,099			11,630	4.59	%
Interest bearing demand accounts		3,513,068			25,382	2.91	%
Total interest bearing deposits		5,137,920			38,466	3.01	%
Federal Home Loan Bank borrowings		606,851			6,455	4.28	%
Subordinated notes, net of unamortized debt issuance costs		92,017			936	4.09	%
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,271			1,171	7.81	%
Repurchase agreements		88,007			955	4.36	%
Other borrowings		143,169			2,595	7.29	%
Total interest bearing liabilities		6,128,235			50,578	3.32	%
Noninterest bearing deposits		1,346,274
Accrued expenses and other liabilities		101,399
Total liabilities		7,575,908
Shareholders’ equity		796,698
Total liabilities and shareholders’ equity	$	8,372,606
Net interest income (FTE)				$	56,292
Net interest margin (FTE)						2.87	%
Net interest spread (FTE)						2.13	%

(1)	Interest on loans includes net fees on loans that are not material in amount.
(2)	For the purpose of calculating the average yield, the average balance of securities do not include unrealized gains and losses on AFS securities.
(3)	Yield/rate includes the impact of applicable derivatives.

Note: As of June 30, 2024, loans totaling $6.1 million were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

Southside Bancshares, Inc. Average Balances and Average Yields and Rates (Annualized) (Unaudited) (Dollars in thousands)

	Six Months Ended
	June 30, 2025							June 30, 2024
	Average Balance			Interest		Average Yield/Rate		Average Balance			Interest		Average Yield/Rate
ASSETS
Loans ⁽¹⁾	$	4,572,492		$	135,958	6.00	%	$	4,577,791		$	139,142	6.11	%
Loans held for sale		931			27	5.85	%		5,162			42	1.64	%
Securities:
Taxable investment securities ⁽²⁾		742,375			12,568	3.41	%		782,139			13,976	3.59	%
Tax-exempt investment securities ⁽²⁾		1,132,736			20,604	3.67	%		1,270,010			25,929	4.11	%
Mortgage-backed and related securities ⁽²⁾		1,022,360			26,563	5.24	%		797,608			21,203	5.35	%
Total securities		2,897,471			59,735	4.16	%		2,849,757			61,108	4.31	%
Federal Home Loan Bank stock, at cost, and equity investments		37,194			1,007	5.46	%		40,265			906	4.52	%
Interest earning deposits		289,586			6,123	4.26	%		340,114			9,307	5.50	%
Federal funds sold		35,751			786	4.43	%		69,039			1,859	5.41	%
Total earning assets		7,833,425			203,636	5.24	%		7,882,128			212,364	5.42	%
Cash and due from banks		87,046							112,241
Accrued interest and other assets		455,245							432,904
Less: Allowance for loan losses		(44,925	)						(43,356	)
Total assets	$	8,330,791						$	8,383,917
LIABILITIES AND SHAREHOLDERS’ EQUITY
Savings accounts	$	595,045			2,880	0.98	%	$	604,641			2,878	0.96	%
Certificates of deposit		1,372,110			29,311	4.31	%		981,023			21,971	4.50	%
Interest bearing demand accounts		3,358,573			42,483	2.55	%		3,574,001			51,815	2.92	%
Total interest bearing deposits		5,325,728			74,674	2.83	%		5,159,665			76,664	2.99	%
Federal Home Loan Bank borrowings		503,898			9,558	3.83	%		606,942			12,405	4.11	%
Subordinated notes, net of unamortized debt issuance costs		92,079			1,867	4.09	%		92,956			1,892	4.09	%
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,275			2,029	6.79	%		60,271			2,346	7.83	%
Repurchase agreements		73,785			1,300	3.55	%		90,092			1,922	4.29	%
Other borrowings		30,528			1,304	8.61	%		140,228			4,759	6.82	%
Total interest bearing liabilities		6,086,293			90,732	3.01	%		6,150,154			99,988	3.27	%
Noninterest bearing deposits		1,337,210							1,342,329
Accrued expenses and other liabilities		87,131							100,558
Total liabilities		7,510,634							7,593,041
Shareholders’ equity		820,157							790,876
Total liabilities and shareholders’ equity	$	8,330,791						$	8,383,917
Net interest income (FTE)				$	112,904						$	112,376
Net interest margin (FTE)						2.91	%						2.87	%
Net interest spread (FTE)						2.23	%						2.15	%

(1)	Interest on loans includes net fees on loans that are not material in amount.
(2)	For the purpose of calculating the average yield, the average balance of securities is presented at historical cost.

Note: As of June 30, 2025 and 2024, loans totaling $5.0 million and $6.1 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

The following tables set forth the reconciliation of return on average common equity to return on average tangible common equity, book value per share to tangible book value per share, net interest income to net interest income adjusted to a fully taxable-equivalent basis assuming a 21% marginal tax rate for interest earned on tax-exempt assets such as municipal loans and investment securities, along with the calculation of total revenue, adjusted noninterest expense, efficiency ratio (FTE), net interest margin (FTE) and net interest spread (FTE) for the applicable periods presented.

Southside Bancshares, Inc. Non-GAAP Reconciliation (Unaudited) (Dollars and shares in thousands, except per share data)

	Three Months Ended															Six Months Ended
		2025						2024									2025			2024
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Jun 30,			Jun 30,
Reconciliation of return on average common equity to return on average tangible common equity:
Net income	$	21,813		$	21,507		$	21,786		$	20,524		$	24,673		$	43,320		$	46,184
After-tax amortization expense		157			176			196			220			243			333			509
Adjusted net income available to common shareholders	$	21,970		$	21,683		$	21,982		$	20,744		$	24,916		$	43,653		$	46,693

Average shareholders’ equity	$	815,473		$	824,893		$	822,234		$	806,230		$	796,698		$	820,157		$	790,876
Less: Average intangibles for the period		(202,569	)		(202,784	)		(203,020	)		(203,288	)		(203,581	)		(202,676	)		(203,745	)
Average tangible shareholders’ equity	$	612,904		$	622,109		$	619,214		$	602,942		$	593,117		$	617,481		$	587,131

Return on average tangible common equity		14.38	%		14.14	%		14.12	%		13.69	%		16.90	%		14.26	%		15.99	%

Reconciliation of book value per share to tangible book value per share:
Common equity at end of period	$	807,200		$	816,623		$	811,942		$	805,254		$	800,970		$	807,200		$	800,970
Less: Intangible assets at end of period		(202,449	)		(202,647	)		(202,870	)		(203,119	)		(203,397	)		(202,449	)		(203,397	)
Tangible common shareholders’ equity at end of period	$	604,751		$	613,976		$	609,072		$	602,135		$	597,573		$	604,751		$	597,573

Total assets at end of period	$	8,339,966		$	8,343,300		$	8,517,448		$	8,362,263		$	8,357,702		$	8,339,966		$	8,357,702
Less: Intangible assets at end of period		(202,449	)		(202,647	)		(202,870	)		(203,119	)		(203,397	)		(202,449	)		(203,397	)
Tangible assets at end of period	$	8,137,517		$	8,140,653		$	8,314,578		$	8,159,144		$	8,154,305		$	8,137,517		$	8,154,305

Period end tangible equity to period end tangible assets		7.43	%		7.54	%		7.33	%		7.38	%		7.33	%		7.43	%		7.33	%

Common shares outstanding end of period		30,082			30,410			30,379			30,308			30,261			30,082			30,261
Tangible book value per common share	$	20.10		$	20.19		$	20.05		$	19.87		$	19.75		$	20.10		$	19.75

Reconciliation of efficiency ratio to efficiency ratio (FTE), net interest margin to net interest margin (FTE) and net interest spread to net interest spread (FTE):
Net interest income (GAAP)	$	54,266		$	53,852		$	53,707		$	55,464		$	53,608		$	108,118		$	106,956
Tax-equivalent adjustments:
Loans		565			581			598			608			633			1,146			1,289
Tax-exempt investment securities		1,868			1,772			1,935			2,012			2,051			3,640			4,131
Net interest income (FTE) ⁽¹⁾		56,699			56,205			56,240			58,084			56,292			112,904			112,376
Noninterest income		12,145			10,223			12,281			8,171			11,557			22,368			21,281
Nonrecurring income ⁽²⁾		—			554			(25	)		2,797			(576	)		554			(558	)
Total revenue	$	68,844		$	66,982		$	68,496		$	69,052		$	67,273		$	135,826		$	133,099

Noninterest expense	$	39,257		$	37,089		$	38,159		$	36,332		$	35,765		$	76,346		$	72,646
Pre-tax amortization expense		(198	)		(223	)		(249	)		(278	)		(307	)		(421	)		(644	)
Nonrecurring expense ⁽³⁾		(2,090	)		(1	)		(919	)		(219	)		2			(2,091	)		19
Adjusted noninterest expense	$	36,969		$	36,865		$	36,991		$	35,835		$	35,460		$	73,834		$	72,021

Efficiency ratio		55.67	%		57.04	%		56.08	%		53.94	%		54.90	%		56.34	%		56.41	%
Efficiency ratio (FTE) ⁽¹⁾		53.70	%		55.04	%		54.00	%		51.90	%		52.71	%		54.36	%		54.11	%

Average earning assets	$	7,709,799		$	7,958,424		$	7,913,371		$	7,823,026		$	7,881,919		$	7,833,425		$	7,882,128

Net interest margin		2.82	%		2.74	%		2.70	%		2.82	%		2.74	%		2.78	%		2.73	%
Net interest margin (FTE) ⁽¹⁾		2.95	%		2.86	%		2.83	%		2.95	%		2.87	%		2.91	%		2.87	%

Net interest spread		2.15	%		2.08	%		1.99	%		2.10	%		2.00	%		2.11	%		2.01	%
Net interest spread (FTE) ⁽¹⁾		2.27	%		2.20	%		2.12	%		2.23	%		2.13	%		2.23	%		2.15	%

(1)	These amounts are presented on a fully taxable-equivalent basis and are non-GAAP measures.
(2)	These adjustments may include net gain or loss on sale of securities available for sale, BOLI income related to death benefits realized and other investment income or loss in the periods where applicable.
(3)	These adjustments may include foreclosure expenses, branch closure expenses and other miscellaneous expense, in the periods where applicable.

The MIL Network –

July 25, 2025

MIL-OSI Africa: Sierra Leone and African Development Bank Target $90 Billion in Annual Illicit Financial Flows

Source: APO

A four-day high-level seminar concluded last week with concrete recommendations to combat the estimated $90 billion that Africa loses annually to illicit financial flows, as the African Development Bank Group (www.AfDB.org) and Sierra Leone Government intensify efforts to strengthen natural resource governance.

More than 70 stakeholders from government, civil society, private sector, and international organizations gathered at The Place Resort in Tokeh under the theme “Harnessing Africa’s Wealth: Curbing Illicit Financial Flows for Resilient Growth and Development.” Illicit financial flows are among Africa’s most pressing economic challenges.

The dialogue produced specific policy recommendations, including establishing national communities of practice, implementing institutional reforms, and enhancing transparency in resource-backed lending (RBL). Participants agreed that RBLs should be treated as “an option of last resort” and used only with maximum transparency and for investments that directly contribute to repayment capacity.

“This initiative can help us improve revenue from natural resources by blocking leakages through illegal natural resource trade and improved management of resource-backed lending,” said Sierra Leone’s Finance Minister Sheku Ahmed Fantamadi Bangura.

The workshop sessions focused on identifying illicit financial flows, managing resource-backed lending, and developing transparent governance mechanisms. Participants reviewed findings from the Sierra Leone Country Diagnostic Report, which examined illegal natural resource trade and institutional capacity gaps.

International expert Bernd Schlenter from Rand Sandton Consulting Group presented technical insights on illicit financial flows patterns and policy recommendations during the intensive sessions.

Halima Hashi, African Development Bank Country Manager for Sierra Leone, noted the project aligns with the Bank’s Ten-Year Strategy 2024-2033 and Natural Resources Management and Investment Action Plan 2025-2029.

Broader Impact

The GONAT Project, funded by the African Development Bank’s Transitional Support Facility, has three pillars: policy analysis and diagnostics, capacity strengthening, and high-level policy dialogue. The initiative supports the African Development Bank’s mission to optimize Africa’s natural wealth for inclusive prosperity.

“Achieving transparent and equitable natural resource management is not merely a technical exercise—it is a strategic imperative for Africa’s future,” said Dr. Eric Ogunleye, Director of the African Development Bank’s African Development Institute.

The seminar produced a draft communique for national adoption, with participants pledging to transform the policy recommendations into actionable reforms.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contact:
Natalie Nkembuh
Communication and Media Relations Department
media@afdb.org

Media files

.

MIL OSI Africa –

July 25, 2025

MIL-OSI Africa: The Economic Community of West African States (ECOWAS) Champions Women-Led Digital Trade in West Africa

Source: APO

.

The Economic Community of West African States (ECOWAS), in collaboration with the United Nations Conference on Trade and Development (UNCTAD) and with the support of the Western Africa Regional Digital Integration Program (WARDIP) funded by World Bank, convened an eTrade for Women Joint Workshop in Lagos, on Friday July 17th, 2025, to spotlight and strengthen the role of women-led digital businesses in regional trade. This event was held as part of a broader regional agenda to build a more inclusive, connected, and digitally enabled West Africa.

In his statement on behalf of Madame Massandjé TOURE-LITSE, Commissioner for Economic Affairs and Agriculture, Mr. Kolawole SOFOLA, Director of Trade at the ECOWAS Commission, welcomed participants and noted the event’s importance in advancing inclusive digital transformation. He highlighted that the ECOWAS E-Commerce Strategy, adopted by the ECOWAS Council of Ministers in July 2023, places women, youth, and small-scale producers at the centre of digital trade reforms to promote regional integration and inclusive development. Through platforms and dialogues such as the workshop, ECOWAS reaffirms its commitment to gender-responsive policymaking and sustainable digital trade development in West Africa.

In her opening remarks, Madam Sonia NNAGOZIE, the representative of the United Nations Conference on Trade and Development (UNCTAD) highlighted the role of digital trade in unlocking new opportunities for women entrepreneurs across West Africa. She echoed the importance of the workshop in delivering actionable recommendations to improve women’s participation in digital trade. She went on to commend ECOWAS for leading the way in building an enabling digital ecosystem that supports women and appreciated the ongoing partnership between UNCTAD and ECOWAS.

The workshop served as a platform for dialogue, policy coordination, and knowledge sharing. Participants discussed the structural and policy barriers women face in participating in the digital economy, and shared practical solutions and good practices that promote women’s digital empowerment.

The event also showcased ECOWAS-led initiatives such as the ECOWAS Trade and Gender Action Plan, export readiness trainings, and platforms like the 50 Million African Women Speak (50MAWS) and the Business-to-Business matchmaking platform of the West Africa Competitiveness Observatory.

