Category: Banking

  • MIL-OSI: Papanicolaou outlines Intesa Sanpaolo’s commitment to rebuilding Ukraine

    Source: GlobeNewswire (MIL-OSI)

    Paola Papanicolaou, Head of Intesa Sanpaolo’s International Banks Division

    ROME, July 12, 2025 (GLOBE NEWSWIRE) — At the Ukraine Recovery Conference in Rome, Paola Papanicolaou, Head of Intesa Sanpaolo’s International Banks Division, explained the Group’s concrete commitment to Ukraine’s reconstruction, highlighting the role of Italy’s only banking group operating in the country in supporting recovery efforts through blended finance, ESG principles, and long-term investment.

    Key takeaways:

    • Intesa Sanpaolo, through its subsidiary Pravex Bank – part of the International Banks Division – is the only Italian banking group with an operational presence in Ukraine.
    • In today’s complex geopolitical landscape, prudence is a strategic choice. Intesa Sanpaolo acts responsibly, avoiding excessive risk exposure while remaining ready to support reconstruction with concrete projects as soon as conditions allow.
    • The Group actively collaborates with supranational institutions such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB), contributing to development projects aimed at rebuilding Ukraine.
    • Rebuilding and revitalizing Ukraine’s economy requires both private capital and support from supranational financial institutions, through blended finance mechanisms. In both areas, strong international groups like Intesa Sanpaolo play a key role.
    • Stability and local development are essential. Long-term investors—like Intesa Sanpaolo—invest where conditions allow for sustained presence and growth.
    • Across the nearly 40 countries where Intesa Sanpaolo operates—including 12 countries with commercial banking branch networks—the Group works to create conditions that attract investment and foster economic resilience.
    • Wherever present, the Group promotes inclusive growth, financial education, and ESG-aligned financing. In Ukraine too, the goal is to support not only economic reconstruction but also the long-term sustainable development of local communities.
    • As one of Europe’s leading players in the transition to a low-carbon economy, Intesa Sanpaolo offers dedicated green credit lines for households and businesses, along with a growing portfolio of sustainable products—a model that can also support Ukraine’s future rebuilding efforts.

    Contact: international.media@intesasanpaolo.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/14e96349-0102-4b8f-bf93-5ef05e72a6ce

    The MIL Network

  • MIL-OSI USA: Reps. Foster, Casten Lead Roundtable at Northern Illinois Food Bank to Discuss GOP SNAP Cuts Threatening 360,000 Illinoisans

    Source: United States House of Representatives – Congressman Bill Foster (11th District of Illinois)

    **PHOTOS AND VIDEOS AVAILABLE**

    Photos and videos can be viewed here.

    Geneva, IL – Today, Reps. Bill Foster (D-IL-11) and Sean Casten (D-IL-06) led a discussion at Northern Illinois Food Bank in response to the GOP budget, signed into law last week, which includes nearly $200 billion in cuts to the Supplemental Nutrition Assistance Program (SNAP), formerly known as food stamps. 

    In Illinois, 1.8 million individuals rely on SNAP benefits annually. This bill changes eligibility requirements, putting an estimated 360,000 Illinoisans at risk of losing SNAP benefits.

    Reps. Foster and Casten, Northern Illinois Food Bank President and CEO Julie Yurko, DuPage County Board member Greg Schwarze, Kane County Board member Jarett Sanchez, local food pantry partners, and neighbors who rely on food assistance came together to discuss how this legislation will impact Illinoisans struggling to make ends meet and the hunger relief programs that provide essential food support.

    “I watched in disgust as Republicans celebrated passing a budget that puts 42 million Americans at risk of losing their food assistance or seeing it reduced,” said Rep. Foster. “With costs for everyday essentials surging under President Trump, these cuts threaten to push even more Illinoisans into food insecurity. In Congress, I will continue working to ensure the Northern Illinois Food Bank and local pantries have the resources and support they need to feed our neighbors.”

    “Hundreds of thousands of Illinoisans will go hungry because Donald Trump and Congressional Republicans cut food assistance programs in order to give their billionaire friends a tax cut,” said Rep. Casten. “Organizations like the Northern Illinois Food Bank and other local food pantries have played a vital role in our community. We owe it to the folks they serve to keep up the fight and ensure they have what they need to continue their work.”

    “While we are disappointed by the funding cuts to SNAP, we remain firmly committed to supporting our neighbors and network partners. Together, we will continue to advocate for lasting solutions that address the root causes of hunger and ensure every neighbor in Northern Illinois has access to the nutritious food they need to thrive,” said Julie Yurko, President and CEO of Northern Illinois Food Bank.

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    MIL OSI USA News

  • MIL-OSI USA: Pappas, Shaheen, Hassan Deliver Remarks and Congratulate New Citizens at U.S. Naturalization Ceremony

    Source: United States House of Representatives – Congressman Chris Pappas (D-NH)

    Today Congressman Chris Pappas (NH-01)Senator Jeanne Shaheen (NH), and Senator Maggie Hassan (NH) attended and delivered remarks congratulating new citizens from over 40 different countries at a U.S. Naturalization ceremony at the Strawbery Banke Museum. Photos from today’s event can be found here.

    “At today’s naturalization ceremony we welcomed our newest American citizens and reflected on the profound impact that immigrants have on New Hampshire and in our country. Immigrants come to work hard and seek freedom, opportunity, and security, and immigration renews the spirit of our nation,” said Congressman Pappas. “I was honored to join these patriotic Americans and congratulate them on taking the oath of citizenship.”

    “At every point in our history, America has been shaped by immigrants from every corner of the world and every sector of society,” said Senator Shaheen. “I was honored to be a part of today’s naturalization ceremony in Portsmouth, and I congratulate each and every new citizen on this momentous event in their lives.”

    “It was a privilege to join today’s naturalization ceremony at Strawbery Banke and to welcome and celebrate America’s newest citizens,” said Senator Hassan. “Ceremonies like the one held today are an opportunity for American citizens, new and old, to recommit ourselves to supporting and defending the ideals of freedom, self-government, and the rule of law as embodied by our Constitution.”

    MIL OSI USA News

  • MIL-OSI China: More policy options in H2 to spur growth

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

    Staff members operate at an assembly line of the north China base of FAW-Volkswagen in Tianjin, July 7, 2025. [Photo/Xinhua]

    Despite persistent global headwinds, recent economic data from China have demonstrated resilience in the first half of this year, coupled with a potential de-escalation of tensions between Beijing and Washington, prompting major foreign financial institutions to revise upward their full-year growth projections.

    As the economy faces external uncertainties and a high base effect from the previous year, experts said additional fiscal and monetary policies will be needed in the second half of the year to achieve the annual growth target of around 5 percent.

    The consumer price index, according to the National Bureau of Statistics on Wednesday, rose 0.1 percent in June from a year earlier — a turnaround from the previous four months’ decline, as the country’s consumption-boosting initiatives are translating into greater consumer confidence and spending.

    The purchasing managers’ index for China’s manufacturing sector also rose for a second straight month in June to 49.7, with more industries returning to growth, and high-tech and consumer goods production remaining robust, the bureau said late last month.

    Given that China’s pro-growth policies are helping the domestic economy maintain its growth momentum in recent months, Goldman Sachs raised its forecast for China’s GDP growth in 2025 by 0.6 percentage points, from 4 percent to 4.6 percent.

    Similarly, JPMorgan has revised China’s GDP growth forecast to 4.8 percent year-on-year from 4.1 percent, while Morgan Stanley has raised its projection by 0.3 percentage points to 4.5 percent.

    “The complexity, severity, and uncertainty of the current external environment are on the rise, which will undoubtedly have an impact on the stable operation of our economy,” Li Chao, a spokesman for the National Development and Reform Commission, said at a news conference in late June.

    Achieving China’s 5 percent annual growth target will demand a more forceful policy push in the coming months, with fiscal measures poised to take center stage, economists said.

    “In the second half of the year, China should continue to expedite the issuance and use of the remaining quotas for ultra-long-term special treasury bonds and special-purpose local government bonds, in order to better leverage their effects in boosting investment and promoting consumption,” Luo Zhiheng, chief economist at Yuekai Securities, said.

    Earlier this month, the Ministry of Finance announced the issuance of 11 ultra-long-term special treasury bonds in the third quarter, with four of them seeing their timelines accelerated compared with the previous plan released in April. This will help maintain a continuous flow of funding to support policies meant to boost consumption, analysts said.

    It is possible for policymakers to expand the issuance of ultra-long-term special treasury bonds this year to provide sustained support to the consumer goods trade-in program, should the remaining funding run out ahead of schedule, said Wang Qing, chief macroeconomic analyst at Golden Credit Rating International.

    Meanwhile, ramping up the issuance of special-purpose local government bonds is also a viable option, as it can help accelerate infrastructure investment and stabilize economic recovery, Wang added.

    Analysts also expect the People’s Bank of China, the country’s central bank, to leverage its policy tool kit to maintain ample liquidity in the financial system and support domestic demand.

    Citing the improved near-term growth outlook, Japanese investment bank Nomura trimmed its rate-cut forecast for the fourth quarter this year to 10 basis points from 15 basis points, while retaining estimates for a 50-basis-point cut in the reserve requirement ratio.

    MIL OSI China News

  • MIL-OSI Asia-Pac: CE listens to views expressed by CECA on Policy Address (with photos/video)

    Source: Hong Kong Government special administrative region

         The Chief Executive’s Council of Advisers (CECA), chaired by the Chief Executive, Mr John Lee, held luncheon meetings for three consecutive days this week (July 9 to 11) to listen to the views expressed by CECA members for the forthcoming Policy Address and the overall development of Hong Kong.
     
         Mr Lee said, “This is the first meeting for the new term (second term) of CECA members. I warmly welcomed the three new members of the CECA, namely Dr Zhu Min, who served as the Deputy Managing Director of the International Monetary Fund and the Deputy Governor of the People’s Bank of China, along with two enterprises of Hangzhou’s “Six Little Dragons” – the founder of BrainCo, Mr Han Bi-cheng, and the founder of Unitree Robotics, Mr Wang Xing-xing, for attending the meetings in Hong Kong. During the meeting, they emphasised that Hong Kong is bestowed with its unique advantages of connecting with both the Mainland and the world, excellent education and research capabilities, and advantageous geographical location, and it is also an international financial centre with free flow of capital. These advantages would greatly attract Mainland enterprises to list in Hong Kong and use Hong Kong as the gateway to go global. “
     
         The CECA conducted in-depth discussions on a range of important issues under three major themes:
     

    1. Economic advancement and sustainability – including how to consolidate Hong Kong’s position as the international financial, shipping and trade centres amid geopolitical changes and economic restructuring.
    2. Innovation and entrepreneurship – including how to promote the upgrading and transformation of traditional industries, proactively nurture emerging industries, expedite the development of the Northern Metropolis, and proactively attract capital and talents to assist in the development of innovation and technology in Hong Kong. 
    3. Regional and global collaborations – including how to leverage the opportunities of our motherland and deepen international exchanges and co-operation, strengthen ties with countries along the Belt and Road and explore emerging markets such as the Middle East, the ASEAN, South America, and Central Asia in order to seek new opportunities, and to provide high quality professional services to Mainland and international enterprises, amid an ever‑changing geopolitical landscape and constantly increasing uncertainties.

     
         Mr Lee said members of the Council are all distinguished and eminent leaders in their respective fields or internationally renowned scholars, experts or entrepreneurs. He thanks all members for actively providing him with valuable insights and wise counsel regarding the current situation and vision for future developments of Hong Kong. These contributions have provided important references for the overall development strategies of Hong Kong and the upcoming Policy Address.
     
         The three meeting sessions were chaired by the Chief Executive. The Chief Secretary for Administration, Mr Chan Kwok-ki; the Acting Financial Secretary, Mr Michael Wong; the Acting Secretary for Justice, Mr Cheung Kwok-kwan; the Director of the Chief Executive’s Office, Ms Carol Yip, and the Head of the Chief Executive’s Policy Unit (CEPU), Dr Stephen Wong, attended the three sessions respectively.
     
         The Chief Executive will deliver his fourth Policy Address this September, for which the public consultation commenced on June 16.
     
         The Chief Executive established the CECA in 2023 to seek advice on the strategic developments of Hong Kong with a view to leveraging the opportunities from national and global developments. The second term of the CECA took effect on July 1. For the membership of the CECA, please refer to the website of the CEPU (www.cepu.gov.hk/en/CECA/membership.html), which serves as the secretariat of the CECA.

    MIL OSI Asia Pacific News

  • MIL-OSI: First Bancshares, Inc. Announces Operating Results for Quarter Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    MOUNTAIN GROVE, Mo., July 11, 2025 (GLOBE NEWSWIRE) — First Bancshares, Inc. (OTCQX: FBSI) (“Company”), the holding company for Stockmens Bank (“Bank”), today announced its unaudited financial results for the quarter ended June 30, 2025.

    For the second quarter of 2025, the Company reported after-tax net income of $1,824,000 or $0.75 per share-diluted compared to $1,630,000 or $0.67 per share-diluted for the same period in 2024. Net income for the second quarter of 2025 represents an after-tax return on average assets of 1.36% and an after-tax return on equity of 11.82%. These earnings ratios repeated their recent trend of outperformance despite an atypical $7.5 million increase in asset size due to an arbitrage play and strategic stockpiling of capital reserves.

    Since June 30, 2024, the Company experienced growth in all major balance sheet categories aside from investment securities with consolidated total assets increasing $27.3 million to $544.1 million, cash & cash equivalents increasing $13.0 million to $55.8 million, and net loans receivable increasing $15.9 million to $445.3 million. Total deposits increased $13.4 million to $468.3 million, and stockholders’ equity increased $6.3 million to $62.3 million.

    Through the second quarter of 2025, the Company has made significant efforts to fortify its balance sheet. Liquidity remains robust with excess cash being deployed into high-quality loan assets, earning asset yields rose, costs of funds has been kept in check, asset quality improved from already impressive levels, and capital ratios developed to a level that affords the Company the flexibility to pursue growth opportunities as they arise.

    The Bank meets all regulatory requirements for “well-capitalized” status.

    About the Company

    First Bancshares, Inc. is the holding company for Stockmens Bank, a FDIC-insured commercial bank chartered by the State of Colorado that conducts business from its home office in Colorado Springs, Colorado, and eight full-service Missouri offices in Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Crane, Hartville and Springfield, and full-service offices in Bartley, Nebraska and Akron, Colorado.

    Cautionary Note Regarding Forward-Looking Statements

    The Company and its wholly owned subsidiary, Stockmens Bank, may from time to time make written or oral “forward-looking statements” in its reports to shareholders, and in other communications by the Company, which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

    These forward-looking statements include statements with respect to the Company’s beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. Such statements address the following subjects: future operating results; customer growth and retention; loan and other product demand; earnings growth and expectations; new products and services; credit quality and adequacy of reserves; results of examinations by our bank regulators, technology, and our employees. The following factors, among others, could cause the Company’s financial performance to differ materially from the expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; inflation, interest rate, market, and monetary fluctuations; the timely development and acceptance of new products and services of the Company and the perceived overall value of these products and services by users; the impact of changes in financial services’ laws and regulations; technological changes; acquisitions; changes in consumer spending and savings habits; and the success of the Company at managing and collecting assets of borrowers in default and managing the risks of the foregoing.

    The foregoing list of factors is not exclusive. The Company does not undertake, and expressly disclaims any intent or obligation, to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

    Contact: Robert M. Alexander, Chairman and CEO – (719) 955-2800

    First Bancshares, Inc. and Subsidiaries  
    Financial Highlights  
    (unaudited)  
    (In thousands, except per share amounts)  
                             
                             
          Quarter Ended    Six Months Ended 
          June 30,    June 30, 
            2025      2024     2025     2024 
    Operating Data:                      
                             
    Total interest income   $ 8,407     $ 8,013     $ 16,371     $ 16,154  
    Total interest expense     2,411       2,689       4,721       5,486  
      Net interest income     5,996       5,324       11,650       10,668  
    Provision for credit losses     61       141       239       343  
      Net interest income after provision for credit losses     5,935       5,183       11,411       10,325  
    Gain (loss) on sale of investments                        
    Non-interest income     474       410       835       786  
    Non-interest expense     4,014       3,434       7,597       6,757  
    Income before taxes     2,395       2,159       4,649       4,354  
    Income tax expense     571       529       1,133       1,071  
      Net income   $ 1,824     $ 1,630     $ 3,516     $ 3,283  
                             
      Earnings per share   $ 0.75     $ 0.67     $ 1.46     $ 1.35  
                             
          At   At     At        
          June 30,   December 31,     June 30,        
    Financial Condition Data:     2025       2024       2024        
                             
    Cash and cash equivalents   $ 55,758     $ 68,570     $ 42,769        
      (excludes CDs)                            
    Investment securities     13,421       13,066       12,966        
      (includes CDs)                      
    Loans receivable, net     445,372       423,657       429,444        
    Goodwill and intangibles     1,443       1,515       1,586        
    Total assets     544,072       537,885       516,784        
    Deposits     468,345       472,596       454,992        
    Repurchase agreements     1,102       1,084       1,601        
    Borrowings     7,500                    
    Stockholders’ equity     62,336       59,562       56,037        
    Book value per share   $ 25.68     $ 24.53     $ 23.08        

    The MIL Network

  • MIL-OSI Submissions: Africa – ATIDI Guarantee Backs Lending Consortium Led by BPR Bank Rwanda plc for Rwanda’s New International Airport, Boosting Regional Trade and Integration

    Source: Media Fast

    ·       ATIDI has approved a USD $84 million counter-guarantee to support issuance of bonds and guarantees for the construction of Rwanda’s New International Airport in Bugesera District.
    ·       BPR Bank Rwanda Plc, acting as Mandated Lead Arranger and Facility Agent, leads a consortium of lenders enabling the transaction.
    ·       The Project is a vital infrastructure that will accelerate Rwanda’s Vision 2050, its national strategy to become an upper-middle-income country by 2035 and a high-income economy by 2050.
    ·       This transaction is aligned with ATIDI’s strategic focus on empowering its member states to deliver impactful, transformative investments that spur growth, sustainability and regional integration.

    Kigali, 11th July 2025 – ATIDI has approved a USD84 million counter-guarantee to support three local Rwandan banks and one regional bank in issuing bonds and guarantees totaling over USD322 million. These guarantees have been extended to a joint venture of three contractors undertaking the construction of the New Bugesera International Airport, a transformative project poised to elevate Rwanda as a strategic hub for trade and logistics in Africa.

    The project, jointly developed by the Governments of Rwanda and Qatar, is a vital infrastructure that will accelerate Rwanda’s Vision 2050, its national strategy to become an upper-middle-income country by 2035 and a high-income economy by 2050. The airport is also aligned with the African Continental Free Trade Area (AfCFTA) framework, facilitating the free movement of goods, services and people across the continent.

    The airport, which is valued over USD2 billion, is scheduled for completion by mid-2028. ATIDI’s cover supports the three local banks including BPR Bank Rwanda Plc, Bank of Kigali (BK), and the Development Bank of Rwanda (BRD), benefitted directly from ATIDI’s risk mitigation, enabling them to issue guarantees beyond their Single Obligor Limits (SOL). The de-risking provided by ATIDI offers banks capital relief while ensuring smoother execution of infrastructure projects.

