Banking

Bloomberg Azura, a wealth manager focused on billionaire entrepreneurs, is opening an office in Switzerland. Former Credit Suisse Group AG banker Frederic Turrettini joins the firm as a partner to oversee its Geneva office, adding to existing locations in London, Monaco and Singapore, according to a statement. Azura also recruited Robert Agnew — a former managing director at Barclays Plc’s ...

Bloomberg Deutsche Bank AG will be unable to sponsor initial public offerings (IPOs) in Hong Kong as the German lender failed to replace the staff needed by regulators in one of the world’s biggest markets for share sales. The bank has hired replacements who will start in a matter of weeks and will be able to resume its sponsor roles ...

Bloomberg A bad bank in India that’s expected to launch this month may help reduce one of the world’s worst bad-loan piles but market participants say it’s a long path ahead. The new institution, which is set to start operations by the end of June, is likely to handle stressed debt worth $27 billion over time, according to a BloombergQuint ...

Bloomberg HSBC Holdings Plc has lost about a third of its debt capital markets team covering Chinese state-owned enterprises, a sign the bank is still struggling to win back favor in Beijing three years after becoming embroiled in geopolitical spats between China and the West. The departures in recent weeks include two managing directors, John Hai and Jiang Song, who ...

Bloomberg New Zealand’s central bank may end its quantitative easing bond purchases in coming months as it prepares to raise interest rates, according to the Bank of New Zealand. Financial markets are now pricing a better than 50% chance that the Reserve Bank will increase its official cash rate in November, BNZ strategist Nick Smyth wrote in a note to ...

Bloomberg UBS group will permanently allow as many as two-thirds of its employees to adopt a hybrid model of working from home and the office, according to a person familiar with the plans, as it seeks a competitive recruitment edge over some US banks taking a more hardline approach. The lender’s move is being led by CEO  Ralph Hamers. The ...

Bloomberg Kakao Bank, the internet-only lender backed by South Korea’s Kakao Corp, plans to raise as much as $2.3 billion in an initial public offering, joining a rush by the nation’s companies to sell shares. The bank is selling 65.45 million new shares at between 33,000 won and 39,000 won apiece, according to a filing. At the top end of ...

Bloomberg China’s central bank struck a more positive tone in its quarterly monetary policy meeting, saying the economy is showing more stability and improvement even though domestic and global risks remain. The monetary policy committee of the People’s Bank of China (PBOC) largely reiterated its stance to keep policy, liquidity and the exchange rate steady, according to a statement. It ...

Bloomberg Chinese banks’ stockpile of foreign-currency deposits has surpassed $1 trillion for the first time, creating an opportunity for Beijing to allow greater freedom for capital to flow out of the country. The pool has been growing as surging demand for Chinese goods during the pandemic has beefed up foreign earnings of exporters, while the resilient economy and strengthening currency ...

Bloomberg Citigroup Inc is taking another step into the world of cryptocurrencies. The Wall Street giant will help its richest clients bet on crypto as part of a new digital assets group inside its burgeoning wealth management unit, according to a memo to staff seen by Bloomberg News. The new effort will be led by Alex Kriete and Greg Girasole. ...