Banking

  Bloomberg India’s central bank will enter into sell-buy swaps worth $5 billion with banks to elongate the maturity profile of its forward dollar book. The 2-year USD/INR sell-buy swap auction will be held on March 8, the Reserve Bank of India (RBI) said. This will enable access to a wider set of market participants and smoothen receivables relating to forward ...

  Bloomberg Deutsche Bank AG has warned its employees not to delete WhatsApp messages from their phones as part of moves by the German lender to clamp down on private communication channels. The Frankfurt-based bank earlier this year sent a memo to staff warning them that any business-related messages going through private channels mustn’t be deleted as the act could ...

  Bloomberg CDC Group, the UK’s development-finance arm, will provide a $100 million credit facility to First Bank of Nigeria Ltd. to help support women-owned businesses and small companies in Africa’s largest economy. The funding will “address the challenge of limited access to capital faced by under-banked and underserved groups in the country,” the firm said. A minimum of $30 ...

  Bloomberg British bank NatWest Group Plc plans to start paying its management cash bonuses, warning that compensation levels are falling “too far” behind competitors. The UK’s biggest corporate lender is seeking to introduce annual bonuses plus restricted share plan awards to replace the current long-term incentive program, the bank said in its annual report. The changes, which are subject ...

  Bloomberg The world’s largest provider of exchange-traded funds is bracing for a record year of trading in its flagship European credit fund as uncertainty about the timing and severity of central bank tightening pushes investors into more liquid instruments. BlackRock’s iShares euro corporate bond fund has already seen a daily average of more than 300 million euros ($341 million) ...

  Bloomberg Jes Staley departed Barclays Plc under a cloud because of an ongoing probe into his relationship with deceased offender Jeffrey Epstein. But his strategy for the British lender — to champion its investment bank — is set to outlast him. As his replacement as chief executive officer, CS Venkatakrishnan, prepares his maiden quarterly earnings presentation this week, Staley’s ...

  Bloomberg More European Central Bank (ECB) officials are conceding that interest rates will likely need to rise late this year in the face of a stronger inflation outlook. A consensus is emerging before the March 10 policy meeting to set September as the end-date for asset purchases, according to people familiar with the situation who asked not to be ...

  Bloomberg Crypto platform Nexo appears to be changing the terms for US customers to a product that offers the ability to earn high interest rates on crypto deposits. The decision follows the US Securities and Exchange Commission’s recent settlement with BlockFi Inc. over a similar product. In a statement posted to its official subreddit by a moderator who isn’t ...

  Bloomberg JPMorgan Chase & Co economists said the Federal Reserve is likely to raise interest rates by 25 basis points at nine consecutive meetings in a bid to tamp down inflation. The bank is joining others on Wall Street in ramping up bets for faster policy tightening, after US consumer prices posted the biggest jump since 1982 in January. ...

  Bloomberg Credit Suisse will pay $81 million to resolve a lawsuit by some US pension funds over control of the more than $1 trillion market for stock lending and agreed to help with similar cases pending against other banks. It’s the first settlement of a class-action lawsuit filed in 2017 alleging a group of major banks blocked development of ...