The Workshop was attended by a cross-section of stakeholders including women entrepreneurs, representatives of Ministries responsible for trade in ECOWAS, and development partners.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).

MIL OSI Africa –

July 25, 2025

MIL-OSI Africa: The Economic Community of West African States (ECOWAS) Launches Regional E-Commerce Committee to Accelerate Digital Trade Integration

Source: APO

.

The Economic Community of West African States (ECOWAS) has officially launched the Regional E-Commerce Committee, marking another milestone in the implementation of the ECOWAS Regional E-Commerce Strategy (2023–2027) on Wednesday July 16th, 2025, in Lagos, Nigeria. The launch was immediately followed by the Committee’s first meeting, which brought together representatives from Member States and Community institutions.

In his opening remarks during the launch ceremony, Dr. Tony Luka Elumelu, the Acting Director of Private Sector, ECOWAS Commission highlighted the private sector as both a key driver and beneficiary of digital transformation. He stressed the significance of e-commerce in unlocking opportunities under African Continental Free Trade Agreement and called for robust implementation of digital reforms. He described the establishment of the Regional E-Commerce Committee as pivotal to fostering private-sector-led digital economies.

Madam Sally Koroma, the representative of the Ministry of Trade and Industry of the Republic of Sierra Leone and Chair of the Meeting emphasized the potential of e-commerce to boost inclusive growth. She highlighted the importance of harmonized regulations, secure infrastructure, digital literacy, and tailored financing to unlock the full benefits of digital trade. She commended the ECOWAS E-Commerce Strategy as critical to addressing these barriers and called for collective action among Member States, development partners, and the private sector to move from ambition to implementation, and build an inclusive, gender-responsive digital economy.

In his goodwill message, Mr. Pedro Manuel Moreno, Deputy Secretary-General of the United Nations Trade and Development (UNCTAD) congratulated ECOWAS on its 50th anniversary, marking five decades of regional cooperation. He celebrated the adoption of the ECOWAS Regional E-Commerce Strategy and highlighted the role of digitalisation in realizing ECOWAS Vision 2050. He reaffirmed UNCTAD’s commitment to support digital reform, encourage inclusive digital ecosystems, and advance women’s economic empowerment within the region. He closed with a call to action to make e-commerce a driver of prosperity, innovation, and regional unity.

In the keynote address, on behalf of Madame Massandjé TOURE-LITSE, Commissioner for Economic Affairs and Agriculture, Mr. Kolawole SOFOLA, Director of Trade of the ECOWAS Commission, underscored the significance of the launch of the Regional E-Commerce Committee during the 50th Anniversary celebrations of ECOWAS, noting the progress that had been made in advancing regional integration and the opportunities that lay ahead through digitalisation. He emphasized that the Committee would serve as a platform for implementing strategic goals, aligning policies, and accelerating digital trade across borders.

Mr. Sofola called for continued collaboration across all stakeholders to realise the Strategy’s vision of an inclusive and sustainable digital future for West Africa. Finally, he declared the ECOWAS Regional E-Commerce Committee launched.

The newly established Committee is a central feature of the governance framework outlined in the ECOWAS E-Commerce Strategy, which was adopted by the ECOWAS Council of Ministers in July 2023. It is designed to steer the implementation of digital trade reforms, foster inter-institutional coordination, and promote inclusive participation across the region, particularly of women, youth, and MSMEs.

The launch and first meeting were attended by representatives of the Ministries responsible for Trade from ECOWAS Member States and the internal working group on e-commerce, consisting of key directorates and agencies of the ECOWAS Commission. Prior to the launch, the internal working group on e-commerce received a training on the e-Trade Reform Tracker, a tool for monitoring implementation of the E-Commerce Strategy. Both activities were supported by the UNCTAD and the Western Africa Regional Digital Integration Program (WARDIP) funded by World Bank.

The meeting considered the overview of the ECOWAS E-Commerce Strategy, continental and regional digital initiatives as well as key initiatives from Member States in advancing e-commerce. The meeting concluded with the adoption of the terms of reference for the Committee and a call for continued collaboration among ECOWAS Member States to promote implementation of the E-Commerce Strategy.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).

MIL OSI Africa –

July 25, 2025

MIL-OSI: COFICERT : ORGANIZATION OF AN INTERNATIONAL CEREMONY FOR THE AWARDING OF FINANCIAL AND NON-FINANCIAL COMPLIANCE CERTIFICATES AT EURONEXT

Source: GlobeNewswire (MIL-OSI)

ORGANIZATION OF AN INTERNATIONAL CEREMONY FOR THE AWARDING OF FINANCIAL AND NON-FINANCIAL COMPLIANCE CERTIFICATES AT EURONEXT

On Tuesday, June 25, COFICERT, in partnership with IGSF, hosted an official ceremony to award financial and non-financial compliance certificates at the Euronext headquarters, located at the Paris Stock Exchange.

Several delegations from institutions known for their dedication to compliance and responsible finance, representing almost fifteen nations, came together for this event. A number of organisations received compliance certificates in line with globally accepted standards, such as the AML 30001® Standard (AML/CFT 2025 version), which is focused on counter-terrorism financing and anti-money laundering, and the MSI 20000® Standard, which is focused on governance and financial quality. The ISO 37001® Standard, which focusses on anti-corruption, and the ESG 1000® Standard, which is dedicated to governance and quality of non-financial governance structures, were also emphasised during the event.

The ceremony was attended by Véronique de la Bachelerie, President of IGSF, Jérôme Gacoin, President of COFICERT, and Souheil Skander, CEO of COFICERT. It also gathered representatives from the European Commission, the World Bank, the OECD, and the EU Global Facility on AML/CFT, reflecting the growing importance attached to certification to these standards and international cooperation between Europe, Africa, and the Middle East in these areas. This convergence around a shared normative framework demonstrates a collective will to foster greater transparency and a standardized language, serving as a catalyst for universal compliance.

The companies certified during this ceremony belong to strategic sectors, placing them in a position to drive change within their respective countries or regions, thereby fostering the widespread adoption of best practices and contributing to enhanced integrity across the financial system. Notably, the companies that made the trip to Paris are among the leading financial and economic players on the African continent. West and Central Africa were represented by BSIC and NSIA Bank (Benin, Guinea, Togo, Senegal), as well as BGFIBank Group (Côte d’Ivoire, Gabon, Cameroon, DRC), all of which hold prominent regional positions. North Africa was well represented by Tunisia, Morocco, and Egypt, with leading institutions such as Bank of Tunisia, Tunisie Leasing & Factoring, Tunisie Valeurs, Hannibal Lease, BSB TOYOTA, Attawfiq Microfinance, and Alamana Microfinance. The diversity of these profiles illustrates the inclusive and structuring purpose of the MSI 20000® Standard, uniting key transformational actors at a regional level and compliance drivers at an international level.

The organization of this event, along with the presence of official delegations and international organizations, underscores the growing importance attributed to financial and non-financial compliance as a pillar of performance, responsibility, and ultimately, value creation.

Ms. Véronique de la Bachelerie, President of IGSF, emphasized: “The financial and non-financial certifications standardized by IGSF and ISO provide a guarantee of confidence in the financial sustainability of a company (MSI 20000), a guarantee of confidence in the quality of its governance and its risk management policies regarding financial crime through anti-money laundering and counter-terrorism financing (AML 30001), the fight against corruption (ISO 37001), and finally a guarantee of confidence in its ability to address all environmental and social challenges through the quality of its non-financial governance. More broadly, this contributes to the company’s sustainability – that is the value proposition of ESG 1000, in support of sustainable finance.”

Mr. Jérôme Gacoin, President of COFICERT, stated: “We have just experienced a moment that is both symbolic and foundational. Symbolic, because the adoption of these standards reflects the commitment of companies and institutions to comply with demanding, internationally recognized standards. Foundational, because it contributes to a dynamic of trust, transparency, and responsibility at both the European and global levels. Furthermore, the Paris Stock Exchange, a crossroads of markets and investments, perfectly embodies COFICERT’s mission: to raise standards, secure economic relationships, and recognize the value of committed organizations.”

Mr. Souheil Skander, CEO of COFICERT, added: “The companies certified to the MSI 20000, ISO 37001, and AML 30001 standards have successfully turned what was once a constraint into an opportunity and a powerful lever of attractiveness and value creation. Certifications today serve as true benchmarks – they are closely observed and highly valued. They offer undeniable competitive and differentiation advantages, effectively acting as a qualitative filter. These certifications have become tools of assurance, opportunity, and synergy for business development.”

IGSF (International Group for Sustainability Finance) is a non-profit NGO based in Luxembourg, whose activities aim to channel and organise international efforts in financial and extra-financial standard-setting. As a standard-setting body, IGSF operates along two main axes: first, the technical organization of standards related to financial and extra-financial governance; and second, the dissemination of standards and best practices. The issues addressed by IGSF include financial governance, the fight against financial crime and the social responsibility of companies and organisations of all types.

COFICERT is a French certification body specializing in financial and non-financial certifications, operating in nearly 50 countries across 3 continents. COFICERT is recognized for its expertise in governance, anti-financial crime, and sustainable finance. It certifies organizations in areas related to sound financial governance (MSI 20000), extra-financial governance (ESG 1000), anti-money laundering and counter-terrorism financing (AML 30001), and anti-corruption (ISO 37001).

Attachment

EN_CP_COFICERT-EURONEXT-IGSF_VO

The MIL Network –

July 25, 2025

MIL-OSI Europe: Euro area economic and financial developments by institutional sector: first quarter of 2025

Source: European Central Bank

25 July 2025

Euro area net saving decreased to €799 billion in four quarters to first quarter of 2025, compared with €813 billion one quarter earlier
Household debt-to-income ratio decreased to 81.7% in first quarter of 2025 from 83.8% one year earlier
Non-financial corporations’ debt-to-GDP ratio (consolidated measure) decreased to 67.2% in first quarter of 2025 from 68.4% one year earlier
Share of net wealth held by wealthiest 10% of households stood at 57.3% in 2024, largely unchanged from previous years.

Total euro area economy

Euro area net saving decreased to €799 billion (6.5% of euro area net disposable income) in the four quarters to the first quarter of 2025 compared with €813 billion in the four quarters to the previous quarter. Euro area net non-financial investment was broadly unchanged at €441 billion (3.6% of net disposable income), due to broadly unchanged net investment of all sectors (see Chart 1 and Table 1 in the Annex).

Euro area net lending to the rest of the world decreased to €388 billion (from €401 billion previously) reflecting the decreased net saving and broadly unchanged net non-financial investment. Non-financial corporations’ net lending decreased to €130 billion (1.1% of net disposable income) from €156 billion, while that of households increased to €598 billion (4.9% of net disposable income) from €588 billion. Financial corporations’ net lending (€123 billion, 1.0% of net disposable income) and general government net borrowing were broadly unchanged, the latter contributing negatively to euro area net lending (-€463 billion, -3.8% of net disposable income).

Chart 1

Euro area saving, investment and net lending to the rest of the world

(EUR billions, four-quarter sums)

Sources: ECB and Eurostat.

* Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

Data for euro area saving, investment and net lending to the rest of the world (Chart 1)

Households

Household financial investment increased at a broadly unchanged annual rate of 2.5% in the first quarter of 2025. Among its components, investment in currency and deposits grew at an unchanged rate of 3.0%. Investment in debt securities increased at a lower rate (3.0%, after 8.2%), while investment in shares and other equity grew at a higher rate (2.3%, after 1.8%) – the latter mainly due to investment fund shares.

Households purchased, in net terms, mainly debt securities issued by the rest of the world, general government, and other financial institutions (see Table 1 below and Table 2.2. in the Annex). Households were overall net sellers of listed shares, selling predominantly listed shares of MFIs, while buying listed shares issued by the rest of the world (i.e. shares issued by non-euro area residents). Households increased their purchases of euro area non-money market investment fund shares, and continued to purchase money market fund shares, while purchases of investment fund shares issued by the rest of the world decelerated.

The household debt-to-income ratio^[1] decreased, to 81.7% in the first quarter of 2025 from 83.8% in the first quarter of 2024. The household debt-to-GDP ratio decreased, to 51.2% in the first quarter of 2025 from 52.3% in the first quarter of 2024 (see Chart 2).

Table 1

Financial investment and financing of households, main items

(annual growth rates)

	Financial transactions
	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Financial investment*	2.0	2.3	2.4	2.4	2.5
Currency and deposits	1.5	2.3	2.5	3.0	3.0
Debt securities	41.4	29.8	17.1	8.2	3.0
Shares and other equity**	0.2	0.4	0.9	1.8	2.3
Life insurance	0.0	0.4	1.3	1.6	1.7
Pension schemes	2.0	1.8	1.9	1.8	2.1
Financing***	0.9	1.2	1.2	1.6	1.8
Loans	0.6	0.6	0.9	1.3	1.7

Source: ECB.

* Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.

** Includes investment fund shares.

*** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

Data for financial investment and financing of households (Table 1)

Chart 2

Debt ratios of households and NFCs

(percentages of GDP)

Sources: ECB and Eurostat.

* Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities.
** Outstanding amount of loans and debt securities, excluding debt positions between NFCs
*** Outstanding amount of loan liabilities.

Data for debt ratios of households and non-financial corporations (Chart 2)

Developments in household wealth distribution in 2024

The Distributional Wealth Accounts show that household net wealth continued to increase in 2024, while wealth inequality, as measured by the Gini coefficient of net wealth, has remained broadly unchanged in recent years (see Chart 3). The share of household net wealth held by the wealthiest 10% of households stood at 57.3% at the end of 2024, largely unchanged from previous years.

Chart 3

Household net wealth distribution and wealth inequality

(left-hand scale: EUR trillions; right-hand scale: percentages)

Sources: ECB.

The growth in net wealth across the various household wealth groups was primarily driven by valuation effects of both financial and non-financial assets, while contribution of net saving was stable but lower. Since the fourth quarter of 2019, net wealth has risen substantially across all wealth groups, with increases of 32% for the bottom 50% of the wealth distribution, 24% for the next 40%, and 26% for the top 10%. The developments varied between different asset classes, resulting in distinct portfolio dynamics across household wealth groups (see Chart 4). A significant portion of overall net wealth growth – more than half in each wealth group – was driven by increases in housing wealth. For the bottom 50% of households, deposits were the second-largest contributor (+9 percentage points), with smaller contributions from other wealth components. Among the next 40% of households, deposits also made a positive contribution (+4 percentage points) to net wealth growth, though this was largely offset by the negative effect of increasing mortgages (-3 percentage points). For the wealthiest 10% of households, the growth in net wealth was also supported by significant increases in business wealth (+6 percentage points) and investment fund shares (+3 percentage points).

Chart 4

Contributions to growth of household net wealth between Q1 2019 and Q4 2024

(percentage points, percentage change)

Sources: ECB.

