Banking

Bloomberg The Bank of England (BOE) has reversed a policy encouraging staff to return to the office at least one day a week, a person familiar with the matter said. In July, the central bank’s Chief Operating Officer Joanna Place announced the BOE would be rolling-out a return-to-office pilot program that would encourage regular “team days” in the office. The ...

Bloomberg HSBC Holdings Plc isn’t about to throw away its pandemic-era ways of working. The bank, which is in the midst of a historic pivot and cost cutting program, predicts it will be operating in a profoundly different way after the virus outbreak ebbs, with as many as 70% of its staff backing a hybrid working model and with its ...

Bloomberg Goldman Sachs Group Inc is hiring bankers from rival firms Citigroup Inc and HSBC Holdings Plc as the US lender seeks to expand its business in the Middle East amid a surge in deals from the region. Jassim AlSane, a senior Citigroup banker, will join Goldman Sachs’ Dubai office in November as managing director and the co-head of investment ...

Bloomberg Indonesia’s central bank will require lenders to disburse at least 30% of their loans to small companies, part of a broader effort to revive slow credit growth that’s stalled the economic recovery. Banks must allocate at least 20% of their total loans to micro, small and medium enterprises next year, with the proportion gradually increasing to 25% in 2023 ...

Bloomberg Germany’s public-sector savings banks have initiated the sale of their commercial real estate lender Berlin Hyp AG in what would be the biggest banking deal in Europe’s biggest economy this year. The savings banks association DSGV has mandated Pricewaterhouse Coopers to collect bids which may be valued at least $590 million. Binding offers are due in October. Landesbanks including ...

Bloomberg Canadian Imperial Bank of Commerce (CIBC) is taking over Capital One Financial Corp’s Costco Wholesale Corp credit card business in Canada, helping diversify its portfolio away from travel rewards. CIBC will buy Capital One’s existing portfolio of Costco-branded Mastercards, which has more than $2.4 billion in outstanding balances, and become the exclusive issuer. The change is expected to begin ...

Bloomberg Oversea-Chinese Banking Corp (OCBC) is boosting its wealth management and corporate banking staff for Greater China to capture regional business flow from the world’s second-largest economy. The lender plans to double the number of relationship managers for wealthy Chinese clients to 500 by 2023, Chief Executive Officer Helen Wong said in her first in-person interview. The planned hires will be ...

Bloomberg Brazilian equity offerings will probably top 159 billion reais ($30.7 billion) this year, blowing past 2020 as the strongest year ever, according to Bank of America Corp (BofA). Corporate share sales already total 126 billion reais through August 30, up 40% from the same period in 2020, data compiled by Bloomberg show. Initial public offerings (IPOs) reached a record, ...

Bloomberg Nigerian banks are some of the cheapest stocks in Africa, more evidence of how a shortage of dollars in the continent’s largest economy is discouraging foreign investors. Four of the five African stocks with the lowest price-earnings ratios among companies valued at $500 million or more are Nigerian lenders, data compiled by Bloomberg show: United Bank for Africa Plc, ...

Bloomberg Deutsche Bank cut correspondent banking ties with Standard Bank Group Ltd’s Zimbabwean unit, dealing a body-blow to one of the few remaining international banking providers operational in the southern African nation. Stanbic Bank Zimbabwe Ltd is the latest lender to have its US dollar correspondent banking services terminated by an international bank. “Deutsche Bank were no longer able to ...