Banking

BLOOMBERG  HSBC Holdings Plc will pay a combined $75 million to settle a top US regulator’s allegations that it engaged in manipulative and deceptive trading practices and broke recordkeeping rules. The Commodity Futures Trading Commission (CFTC) said that a US unit of the London-based bank would pay $45 million over its past trading related to swaps and bond issuances, among ...

BLOOMBERG  Customers are coming back to Danske Bank A/S as Denmark’s largest lender is putting past scandals behind it. Danske’s retail customers are growing for the first time in 10 years in its home country, according to a Voxmeter poll of the Nordic nation’s 20 largest banks, cited by local media, including Finans. The lender attracted a net inflow of ...

BLOOMBERG  Taiwanese banks have slashed their exposure to China to the lowest level in at least a decade as increasingly fraught ties across the Strait deter lenders from expanding in the world’s second-largest economy. Locally registered banks in Taiwan have cut back their total lending, investments and interbank transactions in China to NT$1.1 trillion ($34.6 billion) as of the end ...

BLOOMBERG  ING Groep NV plans to buy back as much as €1.5 billion ($1.65 billion) worth of stock after higher interest rates helped lift profit past analysts’ expectations. Shares of the lender rose, after first-quarter results showed interest income and provisions for loan losses came in better than analysts had expected. Net income more than tripled from a year earlier, ...

BLOOMBERG  US consumer borrowing increased in March by more than expected on one of the largest spikes in credit-card balances on record. Total credit increased $26.5 billion, the most in four months, after a February gain of $15 billion, Federal Reserve data showed. The figure, which isn’t adjusted for inflation, compared with the median estimate of a $17 billion increase ...

BLOOMBERG  The European Central Bank (ECB) needs to continue raising interest rates amid a “too high” underlying inflation rate, said Governing Council member Klaas Knot. The ECB will have to raise borrowing costs “as long as the underlying inflation hasn’t been tamped down,” Knot said in an interview on the Buitenhof TV show. “Our real problem at the moment is ...

BLOOMBERG British households and businesses pulled almost £11 billion ($13.8 billion) out from banks in March as panic spread from the collapse of Silicon Valley Bank (SVB) and the takeover of Credit Suisse Group AG. Households took out almost $6.32 billion (£5 billion) from bank accounts in the first decline in deposits in almost five years, Bank of England (BOE) ...

BLOOMBERG At least three nationwide Chinese banks lowered deposit rates, following a similar move by their smaller rivals in April as lenders battle shrinking margins. Mid-sized national banks including China Zheshang Bank Co, Hengfeng Bank Co and China Bohai Bank Co said they lowered deposit rates as much as 30 basis points on some tenors. After the adjustment, these lenders ...

BLOOMBERG Toronto-Dominion Bank (TD Bank) and First Horizon Corp have agreed to terminate their previously announced merger amid uncertainty about the possibility of regulatory approvals. The lenders said in a statement that they “entered into a mutual agreement” to terminate their 2022 merger. TD will make a $200 million cash payment to Memphis-based First Horizon, on top of a $25 ...

BLOOMBERG Australian bank margins have hit the peak and earnings are going to become harder to eke out, National Australia Bank Ltd (NAB) Chief Executive Officer (CEO) Ross McEwan warned. Speaking to Bloomberg Television after a record half-year profit failed to ease investor nerves about the bank’s outlook, McEwan said a decline in the share price was “somewhat expected.” “The ...