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Sergio Ermotti, CEO of UBS, topped the list of highest-paid CEOs among European banks in 2024, earning 14.9 million Swiss francs. UniCredit's Andrea Orcel received the largest raise, bringing his total to 13.2 million euros, while Deutsche Bank's Christian Sewing followed with 9.8 million euros. Other notable figures include Santander's Hector Grisi at 8.3 million euros and BBVA's Onur Genc at 7.3 million euros, with the lowest compensation reported at 2.6 million euros for Credit Agricole's Philippe Brassac.
Sergio Ermotti, CEO of UBS, topped the list of highest-paid CEOs among Europe's largest banks in 2024, earning 14.9 million Swiss francs. UniCredit's Andrea Orcel followed with a significant raise to 13.2 million euros, while Deutsche Bank's Christian Sewing earned 9.8 million euros. Many banks benefited from rising interest rates, leading to increased profits and higher compensation for executives.
Commerzbank has raised its USD/TRY forecast to 42 by the end of 2025 and 46 by 2026, citing escalating political tensions in Türkiye, particularly a corruption probe involving Istanbul's mayor. The Turkish lira recently fell over 12% amid market instability, prompting central bank interventions. Analyst Tatha Ghose warned that ongoing political strife could lead to further depreciation of the lira, exacerbating inflation and straining international relations.
The MENA startup ecosystem is gaining momentum in Q1 2025, highlighted by significant funding and strategic acquisitions across various sectors. Nayla Finance raised $4 million to enhance SME lending in Saudi Arabia, while Epik Foods acquired Sauce Capital for $15 million, creating a major F&B operator. Additionally, NKN Media secured $9.5 million for global expansion, and EHC Investment fully acquired Al-Fanar Gas Group, strengthening its position in the UAE energy sector.
In January, Saudi Arabia's total merchandise exports reached SR97.18 billion, a 2.4% year-on-year increase, with non-oil exports rising to SR26.48 billion, reflecting a 10.7% growth. China was the top destination for exports, receiving SR14.74 billion, while imports rose 8.3% to SR72.62 billion, primarily from China. The Kingdom's non-oil sector continues to expand, contributing significantly to economic diversification efforts under Vision 2030.
Saudi Arabia's chocolate imports reached 123 million kg in 2024, driven by rising consumer demand and special Eid Al-Fitr promotions. The Kingdom sources chocolate from countries like the UAE, UK, Jordan, Egypt, and Turkiye, with local sweets priced between SR30 and SR150 per kg, while imported varieties can be more expensive. Price stability is attributed to abundant production and low manufacturing costs, although premium chocolates can cost up to SR300 per kg.
HKT has improved operational efficiency through AI scheduling, promoting green services and accelerating the ICT sector's green transformation. At MWC 2025, Huawei and GSMA Intelligence introduced the Green Network Index, emphasizing the need for sustainable practices and collaboration among global operators to achieve carbon neutrality and enhance energy efficiency. Key players like Globe and Turkcell shared their strategies for integrating renewable energy and reducing carbon emissions, aiming for significant sustainability milestones by 2050.
Kazakhstan's largest e-commerce group, Kaspi.kz, has agreed to acquire Rabobank's Turkish subsidiary, which is a fully licensed bank in Türkiye with no borrowing or depositing clients and a single branch. The acquisition, announced on March 27, is pending regulatory approval and is considered non-material. Rabobank's Turkish operations, established in 2013, are the 40th largest lender in the Turkish banking sector, with assets of 1.9 billion Turkish Liras as of the end of 2024.
Goldman Sachs forecasts that Türkiye's central bank may raise its key interest rate by up to 350 basis points at the upcoming Monetary Policy Committee meeting on April 17, following a recent cut to 42.5%. This significant hike aims to reinforce the commitment to disinflation and stabilize the economy, despite potential risks to growth and borrowing costs. The report also highlights concerns over the threat of dollarization, which could undermine monetary policy effectiveness, while expressing cautious optimism due to Türkiye's strong foreign exchange reserves.
NKN Media has raised AED 35 million and plans to secure an additional AED 50 million to fuel its global expansion and develop new intellectual properties. Celebrating five years in Dubai, the company is set to launch a global tour and has a lineup of significant events in 2025, including the Ultimate Realty Awards and the debut of Majlis Premium, a startup fundraising forum. Additionally, NKN Media is expanding into inflight media and OOH sectors, aiming to enhance its presence in high-impact media segments.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
sergio ermotti tops european bank ceo earnings in 2024
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highest paid european bank ceo in 2024 is ubs sergio ermotti
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