Banking

  Bloomberg Uruguay’s central bank lifted its benchmark interest rate for a fifth consecutive meeting amid surging consumer prices and above-target inflation expectations. Policy makers boosted the key rate to 7.25% from 6.5%, their second consecutive increase of 75 basis points. “The international outlook can be characterised as most inflationary in past decades,” central bankers wrote in a statement. They ...

  Bloomberg Citigroup Inc is moving half a dozen senior equities staff from Hong Kong to Singapore and other markets, in one of the biggest signs yet the Chinese territory’s steadfast zero-Covid approach is prompting global banks to shift key staff out of the Asian financial hub. Lee McQueen, head of pan Asia equity blocks, is among managing directors relocating ...

  Bloomberg Bank of Korea (BOK) officials past and present, presidential advisers and global representatives are among potential successors to central bank Governor Lee Ju-yeol, whose impending departure is fuelling speculation over a replacement at a time of elevated inflation. Lee’s successor will inherit rapidly normalising monetary policy after two years of extraordinary stimulus to prop up a pandemic-hit economy. ...

  Bloomberg Citigroup Inc awarded Chief Executive Officer (CEO) Jane Fraser $22.5 million for her work in 2021 after she assumed the top job in February and helped guide the bank through regulatory hurdles. Fraser, 54, was granted stock awards totalling about $14.82 million, a cash bonus of $6.35 million and a $1.33 million salary, the New York-based bank said ...

  Bloomberg Singapore authorities are urging banks to impose stronger security measures to prevent more phishing scams after one of the city-state’s biggest lenders was hit by a serious case of fraud. Banks need to expand their fraud surveillance capabilities, Lawrence Wong, the finance minister and deputy chairman of the Monetary Authority of Singapore (MAS), said in parliament on Tuesday. ...

  Bloomberg Bankers based in Italy are meeting in the northern town of Parma at the Assiom Forex conference as the banking industry looks at possible consolidation amid rising profits and a resurgent economy after the pandemic. Italian lenders have cleaned up their books, curbed risks and reduced costs in last few years. Now, they are set to benefit from ...

  Bloomberg Bank of America Corp (BofA) says the worst of this year’s selloff in the municipal bond market might already be over, though there may be some additional pain in March after Federal Reserve’s rate decision. With timing of expected policy tightening at central bank now shifted to next month, first quarter should absorb most of the bearish price ...

  Bloomberg Mexican deputy central bank Governor Jonathan Heath expects the board to raise its key interest rate by a quarter-point next month, assuming the US Federal Reserve delivers an increase of that size and there are no other surprises. Going forward, the Fed’s hikes are likely to be the Banco de Mexico’s “floor,” Heath said in a video interview ...

  Bloomberg The People’s Bank of China (PBOC) is leaving economists divided over whether it needs to cut interest rates for a second month to boost a faltering economy. Sixteen of the 27 economists polled by Bloomberg forecast the central bank will keep the interest rate on its one-year policy loans unchanged on Tuesday, when it’s scheduled to conduct a ...

  Bloomberg Axis Bank Ltd is nearing a deal to buy Citigroup Inc’s India retail banking business in a transaction that could be valued at about $2.5 billion, people familiar with the matter said. An agreement for the consumer unit may be announced as soon as the next few weeks and is contingent on approval from the Reserve Bank of ...