Note: The left-hand scale measures the percentage growth of net wealth and the percentage point contributions to net wealth growth of all other legend items.

Non-financial corporations

Financing of NFCs increased at a higher annual rate of 1.3% in the first quarter of 2025 (after 0.9% in the previous quarter). This was the result of an acceleration in financing by loans (2.0% after 1.3%) and trade credits (4.1% after 3.6%), while the financing via the issuance of debt securities and of equity grew at broadly unchanged rates (see Table 2).The acceleration in loan financing is mainly due to loans granted by MFIs (2.6% after 1.6%, see Table 3.2 in the Annex), by the rest of the world (1.6% after -0.2%), and by other financial institutions (-0.5% after -2.5%).

NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 67.2% in the first quarter of 2025, from 68.4% first quarter of 2024; the non-consolidated, wider debt measure decreased to 138.9% from 140.6% (see Chart 2).

Table 2

Financing and financial investment of NFCs, main items

(annual growth rates)

	Financial transactions
	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Financing*	0.8	0.9	1.0	0.9	1.3
Debt securities	2.0	2.9	2.5	1.5	1.6
Loans	1.6	1.4	1.4	1.3	2.0
Shares and other equity	0.3	0.6	0.6	0.4	0.5
Trade credits and advances	1.0	2.0	2.5	3.6	4.1
Financial investment**	1.7	1.8	2.0	1.8	2.0
Currency and deposits	0.2	2.6	1.7	2.4	2.1
Debt securities	10.9	8.1	3.9	2.1	4.1
Loans	3.9	3.7	3.2	2.6	2.8
Shares and other equity	1.1	0.9	1.2	0.7	0.4

Source: ECB.

* Items not shown include: pension schemes, other accounts payable, financial derivatives’ net liabilities and deposits.

** Items not shown include: other accounts receivable and prepayments of insurance premiums and reserves for outstanding claims.

Data for financial investment and financing of non-financial corporations (Table 2)

For queries, please use the statistical information request form.

Notes

These data come from a second release of quarterly euro area sector accounts for the first quarter of 2025 by the ECB and Eurostat, the statistical office of the European Union. This release incorporates revisions and completed data for all sectors compared with the first release on “Euro area households and non-financial corporations” of 3 July 2025.
The euro area and national financial accounts data of NFCs and households are available in an interactive dashboard.
The debt-to-GDP (or debt-to-income) ratios are calculated as the outstanding amount of debt in the reference quarter divided by the sum of GDP (or income) in the four quarters up to the reference quarter. The ratio of non-financial transactions (e.g. savings) as a percentage of income or GDP is calculated as the sum of the four quarters up to the reference quarter for both numerator and denominator.
The annual growth rate of non-financial transactions and of outstanding assets and liabilities (stocks) is calculated as the percentage change between the value for a given quarter and that value recorded four quarters earlier. The annual growth rates used for financial transactions refer to the total value of transactions during the year in relation to the outstanding stock a year before.
Hyperlinks in the main body of the statistical release lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.
The release of results of experimental Distributional Wealth Accounts (DWA) for the first quarter of 2025 is planned for 29 August 2025 (tentative date).

MIL OSI Europe News –

July 25, 2025

MIL-OSI Europe: Euro area economic and financial developments by institutional sector: first quarter of 2025

Source: European Central Bank

25 July 2025

Euro area net saving decreased to €799 billion in four quarters to first quarter of 2025, compared with €813 billion one quarter earlier
Household debt-to-income ratio decreased to 81.7% in first quarter of 2025 from 83.8% one year earlier
Non-financial corporations’ debt-to-GDP ratio (consolidated measure) decreased to 67.2% in first quarter of 2025 from 68.4% one year earlier
Share of net wealth held by wealthiest 10% of households stood at 57.3% in 2024, largely unchanged from previous years.

Total euro area economy

Euro area net saving decreased to €799 billion (6.5% of euro area net disposable income) in the four quarters to the first quarter of 2025 compared with €813 billion in the four quarters to the previous quarter. Euro area net non-financial investment was broadly unchanged at €441 billion (3.6% of net disposable income), due to broadly unchanged net investment of all sectors (see Chart 1 and Table 1 in the Annex).

Euro area net lending to the rest of the world decreased to €388 billion (from €401 billion previously) reflecting the decreased net saving and broadly unchanged net non-financial investment. Non-financial corporations’ net lending decreased to €130 billion (1.1% of net disposable income) from €156 billion, while that of households increased to €598 billion (4.9% of net disposable income) from €588 billion. Financial corporations’ net lending (€123 billion, 1.0% of net disposable income) and general government net borrowing were broadly unchanged, the latter contributing negatively to euro area net lending (-€463 billion, -3.8% of net disposable income).

Chart 1

Euro area saving, investment and net lending to the rest of the world

(EUR billions, four-quarter sums)

Sources: ECB and Eurostat.

* Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

Data for euro area saving, investment and net lending to the rest of the world (Chart 1)

Households

Household financial investment increased at a broadly unchanged annual rate of 2.5% in the first quarter of 2025. Among its components, investment in currency and deposits grew at an unchanged rate of 3.0%. Investment in debt securities increased at a lower rate (3.0%, after 8.2%), while investment in shares and other equity grew at a higher rate (2.3%, after 1.8%) – the latter mainly due to investment fund shares.

Households purchased, in net terms, mainly debt securities issued by the rest of the world, general government, and other financial institutions (see Table 1 below and Table 2.2. in the Annex). Households were overall net sellers of listed shares, selling predominantly listed shares of MFIs, while buying listed shares issued by the rest of the world (i.e. shares issued by non-euro area residents). Households increased their purchases of euro area non-money market investment fund shares, and continued to purchase money market fund shares, while purchases of investment fund shares issued by the rest of the world decelerated.

The household debt-to-income ratio^[1] decreased, to 81.7% in the first quarter of 2025 from 83.8% in the first quarter of 2024. The household debt-to-GDP ratio decreased, to 51.2% in the first quarter of 2025 from 52.3% in the first quarter of 2024 (see Chart 2).

Table 1

Financial investment and financing of households, main items

(annual growth rates)

	Financial transactions
	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Financial investment*	2.0	2.3	2.4	2.4	2.5
Currency and deposits	1.5	2.3	2.5	3.0	3.0
Debt securities	41.4	29.8	17.1	8.2	3.0
Shares and other equity**	0.2	0.4	0.9	1.8	2.3
Life insurance	0.0	0.4	1.3	1.6	1.7
Pension schemes	2.0	1.8	1.9	1.8	2.1
Financing***	0.9	1.2	1.2	1.6	1.8
Loans	0.6	0.6	0.9	1.3	1.7

Source: ECB.

* Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.

** Includes investment fund shares.

*** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

Data for financial investment and financing of households (Table 1)

Chart 2

Debt ratios of households and NFCs

(percentages of GDP)

Sources: ECB and Eurostat.

* Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities.
** Outstanding amount of loans and debt securities, excluding debt positions between NFCs
*** Outstanding amount of loan liabilities.

Data for debt ratios of households and non-financial corporations (Chart 2)

Developments in household wealth distribution in 2024

The Distributional Wealth Accounts show that household net wealth continued to increase in 2024, while wealth inequality, as measured by the Gini coefficient of net wealth, has remained broadly unchanged in recent years (see Chart 3). The share of household net wealth held by the wealthiest 10% of households stood at 57.3% at the end of 2024, largely unchanged from previous years.

Chart 3

Household net wealth distribution and wealth inequality

(left-hand scale: EUR trillions; right-hand scale: percentages)

Sources: ECB.

The growth in net wealth across the various household wealth groups was primarily driven by valuation effects of both financial and non-financial assets, while contribution of net saving was stable but lower. Since the fourth quarter of 2019, net wealth has risen substantially across all wealth groups, with increases of 32% for the bottom 50% of the wealth distribution, 24% for the next 40%, and 26% for the top 10%. The developments varied between different asset classes, resulting in distinct portfolio dynamics across household wealth groups (see Chart 4). A significant portion of overall net wealth growth – more than half in each wealth group – was driven by increases in housing wealth. For the bottom 50% of households, deposits were the second-largest contributor (+9 percentage points), with smaller contributions from other wealth components. Among the next 40% of households, deposits also made a positive contribution (+4 percentage points) to net wealth growth, though this was largely offset by the negative effect of increasing mortgages (-3 percentage points). For the wealthiest 10% of households, the growth in net wealth was also supported by significant increases in business wealth (+6 percentage points) and investment fund shares (+3 percentage points).

Chart 4

Contributions to growth of household net wealth between Q1 2019 and Q4 2024

(percentage points, percentage change)

Sources: ECB.

Note: The left-hand scale measures the percentage growth of net wealth and the percentage point contributions to net wealth growth of all other legend items.

Non-financial corporations

Financing of NFCs increased at a higher annual rate of 1.3% in the first quarter of 2025 (after 0.9% in the previous quarter). This was the result of an acceleration in financing by loans (2.0% after 1.3%) and trade credits (4.1% after 3.6%), while the financing via the issuance of debt securities and of equity grew at broadly unchanged rates (see Table 2).The acceleration in loan financing is mainly due to loans granted by MFIs (2.6% after 1.6%, see Table 3.2 in the Annex), by the rest of the world (1.6% after -0.2%), and by other financial institutions (-0.5% after -2.5%).

NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 67.2% in the first quarter of 2025, from 68.4% first quarter of 2024; the non-consolidated, wider debt measure decreased to 138.9% from 140.6% (see Chart 2).

Table 2

Financing and financial investment of NFCs, main items

(annual growth rates)

	Financial transactions
	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Financing*	0.8	0.9	1.0	0.9	1.3
Debt securities	2.0	2.9	2.5	1.5	1.6
Loans	1.6	1.4	1.4	1.3	2.0
Shares and other equity	0.3	0.6	0.6	0.4	0.5
Trade credits and advances	1.0	2.0	2.5	3.6	4.1
Financial investment**	1.7	1.8	2.0	1.8	2.0
Currency and deposits	0.2	2.6	1.7	2.4	2.1
Debt securities	10.9	8.1	3.9	2.1	4.1
Loans	3.9	3.7	3.2	2.6	2.8
Shares and other equity	1.1	0.9	1.2	0.7	0.4

Source: ECB.

* Items not shown include: pension schemes, other accounts payable, financial derivatives’ net liabilities and deposits.

** Items not shown include: other accounts receivable and prepayments of insurance premiums and reserves for outstanding claims.

Data for financial investment and financing of non-financial corporations (Table 2)

For queries, please use the statistical information request form.

Notes

These data come from a second release of quarterly euro area sector accounts for the first quarter of 2025 by the ECB and Eurostat, the statistical office of the European Union. This release incorporates revisions and completed data for all sectors compared with the first release on “Euro area households and non-financial corporations” of 3 July 2025.
The euro area and national financial accounts data of NFCs and households are available in an interactive dashboard.
The debt-to-GDP (or debt-to-income) ratios are calculated as the outstanding amount of debt in the reference quarter divided by the sum of GDP (or income) in the four quarters up to the reference quarter. The ratio of non-financial transactions (e.g. savings) as a percentage of income or GDP is calculated as the sum of the four quarters up to the reference quarter for both numerator and denominator.
The annual growth rate of non-financial transactions and of outstanding assets and liabilities (stocks) is calculated as the percentage change between the value for a given quarter and that value recorded four quarters earlier. The annual growth rates used for financial transactions refer to the total value of transactions during the year in relation to the outstanding stock a year before.
Hyperlinks in the main body of the statistical release lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.
The release of results of experimental Distributional Wealth Accounts (DWA) for the first quarter of 2025 is planned for 29 August 2025 (tentative date).

MIL OSI Europe News –

July 25, 2025

MIL-OSI Africa: Benin: African Development Bank Approves Over $30 Million to Protect Farmers from Climate Shocks and Food Insecurity

Source: APO

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved $30.25 million in financing for a groundbreaking climate protection and agricultural sector resilience program in Benin. Thanks to this approval, Beninese farmers, particularly those in northern Benin, will no longer have to fear losing their entire harvest during devastating droughts or sudden floods.

This initiative will protect 150,000 smallholder farmers against climate shocks in a country where agriculture employs seven out of ten people but remains at the mercy of an increasingly unpredictable climate. The situation is particularly critical in the departments of Alibori and Atakora, where one in four farmers suffers from food insecurity, well above the national average.

These northern regions face a double burden of climate challenges and spillover effects from Sahel instability, creating additional pressures through forced displacement and border closures with Niger. Climate projections indicate alarming future risks, with cotton production and maize yields expected to drop by 22% and 6.3% respectively, with potential economic losses estimated at approximately 201 billion CFA francs.

“This investment represents our commitment to strengthening climate resilience in Benin’s agricultural sector while responding to the urgent needs of vulnerable farming communities,” said Robert Masumbuko, African Development Bank Country Representative in Benin. “By introducing innovative risk management tools and strengthening local capacities, we are helping farmers adapt to climate change while preventing conflicts and promoting social cohesion in fragile border areas.”

The project strengthens the Beninese government’s efforts to establish agricultural insurance, whose pilot phase is managed by Benin’s National Fund for Agricultural Development (FNDA).

It introduces innovative climate risk transfer mechanisms, including sovereign insurance coverage against droughts and floods via the African Risk Capacity, and agricultural micro- insurance for smallholders. These tools will improve farmers’ risk profiles with financial institutions, facilitating better access to credit and investment opportunities.

Beyond insurance mechanisms, the initiative will strengthen institutional capacities for climate disaster management, deploy early warning systems with agrometeorological equipment, and promote climate-smart agricultural practices. The program specifically targets 30% youth participation and ensures 30% female representation among the 150,000 direct beneficiaries. Furthermore, special attention is given to social cohesion activities to support peaceful integration of displaced populations in host communities.

The financing comes from multiple sources: $20 million from the “prevention” envelope of the Transition Support Facility, $5 million from the African Development Fund, $3 million from the ADRiFi multi-donor trust fund, and approximately $2.44 million in national counterpart contributions for insurance premiums.

The project aligns with Benin’s National Development Plan 2018-2025 and its National Adaptation Plan 2022-2027, supporting the country’s agricultural transformation objectives while strengthening climate change resilience through innovative instruments such as insurance. Strategic partnerships with the World Food Programme, the World Bank, and bilateral donors such as Swiss and Luxembourg cooperations ensure comprehensive support for sustainable agricultural development, including the establishment of agricultural insurance in Benin.

For Benin’s farming families, this financing represents hope for protected harvests, stable incomes, and a safer future for their children. For northern Benin communities, this project is a guarantee of stability and social cohesion in a strategic region of West Africa, and finally, for the Beninese state, the project ensures financial resilience against increasingly recurrent disaster risks.