    The lending consortium led by BPR Bank Rwanda Plc, acting as Mandated Lead Arranger and Facility Agent on behalf of the contractors, also includes KCB Bank Kenya, a regional lender, which participated in the syndicate without recourse to ATIDI’s guarantee.

    Quote from Manuel Moses, Chief Executive Officer, ATIDI

    “ATIDI is proud to partner in Rwanda’s transformation and continental ambitions through this catalytic project, a central piece of the country’s development strategy. The new airport is not just about infrastructure, it’s about unlocking regional value chains and ensuring Africa trades more with itself. Our support demonstrates the value addition of ATIDI’s de-risking solutions in scaling up lending capacity and unlocking financing by banks to Rwanda’s development priorities”

    Quote from BPR (Mandated Lead Arranger)

    Patience Mutesi, Managing Director of BPR Bank Rwanda Plc, remarked “We are honored to lead this transformational financing effort. As Mandated Lead Arranger, BPR Bank Rwanda Plc is proud to play a pivotal role in unlocking capital for a project that will reshape Rwanda’s connectivity and competitiveness. This collaboration with ATIDI and our partner banks reflects our firm commitment to financing national development priorities and enabling long-term value through strategic infrastructure.”

    This transaction is aligned with ATIDI’s strategic focus on empowering its member states to deliver impactful, transformative investments that spur growth, sustainability and regional integration. Rwanda, a founding member of ATIDI, has been a consistent partner in leveraging risk mitigation to unlock capital and de-risk essential sectors.

    Currently, ATIDI has issued policies worth over USD1.45 billion in transaction value and holds a gross exposure of over USD611.9 million in Rwanda. These transactions span multiple sectors vital to the country’s development, including agriculture, forestry; fishing; construction; energy and gas; financial activities; information and communication; manufacturing; other services activities; public administration; trade and transportation; transporting and storage; as well as wholesale and retail trade.

    This broad sectoral engagement demonstrates ATIDI’s critical and transversal role in de-risking investments and catalyzing trade, infrastructure and socio-economic development across Africa.

    About ATIDI

    ATIDI was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa. ATIDI predominantly provides Political Risk, Credit Insurance and, Surety Insurance. Since inception, ATIDI has supported USD88 billion worth of investments and cross border trade into Africa. For more than a decade, ATIDI has consistently maintained a Financial Strength and Counterparty Credit rating of ‘A/Stable’ from Standard & Poor’s. In 2019, Moody’s assigned ATIDI an A3/Positive rating, which was subsequently upgraded to A2/Stable in 2024 and reaffirmed in 2025, reflecting the organization’s robust financial position and strong risk management practices. In recognition of its growing impact, ATIDI was named the Development Finance Institution (DFI) of the Year at the 2025 African Banker Awards.

    www.atidi.africa

    MIL OSI – Submitted News

  • MIL-OSI Banking: Secretary-General of ASEAN to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, in the Kingdom of Cambodia

    Source: ASEAN

    At the invitation of the Secretary General of the National Assembly of the Kingdom of Cambodia, H.E. Leng Peng Long, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the ASEAN Secretariat delegation to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, to be held in Phnom Penh, Cambodia, on 15 July 2025, under the theme “PEACE THROUGH DIALOGUE: THE PARLIAMENTARY PATH FORWARD.”
     
    SG Dr. Kao will be delivering keynote remarks at the Opening Ceremony of the 16th AIPA Caucus, and will join the courtesy call on the President of the National Assembly of the Kingdom of Cambodia, Samdech Maha Rathsapheathika Thipadei Khuon Sudary, along with the Heads of AIPA Parliaments from ASEAN Member States and Timor Leste.
    The post Secretary-General of ASEAN to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, in the Kingdom of Cambodia appeared first on ASEAN Main Portal.

    MIL OSI Global Banks

  • MIL-OSI Banking: Secretary-General of ASEAN to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, in the Kingdom of Cambodia

    Source: ASEAN

    At the invitation of the Secretary General of the National Assembly of the Kingdom of Cambodia, H.E. Leng Peng Long, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the ASEAN Secretariat delegation to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, to be held in Phnom Penh, Cambodia, on 15 July 2025, under the theme “PEACE THROUGH DIALOGUE: THE PARLIAMENTARY PATH FORWARD.”
     
    SG Dr. Kao will be delivering keynote remarks at the Opening Ceremony of the 16th AIPA Caucus, and will join the courtesy call on the President of the National Assembly of the Kingdom of Cambodia, Samdech Maha Rathsapheathika Thipadei Khuon Sudary, along with the Heads of AIPA Parliaments from ASEAN Member States and Timor Leste.
    The post Secretary-General of ASEAN to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, in the Kingdom of Cambodia appeared first on ASEAN Main Portal.

    MIL OSI Global Banks

  • MIL-OSI Banking: Secretary-General of ASEAN to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, in the Kingdom of Cambodia

    Source: ASEAN

    At the invitation of the Secretary General of the National Assembly of the Kingdom of Cambodia, H.E. Leng Peng Long, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the ASEAN Secretariat delegation to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, to be held in Phnom Penh, Cambodia, on 15 July 2025, under the theme “PEACE THROUGH DIALOGUE: THE PARLIAMENTARY PATH FORWARD.”
     
    SG Dr. Kao will be delivering keynote remarks at the Opening Ceremony of the 16th AIPA Caucus, and will join the courtesy call on the President of the National Assembly of the Kingdom of Cambodia, Samdech Maha Rathsapheathika Thipadei Khuon Sudary, along with the Heads of AIPA Parliaments from ASEAN Member States and Timor Leste.
    The post Secretary-General of ASEAN to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, in the Kingdom of Cambodia appeared first on ASEAN Main Portal.

    MIL OSI Global Banks

  • MIL-OSI Banking: Secretary-General of ASEAN to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, in the Kingdom of Cambodia

    Source: ASEAN

    At the invitation of the Secretary General of the National Assembly of the Kingdom of Cambodia, H.E. Leng Peng Long, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the ASEAN Secretariat delegation to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, to be held in Phnom Penh, Cambodia, on 15 July 2025, under the theme “PEACE THROUGH DIALOGUE: THE PARLIAMENTARY PATH FORWARD.”
     
    SG Dr. Kao will be delivering keynote remarks at the Opening Ceremony of the 16th AIPA Caucus, and will join the courtesy call on the President of the National Assembly of the Kingdom of Cambodia, Samdech Maha Rathsapheathika Thipadei Khuon Sudary, along with the Heads of AIPA Parliaments from ASEAN Member States and Timor Leste.
    The post Secretary-General of ASEAN to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, in the Kingdom of Cambodia appeared first on ASEAN Main Portal.

    MIL OSI Global Banks

  • MIL-OSI Banking: Secretary-General of ASEAN to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, in the Kingdom of Cambodia

    Source: ASEAN

    At the invitation of the Secretary General of the National Assembly of the Kingdom of Cambodia, H.E. Leng Peng Long, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the ASEAN Secretariat delegation to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, to be held in Phnom Penh, Cambodia, on 15 July 2025, under the theme “PEACE THROUGH DIALOGUE: THE PARLIAMENTARY PATH FORWARD.”
     
    SG Dr. Kao will be delivering keynote remarks at the Opening Ceremony of the 16th AIPA Caucus, and will join the courtesy call on the President of the National Assembly of the Kingdom of Cambodia, Samdech Maha Rathsapheathika Thipadei Khuon Sudary, along with the Heads of AIPA Parliaments from ASEAN Member States and Timor Leste.
    The post Secretary-General of ASEAN to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, in the Kingdom of Cambodia appeared first on ASEAN Main Portal.

    MIL OSI Global Banks

  • MIL-OSI Banking: Secretary-General of ASEAN to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, in the Kingdom of Cambodia

    Source: ASEAN

    At the invitation of the Secretary General of the National Assembly of the Kingdom of Cambodia, H.E. Leng Peng Long, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the ASEAN Secretariat delegation to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, to be held in Phnom Penh, Cambodia, on 15 July 2025, under the theme “PEACE THROUGH DIALOGUE: THE PARLIAMENTARY PATH FORWARD.”
     
    SG Dr. Kao will be delivering keynote remarks at the Opening Ceremony of the 16th AIPA Caucus, and will join the courtesy call on the President of the National Assembly of the Kingdom of Cambodia, Samdech Maha Rathsapheathika Thipadei Khuon Sudary, along with the Heads of AIPA Parliaments from ASEAN Member States and Timor Leste.
    The post Secretary-General of ASEAN to participate in the 16th ASEAN Inter-Parliamentary Assembly (AIPA) Caucus, in the Kingdom of Cambodia appeared first on ASEAN Main Portal.

    MIL OSI Global Banks

  • MIL-OSI New Zealand: Support – ASB offers support for customers affected by severe weather

    Source: ASB

    With the effects of severe weather being felt across much of the country, ASB is offering a range of support options for customers impacted by weather this weekend.

    Tailored support for personal, farming and business customers affected by weather will be offered on a case-by-case basis, with options including:

    • Deferring loan repayments for up to three months or interest only for three months.
    • Immediate consideration of requests for emergency credit card limit increases and overdraft facilities.
    • Tailored solutions for eligible ASB business and rural customers including access to working capital of up to $100,000.

    ASB Executive General Manager for Personal Banking Adam Boyd says ASB wants to hear from any customers needing financial assistance or support.

    “It’s concerning to see Nelson Tasman being challenged again, with locals already dealing with the fallout from recent weather events. We understand this is a very tough time for the region. We encourage any personal, business or farming customers who are worried about money as a result of this weekend’s storms to please get in touch. Our teams have practical options available and we’re here to help.”

    Personal customers needing support should call ASB’s contact centre on 0800 803 804. Alternatively, customers can email hardship@asb.co.nz.  Affected ASB business and rural customers should speak to their relationship manager or call 0800 272 287.

    Further detail on available support is available at Extreme support l ASB. More information and full terms, fees and charges can be found on ASB’s website.

    MIL OSI New Zealand News

  • MIL-OSI USA: Cortez Masto Secures More than $5 Million to Increase the Supply of Affordable Housing in Nevada

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) secured $5.1 million from the Federal Home Loan Bank (FHLBank) of San Francisco to assist with the construction or preservation of 273 affordable housing units in Nevada. This funding follows a push by Cortez Masto to ensure that the FHLBank of San Francisco live up to its mission of funding housing for working families and supporting community development.
    “I appreciate that the Federal Home Loan Bank of San Francisco continues to support the Nevada Targeted Fund,” said Senator Cortez Masto. “I’m proud of the partnership that we have built with the Bank to address housing needs in the Silver State, and I will continue to seek opportunities for the FHLBank to use its resources to meet more of our housing and community development needs.”
    “The shortage of affordable housing is one of the most pressing challenges our country faces, and the need is especially acute in Nevada,” said Joseph E. Amato, interim president and CEO of FHLBank San Francisco. “As one of the nation’s least densely populated states, Nevada is home to a wide range of communities — urban, rural, and tribal — all experiencing significant housing challenges. We’re proud to support five impactful projects across the state that will help address this crisis and expand access to affordable housing.”
    The FHLBank will provide gap funding for the following projects:
    Construction of Visions Park (Blind Center of Nevada): A 100-unit affordable housing complex in Las Vegas for people who are blind and visually impaired. ($1,250,000 grant)
    Expansion of Hoving Home Las Vegas (Walter Hoving Home, Inc.): A residential non-profit organization serving women recovering from addiction. ($1,250,000 grant)
    Construction of PuraVida Senior Living (Foresight Housing Partners): A 74-unit, 14-building affordable housing community in North Las Vegas for seniors. ($1,117,295 grant)
    Construction of Southern Pines (Nevada H.A.N.D. Inc.): A 240-unit affordable housing complex in Las Vegas for low-income families. ($960,000 grant)
    Construction of The Gen Den Intergenerational Housing (Truckee Meadows Housing Solutions):Affordable housing for young adults and seniors in Reno. ($500,000 grant)
    Throughout her time representing Nevada, Senator Cortez Masto has made reforming the FHLBanks a cornerstone of her work. Senator Cortez Masto has highlighted the fact that Nevada has been treated unfairly by the system. She sought critical investment in Nevada by the FHLBank of San Francisco, resulting in the first-in-the nation targeted Affordable Housing Program for the state.
    Following a 2022 letter Senator Cortez Masto sent to Federal Housing Finance Agency (FHFA) Director Sandra Thompson, the FHFA announced a review of the Federal Home Loan Bank system. In late 2023, the FHFA released a comprehensive report calling for mission-focused reform of the FHLBanks. Last year, Cortez Masto sent letters to each of the 11 FHLBanks urging them to contribute at least 20% of their net income to affordable housing and other community grant programs.
    In response to years of Senator Cortez Masto’s work, the FHLBank of San Francisco has increased its investment in Nevada, including by making this $5.1 million award and supporting other investments. Earlier this year, the senator secured a $10 million investment from the FHLBank of San Francisco into the Nevada Housing Division’s (NHD) single-family bond program. Thanks to pressure by Cortez Masto, the FHLBank System also invested $528 million in voluntary contributions for housing and economic development across the country in 2024, less than the Senator and others requested but more than the minimum from prior years. Senator Cortez Masto maintains that the FHLBanks should use their resources to meet their mission requirements by financing housing and community development projects nationwide.  

    MIL OSI USA News

  • MIL-OSI: MidWestOne Financial Group, Inc. Announces Second Quarter 2025 Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    IOWA CITY, Iowa, July 11, 2025 (GLOBE NEWSWIRE) — MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“MidWestOne” or the “Company”), parent company of MidWestOne Bank, today announced that its second quarter 2025 financial results will be released after market closes on Thursday, July 24, 2025. The Company will host a conference call to discuss its financial results at 11:00 a.m. Central Time on Friday, July 25, 2025.

    Investors and analysts interested in participating in the call may pre-register utilizing the following link: https://www.netroadshow.com/events/login?show=a6070726&confId=80381. After pre-registering for this event, you will receive your access details via email. On the day of the call, you are also able to dial 1-833-470-1428 (callers located in Canada please dial 1-833-950-0062) approximately 15 minutes prior to the start of the call and providing the access code 293794. A live audio webcast of the conference call can be accessed through the Investor Relations section of the Company’s website at https://www.midwestonefinancial.com.

    A replay of the conference call will be available within four hours of the conclusion of the call and can be accessed both online and by dialing 1-866-813-9403 within the United States and Canada (all other international callers please dial +440-204-525-0658). The pin to access the telephone replay is 763204. The replay will be available until October 23, 2025.

    About MidWestOne Financial Group, Inc.
    MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, and Colorado. MidWestOne provides electronic delivery of financial services through its website, MidWestOne.bank. MidWestOne Financial Group, Inc. trades on the Nasdaq Global Select Market under the symbol “MOFG”.

    Category: Earnings
    This news release may be downloaded from Corporate Profile | MidWestOne Financial Group, Inc.

    Source: MidWestOne Financial Group, Inc.

    Industry: Banks

    Contacts:  
    Charles N. Reeves Barry S. Ray
    Chief Executive Officer Chief Financial Officer
    319.356.5800 319.356.5800

    The MIL Network

  • MIL-OSI: Southside Bancshares, Inc. Announces Second Quarter Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    TYLER, Texas, July 11, 2025 (GLOBE NEWSWIRE) — Southside Bancshares, Inc. (“Southside”) (NYSE: SBSI), the holding company for Southside Bank, announced today it will release its second quarter financial results before the market opens on Friday, July 25, 2025. Southside will host a conference call to discuss its results on Friday, July 25, 2025, at 11:00 a.m. CDT.

    The call will be hosted by Lee R. Gibson, CEO, Keith Donahoe, President, Julie Shamburger, CFO, and Lindsey Bailes, VP, Investor Relations. Following prepared remarks there will be a question and answer session for the analyst community.

    The Conference Call Details

    The conference call can be accessed by webcast, for listen-only mode, here or 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 using this online form 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 here or on the company website, https://investors.southside.com, for at least 30 days, beginning approximately two hours following the conference call.

    About Southside Bancshares, Inc.

    Southside Bancshares, Inc. is a bank holding company headquartered in Tyler, Texas, with approximately $8.34 billion in assets as of March 31, 2025. Through its wholly-owned subsidiary, Southside Bank, Southside currently operates 53 branches and a network of 71 ATMs/ITMs throughout East Texas, Southeast Texas and the greater Dallas/Fort Worth, Austin and Houston areas. Serving customers since 1960, Southside Bank is a community-focused financial institution that offers a full range of financial products and services to individuals and businesses. These products and services include consumer and commercial loans, mortgages, deposit accounts, safe deposit boxes, treasury management, wealth management, trust services, brokerage services and an array of online and mobile services.

    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 e-mail 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.

    For further information:                                
    Lindsey Bailes
    903-630-7965

    The MIL Network

  • MIL-OSI: Hingham Savings Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HINGHAM, Mass., July 11, 2025 (GLOBE NEWSWIRE) — HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced results for the quarter ended June 30, 2025.

    Earnings

    Net income for the quarter ended June 30, 2025 was $9,414,000 or $4.32 per share basic and $4.28 per share diluted, as compared to $4,102,000 or $1.88 per share basic and diluted for the same period last year. The Bank’s annualized return on average equity for the second quarter of 2025 was 8.43%, and the annualized return on average assets was 0.85%, as compared to 3.92% and 0.38% for the same period last year. Net income per share (diluted) for the second quarter of 2025 increased by 127.7% compared to the same period in 2024.

    Core net income for the quarter ended June 30, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $7,453,000 or $3.42 per share basic and $3.39 per share diluted, as compared to $2,181,000 or $1.00 per share basic and per share diluted for the same period last year. The Bank’s annualized core return on average equity for the second quarter of 2025 was 6.67% and the annualized core return on average assets was 0.67%, as compared to 2.08% and 0.20% for the same period last year. Core net income per share (diluted) for the second quarter of 2025 increased by 239.0% compared to the same period in 2024.

    Net income for the six months ended June 30, 2025 was $16,538,000 or $7.58 per share basic and $7.52 per share diluted, as compared to $10,970,000 or $5.04 per share basic and $5.01 per share diluted for the same period last year. The Bank’s annualized return on average equity for the first six months of 2025 was 7.45%, and the annualized return on average assets was 0.75%, as compared to 5.27% and 0.50% for the same period in 2024. Net income per share (diluted) for the first six months of 2025 increased by 50.1% over the same period in 2024.

    Core net income for the six months ended June 30, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $13,578,000 or $6.23 per share basic and $6.17 per share diluted, as compared to $4,395,000 or $2.02 per share basic and $2.01 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the first six months of 2025 was 6.12%, and the annualized core return on average assets was 0.61%, as compared to 2.11% and 0.20% for the same period in 2024. Core net income per share (diluted) for the first six months of 2025 increased by 207.0% over the same period in 2024.

    See Page 10 for a reconciliation between Generally Accepted Accounting Principles (“GAAP”) net income and Non-GAAP core net income. GAAP requires that gains and losses on equity securities, net of tax, realized and unrealized, be recognized in the Consolidated Statements of Income. In calculating core net income, the Bank did not make any adjustments other than those relating to the after-tax net gain on equity securities, both realized and unrealized. In the first six months of 2024, both net income and core net income were positively impacted by lower income tax expense driven by excess tax benefit associated with the exercise of stock options and the revision of state income tax estimates.

