Banking

  Bloomberg SumUp has achieved an 8 billion euro ($8.4 billion) valuation in its latest funding round, raising 590 million euros in a deal split between debt and equity in a bid to develop new products and gain clients. Bloomberg News first reported in January that SumUp was considering raising a fresh round of funding. People with knowledge of the ...

  Bloomberg Credit Suisse Group is considering replacing its top lawyer Romeo Cerutti, as the troubled lender struggles to resolve legacy legal issues and focus on looming court battles, people familiar with the matter said. The Zurich-based lender is considering hiring former UBS Group AG general counsel Markus Diethelm, the people said. Diethelm is fresh from exiting as chief legal ...

  Bloomberg Zimbabwe penalised 12 banks for “financial indiscipline” that fueled inflation and undermined the currency, the Herald newspaper cited President Emmerson Mnangagwa as saying. The unidentified institutions have received unspecified “hefty penalties,” Mnangagwa told supporters of the ruling party after opening a gold-processing facility, according to the Harare-based paper. The central bank probed a total of 16 lenders suspected ...

  Bloomberg A supply glut is set to hit India’s government bond market, and drive benchmark yields towards 8% by year-end, according to Standard Chartered Plc. The lender estimates that excess supply of sovereign and state debt may total as much as 6.3 trillion rupees ($81 billion) this fiscal year. That’s likely to further upset a market that’s struggling to ...

  Bloomberg Indonesia’s central bank held its benchmark interest rate at a record low again, saying inflation remains manageable as it cemented its place as an outlier on monetary policy. Bank Indonesia left the seven-day reverse repurchase rate unchanged at 3.5%, as predicted by 24 of 33 economists surveyed by Bloomberg. The rest expected policy makers to kick off the ...

  Bloomberg The UK government is tightening rules on buy now, pay later loans to try to prevent borrowers from taking on unaffordable debts. After months of consultations, the Treasury confirmed that lenders will be required to carry out affordability checks on customers and ensure advertisements are fair. Providers will need to be approved by the Financial Conduct Authority and ...

  Bloomberg AIB group is set to be hit with a possible record fine from Ireland’s central bank for its role in a mortgage overcharging scandal, according to three people familiar with the matter. The central bank is preparing to sanction the bank for its role in charging thousands of customers the wrong interest rate on mortgages that tracked the ...

  Bloomberg HSBC Holdings Plc has lost two senior investment bankers in Asia, according to people familiar with the matter, as global banks compete for financial technology talent and the dealmaking slows down. Nate Tan, a managing director, has left the British lender and will join Singapore’s United Overseas Bank Ltd. in its digital banking platform team, the people said, ...

Bloomberg Hong Kong’s de facto central bank bought the local dollar at the fastest pace on record this month to defend its currency from crossing the weak end of its trading band. The Hong Kong Monetary Authority (HKMA) bought HK$78.1 billion ($10 billion) so far this month, including its HK$20.8 billion purchase. The currency still continues to linger near the ...

  Bloomberg The UK government is extending a plan to sell more of its 11.3 billion-pound ($14 billion) stake in NatWest Group Plc for another year, as it looks to further reduce its stake in the lender. UK Government Investments Ltd., the body that oversees state holdings, said the extension means the trading plan is now set to terminate on ...