The African Development Bank Group remains committed to supporting Africa’s agricultural transformation through innovative climate adaptation solutions that protect vulnerable communities while promoting sustainable development and regional stability.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contact:
Natalie Nkembuh
Communication and External Relations Department
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s leading development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). Represented in 41 African countries, with an external office in Japan, the Bank contributes to the economic development and social progress of its 54 regional member countries. For more information: www.AfDB.org

Media files

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MIL OSI Africa –

July 25, 2025

MIL-OSI China: Loan data points to stabilizing realty sector

Source: People’s Republic of China – State Council News

This aerial panoramic photo taken on Jan. 10, 2023 shows a view of Lujiazui area in the China (Shanghai) Pilot Free Trade Zone in east China’s Shanghai. [Photo/Xinhua]

The latest lending data showing a rebound in property-related loans indicates early signs of stabilization in China’s real estate market, signaling a gradual recovery in financing activity and a renewed sense of confidence among developers and homebuyers, industry experts said on Thursday.

They said that more supportive measures are expected to be rolled out to restore momentum in the property market while existing policies gradually take effect, which will further boost market confidence and pave the way for overall market stabilization in the coming months.

Data released on Tuesday by the People’s Bank of China, the nation’s central bank, shows that as of the end of the second quarter of 2025, outstanding renminbi real estate loans amounted to 53.33 trillion yuan ($7.45 trillion), up 0.4 percent year-on-year, an increase of 0.6 percentage point over the end of 2024.

In the first half of the year, real estate loans increased by 416.6 billion yuan, while property development loans rose 292.6 billion yuan, reaching 13.81 trillion yuan, up 0.3 percent year-on-year.

The data also showed that outstanding individual housing loans stood at 37.74 trillion yuan, down 0.1 percent year-on-year, but the decline narrowed by 1.2 percentage points from the end of 2024.

“This is a clear and encouraging sign that the real estate market is gradually stabilizing. Consecutive quarters of positive loan growth suggest that financing is flowing more smoothly again — both for developers and homebuyers,” said Shaun Brodie, head of research content for China with Cushman & Wakefield, a global real estate services company.

“It also reflects improving confidence among financial institutions and a more supportive policy environment. These factors collectively indicate that the market is transitioning from a correction phase toward a more balanced and sustainable footing,” Brodie said.

Yao Yao, head of research at JLL China, said the growth tendency is more evident in property development loans.

“Although property loan growth is still subdued, it has posted year on-year gains for a second straight quarter, with development loan balances rising even faster. That momentum has been largely echoed by stronger land auction results in core cities since the start of the year, backed by a rising supply of prime land,” said Yao.

Ding Zuyu, chairman of China Real Estate Information Corp, said that since June, while the central government has actively worked to boost domestic demand and stimulate consumption, local governments have also continued to strengthen market-stabilizing policies.

“Notable examples are Guangdong province’s Shenzhen and Zhuhai promoting mutual recognition of housing provident fund loans; Hangzhou allowing the use of provident fund savings for down payments; and Binhu district of Jiangsu province’s Wuxi launching a “SuChao” (Jiangsu Football City League) ticket stub subsidy program offering up to 50,000 yuan for homebuyers,” said Ding.

In the first half of this year, local governments rolled out over 340 measures, primarily focusing on optimizing housing provident fund policies, offering home purchase subsidies and adjusting land supply, according to media reports.

Yan Yuejin, deputy head of the Shanghai-based E-House China R&D Institute, said that in the first half of 2025, China’s real estate market showed positive momentum, reflecting both the effective impact of supportive housing policies and strong underlying demand.

This upward trend has laid a solid foundation for further market recovery in the second half of the year, Yan said, adding that with supply and demand having undergone substantial adjustments, the sector is well-positioned for more balanced and sustainable growth moving forward.

MIL OSI China News –

July 25, 2025

MIL-OSI United Kingdom: Statement on Australia-UK Ministerial Consultations (AUKMIN) July 2025

Source: United Kingdom – Executive Government & Departments

Press release

Statement on Australia-UK Ministerial Consultations (AUKMIN) July 2025

Joint statement from UK and Australia on the Australia-UK Ministerial Consultations (AUKMIN) July 2025

1 . On 25 July 2025, the Minister for Foreign Affairs Senator the Hon Penny Wong and the Deputy Prime Minister and Minister for Defence the Hon Richard Marles MP hosted the Secretary of State for Foreign, Commonwealth and Development Affairs the Rt Hon David Lammy MP and the Secretary of State for Defence the Rt Hon John Healey MP for the Australia-UK Ministerial Consultations (AUKMIN) in Sydney.

2 . Ministers noted the global security environment had become more dangerous and unpredictable since they last met in December 2024. They recognised the elevated importance of the enduring Australia-UK relationship in responding together to address these challenges.

3 . Ministers agreed to significantly increase their cooperation to bolster Australia and the UK’s defence and national security, enhance economic security and mitigate and address the impacts of climate change. Ministers agreed on the enduring importance of the UK-Australia relationship in delivering economic growth to our peoples and globally.

4 . Ministers underscored the role Australia and the UK play in upholding the rules, norms and institutions, including respect for universal human rights, that underpin global prosperity and security, and noted their deep, clear and longstanding commitment to the multilateral system. They committed to consider joint initiatives and advocacy on multilateral reform, including on the UN Secretary-General’s UN80 Initiative, to ensure the multilateral system is able to continue to deliver on critical core functions and mandates.

Closer cooperation in the Indo-Pacific

5 . Ministers reaffirmed that the security, resilience and prosperity of the Indo-Pacific and Euro-Atlantic regions are interconnected. They committed to continue to expand efforts to safeguard internationally agreed rules and norms and respect for sovereignty. Ministers agreed on the need to shape a world characterised by adherence to rules and norms, rather than power or coercion.

6 . Ministers committed to further strengthen cooperation, bilaterally and with regional partners, to ensure a peaceful, stable and prosperous Indo-Pacific. Ministers agreed the UK and Australia’s enduring engagement in the Indo-Pacific was important to shaping a favourable strategic balance in the region.

7 . Recognising the deteriorating geostrategic environment, Ministers emphasised the need for all countries to manage strategic competition responsibly, and the importance of dialogue and practical measures to reduce the risks of miscalculation, escalation and conflict.

8 . Ministers reiterated their strong opposition to coercive or destabilising activities by China’s Coast Guard, naval vessels and maritime militia in the South China Sea, including sideswiping, water cannoning and close manoeuvres that have resulted in injuries, endangered lives and created risks of miscalculation and escalation. Ministers agreed to continue cooperating to support freedom of navigation and overflight in the region, including through participation in joint activities. They also reiterated their concern about the situation in the East China Sea.

9 . Ministers emphasised the obligation of all states to adhere to international law, particularly the United Nations Convention on the Law of the Sea (UNCLOS), which provides the comprehensive legal framework for all activities in the ocean and seas. They agreed that maritime disputes must be resolved peacefully and in accordance with international law. Ministers reaffirmed that the 2016 South China Sea Arbitral Tribunal decision is final and binding on the parties. They emphasised any South China Sea Code of Conduct must be consistent with UNCLOS and not undermine the rights of States under international law.

10 . Ministers agreed on the critical importance of peace and stability across the Taiwan Strait. They called for the peaceful resolution of cross-Strait issues through dialogue and not through the threat or use of force or coercion, and reaffirmed their opposition to unilateral changes to the status quo. They expressed concern at China’s destabilising military exercises around Taiwan. Ministers recognised that the international community benefits from the expertise of the people of Taiwan and committed to support Taiwan’s meaningful participation in international organisations where statehood is not a pre-requisite or as an observer or guest where it is. They reiterated their will to continue to deepen relations with Taiwan in the economic, trade, scientific, technological, and cultural fields.

11 . Ministers strongly condemned the DPRK’s ongoing nuclear and ballistic missile programs and called for the complete, verifiable and irreversible denuclearisation of the DPRK. Ministers also expressed grave concern over the DPRK’s malicious cyber activity, including cryptocurrency theft and use of workers abroad to fund the DPRK’s unlawful weapons of mass destruction and ballistic missile programs.

12 . Ministers emphasised their commitment to ASEAN centrality and recognised the critical role of ASEAN-led architecture in promoting peace, stability and prosperity in the region. They reaffirmed their ongoing commitment to support the practical implementation of the ASEAN Outlook on the Indo-Pacific.

13 . Ministers underscored their commitment to deepen engagement on trade and investment diversification in Southeast Asia, including through Invested: Australia’s Southeast Asia Economic Strategy to 2040, Australia’s AUD 2 billion Southeast Asian Investment Financing Facility and dedicated Southeast Asia Investment Deal Teams, and the UK’s enhanced economic engagement. Ministers agreed to continue to strengthen coordination on clean energy transition in Southeast Asia and cooperation to bolster the region’s economic resilience through the mobilisation of private finance for climate objectives and green infrastructure, exploring collaboration on financing of low-carbon energy projects, and coordination of support to the ASEAN Power Grid.

14 . Ministers reaffirmed their commitment to combat people smuggling, human trafficking and modern slavery in South and Southeast Asia, recognising that women and girls were most impacted, with a focus on trafficking into scam centres.

15 . Ministers reiterated their commitment to the Indian Ocean Rim Association (IORA) as the premier ministerial-level forum in the Indian Ocean region. They agreed to continue collaboration on shared priorities in the Indian Ocean, including maritime security.

16 . Ministers reiterated their serious concern at the deepening humanitarian crisis and escalating violence in Myanmar, compounded by the devastating earthquake in March. They strongly condemned the Myanmar regime’s violent oppression of its people, including the continued bombardment of civilian infrastructure. They called for all parties to prioritise the protection of civilians. They called on the regime to immediately cease violence, release those arbitrarily detained, allow safe and unimpeded humanitarian access, and return Myanmar to the path of inclusive democracy. Ministers reiterated their support for ASEAN’s efforts to resolve the crisis, including through the Five Point Consensus and the work of the ASEAN Special Envoy and UN Special Envoy. They welcomed ASEAN leaders’ recent call for an extended and expanded ceasefire, and inclusive national dialogue.

17 . Ministers highlighted their commitment to continue to work with Pacific island countries through existing regional architecture, recognising the centrality of the Pacific Islands Forum. They agreed on the importance of pursuing Pacific priorities as set out in the 2050 Strategy for the Blue Pacific Continent. Ministers joined Pacific partner calls for increased access to climate finance, including further support to Pacific-owned and led mechanisms such as the Pacific Resilience Facility. Ministers welcomed ongoing reform of multilateral climate funds, including the Green Climate Fund (GCF), to provide better outcomes for Pacific island countries, noting encouraging progress made regarding the accreditation of Direct Access Entities and GCF regional presence. Ministers welcomed the UK’s continued contributions to Pacific security through their assistance in the removal of explosive remnants of war via their participation in the Australian-led Operation Render Safe. Ministers agreed to continue to work together to advance transparent and high-quality development in line with the Pacific Quality Infrastructure Principles (PQIPs), including through the Pacific Business Club. Ministers committed to work collaboratively on respective approaches to the Multilateral Development Banks (MDBs) to encourage reform consistent with the PQIPs. Ministers underscored our shared commitment to cyber coordination and capacity-building in the Pacific including through support to the inaugural Pacific Cyber Week in August 2025, a concept endorsed by the Pacific Islands Forum. Ministers emphasised the importance of sharing expertise and strengthening people-to-people links for a more cyber-resilient Pacific.

Ambitious partners, facing global challenges together

18 . Ministers unequivocally condemned Russia’s full-scale invasion of Ukraine and called on Russia to immediately withdraw its troops from Ukraine’s internationally recognised territory, and adhere fully to its obligations under international law, including in relation to the protection of civilians and treatment of prisoners of war. They reiterated their commitment to making sure that Ukraine gets the military and financial support it needs to defend itself in the fight now and agreed to step up action against Russia’s war machine. They emphasised the importance of taking further action against Russia’s shadow fleet, acknowledging the sanctions both countries had imposed in this regard. They also called on Russia to immediately cease their illegal deportation of Ukrainian children and reunify those already displaced with their families and guardians in Ukraine.

19 . Ministers reiterated their deep concerns about the role of third countries in supporting Russia’s illegal war in Ukraine and the associated impact for the security of the Indo-Pacific. They called on China to prevent its companies from supplying dual-use components to Russia’s war effort, and exercise its influence with Russia to stop Moscow’s military aggression and enter negotiations to end the war in good faith. Ministers strongly condemned the DPRK’s support for Russia through the supply of munitions and deployment of DPRK personnel to enable Russia’s war efforts. Ministers called on Iran to cease all support for Russia’s illegal war against Ukraine and halt the transfer of ballistic missiles, UAVs and related technology.

20 . Ministers agreed deepening military cooperation between Russia and the DPRK was a dangerous expansion of Russia’s war that has significant implications for security in the Indo-Pacific region. They expressed deep concerns about any political, military or economic support Russia may be providing to the DPRK’s nuclear and ballistic missile programs. Ministers affirmed their commitment to cooperating with international partners to strengthen efforts to hold the DPRK to account for violations and evasions of UN Council Resolutions (UNSCRs) including as founding members of the Multilateral Sanctions Monitoring Team (MSMT). Ministers acknowledged the release of the MSMT’s first report, which shines a light on unlawful DPRK-Russia military cooperation including arms transfers and Russia’s training of DPRK troops. Ministers urged all UN Member States to abide by their international obligations under the UNSCRs to implement sanctions, including the prohibition on the transfer or procurement of arms and related material to or from the DPRK.

21 . Ministers called on Iran and Israel to adhere to the ceasefire and urged Iran to resume negotiations with the US. Ministers stated their determination that Iran must never develop a nuclear weapon. It is essential that Iran act promptly to return to full compliance with its safeguards obligations, cooperate fully with the International Atomic Energy Agency, and refrain from actions that would compromise efforts to address the security situation in the Middle East. Ministers condemned Iran’s unjust detention of foreign nationals and raised ongoing concerns over the human rights situation in Iran, particularly the escalation of the use of the death penalty as a political tool during the 12-day conflict, and the ongoing repression of women, girls and human rights defenders.

22 . Ministers reiterated their support for Israel’s security and condemnation of Hamas’ horrific attacks on 7 October 2023, and underlined that Israeli actions must abide by international law. They called for an immediate ceasefire in Gaza, an end to Israeli blocks on aid, and the urgent and unconditional release of all hostages.

23 . Ministers reaffirmed their conviction that an immediate and sustained ceasefire, alongside urgent steps towards a credible and irreversible pathway to a two-state solution are the only ways to deliver lasting peace, security and stability for Israelis, Palestinians and the wider region.

24 . Ministers expressed grave concerns at the horrific and intolerable situation in Gaza. They continue to be appalled by the immense suffering of civilians, including Israel’s blocking of essential aid. They reiterated their call for Israel to immediately enable full, safe and unhindered access for UN agencies and humanitarian organisations to work independently and impartially to save lives, end the suffering and deliver dignity. Ministers also condemned settler violence in the West Bank, which has led to deaths of Palestinian civilians and the displacement of whole communities, and expressed opposition to any attempt to expand Israel’s illegal settlements.

