Banking

Bloomberg European Central Bank (ECB) President Christine Lagarde played down the possibility of a major change away from the current stimulus settings when policy makers meet next month. “It’s far too early and it’s actually unnecessary to debate longer-term issues,” Lagarde said at a news conference in Lisbon, responding to a question on whether Europe’s economic rebound may lead the ...

Bloomberg China’s central bank said it will maintain the exchange rate of the yuan at “basically stable” levels after recent comments by its officials who suggested the currency be allowed to appreciate and authorities should eventually let up on controlling it. The future trend of the exchange rate will be decided by supply and demand, as well as changes in ...

Bloomberg Deutsche Bank AG has appointed a new head of investment banking coverage in the UK and Ireland. Daniel Ross will join the German lender in September from Barclays Plc, where he was vice chairman of UK investment banking and global head of media, according to a statement. Based in London, Ross will report to Patrick Frowein and Berthold Fuerst, ...

Bloomberg CBZ Holdings Ltd, the biggest bank in Zimbabwe, plans to list on the US dollar-denominated stock exchange in Victoria Falls, as part of efforts to ignite foreign interest in the lender. The firm is “actively exploring” a listing, which could address concerns for foreign investors of having funds stuck in the country, Chief Executive Officer (CEO) Blessing Mudavanhu said in ...

Bloomberg With one of his first major moves at the helm of UniCredit, Andrea Orcel added tens of millions to bank’s bottom line. The question is whether the cost will be even higher in the long run. UniCredit’s new CEO shocked investors with a decision to skip a coupon payment on $3.6 billion of hybrid bonds due later this month, an ...

Bloomberg BlockFi Inc., a crypto-lending startup, mistakenly sent some users Bitcoin as part of a promotion and is working on reversing it. The company made what it called incorrect promo payouts in Bitcoin instead of US dollars to certain customers. Though BlockFi worked on reversing them, a number of recipients withdrew the coins before the company could backpedal. (It was ...

Bloomberg India’s central bank approved paying a higher-than-expected nearly $14 billion as dividend to the government, providing relief to Finance Minister Nirmala Sitharaman at a time when the pandemic has strained public finances. The central board of the Reserve Bank of India approved transferring 991.2 billion rupees ($13.6 billion) to the government on, according to a statement from the Reserve ...

Bloomberg Barclays Plc has been dragged into a bitter feud between two French insurers over its role in a failed hostile takeover bid. Scor SE is suing Barclays in London for breach of confidence when the bank advised Covea on its bid to acquire Scor in 2018. Barclays was given an inside track into the strategic thinking of Scor’s board ...

Bloomberg State Bank of India (SBI) posted a record quarterly profit that beat estimates, helped by higher interest and other income as well as lower provisions for bad loans. However, India’s largest lender broke with trend and didn’t offer guidance on fresh soured assets — the so-called slippage ratio — citing uncertainty arising from the coronavirus outbreak that is ravaging ...

Bloomberg Bank of America Corp (BofA) is expanding a mortgage program for low- to moderate-income homebuyers in an effort to address racial wealth gaps. The lender, working with the non-profit Neighbourhood Assistance Corp of America, set a goal of providing $15 billion in mortgages through May 2027, according to an announcement. Buyers get loans with no down payment, at below-market ...