Banking

Bloomberg India will seek to narrow its budget deficit next financial year, amid expectations of improved revenue collections and economic rebound, according to Standard Chartered Bank Plc. Finance Minister Nirmala Sitharaman will likely target fiscal deficit — the gap between income and expenditure — at 5.3% of gross domestic product in the budget for the year starting April 1, the ...

Bloomberg UBS Group AG plans to lower the threshold for customer deposits that will be subject to a charge as the bank deals with the prospect of low and negative interest rates for the foreseeable future. Starting in July, the fee will apply to clients with deposits of more than 250,000 francs ($280,000) or the same amount in euros, according ...

Bloomberg Sandeep Uberoi, the former head of technology, media and telecom for Southeast Asia at Bank of America (BofA) Merrill Lynch, has joined Jungle Ventures as a strategic adviser. He will lead strategy and corporate development at the Singapore-based venture capital firm and overseee its portfolio companies across Southeast Asia and India, Uberoi said. His focus will include fundraising, partnerships ...

Bloomberg A group of HSBC Holdings Plc shareholders filed a resolution urging the bank to cut its support to the fossil-fuel industry. Amundi SA, Europe’s largest listed asset manager, and Man Group Plc, the world’s biggest publicly traded hedge fund firm, were among 15 institutional investors overseeing a combined $2.4 trillion that are backing the move, according to a statement ...

Bloomberg China plans to allow some commercial banks to start selling soured personal loans to distressed asset managers as soon as this month, according to people familiar with the matter. At a meeting by the official credit assets transfer center, banks and state-run bad-loan managers were asked to accelerate preparations to ensure a smooth start of the trial program in ...

Bloomberg Rising corporate debt and the prospect of further Covid-19 lockdowns pose a systemic risk to France’s financial system that may rise in the coming months, according to the country’s central bank. Debts of non-financial companies are now the greatest vulnerability in the system, the Bank of France said in its semi-annual review of financial risks. While the second lockdown ...

Bloomberg The Reserve Bank of New Zealand (RBNZ) said it’s investigating an illegal breach of a third-party file sharing service used to share and store some sensitive information. While the breach has been contained, the nature and extent of the information that potentially had been accessed is being determined and may have included some commercially and personally sensitive data, Governor ...

Bloomberg India’s Home First Finance Co. is seeking to raise as much as 2.5 billion rupees ($34 million) from an initial public offering (IPO) in the next few weeks as the mortgage provider backed by Warburg Pincus LLC taps rising demand for housing. The country’s first non-bank mortgage lender to sell shares in over two years will offload about a 25% ...

Bloomberg Overseas-Chinese Banking Corp. (OCBC) named Helen Wong as Singapore’s first female bank chief executive officer (CEO), putting her in charge of leading the island state’s second-largest lender through a severe economic downturn brought on by the coronavirus pandemic. Wong, 59, is replacing Samuel Tsien who will retire in April after running OCBC since 2012, the bank said in a ...

Bloomberg South Africa’s volatile currency caught Citigroup Inc. in a wrong-way bet within a day. The New York-based lender recommended a short-dollar position versus the rand, betting the South African currency would strengthen along with emerging-market peers as uncertainty around fiscal stimulus in the US weighed on the dollar. Instead, the rand plunged more than 2% as traders fretted about ...