Banking

Bloomberg Equity Group Holdings Plc’s profit soared in the first nine months of the year as the economy recovered and the Kenyan lender generated more income from business loans and the government securities. Net income from January through September grew by 78% to 26.3 billion shillings ($236 million) from a year earlier, the East African nation’s biggest bank by market ...

Bloomberg India’s banks need to raise funds from markets for their growth rather than depend on the government for recapitalisation, Finance Minister Nirmala Sitharaman said. “Banks are today less burdened because books are cleaner,” Sitharaman said at the annual general meeting of the Indian Banks’ Association. “As a result they will able to go and raise money from markets. I ...

Bloomberg JPMorgan Chase & Co. is selling $3 billion of bonds in the US investment-grade market, adding to a streak of debt transactions from big Wall Street banks including Citigroup Inc, Goldman Sachs Group Inc and Bank of America Corp. The biggest US bank is selling bonds in a single-tranche transaction, according to a person with knowledge of the matter. ...

Bloomberg Thai Credit Retail Bank Pcl, a provider of microfinance loans, is exploring an initial public offering in Bangkok that could raise as much as $400 million, according to people with knowledge of the matter. The lender, which is part of the Thai Life Insurance group, is interviewing banks on the potential first-time share sale, said the people, who asked ...

Bloomberg Italy’s Banca Monte dei Paschi di Siena posted its third straight quarterly profit and said it’s ruling out a capital shortfall on a one-year horizon. The world’s oldest bank reported net income of 186 million euros in the third quarter as it wrote back 132 million euros of loans to performing status and after extraordinary charges weren’t repeated, according ...

Bloomberg Credit Suisse Group AG said it agreed to recommend its hedge fund clients move to BNP Paribas SA after the Swiss bank decided to get out of that business. The referral agreement announced on Monday is part of Credit Suisse’s exit from the prime brokerage unit that lost billions in the collapse of Archegos Capital Management. Moving capital from ...

Bloomberg The Reserve Bank of Australia (RBA) struck an upbeat note on the economy, while maintaining that faster wages growth and inflation will take some time and the first interest-rate increase is unlikely before 2024. The economy will expand 3% this year, despite a likely sharp contraction in the third quarter due to virus lockdowns, and then accelerate to 5.5% ...

Bloomberg HSBC Holdings Plc asked all of its Hong Kong staff to get vaccinated against the Covid virus after city authorities issued a new circular to push for higher inoculation rates. Colleagues who have not received a first dose should either get inoculated by November 30 or submit to a Covid-19 test every 14 days, the London-based bank, which counts ...

Bloomberg China’s fiscal policy will provide the main support to economic growth next year while significant monetary easing is unlikely, according to a former adviser to China’s central bank. “The economy overall really is still okay and we will see average growth this year at around 8%,” Huang Yiping, a former member of the People’s Bank of China’s monetary policy ...

Bloomberg Bank Indonesia expects a stronger rupiah as investors have priced in the US Federal Reserve’s plan to taper asset purchases. “The rupiah is estimated to remain in a strengthening trend in line with strong economic fundamentals and positive investor perception that support inflows to domestic financial assets,” Hariyadi Ramelan, Bank Indonesia’s executive director for monetary management, told Bloomberg. The ...