Banking

  Bloomberg Pakistan appointed a former central banker to head the monetary authority as the nation contends with one of Asia’s fastest inflation rates and faltering foreign currency reserves. Jameel Ahmad, a former deputy governor will now head the State Bank of Pakistan for a term of five years, according to a statement of the finance ministry. He will replace ...

  Bloomberg Shares of KakaoBank Corp., a South Korean online-only lender, tumbled 8.2% to a record low after one of its key shareholders raised $320 million in a block trade. Kookmin Bank offered about 14.8 million shares in a club deal, according to terms of the deal obtained by Bloomberg News. The lender sold shares at 28,704 won each, a ...

  Bloomberg Stanbic Bank Kenya Ltd., a unit of Africa’s biggest lender by assets, forecasts its mortgage business in the nation to surge as the economy recovers from the pandemic and the end of presidential elections brings political stability. The unit of South Africa’s Standard Bank group Ltd says it’s Kenya’s second-largest mortgage lender and demand for the product is ...

  Bloomberg ING Groep NV reported second-quarter profit that beat analyst estimates after freeing up provisions for its shrinking business in Russia. Net income of 1.18 billion euros ($1.2 billion) in the three months through June compared with expectations for profit of 1.07 billion euros. , according to a statement by the Dutch lender on Thursday. Loan loss provisions of ...

  Bloomberg Bank of America Corp (BofA) said overdraft-service fees plummeted 90% after it took steps to ease off on the charges, which have been under fire from lawmakers. The decline from a year earlier came in June and July, the first two months after the second-largest US bank implemented sweeping changes related to overdraft services for its more than ...

  Bloomberg Major Wall Street banks including JPMorgan Chase & Co, Barclays Plc and Citigroup Inc. are offering to facilitate trades in Russian corporate debt and government bonds, according to Reuters. The move took place in recent days after guidelines from the US Treasury that allowed US holders to wind down their positions, the news agency said, citing client notes, ...

  Bloomberg Norway is poised to raise borrowing costs to the most in over a decade as unexpectedly rapid inflation challenges earlier plans for more gradual increases. The central bank will lift its key policy rate by a half-point to 1.75%, according to most economists surveyed by Bloomberg. That would be the highest since March 2012, with investors watching for ...

  Bloomberg Rising prices amid a US economic slowdown will menace embattled credit markets, if history repeats. The current inflation and growth environment is most akin to the 1973 to 1975 and 1978 to 1980 time periods, when credit markets did badly, according to Barclays Plc. strategists led by Dominique Toublan. “Credit performance was poor then, and we do not ...

  Bloomberg Hang Seng Bank Ltd, a Hong Kong-based lender majority owned by HSBC Holdings Plc, is seeking an insurance partner after its existing agreement with Australia’s QBE Insurance group Ltd. expired. Hang Seng Bank is working with a financial adviser as it explores a so-called bancassurance partnership, which could be valued at more than $100 million, the people said, ...

Bloomberg Nomura Holdings Inc may use hedges to limit further hits from its ownership of a stake in a US mutual fund manager after booking losses on the investment for two straight quarters. Japan’s largest brokerage will “consider mitigating measures, including hedges” to reduce the earnings impact of its holding in American Century Investments (ACI), spokesman Yoshitaka Otsu said, declining ...