Banking

  Bloomberg Chinese authorities are considering a plan to raise several hundred billion yuan for a new fund to backstop troubled financial firms. The People’s Bank of China (PBOC) is leading the effort, seeking to shore up confidence in the $60 trillion financial system as the economy slows and a debt crisis in the property industry spreads. The stability fund ...

  Bloomberg The European Central Bank (ECB) said it is in daily contact with banks on how they’re dealing with implications from sanctions against Russia over its invasion of Ukraine. “In particular, we are assessing whether banks have implemented adequate internal governance arrangements and controls to adhere to the sanctions,” Andrea Enria, who leads the ECB’s supervisory board, said during ...

  Bloomberg Citigroup Inc agreed to sell its India retail banking business for about 123 billion rupees ($1.6 billion) cash to Axis Bank Ltd., as the US lender seeks to consolidate its operations in identified markets. Citi will sell its consumer banking businesses including credit cards, retail banking, wealth management and consumer loans, it said in a statement. The transaction ...

  Bloomberg BNP Paribas SA’s personal finance unit lost a case at France’s highest court in its dispute over swiss-franc mortgages marketed between 2008 and 2009. France’s Cour de Cassation said that the bank had not given enough information to its customers about the loans’ mechanism, according to the decision that partially overturned an earlier ruling. The loans, which were ...

  Bloomberg Bank of China Ltd. reported its biggest profit increase in almost a decade last year as lending momentum recovered in the second year of the pandemic and a build-up in bad loans eased. Net income jumped 12.3% from a year earlier to 216.6 billion yuan ($34 billion) in 2021, the lender said in a filing. That beat a ...

  Bloomberg UBS Group AG is laying off equity capital markets bankers because of a sharp decline in revenue after a slowdown in deal-making across the industry, according to people familiar with the matter. The Swiss firm began laying off a handful of bankers in equity linked and capital markets in Europe and Africa this month, the people said, asking ...

  Bloomberg European banks could earn almost 6 billion euros ($6.6 billion) in annual revenue from financing the transition to a more sustainable economy, according to their top regulator. “The balance sheet choices banks will make about green and non-green assets will materially impact their bottom lines,” said Andrea Enria, who leads the European Central Bank’s supervisory board. “Consumers and ...

  Bloomberg Barclays Plc expects to take a 450 million-pound ($591 million) hit and will delay a share buyback until the second quarter after issuing about $15 billion more structured notes and exchange traded notes than it had registered for sale. Barclays Bank Plc, the subsidiary that holds the lender’s corporate and investment bank, has determined that “securities offered and ...

  Bloomberg NatWest Group, the British bank will no longer be mostly owned by the UK government after it bought back nearly 5% of its shares in an off-market deal. The sale of the stake for £1.2 billion takes government’s shareholding to about 48%, and ends more than a decade of majority state ownership of the bank The UK government’s ...

Bloomberg Brazil President Jair Bolsonaro is seeking a second term amid growing economic challenges that will potentially determine the outcome of this year’s election. The right-wing leader is launching his pre-candidacy at an event organised by the Liberal Party, which will also host Defense Minister Walter Braga Netto, whom he may tap as running mate. According to Brazilian law, candidates ...