Banking

Bloomberg Several large Chinese banks are restricting credit to China Evergrande group amid mounting concerns about the developer’s financial health, according to people familiar with the matter. Three banks with a combined $7.1 billion of credit exposure to Evergrande as of June 2020 have decided in recent months not to renew loans to the company when they mature this year. ...

Bloomberg The European Central Bank (ECB) said it will grant lenders about 70 billion euros ($83 billion) of capital relief by extending a measure designed to help them keep supplying credit to the pandemic-struck economy. The ECB will allow lenders to continue to exclude deposits held at central banks when calculating their leverage ratio for nine months until the end ...

Bloomberg HSBC Holdings is targeting to become the number one wealth manager in Asia in “roughly five years” as Europe’s largest bank shifts capital to tap clients in the increasingly affluent region, according to HSBC Pinnacle Venture Chief Executive Officer Trista Sun. “Household wealth in China has grown so rapidly, become the second largest globally,” Sun said in a Bloomberg ...

Bloomberg Citigroup Inc shares fell the most in five months after the bank warned expenses would increase sharply as it invests to satisfy a pair of consent orders from regulators. Expenses in second quarter will likely jump to “somewhere in the middle” of a range of $11.2 billion to $11.6 billion, Chief Financial Officer Mark Mason told investors at a ...

Bloomberg China adjusted how banks can set deposit rates in a move that could lower longer term funding costs and boost economic growth. Under a new way of calculating the ceiling on deposits rates, banks will be allowed to add basis points on top of the existing benchmark rate instead of as before using a multiple. Under the new regime, ...

Bloomberg TSB Banking Group is set to ban more than 5 million customers from buying cryptocurrencies amid fears over “excessively high” fraud rates on trading platforms, according to a report by Telegraph newspaper. The company is the latest British bank to crack down on financial cyber-crime following temporary moves by Barclays Plc, Monzo Bank and Starling Bank to block transfers ...

Bloomberg Canada hired HSBC Holdings Plc and Toronto-Dominion Bank (TD) for its inaugural sale of green bonds, joining other nations including the UK and Germany in pursuing environmentally-friendly debt issuance. The banks will advise on the design of Canada’s green bond framework, assist in the development of an ongoing program and support the debut issuance, according to statements. The country ...

Bloomberg The European Union (EU) drummed up 107 billion euros ($130 billion) of orders for its debut bond sale under the recovery fund, the first sign that investor appetite is robust for the AAA-rated securities. Danske Bank A/S and ABN Amro Bank NV expect the EU to raise 10 billion euros or more from the sale of 10-year debt, with ...

Bloomberg Nordea Asset Management says it’s trying to slow the flow of cash into its global climate fund amid seemingly insatiable demand for clean assets. To “protect the interests of all shareholders and to ensure the continued efficient management of the fund,” Nordea plans to cap daily subscriptions and conversions at 1 million euros, effective June 25, it said on. ...

Bloomberg The Czech Republic should kick off interest-rate increases this month to prevent the factors driving global inflation from sending consumer prices spiralling out of control, central banker Tomas Holub said. The country is among a handful of EU states taking a hawkish stance in debate over whether surging inflation is temporary and outside of central banks’ influence or a ...