25 . Ministers expressed their deep concern for the safety and security of humanitarian personnel working in conflict settings around the world. They reaffirmed their commitment to finalise a Declaration for the Protection of Humanitarian Personnel and implement practical actions to ensure greater respect for and protection of humanitarian personnel. Ministers also called on all countries to endorse the Declaration once launched and to reaffirm their responsibility to uphold humanitarian principles and ensure respect for international humanitarian law. Ministers discussed the essential role of the humanitarian system which is critical to saving lives and livelihoods and avoiding mass displacement. Ministers noted that the core work of the UN, the Red Cross and Red Crescent Movement, and international, national and local humanitarian organisations, must be preserved. Ministers also reiterated support for the Emergency Relief Coordinator’s humanitarian reset.

26 . Ministers committed to continue close collaboration on protecting and promoting gender equality internationally and countering rollback of rights, including through Australia-UK Strategic Dialogues on Gender Equality and progressing subsequent agreed commitments, such as the UK-Australia Gender Based Violence MoU.

27 . Ministers reaffirmed their commitment to the full implementation of the Women Peace and Security (WPS) agenda. They acknowledged the 25th anniversary of UN Security Council Resolution 1325 and agreed to continue working together on implementing the WPS agenda, promoting the full, equal, meaningful and safe participation and leadership of women in conflict prevention, mediation and resolution, and working together on preventing conflict-related sexual violence and ending impunity.

28 . Ministers reiterated their serious shared concerns about human rights violations in China, including the persecution and arbitrary detention of Uyghurs and Tibetans and the erosion of their religious, cultural, education and linguistic rights and freedoms. They expressed their deep concern with the transfer of a cohort of 40 Uyghurs to China against their will in February this year. Ministers shared grave concerns about the ongoing systemic erosion of Hong Kong’s autonomy, freedom, rights and democratic processes, including through the imposition of national security legislation and the prosecution of individuals such as British national Jimmy Lai and Australian citizen Gordon Ng. They shared their deep concern over the actions of Hong Kong authorities in targeting pro-democracy activists both within Hong Kong and overseas, including in Australia and the UK.

29 . Ministers expressed growing concern over foreign information manipulation and interference (FIMI) and attempts to undermine security and democratic institutions and processes. They committed to working closely to analyse and respond to FIMI in order to raise the costs for malign actors, and build collective responses to FIMI, including in multilateral fora, and to promote resilient, healthy, open and fact-based environments.

30 . Ministers acknowledged the unprecedented opportunities presented by critical and emerging technologies, including artificial intelligence, and the need to mitigate harms to build trust and confidence. They committed to collaborate on reciprocal information sharing on advanced AI capabilities and research, including between Australian agencies and the UK AI Security Institute, and working together to capture the opportunities of AI through the bilateral Cyber and Critical Technology Partnership.

31 . Australia welcomed the UK’s new Laboratory for AI Security Research (LASR) and looked forward to exploring the opportunities for cooperation between our nations. The lab will pull together our world-class industry, academia and government agencies to ensure we reap the benefits of AI, while detecting, disrupting and deterring adversaries who would use it to undermine our national security and economic prosperity.

32 . Ministers expressed shared concern over the persistent threat of malicious cyber activities impacting our societies and economies and agreed to continue to work closely on leveraging all tools of deterrence, including the use of attributions and sanctions to impose reputational, financial costs and travel bans on these actors. Our respective statements calling out the egregious activity of Russia’s GRU on Friday 18 July is a good example of such cooperation.

33 . The UK is pleased to welcome Australia as a partner to the Common Good Cyber Fund, designed to strengthen cybersecurity for individuals most at risk from digital transnational repression. The Fund was first launched by the Prime Ministers of the UK and Canada under the G7 Rapid Response Mechanism. This participation underscores the growing commitment among G7 partners and like-minded nations to counter this threat and to deliver support to those who may be targeted.

34 . Ministers reiterated their commitment to the Commonwealth as a unique platform for cross-regional dialogue and cooperation. They noted the importance of the Commonwealth in elevating the voices of small developing states on issues of global importance. Ministers took note of the important role of the Commonwealth Small States Offices in New York and Geneva, and committed to looking into options for expansion of this offer.

Building shared defence capability

35 . Ministers welcomed the continued growth in the bilateral defence relationship including the deployment of a British Carrier Strike Group to Australia for Exercise Talisman Sabre 2025 as part of an Indo-Pacific deployment. HMS Prince of Wales is the first UK aircraft carrier to visit Australia since 1997 and the deployment demonstrates the UK’s ongoing commitment to increase interoperability with Australia in the Indo-Pacific following significant contributions to Exercises Pitch Black and Predator’s Run in 2024. Ministers look forward to future opportunities in Australia and the wider region, including leveraging the Royal Navy’s (RN) offshore patrol vessels persistently deployed in the Indo-Pacific.

36 . Ministers also welcomed the success of the inaugural Australia-UK Staff Level Meeting, with the second meeting set to take place in Australia later this year. This forum will continue to progress joint strategic and operational objectives, supporting the evolution of the bilateral relationship.

37 . Ministers reaffirmed their enduring commitment to the generational AUKUS partnership, which is supporting security and stability in the Indo-Pacific and beyond, enhancing our collective deterrence against shared threats. This capability and technology sharing partnership will deliver military advantage to deter adversaries and promote regional security. The partnership also provides new pathways for innovation, boosting interoperability between partners and strengthening our combined defence industrial base.

38 . Ministers announced their intent to sign a bilateral AUKUS treaty between the UK and Australia on Saturday, 26 July. The Treaty is a landmark agreement, which will underpin the next 50 years of UK-Australian bilateral cooperation under AUKUS Pillar I.

39 . The Treaty will enable comprehensive cooperation on the design, build, operation, sustainment, and disposal of our SSN-AUKUS submarines; support the development of the personnel, workforce, infrastructure and regulatory systems required for Australia’s nuclear-powered submarine program; and realise increased port visits and the rotational presence of a UK Astute Class submarine at HMAS Stirling under Submarine Rotational Force – West.

40 . The Treaty will enable our two countries to deliver a cutting-edge undersea capability through the SSN-AUKUS, in conjunction with our partner the US. Through working together we are supporting stability and security in the Indo-Pacific and beyond for decades to come, creating thousands of jobs, strengthening our economies and supply chains, building our respective submarine industrial bases and providing new opportunities for industry partners.

41 . Ministers welcomed the significant progress made towards delivering Pillar I, including the entry into force of the AUKUS Naval Nuclear Propulsion Agreement between Australia, the UK and US on 17 January 2025 and the progress in design of the SSN-AUKUS submarines that will be operated by the RN and the Royal Australian Navy (RAN).

42 . Ministers welcomed the UK’s June commitment, in its Strategic Defence Review, to build up to 12 SSN-A submarines, and continuous submarine production through investments in Barrow and Raynesway that will allow the UK to produce a submarine every 18 months, and recognised the UK’s additional investment to transform the UK’s submarine industrial base.

43 . Ministers reaffirmed Australia and the UK’s strong and ongoing commitment to the delivery of the AUKUS Optimal Pathway. Reflecting the UK’s enduring dedication to this partnership, and long-standing engagement in the Indo-Pacific, Ministers welcomed the planned deployment of a RN submarine to undertake a port visit to Australia in 2026, delivering a varied programme of operational and engagement activities. The visit will support preparations for the establishment of the Submarine Rotational Force – West from as early as 2027, and represents another step forward on the shared path towards the delivery of SSN-AUKUS – ensuring our navies are ready, integrated, and capable of operating together to promote security and stability in the region.

44 . Ministers underscored the importance of ensuring Australia’s acquisition of a conventionally-armed, nuclear-powered submarine capability sets the highest non-proliferation standard, and endorsed continued close engagement with the International Atomic Energy Agency.

45 . Ministers affirmed their commitment under AUKUS Pillar II to continue to deliver tangible advanced capabilities to our defence forces and welcomed progress to date. By leveraging advanced technologies, our forces become more than the sum of their parts. They underlined the importance of Pillar II in streamlining capability acquisition and strengthening our defence innovation and industry sectors.

46 . As part of Talisman Sabre 25, AUKUS partners participated in Maritime Big Play activities as well as groundbreaking AI and undersea warfare trials. The partners tested the remote operation of the UK’s Extra Large Unmanned Underwater Vehicle, Excalibur, controlled from Australia while operating in UK waters. The exercise once again accelerated interoperability between our forces and the accelerated integration of remote and autonomous systems.

47 . Ministers noted the successful UK E-7A Seedcorn training program in Australia. The program, which is set to conclude in December 2025, was established to preserve a core of Airborne Early Warning and Control expertise within the Royal Air Force (RAF) and to lay a strong foundation for the introduction of the UK’s own Wedgetail aircraft. Thanks to the exceptional support of the Royal Australian Air Force (RAAF), since its inception in 2018, 30 RAF personnel – including pilots, mission crew, engineer officers, aircraft technicians, and operations specialists – have benefited from world-class training and exposure to the Wedgetail capability.

48 . Ministers welcomed the upcoming deployment of a RAAF E-7A Wedgetail to Europe in August under Operation Kudu to help protect vital supply lines for humanitarian aid and military assistance into Ukraine. Delivering upon the vision for true interchangeability detailed in the Wedgetail Trilateral Joint Vision Statement in 2023, this deployment will see the Wedgetail jointly crewed by Australian and British service members in a live operational setting. Ministers also welcomed Australia’s decision to extend support for training Ukrainian personnel under Operation Interflex, through Operation Kudu, to the end of 2026. Australia and the UK will also continue to work closely together to share insights and observations from the conflict.

49 . Ministers reiterated their nations’ continued investment in the Five Power Defence Arrangements (FPDA) as a unique multilateral arrangement that plays a constructive role in building habits of cooperation and enhancing the warfighting capabilities of its members. They look forward to Exercise Bersama Lima 2025 which will feature high-end warfighting serials and next-generation assets such as Australia’s F-35s and the UK’s Carrier Strike Group.

50 . Ministers affirmed their shared ambition to conduct a bilateral defence industry dialogue at both the Senior Official and Ministerial levels, providing a forum to deepen defence industry collaboration, enhance joint capability development, and cooperate on procurement reform to ensure improved efficiency in capability acquisition and sustainment.

51 . Ministers agreed to deepen cooperation on using Active Electronically Scanned Array (AESA) radar technology in both nations. This includes exploring the potential of using Australian AESA radar technologies for UK integrated air and missile defence applications. They agreed to undertake a series of targeted risk reduction activities in the near future to inform future decisions.”

52 . Ministers agreed to progress personnel exchanges that support the future combat effectiveness of the Australian Hunter Class and British Type 26 Frigates. To support the introduction of these platforms into service, the RAN and RN will undertake a series of maritime platform familiarisation activities that enable our people to gain experience in critical capabilities, including underwater and above water weapon systems, primary acoustical intelligence analysis, and overall signature management.

53 . Ministers agreed to strengthen their sovereign defence industries through closer collaboration between the UK’s Complex Weapons Pipeline and Australia’s Guided Weapons and Explosive Ordnance Enterprise. As a first step the Ministers announced a collaborative effort to develop modular, low cost components for next-generation weapon systems.

54 . Ministers acknowledged the shared legacy and the contribution of veterans to the bilateral relationship. They reaffirmed their commitment to identify avenues for closer collaboration on improving veterans’ health and transition services.

Partnering on trade, climate and energy

55 . Ministers agreed to work closely to safeguard and strengthen the role that free and fair trade and the rules-based multilateral trading system plays in economic prosperity and building resilience against economic shocks.

56 . Ministers reaffirmed the importance of the rules-based multilateral trading system, with the World Trade Organization (WTO) at its core, to economic security and prosperity. Ministers agreed to deepen cooperation to reform and reposition the Organization, and the broader global trading system, to meet the trade challenges of the new economic and geopolitical environment. Ministers agreed to continue working together to overcome blockages in multilateral rulemaking, including by working in smaller and more agile plurilateral groupings to address contemporary challenges, such as non-market policies and practices, which could complement ongoing multilateral efforts. They welcomed cooperation on plurilateral rulemaking, including efforts to have the E-Commerce Agreement incorporated into WTO architecture and brought into force as soon as possible. They reaffirmed the importance of restoring a fully-functioning dispute settlement system as soon as possible, welcoming the UK’s decision to join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) while our countries work to fix the system.

57 . Ministers welcomed the entry into force of the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in December 2024 and welcomed Australia as 2025 Chair. Ministers affirmed the need to work cooperatively together to ensure the CPTPP remains high standard and fit-for-purpose in addressing evolving challenges through continued progress on the CPTPP General Review and expansion of the membership. They looked forward to planned CPTPP trade and investment dialogues with the EU and with ASEAN.

58 . Ministers welcomed the second meeting of the Australia-United Kingdom Free Trade Agreement (A-UKFTA) Joint Committee on 3 June which celebrated the strong and growing trade and investment relationship between the UK and Australia and the strong uptake of the agreement’s benefits.

59 . Ministers welcomed close engagement on economic security under the annual United Kingdom-Australia Economic Security Dialogue, noting that its establishment by AUKMIN in 2023 was timely in preparing for future needs. They reflected on the closer integration of our analysis capabilities and committed to a joint-funded track 1.5 to generate practical insights and informal policy dialogue that will inform our joint economic security efforts.

60 . As both countries continue to develop their bilateral partnership through the UK-Australia FTA, the Economic Security Dialogue, and other fora, Ministers committed to deepening cooperation in key sectors of mutual interest. Ministers view this as an opportunity to explore new areas of collaboration and share best practices in the interests of boosting bilateral trade and investment, facilitating innovation and research, and supporting our mutual economic security and resilience. This year, officials in relevant departments will compare approaches with the aim to identify areas of common interest or complementary strength and discuss further opportunities for related cooperation. This may include initiatives to advance supply chain resilience, frontier research, investment promotion, public finance cooperation, and effective regulation.

