Banking

Bloomberg Colombia’s central bank voted unanimously to reject arguments for more stimulus, ending the split between board members seen at the previous two monetary policy meetings. The bank held its key interest rate at a record low of 1.75% for a sixth straight month, in line with expectations. At the December and January meetings, a minority of two policy makers ...

Bloomberg Bank of Korea (BOK) governor Lee Ju-yeol said he expects faster inflation and economic growth this year, but dismissed the view that the central bank needs to tighten policy early to tackle rising financial risks. In comments, Lee pointed to improving exports and investment, along with an extra budget pending parliamentary approval, as factors likely to drive economic growth ...

Bloomberg With confidence growing that a recovery is just around the corner in the UK, divisions are hardening at the Bank of England (BOE) over how the economy will unfold. Those splits were on display in a series of appearances by members of the Monetary Policy Committee. They pit BOE Chief Economist Andy Haldane, who believes Britain is set for ...

Bloomberg DBS Group Holdings Ltd is set to join UBS Group AG and other global banks giving up office space in pricey Hong Kong with so many staff still working from home. DBS is surrendering some floors in Swire Properties Ltd.’s One Island East tower in Quarry Bay. The lender will release two of the eight floors it currently occupies. ...

Bloomberg Morgan Stanley is doubling down on its efforts to help Mitsubishi UFJ Financial Group Inc. replicate the US lender’s highly successful wealth management business in Japan, where competition to serve rich clients is intensifying. The New York-based lender has dispatched Darren Spencer, the former chief operating officer of Morgan Stanley Private Wealth Management, to Tokyo to train staff and ...

Bloomberg French prosecutors and lawyers for the government said UBS Group AG should be ordered to pay $3.6 billion — 33% less than the original judgment — for allegedly helping French clients hide money from the nation’s tax authorities. Prosecutor Serge Roques asked a Paris court of appeals to impose a 2 billion-euro fine on UBS, acknowledging the limits set ...

Bloomberg Credit Suisse Group AG CEO Thomas Gottstein signalled he’d consider further separating the asset-management unit from the rest of the bank after the Greensill Capital collapse, as he steps up efforts to limit the reputational damage from the supply-chain finance scandal. Making asset management an independent entity is “potentially part of the plan,” Gottstein said in a Bloomberg Television ...

Bloomberg China appointed two new economists to its central bank monetary policy committee with expertise in the labour market and population, suggesting an increased focus on boosting jobs and household incomes. Cai Fang, a well-known economist at the government-linked Chinese Academy of Social Sciences, and Wang Yiming, a former deputy director of the Development Research Center of the State Council, ...

Bloomberg India is set to face its first test of demand for a riskier type of bank bond since the regulator introduced a cap on mutual funds’ investments in such securities. One of the nation’s largest regional lenders, Bank of Maharashtra, is seeking bids Monday for rupee-denominated Tier 2 notes in a sale that will be closely watched to gauge ...

Bloomberg The European Central Bank (ECB) finally delivered on its promise to boost the pace of emergency bond-buying to combat the economic threat from higher yields. Net purchases settled last week climbed by 21.1 billion euros ($25.2 billion), the most since the start of December. German bonds held marginally higher on the day, with 10-year yields dropping one basis point ...