Banking

Bloomberg Goldman Sachs Group Inc, JPMorgan Chase & Co and ICICI Securities Ltd were among banks picked to work on Life Insurance Corp. of India’s initial public offering, in what’s set be the nation’s biggest listing. Kotak Mahindra Capital Co, JM Financial Ltd., Citigroup Inc and Nomura Holdings Inc were also selected to work on the share sale that’s slated ...

Bloomberg Credit Suisse Group AG has pushed back the date from which it will require all US staff to return to the office to October 18, as the delta variant of Covid-19 continues to spread, according to a memo sent to staff and seen by Bloomberg. A September 7 return-to-office date remains in place for vaccinated workers, with those who ...

Bloomberg An Indian bank is planning to tap the offshore market for its debut sustainable perpetual bond amid growing demand for both riskier bank debt and sustainable investments. Axis Bank has hired banks to arrange investor meetings ahead of a potential Basel-compliant additional Tier I note sale, the proceeds of which are earmarked for green and social projects, a person ...

Bloomberg Some two dozen Metro Bank Plc office staff got an early taste of what hybrid working will look like this week as they trialled their firm’s new approach to office life. Hovering outside the lender’s Moorgate branch in the City of London until it opened at 8:30 am, colleagues on the bank’s financial crime team greeted each other in ...

Bloomberg China’s central bank signaled it may reduce the reserve requirement ratio for banks to spur rural finance, a targeted move that would help cushion the economy as it slows. The People’s Bank of China (PBOC) said it will use monetary policy tools including the reserve ratio, and relending and rediscounting measures for rural development, according to a statement. That ...

Bloomberg PT Bank Central Asia (BCA) will invest $200 million into its digital arm to fend off competition from tech giants Gojek and Sea Ltd that are expanding into one of world’s largest unbanked markets. The Southeast Asian nation’s biggest lender by market value will use the funds to help Blu, its one-month old digital unit, to increase market share ...

Bloomberg Japan’s economic recovery will be delayed more than previously expected as the delta variant pushes up infections to record levels, according to a Bank of Japan (BOJ) board member. “The current spread of infections is more than expected at the time of the July policy meeting,” Toyoaki Nakamura, one of nine members on the board, told reporters in Tokyo. ...

Bloomberg South Korea became the first major Asian economy to raise interest rates, with more hikes in the pipeline as its central bank indicated that financial risks pose a bigger threat to the economy than the latest virus outbreak. Governor Lee Ju-yeol said the quarter-percentage-point hike to 0.75% still left rates in an accommodative position that supports the economy. He ...

Bloomberg Barclays Plc acquired a $3.8 billion portfolio of credit cards from retailer Gap Inc., giving it a new route to American consumers. The British bank will issue co-branded and private label credit cards in the US to Gap customers from the second quarter next year, Barclays said in a statement. While Chief Executive Officer Jes Staley has made the ...

Bloomberg BlackRock Inc is gearing up for the first test of Chinese investor appetite for its own mutual fund products, more than 15 years after entering the world’s most promising wealth market. The company’s new China unit is launching its debut product on August 30, just two months after winning regulatory approval to become the nation’s first wholly foreign-owned mutual ...