The banking industry refers to the sector of the economy that comprises institutions and organizations engaged in the business of accepting deposits, providing loans, and offering various financial services to individuals, businesses, and governments. This industry contains a variety of entities such as commercial banks, investment banks, credit unions, savings and loan associations, and central banks.
The primary functions of the banking industry include facilitating financial transactions, safeguarding deposits, providing credit, and enabling money transfers. It plays a crucial role in the overall economy by supporting economic growth through lending and investment. Banks also provide financial services like investment advice, wealth management, and asset management, in addition to traditional banking activities.
The banking industry is regulated by government authorities to ensure stability, protect consumers, and maintain public confidence in the financial system. Key concepts related to the banking industry include interest rates, risk management, capital adequacy, and regulatory compliance. Overall, this sector is vital for the functioning of modern economies and influences monetary policy and economic stability.
Société Générale appoints Lubomira Rochet as Deputy CEO, starting April 2025. Rochet will lead the bank’s retail, private, and insurance sectors, enhancing operational efficiency. She brings extensive experience from roles…