    Balance Sheet

    Total assets increased to $4.539 billion at June 30, 2025, representing 3.7% annualized growth year-to-date and a 0.4% increase from June 30, 2024.

    Net loans increased to $3.932 billion at June 30, 2025, representing 3.0% annualized growth year-to-date and stable when compared to June 30, 2024. Origination activity was concentrated in the Boston and Washington D.C. markets and remained focused on stabilized multifamily commercial real estate.

    Retail and commercial deposits were $1.998 billion at June 30, 2025, flat year-to-date and representing 4.0% growth from June 30, 2024. Non-interest-bearing deposits, included in retail and commercial deposits, were $437.6 million at June 30, 2025, representing 20.2% annualized growth year-to-date and 27.5% growth from June 30, 2024, while interest-bearing deposits fell, reflecting some specific customer business needs.

    Growth in non-interest bearing deposits in the first six months of 2025 continued to reflect the Bank’s focus on developing and deepening deposit relationships with new and existing commercial and non-profit customers. The Bank continues to invest in its Specialized Deposit Group, actively recruiting for talented relationship managers in Boston, Washington, and San Francisco, particularly as respected competitors exit these markets or merge with larger regional banks.

    The stability of the Bank’s balance sheet, as well as full and unlimited deposit insurance through the Bank’s participation in the Massachusetts Depositors Insurance Fund, continues to appeal to customers in times of uncertainty.

    Wholesale funds, which includes Federal Home Loan Bank (“FHLB”) borrowings, brokered deposits, and Internet listing service time deposits, were $2.052 billion at June 30, 2025 representing 6.0% annualized growth year-to-date and a 4.4% decline from June 30, 2024, as the Bank used these funds to replace certain commercial deposits in the second quarter of 2025. In the first six months of 2025, the Bank continued to manage its wholesale funding mix to lower its cost of funds while taking advantage of the inverted yield curve at certain durations by adding lower rate longer term liabilities. Wholesale deposits, which include brokered and Internet listing service time deposits, were $480.1 million at June 30, 2025, representing a 6.0% annualized decline year-to-date and a 3.5% decline from June 30, 2024. Borrowings from the FHLB totaled $1.572 billion at June 30, 2025, representing 10.0% annualized growth from December 31, 2024, and a 4.7% decline from June 30, 2024. As of June 30, 2025, the Bank maintained an additional $802.8 million in immediately available borrowing capacity at the FHLB of Boston and the Federal Reserve Bank, in addition to $360.6 million in cash and cash equivalents.

    Book value per share was $204.36 as of June 30, 2025, representing 6.4% annualized growth year-to-date and 6.8% growth from June 30, 2024. In addition to the increase in book value per share, the Bank declared $2.52 in dividends per share since June 30, 2024.

    On June 25, 2025, the Bank declared a regular cash dividend of $0.63 per share. This dividend will be paid on August 13, 2025 to stockholders of record as of August 4, 2025. This will be the Bank’s 126th consecutive quarterly dividend.

    The Bank has also generally declared special cash dividends in each of the last thirty years, typically in the fourth quarter, but did not declare a special dividend in 2024 and 2023. The Bank sets the level of the special dividend based on the Bank’s capital requirements and the prospective return on other capital allocation options, particularly the incremental return on capital from new loan originations and share repurchases. This may result in special dividends, if any, significantly above or below the regular quarterly dividend. Future regular and special dividends will be considered by the Board of Directors on a quarterly basis.

    Operational Performance Metrics

    The net interest margin for the quarter ended June 30, 2025 increased 16 basis points to 1.66%, as compared to 1.50% in the quarter ended March 31, 2025. This was the fifth consecutive quarter of continued expansion, despite the Federal Reserve’s federal funds rate target range remaining unchanged in 2025. This improvement was the result of a decline in the cost of interest-bearing liabilities, combined with an increase in the yield on interest-earning assets. The cost of interest-bearing liabilities fell 10 basis points in the second quarter of 2025, as the Bank’s retail and commercial deposits continued to reprice at lower rates, and the Bank continued to take advantage of the inverted yield curve by adding lower rate FHLB advances and brokered deposits. The yield on interest-earning assets increased by 5 basis points in the second quarter of 2025, driven primarily by a higher yield on loans, as the Bank continued to originate loans at higher rates and reprice existing loans. The net interest margin in the final month of the second quarter of 2025 was 1.72% annualized.

    Key credit and operational metrics remained acceptable in the second quarter of 2025. At June 30, 2025, non-performing assets totaled 0.70% of total assets, compared to 0.03% at December 31, 2024 and 0.04% at June 30, 2024. Non-performing loans as a percentage of the total loan portfolio totaled 0.81% at June 30, 2025, compared to 0.04% at both December 31, 2024 and June 30, 2024. The Bank did not record any charge-offs in the first six months of 2025 or 2024. In the second quarter of 2025, the Bank placed a commercial real estate loan with an outstanding balance of $30.6 million on nonaccrual, after the borrower failed to make the full payment due at maturity. This loan is secured by an entitled development site for a significant multifamily development in Washington, D.C. and has an associated conditional guarantee from a large national homebuilder and an affordable housing developer. The Bank is working actively to identify a resolution that protects the Bank’s interests. The remaining non-performing assets and loans cited above were and are residential, owner-occupant loans.

    As of June 30, 2025, the Bank only had the single above-mentioned non-performing commercial real estate loan, and no other commercial real estate delinquent loans. The Bank did not have any delinquent or non-performing commercial real estate loans as of December 31, 2024 or June 30, 2024. The Bank did not own any foreclosed property at June 30, 2025, December 31, 2024 or June 30, 2024.

    The efficiency ratio, as defined on page 5 below, decreased to 41.17% for the second quarter of 2025, as compared to 45.82% in the prior quarter and 68.57% for the same period last year. Operating expenses as a percentage of average assets were 0.68% for the second quarter of 2025, as compared to 0.68% for the prior quarter and 0.67% for the same period last year. This reflects, in part, continuing investment in deposit-gathering infrastructure and relatively stable average assets from period to period. As the efficiency ratio can be significantly influenced by the level of net interest income, the Bank utilizes these paired figures together to assess its operational efficiency over time. During periods of significant net interest income volatility, the efficiency ratio in isolation may over or understate the underlying operational efficiency of the Bank. The Bank remains focused on reducing waste through an ongoing process of continuous improvement and standard work that supports operational leverage.

    Chairman Robert H. Gaughen Jr. stated, “Returns on equity and assets in the second quarter of 2025 remained somewhat lower than our long-term performance expectations, although they have recovered significantly. Returns in our core business continue to improve steadily, driven by a continued expansion in the net interest margin through asset repricing, falling funding costs, and growth in non-interest bearing deposits. Our operational leverage remains critical to generating satisfactory returns and we remain focused on rigorous cost control and continuous operational improvement. Although our investment returns are likely to remain volatile in any individual period, they continue to contribute meaningfully to growth in book value per share over time.

    While this period has been extraordinarily challenging, the Bank’s business model has been built to compound shareholder capital over the long-term. We remain focused on careful capital allocation, defensive underwriting and rigorous cost control – the building blocks for compounding shareholder capital through all stages of the economic cycle. These remain constant, regardless of the macroeconomic environment in which we operate.”

    The Bank’s quarterly financial results are summarized in this earnings release, but shareholders are encouraged to read the Bank’s quarterly report on Form 10-Q, which is generally available several weeks after the earnings release. The Bank expects to file Form 10-Q for the quarter ended June 30, 2025 with the Federal Deposit Insurance Corporation (FDIC) on or about August 6, 2025.

    Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks. The Bank maintains offices in Boston, Nantucket, Washington, D.C., and San Francisco.

    The Bank’s shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.

     
    HINGHAM INSTITUTION FOR SAVINGS
    Selected Financial Ratios
           
      Three Months Ended
    June 30,
      Six Months Ended
    June 30,
      2024   2025   2024   2025
    (Unaudited)                      
                           
    Key Performance Ratios                      
    Return on average assets (1) 0.38 %   0.85 %   0.50 %   0.75 %
    Return on average equity (1) 3.92     8.43     5.27     7.45  
    Core return on average assets (1) (5) 0.20     0.67     0.20     0.61  
    Core return on average equity (1) (5) 2.08     6.67     2.11     6.12  
    Interest rate spread (1) (2) 0.25     0.95     0.19     0.87  
    Net interest margin (1) (3) 0.96     1.66     0.91     1.58  
    Operating expenses to average assets (1) 0.67     0.68     0.67     0.68  
    Efficiency ratio (4) 68.57     41.17     72.63     43.36  
    Average equity to average assets 9.59     10.05     9.56     10.02  
    Average interest-earning assets to average interest-bearing liabilities 119.93     122.94     119.92     122.60  
      June 30,
    2024
      December 31,
    2024
      June 30,
    2025
    (Unaudited)                      
               
    Asset Quality Ratios          
    Allowance for credit losses/total loans   0.68 %   0.69 %     0.70 %
    Allowance for credit losses/non-performing loans   1,577.28     1,775.00       86.97  
                         
    Non-performing loans/total loans   0.04     0.04       0.81  
    Non-performing loans/total assets   0.04     0.03       0.70  
    Non-performing assets/total assets   0.04     0.03       0.70  
                         
    Share Related                    
    Book value per share $ 191.34     $ 198.03     $ 204.36  
    Market value per share $ 178.88     $ 254.14     $ 248.35  
    Shares outstanding at end of period   2,180,250       2,180,250       2,181,250  
    (1)   Annualized.
         
    (2)   Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
         
    (3)   Net interest margin represents net interest income divided by average interest-earning assets.
         
    (4)   The efficiency ratio is a non-GAAP measure that represents total operating expenses, divided by the sum of net interest income and total other income, excluding the net gain on equity securities, both realized and unrealized.
         
    (5)   Non-GAAP measurements that represent return on average assets and return on average equity, excluding the after-tax net gain on equity securities, both realized and unrealized.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Balance Sheets
               
    (In thousands, except share amounts) June 30,
    2024
      December 31,
    2024
      June 30,
    2025
    (Unaudited)                      
    ASSETS  
                           
    Cash and due from banks $ 5,990     $ 4,183     $ 8,470  
    Federal Reserve and other short-term investments   363,151       347,647       352,144  
    Cash and cash equivalents   369,141       351,830       360,614  
                           
    CRA investment   8,722       8,769       8,928  
    Other marketable equity securities   83,860       104,575       113,761  
    Securities, at fair value   92,582       113,344       122,689  
    Securities held to maturity, at amortized cost   6,493       6,493       6,494  
    Federal Home Loan Bank stock, at cost   66,189       61,022       64,659  
    Loans, net of allowance for credit losses of $26,940 at June 30, 2024, $26,980 at December 31, 2024 and $27,730 at June 30, 2025   3,933,419       3,873,662       3,931,663  
    Bank-owned life insurance   13,805       13,980       14,143  
    Premises and equipment, net   16,676       16,397       16,180  
    Accrued interest receivable   9,082       8,774       8,962  
    Other assets   13,344       12,269       13,753  
    Total assets $ 4,520,731     $ 4,457,771     $ 4,539,157  
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
                           
    Interest-bearing deposits $ 2,075,002     $ 2,094,626     $ 2,040,271  
    Non-interest-bearing deposits   343,262       397,469       437,608  
    Total deposits   2,418,264       2,492,095       2,477,879  
    Federal Home Loan Bank advances   1,648,675       1,497,000       1,572,000  
    Mortgagors’ escrow accounts   14,577       16,699       18,478  
    Accrued interest payable   12,242       8,244       12,959  
    Deferred income tax liability, net   989       3,787       4,629  
    Other liabilities   8,806       8,191       7,460  
    Total liabilities   4,103,553       4,026,016       4,093,405  
                           
    Stockholders’ equity:                      
    Preferred stock, $1.00 par value, 2,500,000 shares authorized, none issued                
    Common stock, $1.00 par value, 5,000,000 shares authorized; 2,180,250 shares issued and outstanding at June 30, 2024 and December 31, 2024, and 2,181,250 shares issued and outstanding at June 30, 2025   2,180       2,180       2,181  
    Additional paid-in capital   15,467       15,571       15,777  
    Undivided profits   399,531       414,004       427,794  
    Total stockholders’ equity   417,178       431,755       445,752  
    Total liabilities and stockholders’ equity $ 4,520,731     $ 4,457,771     $ 4,539,157  
                           
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Statements of Income
               
          Three Months Ended   Six Months Ended
          June 30,   June 30,
    (In thousands, except per share amounts) 2024
      2025
      2024   2025
    (Unaudited)                      
    Interest and dividend income:                            
      Loans $ 44,665     $ 46,752     $ 87,785     $ 91,973  
      Debt securities   87       97       132       192  
      Equity securities   1,551       1,365       3,001       2,816  
      Federal Reserve and other short-term investments   2,745       3,072       5,572       6,127  
        Total interest and dividend income   49,048       51,286       96,490       101,108  
    Interest expense:                              
      Deposits   22,141       17,841       43,287       36,462  
      Federal Home Loan Bank   16,539       15,406       33,751       30,571  
        Total interest expense   38,680       33,247       77,038       67,033  
        Net interest income   10,368       18,039       19,452       34,075  
    Provision for credit losses   180       450       288       750  
      Net interest income, after provision for credit losses   10,188       17,589       19,164       33,325  
    Other income:                              
      Customer service fees on deposits   138       139       275       274  
      Increase in cash surrender value of bank-owned life insurance   82       79       163       163  
      Gain on equity securities, net   2,464       2,516       8,434       3,797  
      Miscellaneous   49       73       104       122  
        Total other income   2,733       2,807       8,976       4,356  
    Operating expenses:                              
      Salaries and employee benefits   4,234       4,392       8,531       8,859  
      Occupancy and equipment   394       417       825       856  
      Data processing   738       758       1,493       1,482  
      Deposit insurance   819       784       1,629       1,532  
      Foreclosure and related   14       14       46       24  
      Marketing   187       222       276       358  
      Other general and administrative   908       959       1,721       1,905  
        Total operating expenses   7,294       7,546       14,521       15,016  
    Income before income taxes   5,627       12,850       13,619       22,665  
    Income tax provision   1,525       3,436       2,649       6,127  
        Net income $ 4,102     $ 9,414     $ 10,970     $ 16,538  
                                       
    Cash dividends declared per common share $ 0.63     $ 0.63     $ 1.26     $ 1.26  
                                   
    Weighted average shares outstanding:                              
      Basic   2,180       2,181       2,175       2,181  
      Diluted   2,186       2,200       2,189       2,200  
                                       
    Earnings per share:                              
      Basic $ 1.88     $ 4.32     $ 5.04     $ 7.58  
      Diluted $ 1.88     $ 4.28     $ 5.01     $ 7.52  
                                     
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
       
      Three Months Ended
      June 30, 2024   March 31, 2025   June 30, 2025
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
       
    (Dollars in thousands)  
    (Unaudited)                                                    
    Assets                                                    
    Loans (1) (2) $ 3,980,111   $ 44,665   4.49 %   $ 3,929,828   $ 45,221   4.67 %   $ 3,952,477   $ 46,752   4.74 %
    Securities (3) (4)   119,477     1,638   5.48       130,674     1,546   4.80       135,541     1,462   4.33  
    Short-term investments (5)   202,379     2,745   5.43       278,722     3,055   4.45       277,146     3,072   4.45  
    Total interest-earning assets   4,301,967     49,048   4.56       4,339,224     49,822   4.66       4,365,164     51,286   4.71  
    Other assets   66,218                 79,209                 78,230            
    Total assets $ 4,368,185               $ 4,418,433               $ 4,443,394            
                                                         
    Liabilities and stockholders’ equity:                                                    
    Interest-bearing deposits (6) $ 2,149,753   $ 22,141   4.12 %   $ 2,141,294   $ 18,621   3.53 %   $ 2,102,662   $ 17,841   3.40 %
    Borrowed funds   1,437,335     16,539   4.60       1,407,844     15,165   4.37       1,448,078     15,406   4.27  
    Total interest-bearing liabilities   3,587,088     38,680   4.31       3,549,138     33,786   3.86       3,550,740     33,247   3.76  
    Non-interest-bearing deposits   346,663                 413,877                 429,537            
    Other liabilities   15,503                 14,464                 16,378            
    Total liabilities   3,949,254                 3,977,479                 3,996,655            
    Stockholders’ equity   418,931                 440,954                 446,739            
    Total liabilities and stockholders’ equity $ 4,368,185               $ 4,418,433               $ 4,443,394            
    Net interest income       $ 10,368               $ 16,036               $ 18,039      
                                                         
    Weighted average interest rate spread             0.25 %               0.80 %               0.95 %
                                                         
    Net interest margin (7)             0.96 %               1.50 %               1.66 %
    Average interest-earning assets to average interest-bearing liabilities (8) 119.93 %   122.26 %   122.94 %  
    (1)   Before allowance for credit losses.
    (2)   Includes non-accrual loans.
    (3)   Excludes the impact of the average net unrealized gain or loss on securities.
    (4)   Includes Federal Home Loan Bank stock.
    (5)   Includes cash held at the Federal Reserve Bank.
    (6)   Includes mortgagors’ escrow accounts.
    (7)   Net interest income divided by average total interest-earning assets.
    (8)   Total interest-earning assets divided by total interest-bearing liabilities.
    (9)   Average balances are calculated on a daily basis.
    (10)   Annualized based on the actual number of days in the period.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
         
      Six Months Ended June 30,  
      2024     2025  
      Average
    Balance (9)
      Interest   Yield/
    Rate (10)
        Average
    Balance (9)
      Interest   Yield/
    Rate (10)
     
    (Dollars in thousands)                                  
    (Unaudited)                                  
                                       
    Loans (1) (2) $ 3,968,123   $ 87,785   4.42 %   $ 3,941,215   $ 91,973   4.71 %
    Securities (3) (4)   117,840     3,133   5.32       133,121     3,008   4.56  
    Short-term investments (5)   205,312     5,572   5.43       277,930     6,127   4.45  
    Total interest-earning assets   4,291,275     96,490   4.50       4,352,266     101,108   4.68  
    Other assets   65,126                 78,717            
    Total assets $ 4,356,401               $ 4,430,983            
                                       
    Interest-bearing deposits (6) $ 2,124,302   $ 43,287   4.08 %   $ 2,121,871   $ 36,462   3.47 %
    Borrowed funds   1,454,181     33,751   4.64       1,428,072     30,571   4.32  
    Total interest-bearing liabilities   3,578,483     77,038   4.31       3,549,943     67,033   3.81  
    Non-interest-bearing deposits   346,399                 421,750            
    Other liabilities   14,882                 15,428            
    Total liabilities   3,939,764                 3,987,121            
    Stockholders’ equity   416,637                 443,862            
    Total liabilities and stockholders’ equity $ 4,356,401               $ 4,430,983            
    Net interest income       $ 19,452               $ 34,075      
                                       
    Weighted average interest rate spread             0.19 %               0.87 %
                                       
    Net interest margin (7)             0.91 %               1.58 %
                                       
    Average interest-earning assets
    to average interest-bearing
    liabilities (8)
      119.92 %               122.60 %          
    (1)   Before allowance for credit losses.
    (2)   Includes non-accrual loans.
    (3)   Excludes the impact of the average net unrealized gain or loss on securities.
    (4)   Includes Federal Home Loan Bank stock.
    (5)   Includes cash held at the Federal Reserve Bank.
    (6)   Includes mortgagors’ escrow accounts.
    (7)   Net interest income divided by average total interest-earning assets.
    (8)   Total interest-earning assets divided by total interest-bearing liabilities.
    (9)   Average balances are calculated on a daily basis.
    (10)   Annualized based on the actual number of days in the period.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
     Non-GAAP Reconciliation
     

    The Bank believes the presentation of the following non-GAAP financial measures provide useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Bank. Management uses these measures in its analysis of the Bank’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks.