61 . Ministers affirmed the calls in the Global Stocktake under the Paris Agreement for countries to come forward in their next NDCs with ambitious emissions reduction targets aligned with keeping 1.5 degrees within reach. In that context, Ministers recognised the immense economic opportunities in ambitious climate action and a rapid transition to renewable energy. Ministers welcomed the UK’s ambitious NDC and looked forward to Australia’s NDC and Net-Zero Plan. Ministers further welcomed the report released by the UN Secretary General titled ‘Seizing the Moment of Opportunity: Supercharging the new energy era of renewables, efficiency, and electrification’ that highlighted the compelling economic case for the rapidly declining cost of renewable energy, and the rapidly growing role of the clean energy economy in powering jobs and economic growth. Ministers affirmed their determination to fulfil multilateral climate commitments and reiterated the importance of reforming the finance system and improving access to climate finance for developing countries. Ministers recommitted to building nature-positive economies to support a central theme of Brazil’s COP Presidency. The UK reiterated its support for Australia’s bid to host COP31 in partnership with the Pacific and expressed the hope that a decision would soon be reached. Ministers welcomed UK sharing its hosting experience and agreed to explore secondments to support COP31 planning. The UK and Australia welcome the close collaboration between our countries in the Intergovernmental Negotiating Committee (INC) negotiations for an international legally binding instrument on plastic pollution, including through our shared membership of the High Ambition Coalition to End Plastic Pollution. At this critical juncture ahead of INC-5.2, the final opportunity to secure an agreement, we call upon all members of the INC to recommit to working constructively to achieve an effective comprehensive agreement that addresses the full lifecycle of plastic. We recognise that Commonwealth countries are particularly affected by plastic pollution and in that regard we renew our commitment to collaborating through the Commonwealth Clean Ocean Alliance, to tackle plastic pollution in the commonwealth. Ministers pledged to deepen collaboration through the UK-Australia Climate and Clean Energy Partnership.

62 . Ministers welcomed close cooperation to support the development of resilient critical mineral supply chains governed by market principles. This includes developing a roadmap to promote a standards-based market to reflect the real costs of responsible production, processing and trade of critical minerals as agreed at the recent G7 meeting on 17 June. Ministers agreed upon the importance of the sustainable and responsible extraction and processing of critical minerals for the energy transition, and committed to working together on solutions. These include the new Critical Minerals Supply Finance developed by UK Export Finance (UKEF) which can provide finance support to overseas critical minerals projects that supply the UK’s high-growth sectors. UKEF has up to £5bn in finance support available for projects in Australia and will work closely with Export Finance Australia. Ministers also undertook to ensure the UK is consulted on the design and implementation of Australia’s Critical Minerals Strategic Reserve.

63 . Ministers discussed the leading roles being played by Australia and the UK in the full and effective implementation of the Biodiversity Beyond National Jurisdiction (BBNJ) Agreement welcoming in particular Australia’s role as Co-Chair of the Preparatory Commission. Ministers were encouraged by each country’s progress towards ratification of the treaty, which is a landmark agreement for protection of the world’s ocean.

64 . Ministers discussed the increasing geostrategic, climatic, and resource pressures on the Antarctic and Southern Ocean region and reaffirmed their shared and long-standing commitment to the Antarctic Treaty System (ATS). Ministers committed to upholding together the ATS rules and norms of peaceful use, scientific research, international cooperation and environmental protection, and to deepen understanding of the impact of climate change on the oceans and the world through Antarctic research including in the context of the International Polar Year of 2032/33. Ministers welcomed the United Kingdom’s chairing of CCAMLR for 2024-5 and 2025-6.

65 . Ministers agreed on the importance of ensuring all children have the right to grow up in a safe and nurturing family environment. Ministers recognised the transformative impact on children’s health, capacity to learn and economic prospects that growing up in a family-based environment can have. Ministers acknowledged the UK’s Global Campaign on Children’s Care Reform and agreed to work together to drive international awareness and demonstrate their commitment to children’s care reform.

66 . Ministers reiterated their commitment to upholding shared values and continuing to invest in sustainable development, gender equality, disability equity and social inclusion, which underpin global prosperity. To support sustainable development, Ministers agreed to deepen cooperation with emerging donors of development assistance, to diversify funding, enhance development effectiveness, share lessons and build trust and transparency with partners. Ministers committed to work together to deliver sustainable solutions for Small Island Developing States (SIDS), recognising their unique vulnerabilities and to ensure meaningful engagement in international processes, including ODA graduation.

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Published 25 July 2025

MIL OSI United Kingdom –

July 25, 2025

MIL-OSI Europe: ECB appoints Isabel Vansteenkiste as Counsellor to President Lagarde

Source: European Central Bank

25 July 2025

Isabel Vansteenkiste to become Principal Counsellor to the President and Coordinator of the Counsel to the Executive Board
Her predecessor Roland Straub to become Deputy Director General Market Operations
Both appointments effective as of 15 September 2025

The Executive Board of the European Central Bank (ECB) has appointed Isabel Vansteenkiste, currently Director General International and European Relations, as Principal Counsellor to the President and Coordinator of the Counsel to the Executive Board. Ms Vansteenkiste will take up her new role on 15 September 2025. In this role, she will advise the President on a wide range of economic and strategic policy matters and support preparations for Executive Board and Governing Council meetings, as well as for high-level international engagements. She will also oversee the work of the Counsel to the Executive Board. Ms Vansteenkiste succeeds Roland Straub, who has been appointed Deputy Director General Market Operations as of the same date.

“I am very much looking forward to working with Isabel Vansteenkiste in her new role and would like to express my heartfelt gratitude to Roland Straub for his hugely valuable contributions and unwavering commitment over many years, which I know will continue in his new role,” said ECB President Christine Lagarde.

As Deputy Director General Market Operations, Mr Straub will play a pivotal role in shaping the strategy and work agenda of the Directorate General Market Operations. The Directorate General is responsible for preparing and implementing monetary policy and foreign exchange operations, managing the ECB’s foreign reserves and monitoring market developments. Mr Straub joined the ECB in 2007 and previously served as Counsellor to former ECB President Mario Draghi and former Executive Board member Benoît Cœuré, as well as holding positions in the areas of research and international and European relations. He holds a master’s degree in economics from Goethe University Frankfurt and a PhD in economics from the European University Institute in Florence.

Ms Vansteenkiste has been at the ECB for 23 years, holding various professional and senior managerial roles in areas including international and European relations, economics and monetary policy. In her current position, she oversees monitoring and analysis of global economic trends and supports the Executive Board in formulating policy positions on international, EU and euro area matters. She holds a PhD in economics from KU Leuven.

For media queries, please contact Eszter Miltényi-Torstensson, tel.: +49 171 7695305.

Notes

MIL OSI Europe News –

July 25, 2025

MIL-OSI Africa: SA signs US$474.6 million loan for Just Energy Transition

Source: Government of South Africa

Friday, July 25, 2025

South Africa and the African Development Bank (AfDB) have signed a US$474.6 million loan agreement aimed at supporting the implementation of the Just Energy Transition (JET).

The loan agreement with the AfDB follows the first policy loan concluded in 2023 to support South Africa’s Just Energy Transition.

“This new agreement highlights the importance of South Africa’s partnership with the AfDB in advancing South Africa’s development agenda. It strengthens efforts to improve energy security measures, accelerate the decarbonisation of the economy, and enhance the socio-economic benefits of the energy transition enabling inclusive economic growth and fostering job creation,” National Treasury said on Thursday.

This loan is part of the third Development Policy Operation which includes participation from the World Bank, KFW Development Bank, Japan International Cooperation Agency, and the Organisation of the Petroleum Exporting Countries Fund for International Development (OPEC Fund) to support structural reforms to enhance the efficiency, resilience, and sustainability of the country’s infrastructure services.

It offers favourable concessional financial terms at a nominal value of US$474.6 million with a maturity of 15 years and a 3-year grace period at an interest rate of a daily Secured Overnight Financing Rate (SOFR) plus 1.22%.

“The National Treasury wishes to express its appreciation to the AfDB for its continued partnership and support of South Africa’s development objectives.

“This includes efforts to implement critical reforms in the energy and transport sectors, while also advancing the country’s Just Energy Transition goals and meeting foreign currency commitments at lower interest rates.” – SAnews.gov.za

MIL OSI Africa –

July 25, 2025

MIL-OSI Europe: Results of the ECB Survey of Professional Forecasters for the third quarter of 2025

Source: European Central Bank

25 July 2025

Headline inflation expectations revised down for 2025-26 but unchanged for 2027 and the longer term; expectations for HICP inflation excluding energy and food revised down slightly for 2026 and 2027 to 2.0%
Tariffs expected to have a small downward impact on inflation in the nearer term (-0.06 percentage points in both 2025 and 2026), but to be broadly neutral on balance in 2027 and the longer term (2030)
Real GDP growth expectations revised up by 0.2 percentage points for 2025 and down by 0.1 percentage points for 2026; growth expectations for 2027 and the longer term unchanged
Unemployment rate expectations broadly unchanged

Respondents’ expectations for headline inflation, as measured by the Harmonised Index of Consumer Prices (HICP), were 2.0% for 2025, 1.8% for 2026 and 2.0% for 2027. Expectations were revised down by 0.2 percentage points for 2025 and 2026 compared with the previous survey (conducted in the second quarter of 2025) but were unchanged for 2027. Expectations for core HICP inflation, which excludes energy and food, were revised down slightly for 2026 and 2027. Longer-term expectations for both headline inflation and core HICP inflation were unchanged at 2.0%.

Respondents expected real GDP growth of 1.1% in 2025 and 2026 and 1.4% in 2027. Compared with the previous survey, expectations were revised up by 0.2 percentage points for 2025 but down by 0.1 percentage points for 2026. Growth expectations for 2027 and for the longer term remained unchanged at 1.4% and 1.3% respectively.

The expected trajectory of the unemployment rate was broadly unchanged. The unemployment rate is expected to average 6.3% in 2025 and 2026 and then to fall to 6.2% in 2027, where it is expected to remain in the longer term (expectations for 2027 were revised marginally down by 0.1 percentage points).

MIL OSI Europe News –

July 25, 2025

MIL-OSI Europe: Monetary developments in the euro area: June 2025

Source: European Central Bank

25 July 2025

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 decreased to 3.3% in June 2025 from 3.9% in May, averaging 3.7% in the three months up to June. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 4.6% in June from 5.1% in May. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -1.1% in June, compared with -0.1% in May. The annual growth rate of marketable instruments (M3-M2) decreased to 10.4% in June from 11.5% in May.

Chart 1

Monetary aggregates

(annual growth rates)

Data for monetary aggregates

Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed 2.9 percentage points (down from 3.2 percentage points in May), short-term deposits other than overnight deposits (M2-M1) contributed -0.3 percentage points (down from 0.0 percentage points) and marketable instruments (M3-M2) contributed 0.7 percentage points (down from 0.8 percentage points).

Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households decreased to 3.3% in June from 3.5% in May, while the annual growth rate of deposits placed by non-financial corporations decreased to 1.5% in June from 2.7% in May. Finally, the annual growth rate of deposits placed by investment funds other than money market funds decreased to 13.1% in June from 15.4% in May.

Counterparts of the broad monetary aggregate M3

The annual growth rate of M3 in June 2025, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows: claims on the private sector contributed 2.6 percentage points (up from 2.4 percentage points in May), net external assets contributed 2.4 percentage points (down from 2.5 percentage points), claims on general government contributed 0.0 percentage points (down from 0.2 percentage points), longer-term liabilities contributed -1.1 percentage points (as in the previous month), and the remaining counterparts of M3 contributed -0.6 percentage points (down from -0.1 percentage points).

Chart 2

Contribution of the M3 counterparts to the annual growth rate of M3

(percentage points)

Data for contribution of the M3 counterparts to the annual growth rate of M3

Claims on euro area residents

The annual growth rate of total claims on euro area residents stood at 2.0% in June 2025, compared with 1.9% in the previous month. The annual growth rate of claims on general government decreased to 0.1% in June from 0.6% in May, while the annual growth rate of claims on the private sector increased to 2.7% in June from 2.5% in May.

The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) increased to 3.0% in June from 2.8% in May. Among the borrowing sectors, the annual growth rate of adjusted loans to households increased to 2.2% in June from 2.0% in May, while the annual growth rate of adjusted loans to non-financial corporations increased to 2.7% in June from 2.5% in May.

Chart 3

Adjusted loans to the private sector

(annual growth rates)

Data for adjusted loans to the private sector

Notes:

Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
“Private sector” refers to euro area non-MFIs excluding general government.
Hyperlinks lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

MIL OSI Europe News –

July 25, 2025

MIL-OSI Africa: The Gambia: African Development Fund Approves $19.93 Million Grant to Tackle Fragility and Expand Opportunities for Rural Youth and Women

Source: APO

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved $19.93 million grant funding for the Resilience Building – Vulnerable Youth and Women Support Project, designed to improve access to basic social services for underserved communities in The Gambia.

The initiative seeks to address the root causes of poverty and irregular migration by creating sustainable livelihoods and tackling early signs of fragility and preventing structural drivers of conflict and instability in the targeted region. It forms part of the Bank’s scaled-up prevention agenda under the Prevention Envelope of the Transition Support Facility (TSF), which emphasizes early response to fragility risks and systematic drivers of conflict.

The Gambia faces severe economic challenges, with 53.4% of the population living below the poverty line. Poverty is particularly severe in rural areas, affecting 76 percent of residents, compared to 34 percent in urban areas. Youth unemployment stands at 38.6%, with women disproportionately impacted — 1.3 unemployed women for every unemployed man. These socio-economic disparities, coupled with limited access to services, are major push factors fuelling irregular migration and social instability.

Although the country has achieved robust electricity access nationwide, glaring regional inequalities persist. In areas such as Kuntaur and Janjanbureh, fewer than one in four people have access to electricity, compared to 95 percent in the capital. Additionally, one in four children suffers from malnutrition. By targeting these gaps, the project aims to renew the social contract and foster community resilience.

“This project represents our commitment to tackling the foundational causes of fragility, poverty, exclusion, and lack of opportunity, by investing in people and systems that build community resilience and hope,” said Dr. Joseph Ribeiro, African Development Bank Deputy Director General for West Africa, and Country Manager for The Gambia. “Through the TSF Prevention Envelope, we are acting early to prevent conflict and youth migration by fostering inclusive growth, gender equality, and institutional stability, while building foundations for sustainable livelihoods that will keep families and communities together.”

The project will directly create 1,500 jobs, enhance productivity for 5,000 existing positions, and provide annual skills training to 500 youth in high-demand sectors such as agriculture, engineering, ICT, and renewable energy. In addition, support will be extended to 500 women-led micro and small enterprises and 50 women’s cooperatives.

Key investments in health infrastructure will include rehabilitating four primary health facilities vulnerable regions, including Basse, Kuntaur, and Janjanbureh, where maternal mortality and child malnutrition rates exceed national averages. Enhanced nutrition surveillance systems will enable early detection for 22,000 children and facilitate treatment for 1,000 children requiring specialized care.

Food insecurity has surged, rising from 13.4 percent in 2021 to 29 percent in 2023, with peaks of 61 percent in areas such as Kuntaur. The project will address this crisis by promoting climate-smart agriculture and strengthening local values chains to improve food security and reduce vulnerability to climate shocks.

Financial inclusion is a core pillar of the intervention. With 77 percent of Gambian youth currently excluded from formal financial services, the project will establish dedicated credit lines and provide business development support to unlock entrepreneurship, particularly for women who face systemic barriers to accessing capital and markets.

