London takes aim at New York with five-year financial plan
September 7, 2021, 3:05 am

London takes aim at New York with five-year financial plan

UK city

The Business Hala reported according to Reuters, Britain needs to reduce taxes on banks and make it easier to hire employees from abroad.

The Business Hala said, this comes as Britain financial and professional services lobby has said in a blueprint that calls for London to be built within five of the world. It will help to position London as the top international financial center of the country years.

According to the Business Hala, the strategy paper on Tuesday from The City UK reiterated some of the views already circulated in recent months in government-backed reports and elsewhere as the City of London seeks to regain lost ground following Britain’s departure from the European Union.

The paper said: “By some metrics, the UK is losing ground: London is currently slipping further behind New York every year while other centers are strengthening.”

The US financial capital surpassed London in a major annual survey in 2018, saying New York dominates the stock market listing.

“The UK needs a continued focus on strengthening its international competitiveness to win back the prize of being the world’s leading international financial centre,” added the paper, The CityUK lobby group, which promotes the wider financial sector overseas. gives, added to the paper.

Britain’s departure from the European Union effectively stripped London of its largest financial services client, adding further pressure to catch up.

The Finance Ministry has already outlined reforms to make London’s capital market more competitive, and The CityUK has made five changes to London to “get ahead of its competitors” by amending tax, visa and other rules. The target for the year has been set.

TheCityUK said becoming a global hub for financial data, sustainability investing and investment and risk management will also be key to helping the UK overtake New York.

It added that the overall tax rate for a London-based bank is 46.5%, which is 13% higher than a New York-based bank.

But persuading the government to cut taxes on finance as it repairs a hole in the economy from COVID could be challenging, as the Brexit referendum pledges to crack down on high levels of international dynamism.

TheCityUK CEO Miles Selick said the most important issue for financial firms is to be able to hire globally.

“In our conversations with the government, I think this is something that can be fully understood,” he told reporters.

Source: businesshala

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.