    The table below presents the reconciliation between net income and core net income, a non-GAAP measurement that represents net income excluding the after-tax net gain on equity securities, both realized and unrealized.

      Three Months Ended   Six Months Ended
      June 30,   June 30,
    (In thousands, unaudited) 2024   2025   2024   2025
                       
    Non-GAAP reconciliation:                      
    Net income $ 4,102     $ 9,414     $ 10,970     $ 16,538  
    Gain on equity securities, net   (2,464 )     (2,516 )     (8,434 )     (3,797 )
    Income tax expense (1)   543       555       1,859       837  
    Core net income $ 2,181     $ 7,453     $ 4,395     $ 13,578  
    (1)   The equity securities are held in a tax-advantaged subsidiary corporation. The income tax effect of the gain on equity securities, net, was calculated using the effective tax rate applicable to the subsidiary.
         

    The table below presents the calculation of the efficiency ratio, a non-U.S. GAAP performance measure that management uses to assess operational efficiency which represents total operating expenses, divided by the sum of net interest income and total other income, excluding net gain on equity securities, both realized and unrealized.

      Three Months Ended   Six Months Ended  
      June 30,
      March 31,
      June 30,
      June 30,  
    (In thousands, unaudited) 2024   2025   2025   2024   2025  
                                         
    Non-U.S. GAAP efficiency ratio calculation:                                    
    Operating expenses $ 7,294       $ 7,470       $ 7,546     $ 14,521       $ 15,016    
                                         
    Net interest income $ 10,368       $ 16,036       $ 18,039     $ 19,452       $ 34,075    
    Other income   2,733         1,549         2,807       8,976         4,356    
    Gain on equity securities, net   (2,464 )       (1,281 )       (2,516 )     (8,434 )       (3,797 )  
    Total revenue $ 10,637       $ 16,304       $ 18,330     $ 19,994       $ 34,634    
                                         
    Efficiency ratio   68.57   %     45.82   %     41.17   %   72.63   %     43.36   %
                                                   

    CONTACT: Patrick R. Gaughen, President and Chief Operating Officer (781) 783-1761

    The MIL Network

  • MIL-OSI: Hingham Savings Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HINGHAM, Mass., July 11, 2025 (GLOBE NEWSWIRE) — HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced results for the quarter ended June 30, 2025.

    Earnings

    Net income for the quarter ended June 30, 2025 was $9,414,000 or $4.32 per share basic and $4.28 per share diluted, as compared to $4,102,000 or $1.88 per share basic and diluted for the same period last year. The Bank’s annualized return on average equity for the second quarter of 2025 was 8.43%, and the annualized return on average assets was 0.85%, as compared to 3.92% and 0.38% for the same period last year. Net income per share (diluted) for the second quarter of 2025 increased by 127.7% compared to the same period in 2024.

    Core net income for the quarter ended June 30, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $7,453,000 or $3.42 per share basic and $3.39 per share diluted, as compared to $2,181,000 or $1.00 per share basic and per share diluted for the same period last year. The Bank’s annualized core return on average equity for the second quarter of 2025 was 6.67% and the annualized core return on average assets was 0.67%, as compared to 2.08% and 0.20% for the same period last year. Core net income per share (diluted) for the second quarter of 2025 increased by 239.0% compared to the same period in 2024.

    Net income for the six months ended June 30, 2025 was $16,538,000 or $7.58 per share basic and $7.52 per share diluted, as compared to $10,970,000 or $5.04 per share basic and $5.01 per share diluted for the same period last year. The Bank’s annualized return on average equity for the first six months of 2025 was 7.45%, and the annualized return on average assets was 0.75%, as compared to 5.27% and 0.50% for the same period in 2024. Net income per share (diluted) for the first six months of 2025 increased by 50.1% over the same period in 2024.

    Core net income for the six months ended June 30, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $13,578,000 or $6.23 per share basic and $6.17 per share diluted, as compared to $4,395,000 or $2.02 per share basic and $2.01 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the first six months of 2025 was 6.12%, and the annualized core return on average assets was 0.61%, as compared to 2.11% and 0.20% for the same period in 2024. Core net income per share (diluted) for the first six months of 2025 increased by 207.0% over the same period in 2024.

    See Page 10 for a reconciliation between Generally Accepted Accounting Principles (“GAAP”) net income and Non-GAAP core net income. GAAP requires that gains and losses on equity securities, net of tax, realized and unrealized, be recognized in the Consolidated Statements of Income. In calculating core net income, the Bank did not make any adjustments other than those relating to the after-tax net gain on equity securities, both realized and unrealized. In the first six months of 2024, both net income and core net income were positively impacted by lower income tax expense driven by excess tax benefit associated with the exercise of stock options and the revision of state income tax estimates.

    Balance Sheet

    Total assets increased to $4.539 billion at June 30, 2025, representing 3.7% annualized growth year-to-date and a 0.4% increase from June 30, 2024.

    Net loans increased to $3.932 billion at June 30, 2025, representing 3.0% annualized growth year-to-date and stable when compared to June 30, 2024. Origination activity was concentrated in the Boston and Washington D.C. markets and remained focused on stabilized multifamily commercial real estate.

    Retail and commercial deposits were $1.998 billion at June 30, 2025, flat year-to-date and representing 4.0% growth from June 30, 2024. Non-interest-bearing deposits, included in retail and commercial deposits, were $437.6 million at June 30, 2025, representing 20.2% annualized growth year-to-date and 27.5% growth from June 30, 2024, while interest-bearing deposits fell, reflecting some specific customer business needs.

    Growth in non-interest bearing deposits in the first six months of 2025 continued to reflect the Bank’s focus on developing and deepening deposit relationships with new and existing commercial and non-profit customers. The Bank continues to invest in its Specialized Deposit Group, actively recruiting for talented relationship managers in Boston, Washington, and San Francisco, particularly as respected competitors exit these markets or merge with larger regional banks.

    The stability of the Bank’s balance sheet, as well as full and unlimited deposit insurance through the Bank’s participation in the Massachusetts Depositors Insurance Fund, continues to appeal to customers in times of uncertainty.

    Wholesale funds, which includes Federal Home Loan Bank (“FHLB”) borrowings, brokered deposits, and Internet listing service time deposits, were $2.052 billion at June 30, 2025 representing 6.0% annualized growth year-to-date and a 4.4% decline from June 30, 2024, as the Bank used these funds to replace certain commercial deposits in the second quarter of 2025. In the first six months of 2025, the Bank continued to manage its wholesale funding mix to lower its cost of funds while taking advantage of the inverted yield curve at certain durations by adding lower rate longer term liabilities. Wholesale deposits, which include brokered and Internet listing service time deposits, were $480.1 million at June 30, 2025, representing a 6.0% annualized decline year-to-date and a 3.5% decline from June 30, 2024. Borrowings from the FHLB totaled $1.572 billion at June 30, 2025, representing 10.0% annualized growth from December 31, 2024, and a 4.7% decline from June 30, 2024. As of June 30, 2025, the Bank maintained an additional $802.8 million in immediately available borrowing capacity at the FHLB of Boston and the Federal Reserve Bank, in addition to $360.6 million in cash and cash equivalents.

    Book value per share was $204.36 as of June 30, 2025, representing 6.4% annualized growth year-to-date and 6.8% growth from June 30, 2024. In addition to the increase in book value per share, the Bank declared $2.52 in dividends per share since June 30, 2024.

    On June 25, 2025, the Bank declared a regular cash dividend of $0.63 per share. This dividend will be paid on August 13, 2025 to stockholders of record as of August 4, 2025. This will be the Bank’s 126th consecutive quarterly dividend.

    The Bank has also generally declared special cash dividends in each of the last thirty years, typically in the fourth quarter, but did not declare a special dividend in 2024 and 2023. The Bank sets the level of the special dividend based on the Bank’s capital requirements and the prospective return on other capital allocation options, particularly the incremental return on capital from new loan originations and share repurchases. This may result in special dividends, if any, significantly above or below the regular quarterly dividend. Future regular and special dividends will be considered by the Board of Directors on a quarterly basis.

    Operational Performance Metrics

    The net interest margin for the quarter ended June 30, 2025 increased 16 basis points to 1.66%, as compared to 1.50% in the quarter ended March 31, 2025. This was the fifth consecutive quarter of continued expansion, despite the Federal Reserve’s federal funds rate target range remaining unchanged in 2025. This improvement was the result of a decline in the cost of interest-bearing liabilities, combined with an increase in the yield on interest-earning assets. The cost of interest-bearing liabilities fell 10 basis points in the second quarter of 2025, as the Bank’s retail and commercial deposits continued to reprice at lower rates, and the Bank continued to take advantage of the inverted yield curve by adding lower rate FHLB advances and brokered deposits. The yield on interest-earning assets increased by 5 basis points in the second quarter of 2025, driven primarily by a higher yield on loans, as the Bank continued to originate loans at higher rates and reprice existing loans. The net interest margin in the final month of the second quarter of 2025 was 1.72% annualized.

    Key credit and operational metrics remained acceptable in the second quarter of 2025. At June 30, 2025, non-performing assets totaled 0.70% of total assets, compared to 0.03% at December 31, 2024 and 0.04% at June 30, 2024. Non-performing loans as a percentage of the total loan portfolio totaled 0.81% at June 30, 2025, compared to 0.04% at both December 31, 2024 and June 30, 2024. The Bank did not record any charge-offs in the first six months of 2025 or 2024. In the second quarter of 2025, the Bank placed a commercial real estate loan with an outstanding balance of $30.6 million on nonaccrual, after the borrower failed to make the full payment due at maturity. This loan is secured by an entitled development site for a significant multifamily development in Washington, D.C. and has an associated conditional guarantee from a large national homebuilder and an affordable housing developer. The Bank is working actively to identify a resolution that protects the Bank’s interests. The remaining non-performing assets and loans cited above were and are residential, owner-occupant loans.

    As of June 30, 2025, the Bank only had the single above-mentioned non-performing commercial real estate loan, and no other commercial real estate delinquent loans. The Bank did not have any delinquent or non-performing commercial real estate loans as of December 31, 2024 or June 30, 2024. The Bank did not own any foreclosed property at June 30, 2025, December 31, 2024 or June 30, 2024.

    The efficiency ratio, as defined on page 5 below, decreased to 41.17% for the second quarter of 2025, as compared to 45.82% in the prior quarter and 68.57% for the same period last year. Operating expenses as a percentage of average assets were 0.68% for the second quarter of 2025, as compared to 0.68% for the prior quarter and 0.67% for the same period last year. This reflects, in part, continuing investment in deposit-gathering infrastructure and relatively stable average assets from period to period. As the efficiency ratio can be significantly influenced by the level of net interest income, the Bank utilizes these paired figures together to assess its operational efficiency over time. During periods of significant net interest income volatility, the efficiency ratio in isolation may over or understate the underlying operational efficiency of the Bank. The Bank remains focused on reducing waste through an ongoing process of continuous improvement and standard work that supports operational leverage.

    Chairman Robert H. Gaughen Jr. stated, “Returns on equity and assets in the second quarter of 2025 remained somewhat lower than our long-term performance expectations, although they have recovered significantly. Returns in our core business continue to improve steadily, driven by a continued expansion in the net interest margin through asset repricing, falling funding costs, and growth in non-interest bearing deposits. Our operational leverage remains critical to generating satisfactory returns and we remain focused on rigorous cost control and continuous operational improvement. Although our investment returns are likely to remain volatile in any individual period, they continue to contribute meaningfully to growth in book value per share over time.

    While this period has been extraordinarily challenging, the Bank’s business model has been built to compound shareholder capital over the long-term. We remain focused on careful capital allocation, defensive underwriting and rigorous cost control – the building blocks for compounding shareholder capital through all stages of the economic cycle. These remain constant, regardless of the macroeconomic environment in which we operate.”

    The Bank’s quarterly financial results are summarized in this earnings release, but shareholders are encouraged to read the Bank’s quarterly report on Form 10-Q, which is generally available several weeks after the earnings release. The Bank expects to file Form 10-Q for the quarter ended June 30, 2025 with the Federal Deposit Insurance Corporation (FDIC) on or about August 6, 2025.

    Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks. The Bank maintains offices in Boston, Nantucket, Washington, D.C., and San Francisco.

    The Bank’s shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.

     
    HINGHAM INSTITUTION FOR SAVINGS
    Selected Financial Ratios
           
      Three Months Ended
    June 30,
      Six Months Ended
    June 30,
      2024   2025   2024   2025
    (Unaudited)                      
                           
    Key Performance Ratios                      
    Return on average assets (1) 0.38 %   0.85 %   0.50 %   0.75 %
    Return on average equity (1) 3.92     8.43     5.27     7.45  
    Core return on average assets (1) (5) 0.20     0.67     0.20     0.61  
    Core return on average equity (1) (5) 2.08     6.67     2.11     6.12  
    Interest rate spread (1) (2) 0.25     0.95     0.19     0.87  
    Net interest margin (1) (3) 0.96     1.66     0.91     1.58  
    Operating expenses to average assets (1) 0.67     0.68     0.67     0.68  
    Efficiency ratio (4) 68.57     41.17     72.63     43.36  
    Average equity to average assets 9.59     10.05     9.56     10.02  
    Average interest-earning assets to average interest-bearing liabilities 119.93     122.94     119.92     122.60  
      June 30,
    2024
      December 31,
    2024
      June 30,
    2025
    (Unaudited)                      
               
    Asset Quality Ratios          
    Allowance for credit losses/total loans   0.68 %   0.69 %     0.70 %
    Allowance for credit losses/non-performing loans   1,577.28     1,775.00       86.97  
                         
    Non-performing loans/total loans   0.04     0.04       0.81  
    Non-performing loans/total assets   0.04     0.03       0.70  
    Non-performing assets/total assets   0.04     0.03       0.70  
                         
    Share Related                    
    Book value per share $ 191.34     $ 198.03     $ 204.36  
    Market value per share $ 178.88     $ 254.14     $ 248.35  
    Shares outstanding at end of period   2,180,250       2,180,250       2,181,250  
    (1)   Annualized.
         
    (2)   Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
         
    (3)   Net interest margin represents net interest income divided by average interest-earning assets.
         
    (4)   The efficiency ratio is a non-GAAP measure that represents total operating expenses, divided by the sum of net interest income and total other income, excluding the net gain on equity securities, both realized and unrealized.
         
    (5)   Non-GAAP measurements that represent return on average assets and return on average equity, excluding the after-tax net gain on equity securities, both realized and unrealized.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Balance Sheets
               
    (In thousands, except share amounts) June 30,
    2024
      December 31,
    2024
      June 30,
    2025
    (Unaudited)                      
    ASSETS  
                           
    Cash and due from banks $ 5,990     $ 4,183     $ 8,470  
    Federal Reserve and other short-term investments   363,151       347,647       352,144  
    Cash and cash equivalents   369,141       351,830       360,614  
                           
    CRA investment   8,722       8,769       8,928  
    Other marketable equity securities   83,860       104,575       113,761  
    Securities, at fair value   92,582       113,344       122,689  
    Securities held to maturity, at amortized cost   6,493       6,493       6,494  
    Federal Home Loan Bank stock, at cost   66,189       61,022       64,659  
    Loans, net of allowance for credit losses of $26,940 at June 30, 2024, $26,980 at December 31, 2024 and $27,730 at June 30, 2025   3,933,419       3,873,662       3,931,663  
    Bank-owned life insurance   13,805       13,980       14,143  
    Premises and equipment, net   16,676       16,397       16,180  
    Accrued interest receivable   9,082       8,774       8,962  
    Other assets   13,344       12,269       13,753  
    Total assets $ 4,520,731     $ 4,457,771     $ 4,539,157  
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
                           
    Interest-bearing deposits $ 2,075,002     $ 2,094,626     $ 2,040,271  
    Non-interest-bearing deposits   343,262       397,469       437,608  
    Total deposits   2,418,264       2,492,095       2,477,879  
    Federal Home Loan Bank advances   1,648,675       1,497,000       1,572,000  
    Mortgagors’ escrow accounts   14,577       16,699       18,478  
    Accrued interest payable   12,242       8,244       12,959  
    Deferred income tax liability, net   989       3,787       4,629  
    Other liabilities   8,806       8,191       7,460  
    Total liabilities   4,103,553       4,026,016       4,093,405  
                           
    Stockholders’ equity:                      
    Preferred stock, $1.00 par value, 2,500,000 shares authorized, none issued                
    Common stock, $1.00 par value, 5,000,000 shares authorized; 2,180,250 shares issued and outstanding at June 30, 2024 and December 31, 2024, and 2,181,250 shares issued and outstanding at June 30, 2025   2,180       2,180       2,181  
    Additional paid-in capital   15,467       15,571       15,777  
    Undivided profits   399,531       414,004       427,794  
    Total stockholders’ equity   417,178       431,755       445,752  
    Total liabilities and stockholders’ equity $ 4,520,731     $ 4,457,771     $ 4,539,157  
                           
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Statements of Income
               
          Three Months Ended   Six Months Ended
          June 30,   June 30,
    (In thousands, except per share amounts) 2024
      2025
      2024   2025
    (Unaudited)                      
    Interest and dividend income:                            
      Loans $ 44,665     $ 46,752     $ 87,785     $ 91,973  
      Debt securities   87       97       132       192  
      Equity securities   1,551       1,365       3,001       2,816  
      Federal Reserve and other short-term investments   2,745       3,072       5,572       6,127  
        Total interest and dividend income   49,048       51,286       96,490       101,108  
    Interest expense:                              
      Deposits   22,141       17,841       43,287       36,462  
      Federal Home Loan Bank   16,539       15,406       33,751       30,571  
        Total interest expense   38,680       33,247       77,038       67,033  
        Net interest income   10,368       18,039       19,452       34,075  
    Provision for credit losses   180       450       288       750  
      Net interest income, after provision for credit losses   10,188       17,589       19,164       33,325  
    Other income:                              
      Customer service fees on deposits   138       139       275       274  
      Increase in cash surrender value of bank-owned life insurance   82       79       163       163  
      Gain on equity securities, net   2,464       2,516       8,434       3,797  
      Miscellaneous   49       73       104       122  
        Total other income   2,733       2,807       8,976       4,356  
    Operating expenses:                              
      Salaries and employee benefits   4,234       4,392       8,531       8,859  
      Occupancy and equipment   394       417       825       856  
      Data processing   738       758       1,493       1,482  
      Deposit insurance   819       784       1,629       1,532  
      Foreclosure and related   14       14       46       24  
      Marketing   187       222       276       358  
      Other general and administrative   908       959       1,721       1,905  
        Total operating expenses   7,294       7,546       14,521       15,016  
    Income before income taxes   5,627       12,850       13,619       22,665  
    Income tax provision   1,525       3,436       2,649       6,127  
        Net income $ 4,102     $ 9,414     $ 10,970     $ 16,538  
                                       
