[ Out-of-character information, hello! Thank you for taking the time to write your in-character post in the Bank of Yohannes thread. Reposted from “The Bank of Yohannes” to return the favour
By: Hannah Kühn
16 Jul, 2019 6:30 pm EYTPer cent change of settlement cash in the last 24 hours
Yohannesian Quertz russling
▲0.01073% I NationStates/Universal Standard Dollar
▼0.00409%
The Bank of Yohannes’ board of directors has agreed to hold discussions with Ionician IT services and software provider YAG Technologies International about a potential supply agreement, as the Nineteen Countries’ oldest bank looks for possible new suppliers and technology solution providers after enjoying sustained overseas branch network and share-price growth in 2018, people close to the bank confirmed.
The early negotiation shows the strong willingness of the Bank of Yohannes’ strategic decision-makers to keep up with the company’s growth outside Yohannes, and executives this week believe that YAG Technologies could be one of the bank’s most reliable logistics providers and suppliers in 2020, the Association of Yohannesian Banks learned. “In 2018 alone the Bank of Yohannes had expanded in at least 50 countries,” said Jörg Kaiser, the chief executive of longtime IT provider Royal Alexandria Products in Data Processing Corporation, which until last year was the only Yohannesian company in the bank’s list of five biggest suppliers. Now it ranks ninth. “There’s no way the bank’s current suppliers in Yohannes could keep up with that kind of growth,” Mr Kaiser said, shaking his head and sighing sadly.
Heightened pressure on the banks from Yohannesian government officials to upgrade decades-old IT systems—and for the bank to explore how it could improve its underperforming procurement systems and outdated architectures—also factored into recent discussions, as the Financial Diary noted recently on the Association of Yohannesian Banks’ Q3 Banking Technology Procurement livestream.
But that is due to change soon.
Two important reasons are forcing this shake-up: the dramatic growth of cybersecurity threats that financial institutions must address; and the rise of digital banking in countries where the bank operates in.
The Bank of Yohannes, active in over 300 countries and World Assembly member states, relies on many foreign IT and software firms so that it can manage cash, finance trade, and fund its branch operations and investment projects outside the Nineteen Countries. The agreement by the Bank of Yohannes’ board of directors to kick-start discussions was earlier reported by The Royal Alexandria Times. A Beltway insider close to the board said the discussion with YAG Technologies is set to be concluded by the end of the September quarter.
The board of directors is accountable to the bank’s shareholders, who vote for the members of the board. The board of directors is also required under the Bank of Yohannes Reunification Act 1990 to provide an annual accountability document to the Nineteen Countries Government no later than a quarter after the end of every financial year. Although formally the Bank of Yohannes is not registered as a national banking institution because of its modern-day private and multinational attributes, it may very well be considered as one because of the very important national role it has played for the Yohannesian economy since 1990.
“The board chooses, supervises and dismisses senior executives, such as the chief executive, and is indirectly involved in important decision-making process,” said Anette König, a former board member who is also a bank lobbyist. “For instance, a foreign supplier agreement or IT procurement process that would help the bank’s financial operations in many countries outside Yohannes.”
The Bank of Yohannes’ chief executive, Dame Julianna Stefansson, has told major investors and long-standing partners of the bank that multinational supplier agreements are “technically” the responsibility of the chairman. But the “hands-off” group chairman has instead chosen to delegate his authority to the board since 2017. “Sir Matthew Gilligan was widely blamed for the bank’s failures during the bank’s lowest point in its long history, and the three years of decline following the World Assembly Condemnation of Automagfreek financial crisis in 2012,” said Ms König.
The Ministry of Economy, Industry and Trade is willing to give the green light to a multinational supplier and IT procurement agreement between the Bank of Yohannes and YAG Technologies International, while the bank’s Overseas Investment Office answers questions from its foreign investors and high-net-worth clients about YAG Technologies International’s industry reputation and reliability, the Association of Yohannesian Banks learned this morning.
According to the Ionician company’s website, YAG Technologies was founded in 1976 to provide business computing devices in a rapidly changing world, and it quickly became a staple supplier of electronic systems for firms “all around the world.” Headquartered in Astyria, YAG Technologies deals primarily with multinational corporations and government institutions.
“Anybody working in banking and finance and having to deal with software has got to be able to use the latest technology properly,” said Dame Eleanor White, Chairperson of the Group Audit Committee. “They’ve got to be able to prevent the disclosure of personal information, and other types of misuse of information that will invade the privacy of our high-net-worth clients and business partners.”
Senior bank officers close to Dame Eleanor said government officials under the GOP-controlled Parliament in Royal Alexandria believed multinational companies like YAG Technologies have the wherewithal to provide technological solutions to address current and emerging World Assembly banking regulations and national security compliance requirements outside Yohannes.
The Bank of Yohannes is in talks to sign up a number of overseas information technology companies to its International Suppliers Network in the second half of 2019, and plans to have agreements with several major lead logistics providers done by the next financial year.
Bank of Yohannes shares have closed 1.7 per cent lower tonight at $11.80 on the Royal Alexandria Stock Exchange (RASE), as skeptical investors absorb the company’s latest update.
First we haev Khataiy building Mosques in the Kingdom of Alexandria and Khataiyi Muftis marrying Yohannesian women now we have more agreements with foreign companies coming from a region called Astyria? Sounds Asiatic to me, must eb from the Orient. Disgusting.
I haev to work for my money eighthours fivedays a week and we got wanka like Bank of Yohannes Sir Matthew makin $250 per hour not fair I say lock em all up!