BRIEF-Bank of Hawaii says Kent Lucien to be chief strategy officer
* Says Kent T. Lucien, vice chair, currently Bank of Hawaii's chief financial officer, will become chief strategy officer
Dec 14 Russia and Iran are exploring the establishment of an Islamic bank as the two countries expand their economic cooperation, the TASS news agency cited Russian Energy Minister Alexander Novak as saying.
The entire banking system in Iran must abide by Islamic principles such as a ban on interest and gambling, which foreign firms would need to follow if they are to grab business ranging from long-term financing to insurance.
"The creation of a Russian-Iranian Islamic bank was discussed. Our banks are exploring the mechanism, the related decision has not been made yet," Novak said at a bilateral meeting held in Tehran.
No timeframe or potential size was given for the proposed bank, which would be the first such institution operating in the two countries.
State-linked Russian lenders Vnesheconombank, Sberbank and Tatfondbank have been developing Islamic financial products of their own over the past year.
Iran is keen to diversify funding options for its companies. At present, most financing in Iran is sourced from domestic lenders with only a small portion sourced from foreign sources and the debt capital markets. (Reporting by Bernardo Vizcaino; Editing by Eric Meijer)
WASHINGTON, Jan 20 The Trump administration, hours after taking office on Friday, suspended a plan to cut mortgage insurance premiums on federally insured home loans that the U.S. government had estimated would save eligible homeowners an average of $500 a year.
Jan 20 The U.S. government is investigating dietary supplement maker Herbalife over whether it violated foreign bribery laws while conducting business in China, the company revealed in a regulatory filing on Friday.