    Cash dividends declared per common share $ 0.63     $ 0.63     $ 1.26     $ 1.26  
                                   
    Weighted average shares outstanding:                              
      Basic   2,180       2,181       2,175       2,181  
      Diluted   2,186       2,200       2,189       2,200  
                                       
    Earnings per share:                              
      Basic $ 1.88     $ 4.32     $ 5.04     $ 7.58  
      Diluted $ 1.88     $ 4.28     $ 5.01     $ 7.52  
                                     
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
       
      Three Months Ended
      June 30, 2024   March 31, 2025   June 30, 2025
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
       
    (Dollars in thousands)  
    (Unaudited)                                                    
    Assets                                                    
    Loans (1) (2) $ 3,980,111   $ 44,665   4.49 %   $ 3,929,828   $ 45,221   4.67 %   $ 3,952,477   $ 46,752   4.74 %
    Securities (3) (4)   119,477     1,638   5.48       130,674     1,546   4.80       135,541     1,462   4.33  
    Short-term investments (5)   202,379     2,745   5.43       278,722     3,055   4.45       277,146     3,072   4.45  
    Total interest-earning assets   4,301,967     49,048   4.56       4,339,224     49,822   4.66       4,365,164     51,286   4.71  
    Other assets   66,218                 79,209                 78,230            
    Total assets $ 4,368,185               $ 4,418,433               $ 4,443,394            
                                                         
    Liabilities and stockholders’ equity:                                                    
    Interest-bearing deposits (6) $ 2,149,753   $ 22,141   4.12 %   $ 2,141,294   $ 18,621   3.53 %   $ 2,102,662   $ 17,841   3.40 %
    Borrowed funds   1,437,335     16,539   4.60       1,407,844     15,165   4.37       1,448,078     15,406   4.27  
    Total interest-bearing liabilities   3,587,088     38,680   4.31       3,549,138     33,786   3.86       3,550,740     33,247   3.76  
    Non-interest-bearing deposits   346,663                 413,877                 429,537            
    Other liabilities   15,503                 14,464                 16,378            
    Total liabilities   3,949,254                 3,977,479                 3,996,655            
    Stockholders’ equity   418,931                 440,954                 446,739            
    Total liabilities and stockholders’ equity $ 4,368,185               $ 4,418,433               $ 4,443,394            
    Net interest income       $ 10,368               $ 16,036               $ 18,039      
                                                         
    Weighted average interest rate spread             0.25 %               0.80 %               0.95 %
                                                         
    Net interest margin (7)             0.96 %               1.50 %               1.66 %
    Average interest-earning assets to average interest-bearing liabilities (8) 119.93 %   122.26 %   122.94 %  
    (1)   Before allowance for credit losses.
    (2)   Includes non-accrual loans.
    (3)   Excludes the impact of the average net unrealized gain or loss on securities.
    (4)   Includes Federal Home Loan Bank stock.
    (5)   Includes cash held at the Federal Reserve Bank.
    (6)   Includes mortgagors’ escrow accounts.
    (7)   Net interest income divided by average total interest-earning assets.
    (8)   Total interest-earning assets divided by total interest-bearing liabilities.
    (9)   Average balances are calculated on a daily basis.
    (10)   Annualized based on the actual number of days in the period.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
         
      Six Months Ended June 30,  
      2024     2025  
      Average
    Balance (9)
      Interest   Yield/
    Rate (10)
        Average
    Balance (9)
      Interest   Yield/
    Rate (10)
     
    (Dollars in thousands)                                  
    (Unaudited)                                  
                                       
    Loans (1) (2) $ 3,968,123   $ 87,785   4.42 %   $ 3,941,215   $ 91,973   4.71 %
    Securities (3) (4)   117,840     3,133   5.32       133,121     3,008   4.56  
    Short-term investments (5)   205,312     5,572   5.43       277,930     6,127   4.45  
    Total interest-earning assets   4,291,275     96,490   4.50       4,352,266     101,108   4.68  
    Other assets   65,126                 78,717            
    Total assets $ 4,356,401               $ 4,430,983            
                                       
    Interest-bearing deposits (6) $ 2,124,302   $ 43,287   4.08 %   $ 2,121,871   $ 36,462   3.47 %
    Borrowed funds   1,454,181     33,751   4.64       1,428,072     30,571   4.32  
    Total interest-bearing liabilities   3,578,483     77,038   4.31       3,549,943     67,033   3.81  
    Non-interest-bearing deposits   346,399                 421,750            
    Other liabilities   14,882                 15,428            
    Total liabilities   3,939,764                 3,987,121            
    Stockholders’ equity   416,637                 443,862            
    Total liabilities and stockholders’ equity $ 4,356,401               $ 4,430,983            
    Net interest income       $ 19,452               $ 34,075      
                                       
    Weighted average interest rate spread             0.19 %               0.87 %
                                       
    Net interest margin (7)             0.91 %               1.58 %
                                       
    Average interest-earning assets
    to average interest-bearing
    liabilities (8)
      119.92 %               122.60 %          
    (1)   Before allowance for credit losses.
    (2)   Includes non-accrual loans.
    (3)   Excludes the impact of the average net unrealized gain or loss on securities.
    (4)   Includes Federal Home Loan Bank stock.
    (5)   Includes cash held at the Federal Reserve Bank.
    (6)   Includes mortgagors’ escrow accounts.
    (7)   Net interest income divided by average total interest-earning assets.
    (8)   Total interest-earning assets divided by total interest-bearing liabilities.
    (9)   Average balances are calculated on a daily basis.
    (10)   Annualized based on the actual number of days in the period.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
     Non-GAAP Reconciliation
     

    The Bank believes the presentation of the following non-GAAP financial measures provide useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Bank. Management uses these measures in its analysis of the Bank’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks.

    The table below presents the reconciliation between net income and core net income, a non-GAAP measurement that represents net income excluding the after-tax net gain on equity securities, both realized and unrealized.

      Three Months Ended   Six Months Ended
      June 30,   June 30,
    (In thousands, unaudited) 2024   2025   2024   2025
                       
    Non-GAAP reconciliation:                      
    Net income $ 4,102     $ 9,414     $ 10,970     $ 16,538  
    Gain on equity securities, net   (2,464 )     (2,516 )     (8,434 )     (3,797 )
    Income tax expense (1)   543       555       1,859       837  
    Core net income $ 2,181     $ 7,453     $ 4,395     $ 13,578  
    (1)   The equity securities are held in a tax-advantaged subsidiary corporation. The income tax effect of the gain on equity securities, net, was calculated using the effective tax rate applicable to the subsidiary.
         

    The table below presents the calculation of the efficiency ratio, a non-U.S. GAAP performance measure that management uses to assess operational efficiency which represents total operating expenses, divided by the sum of net interest income and total other income, excluding net gain on equity securities, both realized and unrealized.

      Three Months Ended   Six Months Ended  
      June 30,
      March 31,
      June 30,
      June 30,  
    (In thousands, unaudited) 2024   2025   2025   2024   2025  
                                         
    Non-U.S. GAAP efficiency ratio calculation:                                    
    Operating expenses $ 7,294       $ 7,470       $ 7,546     $ 14,521       $ 15,016    
                                         
    Net interest income $ 10,368       $ 16,036       $ 18,039     $ 19,452       $ 34,075    
    Other income   2,733         1,549         2,807       8,976         4,356    
    Gain on equity securities, net   (2,464 )       (1,281 )       (2,516 )     (8,434 )       (3,797 )  
    Total revenue $ 10,637       $ 16,304       $ 18,330     $ 19,994       $ 34,634    
                                         
    Efficiency ratio   68.57   %     45.82   %     41.17   %   72.63   %     43.36   %
                                                   

    CONTACT: Patrick R. Gaughen, President and Chief Operating Officer (781) 783-1761

    The MIL Network

  • MIL-OSI Europe: EIB Group moves forward to strengthen transparency, accountability and workplace well-being

    Source: European Investment Bank

    The European Investment Bank (EIB) Group has been taking decisive steps to strengthen transparency, accountability, and workplace well-being. These include a 14-point Action Plan, launched in July 2024, developed with staff representatives to address priority areas identified through staff surveys.

    To date, the Group has delivered several concrete measures as part of this change:

    • Appointment of an independent Ombudsperson that will join the EIB Group on 1 October to serve as a neutral resource and support confidential conflict resolution.
    • Completion of a 360° feedback exercise for senior and middle managers, with the participation of over 3 000 staff members to improve the working atmosphere and foster leadership excellence.
    • Performance objectives for managers have incorporated the need to ensure a safe working environment, promote a speak-up culture, and support the development, performance and well-being of staff.
    • Compulsory trainings have been rolled out covering the EIB Group Code of Conduct, Whistleblowing Policy and the prevention and detection of workplace harassment for all staff and management.
    • Concrete measures are being taken to promote horizontal mobility and inclusion throughout the Group.
    • Procedures are being streamlined and processes digitalised to reduce red tape, increase efficiency and improve the working experience. The time to market (from first contact to signature of a deal) has been reduced by 20% and reporting by more than 30%, with a further material reduction expected in 2025.
    • A working group, which includes staff representatives, has been established to enhance career development opportunities for support staff. Also, engagement sessions and a survey have been launched to modernise the non-salary welfare benefits system, in view of making it more flexible and fairer to respond to individual needs and situations. The findings from these initiatives will inform the working group’s discussions in autumn.
    • Recruitment processes have become more efficient and management appointments are communicated in a more transparent manner. Feedback is given to non-successful candidates with a view to improving opportunities for career development within an efficient organization with a modern governance structure.
    • A talent review is ongoing to modernise Human Resources policies and accompany all staff in their career development.
    • A revision of the Dignity at Work Policy is ongoing to increase efficiency and speed of decision-making and action.
    • Mediation is promoted as a constructive approach to resolving workplace conflicts and issues.
    • A “Work Well Together Week” has been organised in September 2024, along with an interinstitutional Ethics Day October 2024 to reinforce shared values and a senior management away day.

    In May and June 2025, a new staff survey has been carried out. Designed and run by an external independent firm and following consultation with all relevant stakeholders, the survey achieved a record 78% participation rate with responses from over 3 900 colleagues.

    The survey identifies strengths and improvements in key areas, as well as opportunities for improvement in areas where action is already taken to strengthen the work culture and atmosphere at the EIB group. The staff survey provides valuable insights to steer next steps.

    Survey results show strong alignment with the Group’s mission and values, high appreciation for managers, and a supportive working atmosphere among colleagues. Staff also reported a strong commitment to delivering high-quality work and outcomes and demonstrated good knowledge of the EIB Group Staff Code of Conduct.

    Compared to the 2022 survey, there is considerable improvement in perceptions of leadership setting an ethical example, as well as significant improvement in views of the Group’s commitment to creating a diverse and inclusive work environment and recognising support from other teams.

    Areas identified for further improvement include decision-making speed, removing barriers to more efficient working, and improving mobility and promotion processes.

    These areas had already been identified as priorities, and the EIB Group is stepping up action to improve the working experience for everyone. Feedback from the survey will be discussed with staff representatives to follow up on the findings and continue strengthening the work environment for all EIB Group employees.

    MIL OSI Europe News

  • MIL-OSI Europe: EIB Group moves forward to strengthen transparency, accountability and workplace well-being

    Source: European Investment Bank

    The European Investment Bank (EIB) Group has been taking decisive steps to strengthen transparency, accountability, and workplace well-being. These include a 14-point Action Plan, launched in July 2024, developed with staff representatives to address priority areas identified through staff surveys.

    To date, the Group has delivered several concrete measures as part of this change:

    • Appointment of an independent Ombudsperson that will join the EIB Group on 1 October to serve as a neutral resource and support confidential conflict resolution.
    • Completion of a 360° feedback exercise for senior and middle managers, with the participation of over 3 000 staff members to improve the working atmosphere and foster leadership excellence.
    • Performance objectives for managers have incorporated the need to ensure a safe working environment, promote a speak-up culture, and support the development, performance and well-being of staff.
    • Compulsory trainings have been rolled out covering the EIB Group Code of Conduct, Whistleblowing Policy and the prevention and detection of workplace harassment for all staff and management.
    • Concrete measures are being taken to promote horizontal mobility and inclusion throughout the Group.
    • Procedures are being streamlined and processes digitalised to reduce red tape, increase efficiency and improve the working experience. The time to market (from first contact to signature of a deal) has been reduced by 20% and reporting by more than 30%, with a further material reduction expected in 2025.
    • A working group, which includes staff representatives, has been established to enhance career development opportunities for support staff. Also, engagement sessions and a survey have been launched to modernise the non-salary welfare benefits system, in view of making it more flexible and fairer to respond to individual needs and situations. The findings from these initiatives will inform the working group’s discussions in autumn.
    • Recruitment processes have become more efficient and management appointments are communicated in a more transparent manner. Feedback is given to non-successful candidates with a view to improving opportunities for career development within an efficient organization with a modern governance structure.
    • A talent review is ongoing to modernise Human Resources policies and accompany all staff in their career development.
    • A revision of the Dignity at Work Policy is ongoing to increase efficiency and speed of decision-making and action.
    • Mediation is promoted as a constructive approach to resolving workplace conflicts and issues.
    • A “Work Well Together Week” has been organised in September 2024, along with an interinstitutional Ethics Day October 2024 to reinforce shared values and a senior management away day.

    In May and June 2025, a new staff survey has been carried out. Designed and run by an external independent firm and following consultation with all relevant stakeholders, the survey achieved a record 78% participation rate with responses from over 3 900 colleagues.

    The survey identifies strengths and improvements in key areas, as well as opportunities for improvement in areas where action is already taken to strengthen the work culture and atmosphere at the EIB group. The staff survey provides valuable insights to steer next steps.

    Survey results show strong alignment with the Group’s mission and values, high appreciation for managers, and a supportive working atmosphere among colleagues. Staff also reported a strong commitment to delivering high-quality work and outcomes and demonstrated good knowledge of the EIB Group Staff Code of Conduct.

    Compared to the 2022 survey, there is considerable improvement in perceptions of leadership setting an ethical example, as well as significant improvement in views of the Group’s commitment to creating a diverse and inclusive work environment and recognising support from other teams.

    Areas identified for further improvement include decision-making speed, removing barriers to more efficient working, and improving mobility and promotion processes.

    These areas had already been identified as priorities, and the EIB Group is stepping up action to improve the working experience for everyone. Feedback from the survey will be discussed with staff representatives to follow up on the findings and continue strengthening the work environment for all EIB Group employees.

    MIL OSI Europe News

  • MIL-OSI Europe: Text adopted – 2023 and 2024 reports on North Macedonia – P10_TA(2025)0157 – Wednesday, 9 July 2025 – Strasbourg

    Source: European Parliament

    The European Parliament,

    –  having regard to the Stabilisation and Association Agreement between the European Communities and their Member States, of the one part, and the Republic of North Macedonia, of the other part(1),

    –  having regard to North Macedonia’s application for membership of the European Union, submitted on 22 March 2004,

    –  having regard to the European Council decision of 16 December 2005 to grant North Macedonia EU candidate country status,

    –  having regard to the European Council conclusions of 19-20 June 2003, including the annex thereto entitled ‘The Thessaloniki agenda for the Western Balkans: Moving towards European integration’,

    –  having regard to Regulation (EU) 2021/1529 of the European Parliament and of the Council of 15 September 2021 establishing the Instrument for Pre-Accession assistance (IPA III)(2),

    –  having regard to Regulation (EU) 2024/1449 of the European Parliament and of the Council of 14 May 2024 on establishing the Reform and Growth Facility for the Western Balkans(3),

    –  having regard to the Commission communication of 5 February 2020 entitled ‘Enhancing the accession process – A credible EU perspective for the Western Balkans’ (COM(2020)0057),

    –  having regard to the Commission communication of 8 November 2023 entitled ‘2023 Communication on EU Enlargement Policy’ (COM(2023)0690), accompanied by the Commission staff working document entitled ‘North Macedonia 2023 Report’ (SWD(2023)0693),

    –  having regard to the Commission communication of 8 November 2023 entitled ‘New growth plan for the Western Balkans’ (COM(2023)0691),

    –  having regard to the Commission communication of 20 March 2024 on pre-enlargement reforms and policy reviews (COM(2024)0146),

    –  having regard to the Commission communication of 24 July 2024 entitled ‘2024 Rule of Law Report’ (COM(2024)0800), accompanied by the Commission staff working document entitled ‘2024 Rule of Law Report – Country Chapter on the rule of law situation in North Macedonia’ (SWD(2024)0830),

    –  having regard to the Commission communication of 30 October 2024 entitled ‘2024 Communication on EU enlargement policy’ (COM(2024)0690), accompanied by the Commission staff working document entitled ‘North Macedonia 2024 Report’ (SWD(2024)0693),

    –  having regard to the Reform Agenda of North Macedonia as approved by the Commission under the Reform and Growth Facility on 23 October 2024,

    –  having regard to the declarations of the EU-Western Balkans summits of 13 December 2023 and of 18 December 2024 in Brussels as well as the declarations of the EU-Western Balkans summits held in Sofia, Zagreb and Brdo pri Kranju in 2018, 2020 and 2021 respectively, and the Declaration on the Common Regional Market and the Declaration on the Green Agenda for the Western Balkans agreed on 10 November 2020 at the Sofia Summit within the Berlin Process,

    –  having regard to the Council conclusions of 18 July 2022 on Enlargement – North Macedonia and Albania and the Council conclusions on Enlargement of 17 December 2024,

    –  having regard to the final report of 23 September 2024 of the Organization for Security and Co-operation in Europe (OSCE) Office for Democratic Institutions and Human Rights (ODIHR) Election Observation Mission on North Macedonia’s presidential election on 24 April 2024 and parliamentary elections on 8 May 2024,

    –  having regard to the Berlin Process launched on 28 August 2014,

    –  having regard to the Treaty of friendship, good neighbourliness and cooperation between Bulgaria and North Macedonia, signed on 1 August 2017 and ratified in January 2018;

    –  having regard to the Final Agreement for the settlement of the differences as described in the United Nations Security Council resolutions 817 (1993) and 845 (1993), the termination of the Interim Accord of 1995, and the establishment of a strategic partnership between Greece and North Macedonia, agreed on 17 June 2018, also known as the Prespa Agreement,

    –  having regard to the joint staff working document entitled ‘Objectives and Indicators to frame the implementation of the Gender Action Plan III (2021-25)’ (SWD(2020)0284) accompanying the joint communication of the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 25 November 2020 entitled ’EU Gender Action Plan (GAP) III – An ambitions vision for gender equality and women’s empowerment in EU external action (JOIN(2020)0017), as well as the Country Level Implementation Plan (CLIP) for North Macedonia,

    –  having regard to the 2023 European Commission against Racism and Intolerance (ECRI) Report on North Macedonia, adopted on 29 June 2023 and published on 20 September 2023,

    –  having regard to the declaration and joint recommendations adopted at the 23rd meeting of the EU-North Macedonia Joint Parliamentary Committee, held on 27 and 28 February 2025 in Skopje,

    –  having regard to its previous resolutions on North Macedonia, and in particular its resolution of 24 October 2019 on opening accession negotiations with North Macedonia and Albania(4),

    –  having regard to Rule 55 of its Rules of Procedure,

    –  having regard to the report of the Committee on Foreign Affairs (A10-0118/2025),

    A.  whereas North Macedonia has held EU candidate country status since 2005 and successfully completed the screening process in December 2023;

