Banking

  Bloomberg UniCredit SpA is facing a delay in the long-planned sale of a stake in the owner of a Russian bank, in a sign of the complications in store for Chief Executive Officer Andrea Orcel as he considers a wholesale retreat from the country. UniCredit in November exercised an option to sell its 10% in ABH Holdings, the owner ...

  Bloomberg France’s central bank said the war in Ukraine is already affecting the economy and creating high uncertainty that makes it tricky to forecast how much inflation will accelerate or the extent to which the recovery from the Covid pandemic will slow. Instead of publishing its regular economic projections, the Bank of France took the unprecedented step of presenting ...

  Bloomberg Mexico’s best performing stock this year, Grupo Financiero Inbursa SAB, is set to go even higher as the bank prepares to spin off its private equity business and could even make a bid for Citigroup Inc’s local assets, according to a Barclays analyst. Gilberto Garcia raised his price target for Inbursa, which belongs to Mexican billionaire Carlos Slim, ...

  Bloomberg HSBC Holdings Plc promised to “phase down” its financing of the fossil fuel industry, sending a warning to oil and gas clients as the bank works toward its target of net-zero emissions. The step is in line with “what is required to limit the global temperature rise to 1.5 degrees celsius,” HSBC said. Like most of its top-tier ...

Bloomberg A further depreciation of the yen won’t be good for Japan’s economy and may prompt a shift in the central bank’s messaging, according to a former Bank of Japan (BOJ) official, speaking after the currency set a fresh low of more than five years. “The yen has already moved a lot compared with last year, so a further weakening ...

  Bloomberg Southeast Asian central bankers are keeping a cautious approach toward monetary tightening, as the fallout from the war in Ukraine stokes risks to global growth and inflation. Bank Negara Malaysia will continue gauging the “appropriate degree of monetary policy accommodation to make sure this economic recovery is much more durable,” Governor Nor Shamsiah Mohd Yunus said in a ...

  Bloomberg JPMorgan Chase & Co has processed funds that were earmarked for interest payments due on dollar bonds issued by the Russian government and sent the money on to Citigroup Inc. as bondholders waited for a second day to receive the $117 million. JPMorgan was the correspondent bank Russia used to send the payment to Citigroup, which is acting ...

  Bloomberg Russia’s central bank granted Sberbank PJSC, the nation’s biggest lender, a license to issue and exchange digital assets. Using Sber’s platform, companies can issue their own digital assets to attract market investments, buy digital assets through Sber’s system, or make other digital assets transactions, the bank said in a statement. “We are just starting our work with digital ...

  Bloomberg Indonesia’s central bank left its policy rate unchanged, seeking to sustain its recovery while keeping a close eye on core inflation and the impacts from the war in Ukraine on the global economy. Bank Indonesia kept the seven-day reverse repurchase rate at 3.5% on Thursday, as predicted by all 29 economists in a Bloomberg survey. The rate has ...

  Bloomberg The UK will examine why access to business finance appears to be a “major barrier” for ethnic minorities, making it easier to spot racism or unconscious bias in bank lending. Boris Johnson’s government will work with lenders to understand the underlying problems after earlier research showed that the design of programs can influence demand from the ethnic minorities. ...