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Tag: IBA

  • IBA recasts model assignment agreement for transfer of loan exposures of lenders to ARCs

    IBA recasts model assignment agreement for transfer of loan exposures of lenders to ARCs

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    The Indian Banks’ Association (IBA) has come up with a revised model assignment agreement (AA) and model trust deed (TD) for transfer of loan exposures of lenders to asset reconstruction companies (ARCs) in the wake of increasing use of the Insolvency and Bankruptcy Code (IBC), 2016, as a resolution mechanism, and introduction of the framework for resolution of stressed assets in 2019.

    The earlier model AA and model TD for sale of loan assets by banks to ARCs pre-dates both IBC and the framework for early recognition, reporting and time bound resolution of stressed assets. This model was first adopted by banks and ARCs in 2013.

    The aforementioned documents, which have been standardised, now have embedded features that could give comfort to foreign investors to take exposure to loans being purchased by ARCs.

    Lenders (banks/financial institutions/ non-banking finance companies) will have to disclose details to assignees (ARCs) whether any proceedings for winding up, bankruptcy or liquidation or restraint or attachment of any properties have been initiated against borrowers.

    Also read: At 120, City Union Bank changes tack, slightly 

    They will also have to reveal details whether the assigned loans have been rescheduled or any other relief has been granted to borrowers.

    The lender will be required to make “representations and warranties” to the buyers of stressed assets that to the best of its knowledge there are no proceedings for winding up, CIRP (corporate insolvency resolution process), personal insolvency, bankruptcy or liquidation or restraint or attachment of any properties of the borrower.

    Model trust deed

    Going by the model Trust Deed, the Trustee (ARC) has to submit all such information as may be required by the Security Receipt holders in respect of the financial assets and/or the borrower.

    This includes submission of all such information that the Trust and/or the Trustee may become privy to as a financial creditor of the borrower (including upon initiation of any insolvency proceedings against the borrower under the IBC, 2016 or any other analogous process thereto).

    The model template can be customised to facilitate alignment with the specific commercial terms of transfer of such exposures on case-to-case basis as mutually arrived at between the assignor and assignee.

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  • U.S. Polo Assn. Wins Two Prestigious Gold Stevie(R) Awards in the 2023 International Business Awards(R) Held in Rome, Italy

    U.S. Polo Assn. Wins Two Prestigious Gold Stevie(R) Awards in the 2023 International Business Awards(R) Held in Rome, Italy

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    WEST PALM BEACH, Fla./ROME, Italy, October 19, 2023 (Newswire.com)
    –
    USPA Global Licensing Inc. (USPAGL) today announced that U.S. Polo Assn., the official brand of the United States Polo Association (USPA), has been awarded two Gold Stevie® Awards from the 20th Annual International Business Awards® (IBA).

    U.S. Polo Assn. was celebrated during a luxurious gala banquet event at the Cavalieri Waldorf Astoria Hotel in Rome, Italy, on Friday, October 13, attended by leadership from USPAGL and the brand’s Italian partners Incom, Bonis, Eastlab, and Eurotrade. The globally attended event hosted more than 250 guests, including many of the world’s top companies and Stevie winners.

    The winning entries were for ‘Achievement in Growth: USPA Global Licensing Takes Global U.S. Polo Assn. Brand to the Next Level with $2.3 Billion in Revenue,’ and for ‘Achievement in International Expansion: USPA Global Licensing/U.S. Polo Assn. Expands in 190 Countries.’ The multi-billion-dollar, sport-inspired global brand received the highest scores from the judges over all submissions in these very competitive global growth categories. 

    “It is an honor for U.S. Polo Assn. to be a recipient of two Gold Stevie® Awards from the 20th Annual International Business Awards® for the very first time,” says J. Michael Prince, President and CEO of USPAGL, the company that manages the multi-billion-dollar U.S. Polo Assn. brand. “To be recognized for our sport-inspired brand’s achievements amongst strong global competition in one of the world’s premier business awards programs reflects the passion that our global team and strategic partners around the world have for building the U.S. Polo Assn. brand.”

    Accepting the two gold trophies on stage were Lorenzo Nencini, CEO of Incom S.P.A.; Augusto Bonetto, CEO of Bonis S.P.A.; Andrea Zini, CEO of Eastlab; and Franco Zuccon, CEO of Eurotrade, as well as Stacey Kovalsky, Vice President of Global PR & Communications for USPAGL.  

    The International Business Awards® are the world’s premier business awards program. The 2023 IBAs received entries from organizations spanning more than 60 nations and territories, where more than 3,700 nominations from organizations of all sizes and virtually every industry were submitted this year in a wide range of categories. Stevie Award winners were determined by the average scores of more than 230 executives worldwide who participated in the judging process. 

    “Nominations to the IBAs get better every year, and this year’s class of Stevie winners is the most impressive yet,” said Stevie Awards President, Maggie Miller. “The winners have demonstrated that their organizations have set and achieved lofty goals. We congratulate them on their recognized achievements and enjoyed celebrating them on stage in Rome.”