    B.  whereas the aspirations of citizens of North Macedonia to become part of the EU have led to progress in terms of democracy and socio-economic reforms, while the EU accession process continues to experience regrettable delays for various reasons;

    C.  whereas the EU has mobilised approximately EUR 210 million in macro-financial assistance loans since 2020, aimed at stabilising the Macedonian economy, aiding its recovery from the COVID-19 pandemic and accelerating its reform progress;

    D.  whereas North Macedonia is a partner that is aligned with the EU’s common foreign and security policy in the vast majority of cases and has played a constructive role in the region; whereas North Macedonia’s recent abstention from United Nations General Assembly Resolution ES-11/7 of 24 February 2025 on Ukraine and its co-sponsorship of an alternative resolution led by the United States indicates an unexpected and regrettable shift in its foreign policy alignment;

    E.  whereas North Macedonia participates in EU military crisis management operations, including EUFOR Althea in Bosnia and Herzegovina;

    F.  whereas the Council reached new conclusions in July 2022 which mean that North Macedonia needs to adopt the outstanding constitutional changes, in line with its commitments, so that the opening phase of accession negotiations can be completed immediately;

    G.  whereas the geopolitical changes, the war in Ukraine, disinformation and misinformation have a strong impact on all European countries, both politically and economically;

    H.  whereas North Macedonia remains a target of foreign malign influence operations, including efforts to fracture the country’s social fabric and weaponise anti-EU sentiment, notably via Serbian-language tabloids and media outlets, which function as regional amplifiers of Kremlin narratives and enjoy considerable influence; whereas North Macedonia expelled 13 Russian diplomats between 2018 and 2023 for activities incompatible with their diplomatic status, suggesting an ongoing presence of covert influence networks; whereas China has sought to expand its influence through information control, investment diplomacy and coercive clauses in infrastructure loan agreements;

    I.  whereas North Macedonia’s authorities have proposed solutions for constitutional change that did not meet the conditions of the July 2022 Council conclusions;

    J.  whereas any accession country is expected to respect democratic values, the rule of law and human rights, and to abide by EU law;

    K.  whereas the Council has not excluded unequivocally the adoption of further new conditions for the starting of accession negotiations;

    1.  Reiterates its full support for North Macedonia’s continued and persistent commitment to join the EU and for the necessary transformative changes that are required to fulfil the accession criteria; commends the country’s commitment to European integration and encourages continued efforts in advancing EU-aligned reforms, despite the challenges and setbacks that have tested the patience and trust of the Macedonian society;

    2.  Underlines that EU accession remains a matter of political will in fulfilling the criteria and implementing the commitments undertaken, in terms of both making the necessary reforms and adopting the necessary constitutional amendments;

    3.  Recalls the need to maintain the momentum and credibility of the EU integration process; notes that North Macedonia continues to demonstrate commitment to EU integration and alignment with EU policies; calls for the swift advancement of accession negotiations, while noting the importance of adopting the constitutional amendments; urges the European Council to signal, publicly and unequivocally, that the Council intends to swiftly and unconditionally take the positive decision to enter into the next phase of accession negotiations with North Macedonia once the conditions of its conclusions of 18 July 2022 have been fulfilled; encourages all political parties in North Macedonia to engage in constructive dialogue to achieve the necessary consensus on these amendments, which would strengthen the country’s multi-ethnic character and accelerate its progress towards EU membership; believes that strengthening the links between the multiple ethnicities is essential for improving social cohesion and ensuring more effective governance; calls on the Member States, the Council and the Commission to safeguard the predictability and credibility of the accession process, also with a view to maintaining popular support for accession in enlargement countries;

    4.  Welcomes the successful completion of the screening process for North Macedonia at the end of 2023; encourages North Macedonia to adopt the constitutional amendments that the country committed to making and implementing, as required by the Council, in order for the accession negotiation process to proceed;

    5.  Commends the commitment of the Macedonian people to EU integration and the support they show to this project two decades on from starting the process; urges the Commission to do the utmost to help the authorities of North Macedonia accomplish the necessary steps before entering into the next negotiation phase as well as further along the negotiation process, to help deliver on the expectations of citizens and the country and to explore all measures for gradual integration into the EU structures, thus increasing trust in the EU and its democratic values;

    6.  Recalls that the accession process should not be used to settle bilateral disputes, obstruct merit-based progress on the European path or outweigh the broader strategic interests of the Union, but that such disputes must rather be addressed through open dialogue and genuine cooperation; underlines that accession negotiations should follow a clear path, guided by objective criteria and solely based on merit and the fulfilment of the accession criteria (Copenhagen criteria), which require in-depth reforms across fundamental areas, as well as the presence of stable institutions that guarantee democracy, the rule of law, human rights and respect for and the protection of minorities;

    7.  Reaffirms that the respect for linguistic, cultural and national identity is a fundamental component of the EU accession process and a cornerstone of democratic societies which will be further affirmed with the accession to the family of European nations;

    8.  Repeats its calls for the EU’s capacity to act to be enhanced through a reform of its decision-making, including through the introduction of qualified majority voting on the intermediate steps in the accession process, in particular at the start of negotiations and the opening and closing of individual negotiating clusters and chapters;

    9.  Welcomes the new Reform and Growth Facility for the Western Balkans which will provide EUR 750 million in grants and loans to North Macedonia when it meets the conditions set out in its Reform Agenda; welcomes, in this context, the excellent and ambitious Reform Agenda, which sets clear, transparent goals and targets, and calls on the authorities to focus on its rigorous implementation; underlines the need to focus on incentivising reforms and reinforcing economic stability as well as on public administration, governance, the rule of law and the fight against corruption, decarbonisation and the green transition, digitalisation, connectivity and human capital development, while addressing social challenges;

    10.  Notes the funds being received by North Macedonia from individual Member States and the good cooperation between them; warns however about strengthening alliances with illiberal regimes;

    11.  Commends North Macedonia on its continued commitment to the EU integration process and regrets the delays in the accession process; welcomes the stability of and encourages continued efforts to secure interethnic relations and the implementation of the Ohrid Framework Agreement;

    12.  Encourages North Macedonia to achieve tangible results in complying with the EU’s expectations under the negotiating framework and the Council conclusions of July 2022, including relevant constitutional changes, in line with the country’s commitments;

    13.  Urges North Macedonia to intensify efforts to strengthen the rule of law and judicial independence, including in judicial appointments and the functioning of the Judicial Council, to counter corruption, reform its public administration and improve the transparency and concentration of media ownership; encourages further implementation of systemic measures to ensure transparency and efficiency in governance;

    14.  Expresses its profound sorrow and heartfelt solidarity following the tragic Kočani nightclub fire that led to the death of more than 50 young people and injuries to more than 150 others and offers its condolences to the victims and their families; commends the rapid use of the EU Civil Protection Mechanism and the help provided by the Member States to save as many lives as possible; commends neighbouring and EU countries, in particular Greece and Bulgaria, for the immediate support and solidarity they showed and the medical treatment they provided to victims;

    Functioning of democratic institutions

    15.  Notes that, while democratic institutions in North Macedonia function satisfactorily, political polarisation remains a major stumbling block to necessary reforms; calls on the political parties represented in the country’s parliament to work together to reach an agreement on those reforms;

    16.  Welcomes the adoption of new rules of procedure by the Assembly of the Republic of North Macedonia (Sobranie), facilitated by the European Parliament within the framework of the Jean Monnet Dialogue; stresses, however, that persistent political polarisation continues to delay important reforms and appointments; emphasises that cross-party collaboration and an improved political climate remain vital to accelerate the implementation of EU-related reforms and strengthen democratic institutions;

    17.  Notes with concern that about half of all laws enacted by the Sobranie in 2023 were approved through shortened procedures; calls on the Sobranie to improve its legislative planning, coordination and quality through proper consultation procedures and parliamentary oversight, in particular with a view to the conclusions of the Jean Monnet Dialogue and to avoid fast-track procedures;

    18.  Stresses that, while the 2024 parliamentary and presidential elections were competitive, and democratic and amendments to the Electoral Code have been made, comprehensive electoral reform is still needed; calls strongly for the implementation of the outstanding recommendations made by the OSCE/ODIHR and the Venice Commission through an inclusive revision of the Electoral Code, while underlining the importance of insulating future electoral processes from malign foreign interference and information manipulation, including through the adoption of robust cybersecurity and online campaign transparency rules;

    19.  Calls for improved regulation of the financing of political parties and campaigns, including measures to increase transparency regarding the funds and expenses of political parties; urges a revision of the rules on state advertising in commercial media and paid political advertisement; emphasises the need for functioning oversight mechanisms to ensure integrity in party financing and for equal and adequate media access for political parties and independent candidates;

    20.  Calls for the continued modernisation of a merit-based public administration, addressing systemic challenges of politicisation, strengthening transparent recruitment processes, and reforming local self-government to provide better social services for citizens and to develop tailor-made local and regional development strategies; urges the authorities to step up their efforts and adopt and implement the necessary legislation with a view to improving public trust in the administration and fostering a resilient and capable public service that can effectively respond to contemporary challenges and serve the needs of the community; commends the 2023-2030 public administration strategy and the related action plan for 2023-2026 adopted in July 2023; acknowledges that they cover all relevant reform areas and set out a clear baseline, objectives and targets, thus identifying crucial policy challenges; regrets, however that the implementation rate remains low;

    21.  Calls for further steps to ensure the systemic accountability of public institutions through meaningful and public stakeholder consultations, including with regard to the implementation of the Reform Agenda, and to provide feedback from the consultations conducted; commends the law on general administrative procedures that is providing for simplification, but strongly recommends that it be implemented systematically across the administration;

    22.  Urges the authorities of North Macedonia to refrain from opaque, politicised dismissals from, and appointments to, positions within independent bodies and agencies, as well as to ensure that the institutions are adequately funded and that decisions and recommendations are implemented consistently; notes with regret the continued lack of progress in strengthening the office of the Ombudsman;

    Media and civil society

    23.  Welcomes North Macedonia’s steady progress in assuring media freedom; recalls however, the need for continued reforms to ensure an independent and resilient media landscape, including reforming the legal framework governing online and offline media to align fully with the European Media Freedom Act(5), addressing persistent challenges in media ownership transparency, digital media disclosure and media concentration; underlines the need for media reform that prioritises anti-concentration measures to safeguard journalistic integrity; emphasises the urgent need to counter malign foreign influence in the media landscape, including disinformation disseminated by actors linked to Russia and China;

    24.  Calls on the authorities to adopt a legal framework that effectively protects journalists, human rights defenders, environmental activists and other stakeholders from strategic lawsuits against public participation (SLAPPs), and to implement the provisions of the EU Anti-SLAPP Directive(6);

    25.  Urges the authorities to ensure full transparency and unimpeded access to information for citizens;

    26.  Notes with concern the reinstatement of government advertising in commercial media in North Macedonia; stresses the heightened risk of this measure opening the media market to disruption and undue political influence, thus endangering media independence and media pluralism; reiterates its calls for the comprehensive reform of the rules governing state financing and political party advertising in the media, noting the lack of transparency, the ongoing misuse of state funds for political advertising, and the continued risk of compromising media independence through opaque funding mechanisms; calls strongly for these reforms to be adopted and implemented before the local elections planned for autumn 2025;

    27.  Underlines the need to strengthen the independence and capacity of the media regulator, the public service broadcaster and the regulator of electronic communication;

    28.  Encourages action to enhance the editorial and financial independence, impartiality and professionalism of public service broadcasters and media regulators, while noting the continued delay in appointing key oversight bodies and the need for comprehensive modernisation efforts; calls for stricter transparency and ownership rules to expose covert influence, including foreign-sponsored media content, and for the establishment of mechanisms to identify and disrupt coordinated foreign disinformation networks;

    29.  Notes that certain Chinese diplomatic entities have financed paid content and opinion pieces in Macedonian media outlets without clear labelling; recalls that a 2023 analysis found that Russian state-affiliated actors had used Serbian media proxies to disseminate narratives hostile to NATO and to claim that the EU is pressuring North Macedonia to ‘abandon its identity’;

    30.  Expresses concern over the ongoing threats and attacks against independent journalists and media professionals, including misogynistic online harassment targeting women journalists, often targeting those reporting on the rule of law, corruption and justice; welcomes the assignment of a dedicated prosecutor to monitor these attacks on journalists and oversee the establishment of cyberbullying reporting mechanisms; calls for stronger measures to protect media professionals from physical and non-physical threats, harassment and the inappropriate use of language by public figures;

    31.  Encourages North Macedonia to continue the efforts to combat hate speech in all of its forms and targeting all groups, to proactively prevent and thoroughly investigate all instances of hate speech, hate crimes and intimidation, systematically prosecute related attacks, with a view to achieving convictions and ensuring the safety and security of their targets, such as journalists, people belonging to minorities, communities such as Bulgarians, and other vulnerable groups;

    32.  Expresses concern about the rise in hate speech and growing threats from disinformation in online media, over which the national Agency for Audio and Audiovisual Media Services has no regulatory authority; calls for strengthened measures to support investigative journalism, fact-checking capabilities and media literacy and to improve the legal framework and interinstitutional capacity in order to combat hate speech, disinformation and foreign interference; is concerned by widespread disinformation campaigns which call into question democratic values and the country’s goal of EU membership; calls, in this regard, for the support of the EU institutions to help the country mitigate these malicious effects; welcomes civil society initiatives promoting media fact-checking, digital literacy in schools and the combating of the spread of hate speech, and notes that nearly 50 % of the citizens of North Macedonia have adopted false narratives about international events, particularly regarding the war in Ukraine, underscoring the urgency of reinforcing societal resilience against malign information manipulation;

    33.  Underlines that civil society is vital in fostering democracy and pluralism and promoting good governance and social progress; welcomes the country’s vibrant and constructive civil society, which plays a very crucial and positive role in the reform process, and recalls that further efforts are needed to ensure inclusive, timely and meaningful consultation and transparency, as well as formal mechanisms for cooperation; welcomes, against this backdrop, the recent initiation of the process for re-establishing the Council for Cooperation with and Development of the Civil Society Sector and calls for enhanced cooperation between the government and civil society, especially in mitigating the implications for civil society of the recent ‘freeze’ of US Agency for International Development (USAID) funds; notes that, while civil society organisations operate in an overall enabling environment, legal and financial frameworks need to be implemented to ensure that their public funding is increased and that public funding mechanisms are transparent; is concerned about reports of an increase in hostile statements towards civil society and encourages the Ministry of Internal Affairs to work with civil society organisations to develop a security protocol for human rights defenders to ensure their protection against threats from non-state actors; calls strongly for further enhancement of the role of civil society by ensuring that it continues to be meaningfully included in the decision-making process and by consulting the Venice Commission before adopting future legislation related to non-governmental organisations (NGOs);

    Fundamental rights

    34.  Commends North Macedonia for ratifying most international human rights instruments; expresses concern, however, about the level of implementation, the lack of progress in gender equality, the rise of anti-gender movements and the increase in their influence, which have a negative impact on legislative and policymaking processes; urges the government to fully implement the Istanbul Convention; calls on the authorities to adopt the new Law on Gender Equality and to strengthen formal government structures designed to promote gender equality and improve the status and rights of women at all levels, as well as to ensure the effective implementation of the gender equality strategy and the national action plan, notably by ensuring adequate funding, enhancing interinstitutional coordination and aligning national policies with the EU acquis;

    35.  Urges the authorities to ensure the full and effective implementation of the existing legal framework for the protection of victims of gender-based and domestic violence, by allocating sufficient budgetary resources for prevention, and by improving access to support services, protection mechanisms and the enforcement of legally guaranteed social and economic rights of survivors; notes, against this background, the adoption in 2023 of the Law on Payment of Monetary Compensation to Victims of Violent Crimes, which integrates the standards of the Istanbul Convention to provide better protection for victims of gender-based violence; urges the authorities, furthermore, to strengthen their efforts to reduce and mitigate gender-based violence and domestic violence, and to increase shelter capacity and personnel, as well as the number of well-trained and gender-sensitive law enforcement officers, judges, medical personnel and social workers;

    36.  Notes, with concern, the dire situation of young women in prison, including juvenile girls aged between 14 and 16, who lack education and job skills training and are often overmedicated, with insufficient healthcare; urges the authorities of North Macedonia to take urgent measures to improve the detention conditions for all inmates, to reduce corruption and stop inhuman treatment, and to enhance the probation and reintegration of ex-prisoners into society;

    37.  Urges North Macedonia to fully implement the recommendations outlined in the 2023 ECRI report on North Macedonia in order to effectively address the human rights violations identified;

    38.  Welcomes the fact that interethnic relations remain stable and the Ohrid Framework Agreement continues to be implemented; commends North Macedonia’s efforts in strengthening minority rights protections, while encouraging further financial support; calls for adequate funding and staffing for institutions protecting the rights of non-majority communities; calls on political representatives of minority communities to avoid promoting divisive ethnic narratives echoing policies that caused profound suffering and wars in the region’s recent past; urges North Macedonia to fully implement the recommendations of the Advisory Committee on the Framework Convention for the Protection of National Minorities as regards the ‘One society for all and interculturalism’ strategy; calls on North Macedonia to provide sufficient funding and staff for the Language Implementation Agency and the Agency for Community Rights Realization; regrets that North Macedonia did not ratify the European Charter for Regional or Minority Languages; awaits a final decision on the contested Law on the Use of Languages, which may have an impact on interethnic relations;

    39.  Welcomes the progress the country has achieved in aligning its legislative and institutional framework for the rights of the child with the EU acquis and international human rights standards; notes the progress in implementing the strategy for deinstitutionalisation and welcomes the successful relocation of children from institutions to foster care or small group homes; notes with concern, however, the continued instances of child violence and discrimination, including against Roma children; calls, therefore, for the country to set up a national body responsible for coordinating all policies relating to the implementation of the UN Convention on the Rights of the Child and the optional protocols thereto;

    40.  Encourages North Macedonia to take meaningful steps toward recognising and incorporating national minorities and communities into its constitution, fostering inclusivity, protecting diversity, fighting discrimination and strengthening social cohesion in line with European values and democratic principles; calls on North Macedonia to fully guarantee equal rights and opportunities for all ethnic communities in the country;

    41.  Notes that persons with disabilities continue to face significant barriers as the country’s legislation is still not aligned with the UN Convention on the Rights of Persons with Disabilities; welcomes the national strategy for the rights of persons with disabilities for 2023-2030 and calls strongly for its proper implementation, including in regard to ensuring a sufficient number of educational assistants, in order to effectively and smoothly include children with disabilities in the education process;

    42.  Welcomes the first court ruling on hate speech against the LGBTIQ+ community, but calls strongly for the systematic prosecution of all instances of hate speech, hate crimes and intimidation, as well as for the inclusion of hate speech in the Criminal Code and for the state institutions responsible to keep adequate statistics on cases of hate speech and hate crimes;

    43.  Notes with concern the widespread hate speech on social media, particularly towards Roma, LGBTIQ+ persons and other marginalised groups; urges all political actors to amend the Law on Civil Registry and ensure swift and unimpeded legal gender recognition on the basis of self-determination, to uphold human rights, ensure dignity, and establish a clear and accessible legal process in line with international standards; recommends that the new Law on Primary Education maintain explicit protection against discrimination based on gender, sexual orientation and gender identity, ensuring alignment with national and international commitments; encourages the Assembly of North Macedonia to promptly (re-)establish an active interparliamentary LGBTIQ+ group to support and advance LGBTIQ+ rights;