The initiative also includes scaling up efforts to tackle gender-based violence and inequality, and capacity-building for government institutions to enhance data-driven policymaking and long-term monitoring of fragility trends.

Civil society organisations, including the Association of Non-Governmental Organizations (TANGO), will be central to ensuring the project is inclusive, participatory, and aligned with national priorities.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contact:
Natalie Nkembuh,
Communication and Media Relations Department
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

Media files

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MIL OSI Africa –

July 25, 2025

MIL-OSI Russia: Financial news: Information on funds attracted and placed by credit institutions

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

Information on funds attracted by credit institutions

Volume of deposits from individuals attracted by credit institutions

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Volume of savings (deposit) certificates, bonds and bills issued by credit institutions

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Data on the amounts of bills of exchange discounted by credit institutions

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Data on the amounts of funds of legal entities and individuals attracted by issuing bills of exchange by credit institutions

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Information on the amount of assets and equity (capital) of credit institutions

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Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 25, 2025

MIL-OSI Russia: Financial news: Individual performance indicators of credit institutions (by groups of credit institutions, ranked by asset size)

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

Information on funds attracted by credit institutions

Volume of deposits from individuals attracted by credit institutions

More Collapse –

The volume of funds attracted by credit institutions from legal entities

More Collapse –

Volume of savings (deposit) certificates, bonds and bills issued by credit institutions

More Collapse –

Data on the amounts of bills of exchange discounted by credit institutions

More Collapse –

Data on the amounts of funds of legal entities and individuals attracted by issuing bills of exchange by credit institutions

More Collapse –

Data on the volume of attracted bank deposits

More Collapse –

Information on the amount of assets and equity (capital) of credit institutions

More Collapse –

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 25, 2025

MIL-OSI Banking: BSTDB Backs Renewable Energy Expansion in Bulgaria and Romania with €40 Million Loan to Renalfa IPP

Source: Black Sea Trade and Development Bank

Press Release | 24-Jul-2025

Joint €315 million international financing to accelerate clean energy investments

The Black Sea Trade and Development Bank (BSTDB) is providing up to €40 million loan to support the development, hybridization, and expansion of Renalfa IPP’s renewable energy assets in Bulgaria and Romania. The financing forms part of a broader €315 million financing package secured from leading development finance institutions and commercial banks, including the European Bank for Reconstruction and Development (EBRD), Kommunalkredit Austria AG, OTP Hungary, NLB Slovenia, and UniCredit BulBank.

The funds will enable Renalfa IPP to upgrade its portfolio of renewable energy and battery energy storage systems (BESS), contributing to the decarbonization of Bulgaria’s and Romania’s power systems. The project will help diversify the countries’ energy mix, enhance energy security, and accelerate their transition to low-carbon economies. The BSTDB financing will also help catalyze further private and public sector investments, generate employment during both the construction and operation phases, and create long-term value for local communities. The operation represents a major step forward in the region’s transition toward cleaner, more secure, and sustainable energy systems.

“This investment marks an important milestone in BSTDB’s efforts to support the clean energy transition in the Black Sea region,” said Dr. Serhat Köksal, BSTDB President. “By backing the development of solar, wind, and battery storage infrastructure in Bulgaria and Romania, we are strengthening the resilience and competitiveness of their electricity sectors. The operation will play a key role in addressing the countries’ growing energy demands, while also reducing carbon emissions and supporting their commitments to climate goals. Moreover, it aligns closely with BSTDB’s Climate Strategy and reinforces our commitment to financing sustainable infrastructure and regional growth.”

Ivo Prokopiev, CEO of Renalfa IPP, commented: “The successful raising of growth funding is an important milestone for Renalfa IPP and for our whole group. It proves the competitiveness of our integrated model for developing, investing and operating large hybrid assets. The early implementation of long duration co-located BESS allows Renalfa IPP to start offering green baseload products to market in CEE for the first time. We are proud, together with our partners from RGreen, to be on the frontier of energy transition not only in CEE, but in the whole EU.”

Renalfa IPP is a leading independent power producer based in Vienna, specializing in the development, construction, and operation of renewable energy projects across Central and Eastern Europe. As an established platform with strong business model capabilities, Renalfa IPP works across the full value chains from project origination to asset operation. The company focuses on solar, wind, and Battery Energy Storage Systems (BESS), supporting the region’s transition to a sustainable and low-carbon energy future. Renalfa IPP is a joint venture between Renalfa Solarpro Group and RGREEN INVEST.

Renalfa Solarpro Group is a Vienna based clean energy and e-mobility investment group with a focus on renewable energy generation assets. Renalfa Solarpro is an established platform with strong business model capabilities, working across the full solar PV, wind, and BESS value chains from project origination to asset operation.

RGREEN INVEST is an independent French mission-driven investment management company committed to helping investors channel their capital towards financing projects dedicated to accelerating the energy transition, mitigation, and adaptation to climate change.

https://www.renalfa.com

https://www.rgreeninvest.com

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

Contact: Haroula Christodoulou

: @BSTDB

MIL OSI Global Banks –

July 25, 2025

MIL-OSI Australia: Press conference, Calamvale, Queensland

Source: Australian Parliamentary Secretary to the Minister for Industry

Jim Chalmers:

The purpose of economic reform is to boost incomes and lift living standards over time. When we came to office, living standards were in free fall, inflation was much higher and galloping, real wages were falling, interest rates had already started to come up – and we’ve been turning things around. We’ve got inflation much lower, sustainably within the Reserve Bank’s target band, real wages are growing again, interest rates have started to come down, unemployment is low, we’ve delivered a couple of surpluses and we’ve got the Liberal debt down as well.

We’ve made a lot of progress together in our economy, but we know that there’s more work to do. We’ve got a big agenda that we are delivering, that we are rolling out. But we know that at a time when people are still under pressure, the global economic environment is uncertain and when we’ve got these persistent structural issues in our economy as well, we’ve got more work to do and that’s what our efforts on economic reform are all about.

Our Economic Reform Roundtable is all about making our economy more productive and more resilient and our budget more sustainable at the same time. Now, these are long‑standing issues in our economy and there’s no quick fix. We have an agenda that we’re rolling out, and we are looking to build consensus about next steps when it comes to our economy.

Now, when it comes to the range of views which have been provided, especially in the last couple of days, whether it be from the union movement, the business community, the Productivity Commission, there have been a range of proposals put to us. I know that the Member for Wentworth and the federal parliament is hosting a tax reform discussion today as well.

I want to make it really clear – we welcome ideas on the future of our economy from every corner of our economy and every part of our communities. This is a good thing to see the kind of engagement and interest that we’ve seen in the government’s Economic Reform Roundtable and all of the processes which surround it. We don’t expect there to be a unanimous view, but we are seeking common ground. We do welcome ideas from all parts of our country and we’re very encouraged by the level of interest and engagement that we are seeing.

When it comes to the Productivity Commission report released overnight, I wanted to make a couple of points specifically about that. The Productivity Commission makes it really clear that this challenge in our economy has not been just a feature of our economy the last couple of years, but for the last couple of decades. Our productivity challenge is a long‑standing challenge. The weakest decade for productivity growth in the last 60 years was the decade that our political opponents presided over. So, this challenge has been in our economy for some time.

There are no quick fixes and we want to work with business and unions and the community more broadly to turn that around over time. Making our economy more productive is one of the most important ways that we can boost incomes and lift living standards over time, and that’s why it’s such a priority for us. Our priorities are to make our economy more productive, to make our economy more resilient in the face of all this global uncertainty, and also to make our budget more sustainable. At the same time, the Productivity Commission has provided some thinking to help us work through these issues. We also welcome the input from unions and businesses and others. I suspect that there will be more of this between now and the Roundtable next month, and that’s a very good thing. Happy to take a couple of questions.

Journalist:

Minister, I’ve just got a few questions from our journos in Canberra. On productivity, business and unions are already taking shots at each other in the media over the Productivity Roundtable. Are you worried that the process is becoming unconstructive already?

Chalmers:

Not at all. There’ll be a range of views about our productivity challenge and that’s a good thing. We welcome engagement and interest and ideas from unions, from business, from the Productivity Commission, from the community sector and from others. It’s a good thing in a country like ours that we can tease out our differences and seek common ground and that’s what we’re seeing right now. This is precisely why we’re seeking to bring people together. Not because we expect everyone to have a unanimous view. But because everyone’s got an interest in strengthening our economy and strengthening our budget, making our economy more productive and more resilient, lifting living standards and boosting incomes.

Every Australian has an interest in that. Not every Australian will have a unanimous view, but this is our best effort to seek common ground around these big, persistent structural challenges in our economy. We think it’s a good thing that that conversation that people are engaged in is robust. We think it’s a good thing that people are being blunt and upfront about their views. I think that gives us the best possible chance of working out if there’s common ground and where that common ground might exist.

Journalist:

How does Queensland benefit from the opening of [INAUDIBLE] beef imports from the US?

Chalmers:

Well, this has been a long standing process that has been underway. It’s a scientific process that involves experts and scientists and it makes sure that our arrangements are up to scratch. I see that there’s a lot of commentary around this in the last day or 2. I know that our political opponents want to play their usual low‑rent politics over it but this is a long‑standing scientific process. It’s coming to a conclusion and it’s all about making sure that we have the best arrangements based on the best scientific advice.

Journalist:

The ACTU says that workplace managers are dragging down the nation’s productivity. Is that a view you share?

Chalmers:

I think it’s obvious that when it comes to decisions taken by managers and by boards and by others, obviously, that has implications for productivity. I think it would be unusual in the extreme if the ACTU representing Australian workers weren’t able to make that view public. And as I said before, and in answer to your colleague’s question here, I think it’s a good thing.

Whether it’s the unions, the business community, the PC or others, people should be free to express their views about the best way forward when it comes to making our economy more productive. Obviously, decisions taken by managers and by boards and by others are relevant here to the productivity challenge and I think the ACTU should be able to make their views public.

Journalist:

Hoping to ask you a question about the ABC’s Four Corners story about the ATO and Paul Keating’s company. Are you confident that ordinary taxpayers would have the same level of access and the opportunity to get a similar outcome on a tax write‑off as the former Prime Minister Paul Keating?

Chalmers:

Well, first of all, I want to make it clear that the first I knew about that decision was when I read it on the ABC website. It’s not something that I was involved in or aware of. In fact, the decision, as I understand it, was made about a decade ago in 2015. That’s 3 treasurers ago, 4 if you include Scott Morrison’s sneaky second stint as Treasurer. So, a long time ago under a government of a different persuasion and a few treasurers ago.

The ATO takes these decisions independently, that’s how the system works, and treasurers of both political persuasions don’t make commentary on the tax affairs of individuals or individual companies. These decisions are rightly taken independently by the ATO. They have their own processes when it comes to reviewing and considering appeals and feedback that they get from different taxpayers. And that is appropriately a matter for them.

Journalist:

Will you be contacting them though, and asking them for a full explanation?

Chalmers:

Look, I speak regularly with the Commissioner of Tax Rob Heferen. I appointed him not that long ago. We met not that long ago, we catch up relatively frequently, but it’s not for me to second‑guess decisions taken 10 years ago under other treasurers and other tax commissioners. There are good reasons why the ATO takes those sorts of decisions independently, free of political involvement or interference.

Journalist:

Do you think that Glencore is bluffing when it says it’s going to close its copper smelter? And if it isn’t bluffing, what is the federal government doing to protect 17,000 indirect jobs through the chain of supply in North Queensland?

Chalmers:

This is a very anxious time for the workers of North Queensland and North West Queensland as well. Very anxious time. The Industry Minister, Tim Ayres, gave an update to the Senate yesterday – as I understand it – on these matters. Our priority is to try and find a way through. Minister Ayres, I think, is convening the major players involved here in the next few weeks to try and find a way through.

I’m not interested in second guessing the explanations that the company might be providing. I’m interested in trying to find a way through, so I work with Tim Ayres. He’s been very focused on this. We’re obviously very aware of it. It’s obviously an anxious time for all of the workers and communities involved and so if we can find a way through, we will. Tim Ayres is bringing people together to try and see what the next steps could be.

Journalist:

Minister, France has announced it will recognise Palestine at the UN General Assembly in September, would that influence Australia’s position?

Chalmers:

That’s a matter for the French government. Our Australian position is very clear. We’ve called for an immediate end of the war in Gaza and we support an enduring 2 state solution as the best pathway out of this endless cycle of violence. So the Australian position is clear. I know that Penny Wong will be speaking later on today in the context of the AUKMIN ministers meeting in Sydney, so she might have more to add about that then.

Journalist:

Ms Spender is hosting her own tax roundtable today where halting the $3 million super tax will be discussed. Would you be open to hearing those similar sorts of views from that roundtable in your own discussions and roundtable?

Chalmers:

I’ve been consulting on that issue for 2 and a half years now. We announced that decision, that policy, 2 and a half years ago. We’ve done 3 rounds of formal consultation, there’s been Treasury‑led technical roundtables, stakeholder roundtables, bilateral engagement, so we’ve been engaging and consulting on that for years now. I know that Allegra has a view about it and she has a right to express that view, as do people participating at the roundtable. I want to say this more broadly, I think it’s absolutely terrific that Allegra Spender is bringing people together as part of the tax component of this Economic Reform Roundtable.

The Economic Reform Roundtable, as I said, is about productivity, resilience and budget sustainability and obviously, tax has a role to play in all 3 of those things so I think it’s a really good thing that Allegra is bringing those experts together in Canberra today. As I understand it, I will obviously listen to and respect the views put forward around that table today in Canberra. My position on making these generous tax concessions – still generous, still concessional – but fairer and more sustainable is well known, well established.

Thanks very much.

Journalist:

Thank you very much, Treasurer.

MIL OSI News –

July 25, 2025

MIL-OSI: Municipality Finance issues EUR 20 million zero coupon notes under its MTN programme

Source: GlobeNewswire (MIL-OSI)

Municipality Finance Plc
Stock exchange release
25 July 2025 at 10:00 am (EEST)

Municipality Finance issues EUR 20 million zero coupon notes under its MTN programme

Municipality Finance Plc issues EUR 20 million zero coupon notes on 28 July 2025. The maturity date of the notes is 28 July 2065. MuniFin has a right, but no obligation, to redeem the notes early on 28 July 2033.

The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 28 July 2025.

Goldman Sachs Bank Europe SE acts as the dealer for the issue of the notes.

MUNICIPALITY FINANCE PLC

Further information:

Joakim Holmström
Executive Vice President, Capital Markets and Sustainability
tel. +358 50 444 3638

MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland.
The Group’s balance sheet is over EUR 53 billion.

MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

Important Information

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

The MIL Network –

July 25, 2025

MIL-OSI Banking: 2025 Science Prize for Women “Generative AI for Smart Water Management”

Source: ASEAN

JAKARTA, 16 July 2025 – Reflecting on a decade of impact, the annual UL Research Institutes’-ASEAN-US Science Prize for Women celebrates the significance of women in science, technology, engineering, and mathematics (STEM) across the ASEAN region. This year’s prize is launched in partnership between UL Research Institutes (ULRI), UL Standards & Engagements (ULSE), the US-ASEAN Business Council (USABC), and the Association of Southeast Asian Nations (ASEAN), with support from Google. The Prize continues to highlight its ongoing commitment to advancing gender equality and promoting scientific excellence in the ASEAN region.

2025 Theme: Generative AI for Smart Water Management

This year’s theme, “Generative AI for Smart Water Management”, emphasizes the transformative potential of Generative AI in addressing pressing water-related challenges. This theme focuses on groundbreaking research that harnesses Generative AI to deliver smarter, more sustainable, and resilient water management systems. Applications are welcomed across various sectors, including urban development, agriculture, environmental sustainability, and disaster risk reduction.

Competition Categories and Prizes

Eligible candidates will compete in two categories based on their stage of career:

Mid-career Scientist category (those 45 years of age and under)
Senior Scientist category (those 46 years of age and over)

Finalists will be invited to participate in a final judging session and attend the official award ceremony, which will be held during the ASEAN Committee on Science, Technology and Innovation (COSTI) meetings in Bangkok, Thailand in October 2025.

Winners will be awarded $12,500 each, with runner-ups awarded $5,000 each, thanks to the generous sponsorship of the UL Research Institutes (ULRI).

ASEAN COSTI Chair emphasises the value of this initiative in strengthening regional resilience: “This year’s theme, Generative AI for Smart Water Management, could not be more timely. Across ASEAN, the impacts of climate change and water scarcity are growing concerns. The work of women scientists in leveraging cutting-edge technologies like AI is essential to shaping more inclusive, sustainable, and date-driven solutions. COSTI is proud to continue this initiative of championing scientific excellence and gender equity in ASEAN.”

Interim President and Chief Executive Officer of USABC, Amb. (ret) Brian McFeeters, highlights the inaugural opportunity of USABC to contribute to this year’s Science Prize: “We are proud to support the 2025 Science Prize for Women, an initiative pivotal for recognising the excellence of women researchers in STEM across ASEAN. We are incredibly honoured to showcase the contribution of ASEAN women researchers in solving regional challenges through cutting-edge research in environmental governance, artificial intelligence (AI), and an innovation-led ASEAN. The Council would also like to thank Google for their valuable support in this year’s Prize.”

Google’s support for this year’s Prize further highlights the significance of innovation in tackling ASEAN’s most pressing challenges. Their commitment to the inclusive development of AI particularly aligns with the Prize’s focus on prompting science-based solutions and empowering women researchers to lead in the region’s digital and environmental transformation.

In their remarks, ULRI noted that, “The health of our environment is inseparable from the safety of our communities.” said Chris Cramer, Chief Research Officer for UL Research Institutes. “This year’s Science Prize spotlights innovative research in generative AI for smart water management—empowering us to better predict and mitigate environmental risks, preserve vital ecosystems, protect water quality, and foster a more resilient planet for all.”

Call for Applications

We invite women scientists from all ten ASEAN member states who hold doctoral degrees relevant to this year’s theme to apply. This is a unique opportunity for ASEAN women researchers to showcase their impactful research and innovations in utilising Generative AI for the purpose of smart water management.

For more information, please visit the ULRI’s ASEAN-U.S Science Prize for Women website here.

Applications will close by 20 August 2025.

Queries can be directed to scienceprize4women@gmail.com.

The post 2025 Science Prize for Women “Generative AI for Smart Water Management” appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

July 25, 2025

MIL-OSI Banking: New Samsung Wallet Feature Offers More Flexible Payment Options

Source: Samsung

Samsung Electronics America today announced Installment payments will be available to Samsung Wallet users in select states 1 beginning July 25 with expansion to all states planned by the end of 2025. Building on the recent rollout of Tap to Transfer,2 the new feature offers greater flexibility and convenience when paying in-store with Samsung Wallet by allowing the customer to separate their purchase into smaller payments.
“Our phones go with us everywhere, so we’re making the Samsung Wallet experience as helpful as possible,” said Drew Blackard, Senior Vice President of Mobile Product Management at Samsung Electronics America. “As a comprehensive tool for all of your digital essentials, Wallet is all about flexibility and convenience, and with the addition of Installment payments, we’re making the payment experience even more versatile, providing users with options to make purchases on their own terms.”

Powered by a partnership with Splitit,3 there is no need to apply for a new account or undergo a credit check to use the new feature.4 When making a purchase using Samsung Wallet, simply tap the “Pay in installments” option that appears under any of your eligible credit cards.5
After completing the purchase in-store, select from four different installment plans6 to find an option that meets your budget and preferred timeline. After the transaction is complete, you can keep tabs on all payments directly in Samsung Wallet.
Samsung Wallet is just a swipe away on millions of Galaxy smartphones offering convenient access to your digital essentials — from IDs and memberships to digital keys, payment cards and more — directly on your mobile device.
To learn more about Samsung Wallet features and device compatibility, visit https://www.samsung.com.

MIL OSI Global Banks –

July 25, 2025

Sensex, Nifty fall as FPI selling, weak global cues weigh on sentiment

Source: Government of India

Source: Government of India (4)

India’s benchmark indices declined in early trade on Friday, weighed down by sustained selling by Foreign Portfolio Investors (FPIs) and weak global cues.

The Nifty fell 110 points, or 0.44 per cent, to 24,943, while the Sensex shed 290 points, or 0.35 per cent, to 82,065.76.

Ajay Bagga, Banking and Market Expert, said, “Indian markets are pointing to a continued negative outlook as per the traded futures. FPIs remain sellers while DIIs are absorbing the selling. Key support levels are being tested, making today’s price action crucial for the market’s health.”

He added, “Earnings have largely remained weak, and with no India–US trade deal expected before the August 1 deadline, markets are entering a zone of concern. Fasten seat belts—we are seeing key support holding mainly due to resilient Indian retail investors, who continue to buy on dips and maintain faith in domestic management and the economy.”

Broad market indices were also under pressure, with the Nifty 100 down 0.53 per cent, the Nifty Midcap 100 slipping 0.34 per cent, and the Nifty Smallcap 100 losing 0.56 per cent.

Among sectors, only Nifty Pharma stayed in the green, up 0.26 per cent. Others posted losses: Nifty Auto fell 0.66 per cent, Nifty IT 0.19 per cent, Nifty Media 0.40 per cent, and Nifty Metal 0.46 per cent.

Akshay Chinchalkar, Head of Research at Axis Securities, said, “The Nifty erased all its Wednesday gains on Thursday, dropping 159 points to close at 25,062. Yesterday’s candle formed another bearish engulfing: two in quick succession, which is rare. The key levels now are 25,000 as vital support and 25,245 as resistance. Bears will retain control unless we see a close above 25,340.”

On the earnings front, several major companies are scheduled to report their quarterly results today, including Bajaj Finserv, Bank of Baroda, Cipla, Shriram Finance, SBI Cards, Schaeffler India, SAIL, Petronet LNG, Laurus Labs, Poonawalla Fincorp, Tata Chemicals, Aadhar Housing Finance, Grindwell Norton, and ACME Solar Holdings.

Meanwhile, global cues remained weak. Upcoming US–China trade talks in Sweden on Monday are expected to shape the tone for US–India trade negotiations, particularly amid discussions on Russian oil supplies.

With the RBI’s monetary policy meeting scheduled for August 6, investors are bracing for a potentially weak end to the week.

Across Asia, markets traded lower. Japan’s Nikkei 225 was down 0.79 per cent, Singapore’s Straits Times slipped 0.48 per cent, Hong Kong’s Hang Seng dropped 1.19 per cent, and Taiwan’s Weighted Index edged down 0.08 per cent. South Korea’s KOSPI was the lone gainer, rising 0.35 per cent.

(With inputs from ANI)

July 25, 2025

MIL-OSI Banking: Result of the 7-day Variable Rate Reverse Repo (VRRR) auction held on July 25, 2025

Source: Reserve Bank of India

Tenor	7-day
Notified Amount (in ₹ crore)	1,25,000
Total amount of offers received (in ₹ crore)	1,42,264
Amount accepted (in ₹ crore)	1,25,008
Cut off Rate (%)	5.49
Weighted Average Rate (%)	5.48
Partial Acceptance Percentage of offers received at cut off rate	73.60

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/780

MIL OSI Global Banks –

July 25, 2025

MIL-Evening Report: Ceasefire talks collapse – what does that mean for the humanitarian catastrophe in Gaza?

Source: The Conversation (Au and NZ) – By Ali Mamouri, Research Fellow, Middle East Studies, Deakin University

Efforts to end the relentless siege of Gaza have been set back by the abrupt end to peace talks in Qatar.

Both the United States and Israel have withdrawn their negotiating teams, accusing Hamas of a “lack of desire to reach a ceasefire”.

US President Donald Trump’s special envoy Steve Witkoff says it would appear Hamas never wanted a deal:

While the mediators have made a great effort, Hamas does not appear to be coordinated or acting in good faith. We will now consider alternative options to bring the hostages home and try to create a more stable environment for the people in Gaza

State Department spokesman Tommy Piggott reads Steve Witkoff’s statement on the collapse of the Gaza peace talks.

The disappointing development coincides with mounting fears of a widespread famine in Gaza and a historic decision by France to formally recognise a Palestinian state.

French President Emmanuel Macron says there is no alternative for the sake of security of the Middle East:

True to its historic commitment to a just and lasting peace in the Middle East, I have decided that France will recognise the State of Palestine

What will these developments mean for the conflict in Gaza and the broader security of the Middle East?

‘Humanitarian catastrophe’

The failure to reach a truce means there is no end in sight to the Israeli siege of Gaza which has devastated the territory for more than 21 months.

Amid mounting fears of mass starvation, Australian Prime Minister Anthony Albanese says Gaza is in the grip of a “humanitarian catastrophe”. He is urging Israel to comply immediately with its obligations under international law:

Israel’s denial of aid and the killing of civilians, including children, seeking access to water and food cannot be defended or ignored.

According to the United Nations Palestinian refugee agency UNRWA, more than 100 people – most of them children – have died of hunger. One in five children in Gaza City is malnourished, with the number of cases rising every day.

Commissioner-General Philippe Lazzarini says with little food aid entering Gaza, people are

neither dead nor alive, they are walking corpses […] most children our teams are seeing are emaciated, weak and at high risk of dying if they don’t get the treatment they urgently need.

The UN and more than 100 aid groups blame Israel’s blockade of almost all aid into the territory for the lack of food.

Lazzarini says UNRWA has 6,000 trucks of emergency supplies waiting in Jordan and Egypt. He is urging Israel – which continues to blame Hamas for cases of malnutrition – to allow the humanitarian assistance into Gaza.

Proposed ceasefire deal

The latest ceasefire proposal was reportedly close to being agreed by both parties.

It included a 60-day truce, during which time Hamas would release ten living Israeli hostages and the remains of 18 others. In exchange, Israel would release a number of Palestinian prisoners, and humanitarian aid to Gaza would be significantly increased.

During the ceasefire, both sides would engage in negotiations toward a lasting truce.

While specific details of the current sticking points remain unclear, previous statements from both parties suggest the disagreement centres on what would follow any temporary ceasefire.

Israel is reportedly seeking to maintain a permanent military presence in Gaza to allow for a rapid resumption of operations if needed. In contrast, Hamas is demanding a pathway toward a complete end to hostilities.

A lack of mutual trust has dramatically clouded the negotiations.

From Israel’s perspective, any ceasefire must not result in Hamas regaining control of Gaza, as this would allow the group to rebuild its power and potentially launch another cross-border attack.

However, Hamas has repeatedly said it is willing to hand over power to any other Palestinian group in pursuit of a Palestinian state based on the 1967 borders. This could include the Palestinian National Authority (PNA), which governs the West Bank and has long recognised Israel.

Support for a Palestinian state

Israeli leaders have occasionally paid lip service to a Palestinian state. But they have described such an entity as “less than a state” or a “state-minus” – a formulation that falls short of both Palestinian aspirations and international legal standards.

In response to the worsening humanitarian situation, some Western countries have moved to fully recognise a Palestinian state, viewing it as a step toward a permanent resolution of one of the longest-running conflicts in the Middle East.

Macron’s announcement France will officially recognise a full Palestinian state in September is a major development.

France is now the most prominent Western power to take this position. It follows more than 140 countries – including more than a dozen in Europe – that have already recognised statehood.

While largely symbolic, the move adds diplomatic pressure on Israel amid the ongoing war and aid crisis in Gaza.

However, the announcement was immediately condemned by Israeli Prime Minister Benjamin Netanyahu, who claimed recognition “rewards terror” and

risks creating another Iranian proxy, just as Gaza became. A Palestinian state in these conditions would be a launch pad to annihilate Israel – not to live in peace beside it.

Annexing Gaza?

A Palestinian state is unacceptable to Israel.

Further evidence was recently presented in a revealing TV interview by former Israeli Prime Minister Ehud Barak who stated Netanyahu had deliberately empowered Hamas in order to block a two-state solution.

Instead there is mounting evidence Israel is seeking to annex the entirety of Palestinian land and relocate Palestinians to neighbouring countries.

Given the current uncertainty, it appears unlikely a new ceasefire will be reached in the near future, especially as it remains unclear whether the US withdrawal from the negotiations was a genuine policy shift or merely a strategic negotiating tactic.

Ali Mamouri does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Ceasefire talks collapse – what does that mean for the humanitarian catastrophe in Gaza? – https://theconversation.com/ceasefire-talks-collapse-what-does-that-mean-for-the-humanitarian-catastrophe-in-gaza-261942

MIL OSI Analysis – EveningReport.nz –

July 25, 2025

Category: Banking

G20 Development Meeting: Baroness Chapman’s speech

Updates to this page

Total euro area economy

Chart 1

Households

Table 1

Chart 2

Developments in household wealth distribution in 2024

Chart 3

Chart 4

Non-financial corporations

Table 2

Notes

Total euro area economy

Chart 1

Households

Table 1

Chart 2

Developments in household wealth distribution in 2024

Chart 3

Chart 4

Non-financial corporations

Table 2

Notes

Statement on Australia-UK Ministerial Consultations (AUKMIN) July 2025

Share this page

Updates to this page

Notes

Components of the broad monetary aggregate M3

Chart 1

Counterparts of the broad monetary aggregate M3

Chart 2

Claims on euro area residents

Chart 3

Notes:

Information on funds attracted by credit institutions

Information on funds attracted by credit institutions

Press Release | 24-Jul-2025

‘Humanitarian catastrophe’

Proposed ceasefire deal

Support for a Palestinian state

Annexing Gaza?