    In the Achievement in International Expansion category, USPAGL highlighted the global expansion of brick-and-mortar U.S. Polo Assn. storefronts that are now accessible to consumers in 190 countries. Judges recognized the brand’s resilience and adaptability to position U.S. Polo Assn.’s growth and success in the international market. In the Achievement in Growth category, USPAGL highlighted U.S. Polo Assn.’s achievement in reaching $2.3 billion in global retail sales. Judges recognized the brand’s success in driving awareness of the sport of polo, expanding into new markets, and embracing digital strategies, all resulting in significant sales growth and recognition as a top global performer.

    Today, U.S. Polo Assn. has reached $2.3 billion in global retail sales, expanding its footprint to include over 190 countries and more than 1,200 U.S. Polo Assn. retail stores worldwide. The brand’s fast-tracked digital strategy has resulted in websites for more than 40 countries in 20 different languages and the activation of more than 7 million social media followers of the brand, all together strengthening U.S. Polo Assn.’s authentic connection to the sport of polo and consumers worldwide.

    Details about The International Business Awards and the lists of Stevie Award winners are available at www.StevieAwards.com/IBA.  

    About U.S. Polo Assn. and USPA Global Licensing Inc. (USPAGL)

    U.S. Polo Assn. is the official brand of the United States Polo Association (USPA), the non-profit governing body for the sport of polo in the United States and one of the oldest sports governing bodies, having been founded in 1890. With a multi-billion-dollar global footprint and worldwide distribution through over 1,200 U.S. Polo Assn. retail stores and thousands of department stores, sporting goods channels, independent retailers, and e-commerce, U.S. Polo Assn. offers apparel for men, women, and children, as well as accessories and footwear in more than 190 countries worldwide. U.S. Polo Assn. was named one of the top global sports licensors in 2023, according to License Global. Visit uspoloassnglobal.com and follow @uspoloassn. 

    USPA Global Licensing Inc. (USPAGL) is the for-profit subsidiary of the USPA and manages the global, multi-billion-dollar U.S. Polo Assn. brand, providing the sport with a long-term source of revenue. Through its subsidiary, Global Polo Entertainment (GPE), USPAGL also manages Global Polo TV, which provides sport and lifestyle content. A historic, multi-year, global arrangement between USPAGL and ESPN now showcases many of the top championship polo games in the U.S., enabling millions of sports fans and consumers to enjoy the sport across ESPN’s broadcast and streaming platforms. For more sport content, visit globalpolo.com.

    About the Stevie Awards
    Stevie Awards are conferred in eight programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Women in Business, the Stevie Awards for Great Employers, and the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 12,000 nominations each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at www.StevieAwards.com. 

    Source: USPA Global Licensing Inc.

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  • Five day work week for banks gets IBA nod

    Five day work week for banks gets IBA nod

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    After nearly a year of repeated representations and petitions by various bank employee unions, five days banking is closer to becoming a reality soon.

    According to highly placed sources, in a meeting held on July 28 by the Indian Banking Association (IBA), a representative body of managements of Indian banks, the industry demand for put forth by banks employee unions to declare all Saturdays as a bank holiday is said to have been accepted by the industry body. The IBA has forwarded the petition to the ministry of finance for its approval.

    If approved, it would mean that bank branches will work only for five days in a week, that is, Monday to Friday. The daily work hours at branches, though, could be extended by 45 minutes.

    Email sent to IBA seeking confirmation remained unanswered till press time. However, top executives of banks, both private and public sector, confirm that in the last meeting of the IBA the agenda to declare Saturday as a holiday was approved. “The matter has now been escalated to the finance ministry for final sign off,” said multiple senior executives of banks aware of the development.

    Final nod soon

    Bankers are confident that their proposal should be ratified by the department of finance soon. “Based on some of the informal talks with the ministry, it seems like the government may not have an issue in accepting this request from the bankers’ union,” said one of the sources quoted above.

    Increasing digital transaction

    With over 70 per cent of daily cash related transaction taking place, the industry is of the view that the need for six-day banking on select weeks isn’t very compelling. “Today branches operate more as customer redressal or facilitation centres. More than 80 per cent of banking transactions, including account opening are being done digitally. Except for taking some sign offs on certain agreements which would require the signature customers, there isn’t much need to walk into branches these days,” said a senior executive of a private bank.

    At present bank branches function on the first, third and fifth Saturdays of a month. The second and fourth Saturdays are holidays. However, until 2015, banks were operational six days a week, including all Saturdays of a month.

    No more working Saturdays for banks?

    – Meeting held by IBA on July 28 said to have approved the industry demand to declare all Saturdays as a bank holiday

    – Matter pending for final nod with ministry of finance

    – With nearly 80 per cent of business at branches done digitally the need for six-day banking said to have reduced

    – Presently banks function on the first, third and fifth Saturdays of a month

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