    44.  Calls on North Macedonia to strengthen migration management, improve alignment with the EU acquis and address persistent challenges in handling regular and irregular migration while upholding fundamental human rights; welcomes enhanced cooperation on border management and the strengthening of the country’s capacity to manage migration flows and combat migrant smuggling, human trafficking and other organised crime; encourages the continued development of asylum procedures and integration policies and the improvement of reception conditions, in alignment with EU migration frameworks; stresses the importance of regional cooperation in migration management and urges the EU to provide further support in terms of resources, technical assistance and capacity-building in order to address migration challenges effectively;

    45.  Calls on North Macedonia to step up its efforts in the fight against human trafficking, notably by further aligning the Criminal Code with the EU acquis and its legislation on drugs;

    Rule of law

    46.  Notes, with serious concern, that the country’s track record in fighting corruption, including high-level corruption, has worsened, as also evidenced by its decline in Transparency International’s Corruption Perceptions Index, particularly owing to Criminal Code amendments that have weakened the legal framework, resulting in the termination of many ongoing cases; reiterates that this decline underscores the urgent need for comprehensive reforms; calls strongly for the anti-corruption framework to be strengthened and for effective accountability to be ensured, in particular in high-level corruption cases, through proper investigation, prosecution and convictions; urges a review of recent amendments to the Criminal Code in relation to sentencing standards and the statute of limitations, in order to ensure that the prosecution of corruption, especially of complex and high-level cases, is not negatively affected;

    47.  Recalls that sufficient financial and human resources are needed to ensure effective and consistent application of dissuasion, prevention, detection, investigation and sanction mechanisms for public office holders through broad measures covering conflicts of interest, lobbying, codes of ethics and whistle-blower protection;

    48.  Notes that the perceived level of trust in the judiciary remains very low and that further efforts are needed to prevent undue influence and intimidation; underlines the lack of progress in the implementation of the 2020 strategies for human resources management in the courts and in the public prosecutor’s office; calls strongly for the critical shortage of judges and prosecutors, which impacts the quality and efficiency of justice, to be addressed; calls for the independence and transparency of judicial bodies to be strengthened and for the funds necessary for their effective functioning to be allocated;

    49.  Calls for the strengthening of the Judicial Council and the Council of Prosecutors and for the allocation of necessary funds, while ensuring their independence; strongly urges political actors to cease interfering in judicial institutions;

    50.  Notes, with concern, the lack of progress in preventing and fighting corruption, and that financial investigations remain problematic; underlines how corruption continues to severely affect crucial policy areas; calls for the operational capacity and cooperation of agencies responsible for fighting organised crime and financial crime to be significantly strengthened, including through ensuring the necessary financial resources; encourages the country to improve its fight against organised and economic crime and cybercrime through a strengthened partnership with Europol, the European Cybercrime Centre and Eurojust; calls on North Macedonia to enhance its efforts to combat money laundering;

    51.  Calls for all necessary measures to be put in place to effectively counter organised crime; urges the authorities to improve coordination through the National Coordination Centre for the Fight Against Organised Crime as well as to allocate the necessary funds and staffing to the Office of the Basic Public Prosecutor for Organised Crime and Corruption; underlines the need to direct particular attention and resources towards uncovering money-laundering schemes;

    52.  Notes, with concern, North Macedonia’s partial alignment with the EU acquis in the fight against organised crime; reiterates its call for further alignment with the EU acquis and for systematic financial investigations, stepping up the freezing, confiscation, management and disposal of illegally acquired assets;

    53.  Calls for a thorough and transparent investigation of the Kočani nightclub fire on 16 March 2025, to bring to justice the persons responsible, and also for the legislation to be updated and thoroughly implemented to prevent similar tragedies and ensure better public safety and regulatory compliance to protect citizens;

    54.  Calls for the swift implementation of the ongoing reforms in the security and intelligence sectors, and for the independence of security and intelligence bodies to be strengthened through the establishment of appropriate regulatory frameworks, while also enhancing democratic oversight mechanisms; notes, with concern, that the National Security Agency is still located on the premises of the Ministry of Internal Affairs, calling into question its status as an independent state administration body;

    55.  Commends North Macedonia’s strong determination to counter hybrid threats; welcomes the government’s initiative to create a national strategic framework to counter disinformation as well as the adoption of the national cybersecurity strategy 2025-2028; calls for further efforts to build resilience against foreign interference and information manipulation; underlines the need to work on a national strategy to build resilience against disinformation as a security threat to the state, including through enhanced cybersecurity measures and strategic communication as well as education and media literacy; calls for the full operationalisation of EU mechanisms, such as the rapid alert system, to detect malign foreign influence in real time during key democratic processes, including elections;

    56.  Is deeply concerned that North Macedonia and other EU accession countries in the Western Balkans are being particularly hard hit by foreign interference and disinformation campaigns, including hybrid threats, strategic corruption, opaque financial flows and coercive investment practices, notably originating in Russia and China; is alarmed by the roles of the Hungarian and Serbian Governments in advancing China’s and Russia’s geopolitical objectives; notes, in this context, the risk of dependence on China caused by asymmetrical loan agreements, as well as the recent loan from the Hungarian bank Eximbank, which appears to be sourced from China;

    Socio-economic reforms

    57.  Recommends that North Macedonia continue to pursue steps to improve the business climate and infrastructure, strengthen education and digital infrastructure, and enhance social protection systems and their connection to employment initiatives; welcomes the inclusion of human capital-related reforms in the Growth Plan Reform Agenda and calls on North Macedonia to dedicate sufficient effort to implementing these reforms to achieve sustainable results in the development of human capital for children and young people, as the foundation of resilient societies and sustainable growth;

    58.  Welcomes the adoption of the Reform Agenda and the multiannual work programme under the Reform and Growth Facility for North Macedonia, which will provide support for small and medium-sized enterprises, cut red tape and digitalise the public system, and welcomes the steps provided for in the Reform Agenda regarding the digital infrastructure roll-out and the new Law on Electronic Communications, aligning the national legislation with the relevant EU acquis and keeping up with the digital transition worldwide;

    59.  Encourages labour market activation strategies for young people, the long-term unemployed, and low-skilled individuals, as well as for women, persons with disabilities and Roma, and calls for these measures to be properly evaluated; takes note of the long-term improvement in unemployment rates, notes, however, that this must be accompanied by a rise in real wages, the improvement of working conditions and the protection of workers’ rights, including trade union rights; calls for the full implementation of the Law on the Peaceful Settlement of Labour Disputes;

    60.  Encourages North Macedonia to advance its digital transformation, particularly by improving the digital skills of all citizens and by providing online access to public services; recognises the demographic challenges faced by North Macedonia, including population decline, the emigration of young professionals, and an ageing workforce, and underlines the need to address the brain drain, especially in the medical, technological and educational fields; calls for the implementation of targeted policies to reverse the brain drain, enhance family-friendly social policies and attract return migration; encourages cooperation with the EU on demographic resilience strategies, including labour market incentives, housing support for young families, and investment in education and skills development to align with future job market needs; calls for increased support for innovation and competitiveness;

    61.  Welcomes the positive effects of the Youth Guarantee on the reduction of youth unemployment; calls on North Macedonia to intensify its efforts to reduce the unemployment rate of young people aged between 15 and 24, which remains high at 29.3 %; underlines the need to address social challenges, ensure quality employment policies, foster upward social cohesion and convergence towards EU standards and support progress on the principles of the European Pillar of Social Rights;

    62.  Welcomes the efforts to amend the labour law; urges full alignment of the Law on Working Relations with EU directives to effectively guarantee the right to equal pay for equal work, ensure pay transparency and enhance protection against discrimination based on pregnancy and maternity; insists on the need to strengthen the competencies and capacities of the State Labour Inspectorate to ensure effective protection of workers’ rights, including safeguards against labour discrimination;

    63.  Commends North Macedonia for joining the single euro payments area (SEPA), recognising this as an important step toward deeper financial integration with the European market and the facilitation of faster, more efficient cross-border transactions; urges North Macedonia to introduce structural reforms to strengthen the economy and secure the country’s debt sustainability;

    64.  Welcomes the calls for the prompt integration of all of the Western Balkans into the EU’s digital single market at the earliest opportunity, which would crucially benefit the creation of a digitally safe environment;

    65.  Urges the authorities to fully implement existing legal provisions to ensure access to primary healthcare services, with a particular focus on sexual and reproductive health for women, mothers and children, and eliminate barriers related to geography, finances or other hardships; calls for targeted measures to support vulnerable groups of women in accessing healthcare, including Roma women, rural women and those living in poverty;

    66.  Welcomes the progress made in the implementation of the Strategy for Inclusion of Roma 2022-2030; regrets, however, that the strategy lacks a clear approach to participation, empowerment and capacity building; calls on the authorities to implement the respective action plans, ensuring proper monitoring and meaningful and transparent participation of civil society organisations, notably from the Roma community;

    Environment, biodiversity, energy and transport

    67.  Welcomes the adoption of the Energy Law in 2025 and underscores its importance for guaranteeing a safe, secure and high-quality supply of energy as well as for creating an efficient, competitive and financially sustainable energy sector; encourages the authorities to continue on this ambitious path and recalls that additional efforts are needed to fully meet the targets for energy efficiency, renewable energy, security of supply and emissions reductions; urges the country’s authorities to align their environment and climate change legislation with the EU acquis and to ensure its enforcement; notes, with concern, the lack of progress on climate action and the pending adoption of key legislation; stresses the need to integrate gender equality and social inclusion into climate action planning so that women, low-income households and marginalised communities are actively consulted and benefit equitably from the transition;

    68.  Welcomes the European Investment Bank’s continued financial and technical support in North Macedonia, including strategic infrastructure projects such as the Rail Corridors VIII and X, the Skopje wastewater treatment plant, and municipal water infrastructure development; calls for an inclusive and just transition which protects the socially vulnerable, by mobilising public and private financing for the green transition, fully operationalising dedicated funding mechanisms and leveraging EU and international support; stresses the need to address the problems of a lack of specialised staff and weak institutional and administrative capacity, which undermine quality control and the adequate performance of environmental impact assessments;

    69.  Notes, with concern, that air and water quality and wastewater management remain particularly challenging issues for the country; urges the central government and local authorities to step up their efforts in order to improve air quality and reduce potentially lethal pollution; recalls that the situation is particularly alarming in Skopje, which has consistently been one of the most polluted cities in Europe;

    70.  Recognises North Macedonia’s great potential as a regional hub with regard to the use of renewable energy sources; urges North Macedonia to fully align its environmental impact assessment with the EU acquis, with a particular focus on secondary legislation concerning small hydropower projects;

    71.  Stresses the urgent need to prioritise environmental protection; strongly urges the authorities to adopt the necessary legislation and to step up measures on biodiversity, water, air and climate action, and regional waste management, including through comprehensive impact assessments, rigorous prosecution of environmental crime and proper public consultation that allows for the meaningful and transparent involvement of local communities, NGOs and scientific institutions;

    72.  Calls on North Macedonia to establish legal protections for Emerald Sites designated under the Convention on the Conservation of European Wildlife and Natural Habitats (the Bern Convention) to safeguard them from environmentally harmful projects; encourages the country to expand its protected areas, with a view to fulfilling the Kunming-Montreal Global Biodiversity Framework targets; reiterates the urgent need to adopt the law on the re-proclamation of Mavrovo National Park to ensure the continuation and completion of its essential conservation efforts; encourages North Macedonia to include Jablanica on its list of protected areas, thus ensuring the conservation of habitats that are critical to the survival of species;

    73.  Encourages the authorities of North Macedonia to implement stricter protection and management strategies for the habitats of endangered species, as well as for the species themselves, particularly the Balkan lynx, including rigorous enforcement of laws against wildlife crimes, specifically illegal killing and poaching, to safeguard biodiversity;

    74.  Welcomes North Macedonia’s continued cooperation with Kosovo and Albania regarding the transboundary Sharr Mountains National Park; encourages North Macedonia to intensify and speed up collaborative efforts with its neighbouring countries to designate transboundary protected areas and establish coherent transboundary management plans;

    75.  Stresses the need to tackle financial challenges faced by national parks to improve various aspects, including human resources and overall management, with the aim of strengthening their role in biodiversity conservation, providing recreational opportunities and supporting local economies;

    76.  Welcomes the progress made in the construction of Corridors VIII and X of the Trans-European Transport Network (TEN-T) and commends the completion of the Kriva Palanka–Dlabochica–Stracin expressway; urges, however, the authorities of North Macedonia to step up their efforts to prioritise sustainable transport and upgrade energy infrastructure work towards integration in European networks and regional connectivity as well as to address persistent delays in the development of critical infrastructure, including through bilateral negotiations; calls on the Commission to assist in these efforts where needed;

    77.  Calls for additional efforts to accelerate progress on all priority sections of the core network for both rail and road, including by increasing the number of border crossings wherever possible; notes the strategic importance of Corridor VIII for the EU’s and NATO’s geostrategic autonomy, serving as a key logistics route along NATO’s southern flank;

    Regional cooperation and foreign policy

    78.  Welcomes North Macedonia’s valuable and significant contributions to regional cooperation and stability via its engagement in regional economic and diplomatic initiatives such as the Berlin Process, the Growth Plan for the Western Balkans, and the implementation of common regional market agreements, underlining the importance of their inclusiveness;

    79.  Welcomes the country’s commitment to nurturing good neighbourly relations and acknowledges its role as a model for the peaceful resolution of bilateral disputes through dialogue and mutual understanding; emphasises, in this regard, the importance of full implementation of international agreements with tangible results in good faith by all sides, including the Prespa Agreement with Greece and the Treaty of friendship, good neighbourliness and cooperation with Bulgaria; calls for consistent commitment to dialogue and cooperation with neighbouring countries to strengthen regional stability and foster mutual trust; calls for the further promotion of people-to-people contacts across south-eastern Europe;

    80.  Expresses concern about the so-called ‘Serbian world’ project and that some representatives of the Government of North Macedonia have been advocating and promoting this concept; condemns the participation in meetings that attempt to establish a sphere of influence undermining the sovereignty of other countries and the stability of the region;

    81.  Recalls the need to open up Yugoslav secret service archives (UDBA and KOS), kept in both North Macedonia and Serbia; emphasises the need to open these archives region-wide to deal with the totalitarian past in a transparent way, with a view to strengthening democracy, accountability and institutions in the Western Balkans;

    82.  Welcomes North Macedonia’s continued commitment to Euro-Atlantic security; commends North Macedonia’s active role in the OSCE, in particular its chairmanship of the OSCE in 2023 in a complex geopolitical environment, and substantial contributions to EU crisis management missions and military operations; commends the country’s alignment with the EU’s foreign, security and defence policy, including its clear-cut response to Russia’s war of aggression in Ukraine by aligning with the EU’s restrictive measures against Russia and Belarus and providing support to Ukraine; welcomes the signing of a security and defence partnership with the EU in 2024;

    83.  Regrets, however, that North Macedonia, was the only country in the Western Balkans to abstain on the European resolution on Ukraine in the UN General Assembly in February 2025 and instead co-sponsored the US resolution, alongside countries such as Georgia and Hungary, representing a negative signal regarding North Macedonia’s alignment with the EU’s common foreign and security policy and with the collective European commitment to upholding peace, international law and democratic principles;

    84.  Acknowledges North Macedonia’s NATO membership as a significant geostrategic contribution to regional security and Euro-Atlantic stability, including through the country’s active participation in NATO missions and operations and its strategic role in fostering peace and cooperation in the Western Balkans, as well as through the ongoing modernisation of its armed forces and reforms in the fields of crisis management, critical infrastructure and cyber defence; highlights the fact that NATO membership strengthens North Macedonia’s defence capabilities, enhances security coordination with EU and NATO allies, and serves as a deterrent against external destabilisation efforts; encourages North Macedonia to deepen cooperation with the EU and NATO on countering hybrid threats, including through cybersecurity coordination, joint disinformation tracking and resilience-building, and to pursue its efforts to deter external destabilisation attempts; encourages North Macedonia to continue its investment in defence modernisation and alignment with NATO strategic priorities in order to further solidify its role as a reliable security partner;

    85.  Welcomes the agreement concluded at the EU-Western Balkans summit in Tirana on reduced roaming costs; calls, in this respect, on the authorities, private actors and all stakeholders to facilitate achieving the agreed targets of a substantial reduction of data roaming charges between the Western Balkans and the EU and further reductions leading to prices close to the domestic prices by 2027; welcomes the entering into force of the first phase of implementation of the roadmap for roaming between the Western Balkans and the EU;

    o
    o   o

    86.  Instructs its President to forward this resolution to the President of the European Council, the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the governments and parliaments of the Member States, and the President, Government and Assembly of the Republic of North Macedonia.

    (1) OJ L 84, 20.3.2004, p. 13, ELI: http://data.europa.eu/eli/agree_internation/2004/239(2)/oj.
    (2) OJ L 330, 20.9.2021, p. 1, ELI: http://data.europa.eu/eli/reg/2021/1529/oj.
    (3) OJ L, 2024/1449, 24.5.2024, ELI: http://data.europa.eu/eli/reg/2024/1449/oj.
    (4) OJ C 202, 28.5.2021, p. 86.
    (5) Regulation (EU) 2024/1083 of the European Parliament and of the Council of 11 April 2024 establishing a common framework for media services in the internal market and amending Directive 2010/13/EU (European Media Freedom Act) (OJ L, 2024/1083, 17.4.2024, ELI: http://data.europa.eu/eli/reg/2024/1083/oj).
    (6) Directive (EU) 2024/1069 of the European Parliament and of the Council of 11 April 2024 on protecting persons who engage in public participation from manifestly unfounded claims or abusive court proceedings (‘Strategic lawsuits against public participation’) (OJ L, 2024/1069, 16.4.2024, ELI: http://data.europa.eu/eli/dir/2024/1069/oj).

    MIL OSI Europe News

  • MIL-OSI Banking: BSTDB Forum “Armenia – Accelerating Regional Success” Held in Yerevan

    Source: Black Sea Trade and Development Bank

    Event | 10-Jul-2025

    Advancing Regional Integration and Economic Resilience through High-Level Dialogue

    Regional cooperation and economic resilience took center stage in Yerevan as the Black Sea Trade and Development Bank (BSTDB) hosted the high-level Business Forum “Armenia – Accelerating Regional Success” under the High Patronage of the President of the Republic of Armenia, H.E. Mr. Vahagn Khachaturyan.

    Bringing together senior government officials, business leaders, and international financial institutions, the Forum offered a platform to explore how targeted investment, cross-border collaboration, and multilateral partnerships can strengthen the growth prospects of smaller economies in the Black Sea Region.

    Held in the margins of BSTDB’s Annual Meeting, the Forum opened with a welcome address by Ambassador-at-Large Artur Javadyan, Chairman of the Board of the Centre for Economic Perspectives Foundation and BSTDB Govenor for Armenia. In his inaugural remarks, President Vahagn Khachaturyan emphasized Armenia’s commitment to inclusive and sustainable development, positioning the country as a vital player in advancing regional cooperation. Dr. Serhat Köksal, President of BSTDB, followed with an opening statement highlighting the Bank’s growing footprint in Armenia and its role in unlocking economic potential across the region.

