Banking

Bloomberg The Bank of Japan (BOJ) will probably signal its readiness to lower its negative interest rate by pledging to mitigate any harmful impact such a move would have at a review next month, according to a former BOJ official in charge of monetary policy. “The BOJ likely wants to restore a rate cut as a viable option,” Kazuo Momma ...

Bloomberg Canada’s largest banks are within striking distance of resuming profit growth — with the help of government programs that prevented major loan losses. The country’s six biggest banks are expected to post an 11% average decline in adjusted earnings per share when they report fiscal first-quarter results next week, according to analysts’ estimates compiled by Bloomberg. The comparable quarter ...

Bloomberg Access Bank Plc, Nigeria’s biggest lender is looking to generate as much as 30% of profit outside its home market, following a series of acquisitions spanning East and West Africa last year. The lender expects African subsidiaries and its UK unit to account for about 25-30% of profit before tax in the next three to five years from 21% ...

Bloomberg China’s banking regulator imposed new restrictions on banks and financial institutions working with online microlenders including those led by Jack Ma’s Ant Group, dealing further blows to one of the fastest-growing business segments for financial-technology behemoths. Banks must cap overall joint lending with internet platforms or other partners at no more than 50% of their outstanding loans, the China ...

Bloomberg Indonesia’s central bank cut its benchmark interest rate to a record low and downgraded its growth outlook amid fears that a resurgence in Covid-19 cases is slowing economy’s recovery. Bank Indonesia slashed the seven-day reverse repurchase rate by 25 basis points to 3.5%, the lowest level since the rate was introduced in 2016. The move was expected by 22 ...

Bloomberg Deutsche Bank AG scaled back plans for its bonus pool after the European Central Bank (ECB) objected to proposed payout levels, highlighting the challenges of rewarding top performers while heeding demands for restraint during the global pandemic. Germany’s largest lender had initially planned to pay out more than 2 billion euros ($2.4 billion) for staff performance in 2020, but that ...

Bloomberg Sudan’s central bank said on Sunday it was implementing a unified exchange rate system, part of broader measures aimed at reviving its struggling economy. The central bank instructed banks and exchange bureaus to adopt the new system with immediate effect, according to a statement on its website. The move aims to curb volatility in the exchange rate at a ...

Bloomberg After a stellar year for trading and dealmaking, European bankers are joining their American counterparts in learning their bonuses won’t be quite as impressive. Credit Suisse Group AG, which contended with major legal hits and writedowns last year, reduced its bonus pool by about 7%. Deutsche Bank AG will boost bonuses for its traders by more than 10%, but ...

Bloomberg DBS Group Holdings Ltd., Southeast Asia’s largest lender, said it’s facing lawsuits in India related to its recent takeover of a struggling local bank. Holders of Lakshmi Vilas Bank Ltd.’s equity shares and Tier-II bonds that were written off before the effective date of amalgamation took legal actions against DBS’s local unit in various high courts in India, the ...

Bloomberg Bank of England (BE) policy maker Gertjan Vlieghe gave his strongest backing yet for the use of negative interest rates if the UK needs more stimulus, highlighting a growing schism between officials on the institution’s toolkit. Two days after Deputy Governor Dave Ramsden said the BOE had scope for more quantitative easing (QE) to support the economy — describing ...