    The first panel discussion, titled “Supporting Resilience: International Synergies for Smaller Economies,” was moderated by Panayotis Gavras, Director for Policy and Strategy at BSTDB. The conversation brought together Martin Galstyan, Governor of the Central Bank of Armenia, and Avag Avanesyan, Deputy Minister of Finance of Armenia, who shared insights into the country’s financial landscape and policy priorities. They were joined by Ambassador Lazar Comanescu, Secretary General of the Organization of the Black Sea Economic Cooperation, who spoke on the role of regional institutions in fostering economic stability, and Koba Gvenetadze, the IMF’s Resident Representative in Uzbekistan, who contributed an international perspective on resilience-building in smaller economies.

    The second session, “Partnering with BSTDB: Insights and Experiences,” was moderated by David Nahapetyan, Board Member of the Central Bank of Armenia. The panel featured Edmond Vardumyan, CEO of the National Mortgage Company, who spoke about BSTDB’s innovative solutions for advancing Armenia’s housing sector. Leonid Sidorenko, BSTDB’s Director for General Industries, and Larisa Manastirli, the Bank’s Director for Financial Institutions, offered perspectives from within the Bank, focusing on how BSTDB tailors its financing to meet diverse partner needs. Daniel Azatyan, Chairman of the Union of Banks of Armenia, emphasized the importance of long-term collaboration between BSTDB and the Armenian banking sector.

    The Forum concluded with a series of signing ceremonies, with local clients, namely ARMECONOMBANK, DICA, Inecobank and SAS Group, reinforcing BSTDB’s strong partnership with Armenia and its broader commitment to accelerating economic success in the region.

    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

  • MIL-OSI Russia: Financial news: MTPL: key facts.

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    An important disclaimer is at the bottom of this article.

    Performance indicators of insurers based on the Report on the structure of financial results by insurers

    Feedback

    Due to changes in the methodology for generating reporting indicators in Form 0420162 “Information on the insurer’s activities”, the amount of insurance premiums, starting with data for the first quarter of 2023, may not be fully comparable with the indicators for the comparative periods of the previous year. For a correct comparison of the volume of insurance premiums for reporting periods with similar periods of the previous year, information has been published on form 0420158 “Report on the structure of financial results by accounting groups”.

    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.

    MIL OSI Russia News

  • MIL-OSI Africa: Jamaica accedes to Afreximbank, strengthening ties to Global Africa

    Source: APO

    Jamaica has officially acceded to the Establishment Agreement of African Export-Import Bank (Afreximbank) (www.Afreximbank.com), becoming the 13th Caribbean Community (CARICOM) Member State of the African Multilateral Financial Institution. The historic signing took place on the sidelines of the 49th Regular Meeting of the Conference of Heads of Government of the Caribbean Community.

    Jamaica’s accession marks a major achievement in the growth of Global Africa: an intercontinental partnership committed to economic transformation and self-determination for African nations and their diaspora. The move unlocks an additional US$1.5 billion financing for Jamaica and other Caribbean economies, raising Afreximbank’s total approved facility for the region to US$3 billion, contingent upon full CARICOM membership.

    Commenting at the signing ceremony, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, emphasised the mutual benefits to both parties:

    “We are thrilled to welcome Jamaica into the Afreximbank family. Jamaica’s accession to the Partnership Agreement marks a pivotal step towards realising the vision of our forefathers—a united and prosperous Global Africa, built on a platform of South-South cooperation. The Partnership Agreement unlocks Afreximbank’s financing solutions, trade facilitation tools, and investment opportunities, empowering Jamaican businesses to access African markets while fostering reciprocal trade.

    Dr. The Most Honourable Andrew Holness, Prime Minister of Jamaica, expressed his optimism for Jamaica’s membership of the Bank:

    “This is a significant and strategic step that strengthens Jamaica’s ability to access increased trade financing, investment support, and technical assistance. The agreement creates real opportunities for Jamaica to benefit from Afreximbank’s expanding suite of financial instruments, including trade guarantees, project financing, and capital support tailored to the needs of developing economies. It positions Jamaica to tap into new sources of funding for critical sectors such as manufacturing, logistics, agriculture, and the creative industries, while laying the foundation for deeper collaboration between African and Caribbean businesses.”

    This historic signing builds on the momentum of the inaugural AfriCaribbean Trade and Investment Forum (ACTIF), held in Bridgetown, Barbados in September 2022, where Caribbean nations reaffirmed their commitment to closer Africa-Caribbean cooperation. Since then, Afreximbank has hosted successive ACTIFs in Guyana (2023) and The Bahamas (2024), with the fourth forum scheduled for 28–29 July 2025 in Grenada.

    Since establishing its regional office, Afreximbank has approved over US$700 million in financing across the Caribbean, with a pipeline exceeding US$2 billion. Investments have supported key sectors such as energy, tourism, education, and small business development across Barbados, St. Lucia, Suriname, Grenada, and The Bahamas. The Bank also provided over US$4.3 million in pandemic-related assistance through the Africa Vaccine Acquisition Task Team (AVATT) to The Bahamas, Antigua & Barbuda, and Trinidad & Tobago.

    Distributed by APO Group on behalf of Afreximbank.

    Media Contact:
    Vincent Musumba
    Communications and Events Manager (Media Relations)
    Email: press@afreximbank.com

    Follow on Social Media: 
    X: https://apo-opa.co/3Iphrco
    Facebook: https://apo-opa.co/4loiEis
    LinkedIn: https://apo-opa.co/4kEeSR5
    Instagram: https://apo-opa.co/44rvTcq

    About Afreximbank:
    African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

    For more information, visit: www.Afreximbank.com

    Media files

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    MIL OSI Africa

  • MIL-OSI Analysis: ‘Come meet us in Dubai’: the new offshoring of grand corruption

    Source: The Conversation – UK – By John Heathershaw, Professor in International Relations, University of Exeter

    So-called professional enablers of grand corruption are increasing service provision out of jurisdictions where they can act without similar restraints. WaitForLight / Shutterstock

    During an interview one of us (Ricardo Soares de Oliveira) carried out in 2017, an African high net-worth individual said he was told by an executive whose business had long served him out of London: “Come meet us in Dubai”. This is part of a large but still misunderstood shift.

    In response to the hardening of rules for foreign money of dubious origins in traditional financial centres, sensitive business has been moving toward new, more permissive jurisdictions. This offshoring of services is giving corrupt strategies a new lease of life, while also making the fightback more difficult.

    For every corrupt dealing that materialises as legitimate wealth, a trail of service provision is indispensable. Bankers, lawyers, real estate executives, accountants, management consultants and PR agencies have acted as facilitators in western financial centres.

    Western governments have long indulged kleptocracy, a system where business success and political power are inextricably entwined. They have done so by condoning lax law enforcement and promoting deregulation, often through risible mechanisms of professional self-regulation.

    But in recent years, data leaks and brave championship of reform by politicians, as well as the work of civil society organisations, investigative journalists and academics, have shed light on the role of these so-called professional enablers.

    In June 2024, a month before becoming British foreign secretary, David Lammy promised to take aim at professionals who enable corruption through London and the UK’s overseas territories. This, he noted, included the “finest bankers, lawyers, estate agents and accountants that money could buy”.

    Lammy’s comments give the impression that the era of risk-free facilitation of corrupt behaviour is at an end. But this optimism is, at least for now, misplaced.

    The shift is largely in political discourse and media scrutiny. Enforcement seriously lags everywhere and is now in reverse gear in the US. Professional enablers still face no real sanction for engaging in such practices.

    At the same time, many professionals are reacting to a more tightly regulated ecosystem in western jurisdictions by engaging in so-called “jurisdictional arbitrage”. There is evidence that they are increasing service provision out of jurisdictions where they can act without similar restraints.

    Jurisdictional arbitrage

    Almost all cases of the professional enabling we have studied involve service provision in western hubs and “new” global financial centres.

    The professional network around Gulnara Karimova, the daughter of the former president of Uzbekistan, Islam Karimov, was dubbed “the office” by Swiss prosecutors. Karimova was jailed in 2014 for taking bribes for access to the country’s market.

    The criminal investigation into her involved 12 jurisdictions, including the UK, US and Uzbekistan as well as the United Arab Emirates (UAE) and Hong Kong.

    Isabel dos Santos, who is Africa’s richest woman and the daughter of former Angolan president José Eduardo dos Santos, also held a maze of global interests. These interests, as in the case of Karimova, spanned western jurisdictions and Asian financial centres such as Dubai, Singapore and Hong Kong.

    Alternative jurisdictions all offer very similar conditions. They are already well-connected, world-class financial centres that are attractive to international business executives.

    Their governments have created regulatory, fiscal and secrecy conditions, sometimes explicitly undercutting older centres such as Switzerland and London. In the latest edition of the Global Financial Centers index, which ranks the competitiveness of financial centres, Dubai rose four places to go above Dublin, Geneva and Paris.

    Crucially, they are also mostly authoritarian states where there is no media or civil society pressure regarding business activities. Even the intermittent sort of scrutiny one sees in western financial centres is absent there.

    Much activity in these financial centres is legal and based on their legitimate competitive advantages. Business interests are also attracted by their vast capital pools. But they are proving to be especially appealing for the sort of business that can no longer flock to other jurisdictions.

    This is the case with servicing clients from states under sanctions such as Russia or Iran. It also applies to regions like Africa and central Asia with high compliance barriers whose high net-worth individuals and firms can no longer get easy access to OECD jurisdictions.

    Researchers at the University of Sussex have shown a major shift in dirty money networks away from the west and towards what they call a “Dubai-Kong axis”.

    There is no exact portrait of the magnitude of this jurisdictional arbitrage. But our work tells us it is big. Two examples from Switzerland are commodity trading and wealth management.

    These sectors have long been under-scrutinised. But they have seen regulatory tightening and greater media attention in recent years. Both have reacted the same way, by sending important parts of their business away from Switzerland.

    The UAE has been dubbed the “new Swiss financial mecca”, with the Financial Times reporting in May 2025 that Swiss family offices are moving there “wholesale”. Far from downplaying the “Swiss brand”, they continue to advertise their multi-generational expertise and “old money” mystique, but from more amenable locations.

    What can be done?

    The many types of legal business involving professional services in these jurisdictions should not be affected. But national and international law must designate the “kleptocratic enterprise” of elites and professionals as a form of serious organised crime.

    This would allow prosecutors to target professionals for working with criminal kleptocrats rather than having to prove that the particular asset handled has criminal origin. This move was made by Swiss prosecutors in the Karimova case.

    It captures the reality that ill-gotten gains are layered and integrated into assets held overseas, just as enablers do for criminal gangs. It also means that the moving of the family office to Dubai will not prevent prosecution where an asset is held or registered.

    Finally, governments could stimulate the market in asset recovery by making it easier for foreign governments and civil society to bring cases, with expert law firms working on a for-profit basis.

    Illicit finance is always transnational, so there is no need to declare defeat just because dodgy business is on the move. However, we are entering a new stage in its global dissemination and complexity.

    John Heathershaw receives funding from the Governance Integrity Anti-Corruption Evidence Programme funded by UK Aid from the UK Government for the benefits of developing countries. The views expressed are not necessarily those of the UK government’s official policies. He is affiliated with the UK Anti-Corruption Coalition.

    Ricardo Soares de Oliveira receives funding from the Governance Integrity Anti-Corruption Evidence Programme funded by UK Aid from the UK Government for the benefits of developing countries. The views expressed are not necessarily those of the UK government’s official policies.

    ref. ‘Come meet us in Dubai’: the new offshoring of grand corruption – https://theconversation.com/come-meet-us-in-dubai-the-new-offshoring-of-grand-corruption-258434

    MIL OSI Analysis

  • MIL-OSI: Cryptocurrency investors leverage XRP through Blockchain Cloud Mining and earn a stable daily income

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 11, 2025 (GLOBE NEWSWIRE) — As the cryptocurrency market rebounds strongly, more and more investors are turning their attention from speculation to stable daily income. In this shift, one trend has clearly become the leader: cloud mining driven by XRP payments, and its leaders include platforms such as Blockchain Cloud Mining. XRP investors have earned more than thousands of dollars a day, and they are turning XRP into a tool to unlock continuous passive income – activating Bitcoin mining contracts without owning physical hardware.

    A new way to profit from crypto: no speculation, no pressure
    The recent breakout above $116,000 in Bitcoin prices has reinforced long-term bullish sentiment on digital assets. However, this rise has also triggered new volatility, prompting risk-conscious investors to think: How can you participate in this growth without experiencing market turmoil?

    For many, the answer lies in Blockchain Cloud Mining – a platform that provides flexible cloud mining contracts that can generate daily income regardless of token price fluctuations. Which payment method is gaining popularity? XRP, the fast, low-fee cryptocurrency that is increasingly being used to fund mining operations.

    “In the last 30 days, we’ve seen a 210% increase in contracts purchased with XRP,” said Sharon Henley, president of BlockchainCloudMining. “This is more than just a payment method, it’s a bridge between cryptocurrency liquidity and automated revenue generation.”

    How it works: XRP-funded Bitcoin mining contracts
    BlockchainCloudMining allows users to rent computing power through smart contracts. These contracts automatically start mining and pay rewards to the user’s designated crypto wallet every day. There’s no need to manage machines, pay electricity bills, or configure networks.

    Users pay with XRP for near-instant settlement and very low fees. Once payment is confirmed, the contract purchase is live. Examples of high-performance contracts include:

    ⦁【New User Experience Contract】: Investment amount: $100, contract duration 2 days, total return: $100 + $6.
    ⦁【WhatsMiner M66S】: Investment amount: $500, contract period 7 days, total return: $500 + $45.5.
    ⦁【WhatsMiner M60】: Investment amount: $1000, contract period 14 days, total return: $1000 + $196.
    ⦁【Bitcoin Miner S21+】: Investment amount: $3000, contract period 20 days, total return: $3000 + $900.
    ⦁【ALPH Miner AL1】: Investment amount: $10000, contract period 35 days, total return: $10000 + $5950.
    ⦁【ANTSPACE HK3】: Investment amount: $33000, contract period 40 days, total return: $33000 + $26400.

    After purchasing the contract, the income is automatically settled every 24 hours. Users can withdraw to wallets that support XRP, BTC, DOGE and USDT, or reinvest in new contracts to obtain compound income. (The platform has launched a number of stable income contracts, for more contract details, please log in to the official website of Blockchaincloudmining.com)

    Why XRP is the preferred financing method
    XRP’s recent surge in institutional recognition (thanks to Ripple’s promotion of a US banking license and a custody partnership with Bank of New York Mellon) has boosted investor confidence.

    Fast transactions: payments are confirmed in seconds.
    Low cost: transfer fees are less than $0.01.
    Reliable liquidity: XRP is now listed on major exchanges and accepted by mining and DeFi platforms.
    Henley added: “XRP’s speed and scalability make it ideal for everyday cloud mining settlements. Our users appreciate its convenience – especially when activating multiple contracts or making frequent withdrawals.”

    Trust, transparency, and global reach
    BlockchainCloudMining has deployed mining nodes around the world to ensure uninterrupted computing power. Every user can track real-time performance, enjoy 24/7 support, and view spending history with on-chain verifiable receipts.

    Other highlights of the platform include:
    $12 bonus for new user registration
    ⦁100% uptime infrastructure secured by McAfee® and Cloudflare®
    ⦁9 cryptocurrencies supported, including BTC, XRP, ETH, DOGE, USDC, USDT and other mainstream cryptocurrencies
    ⦁Up to $50,000 bonus for referring members

    Whether users are new, hodlers or professional traders, BlockchainCloudMining provides a low-threshold, high-reward entry point into the mining economy – driven by the flexibility of XRP.

    Summary: Consistency is king
    As the world of cryptocurrency moves from speculation to structure, tools like BlockchainCloudMining can help investors get predictable returns in a volatile market. By combining the stability of mining with the efficiency of XRP payments, users no longer have to wait for prices to rise, but can profit while others watch.

    For more details, please visit www.BlockchainCloudMining.com or contact info@blockchaincloudmining.com to activate your one-click mining journey now.

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of losing funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    The MIL Network

  • MIL-OSI: Landmark Bancorp, Inc. Announces Conference Call to Discuss Second Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    Manhattan, KS, July 11, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (Nasdaq: LARK) announced that it will release earnings for the second quarter of 2025 after the market closes on Thursday, July 24, 2025. The Company will host a conference call to discuss these results on Friday, July 25, 2025 at 10:00 am (CT). Investors may listen to the Company’s earnings call via telephone by dialing (833) 470-1428 and using access code 703723. Investors are encouraged to call the dial-in number at least 5 minutes prior to the scheduled start of the call.

    A replay of the earnings call will be available through August 1, 2025, by dialing (855) 762-8306 and using access code 160217.
            
    About Landmark

    Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the NASDAQ Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, LaCrosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

    Contact:
    Mark A. Herpich
    Chief Financial Officer
    (785) 565-2000

    The MIL Network

  • MIL-OSI: Siili Solutions Plc: Share Repurchase 11.7.2025

    Source: GlobeNewswire (MIL-OSI)

    Siili Solutions Plc       Announcement  11.7.2025
         
         
    Siili Solutions Plc: Share Repurchase 11.7.2025  
         
    In the Helsinki Stock Exchange    
         
    Trade date           11.7.2025  
    Bourse trade         Buy  
    Share                  SIILI  
    Amount             800 Shares
    Average price/ share    6,4600 EUR
    Total cost            5 168,00 EUR
         
         
    Siili Solutions Plc now holds a total of 28 228 shares
    including the shares repurchased on 11.7.2025  
         
    The share buybacks are executed in compliance with Regulation 
    No. 596/2014 of the European Parliament and Council (MAR) Article 5
    and the Commission Delegated Regulation (EU) 2016/1052.
         
    On behalf of Siili Solutions Plc    
         
    Nordea Bank Oyj    
         
    Sami Huttunen Ilari Isomäki  
         
    Further information:    
    CFO Aleksi Kankainen    
    Email: aleksi.kankainen@siili.com    
    Tel. +358 50 584 2029    
         
    www.siili.com    
         
         
         
         
         

    Attachment

    The MIL Network

  • MIL-OSI: Siili Solutions Plc: Share Repurchase 11.7.2025

    Source: GlobeNewswire (MIL-OSI)

    Siili Solutions Plc       Announcement  11.7.2025
         
         
    Siili Solutions Plc: Share Repurchase 11.7.2025  
         
    In the Helsinki Stock Exchange    
         
    Trade date           11.7.2025  
    Bourse trade         Buy  
    Share                  SIILI  
    Amount             800 Shares
    Average price/ share    6,4600 EUR
    Total cost            5 168,00 EUR
         
         
    Siili Solutions Plc now holds a total of 28 228 shares
    including the shares repurchased on 11.7.2025  
         
    The share buybacks are executed in compliance with Regulation 
    No. 596/2014 of the European Parliament and Council (MAR) Article 5
    and the Commission Delegated Regulation (EU) 2016/1052.
         
    On behalf of Siili Solutions Plc    
         
    Nordea Bank Oyj    
         
    Sami Huttunen Ilari Isomäki  
         
    Further information:    
    CFO Aleksi Kankainen    
    Email: aleksi.kankainen@siili.com    
    Tel. +358 50 584 2029    
         
    www.siili.com    
         
         
         
         
         

    Attachment

    The MIL Network