Banking

Bloomberg Gaming company Razer Inc will stick with a strategy of expanding into digital-banking services, undeterred by its failure to win a license in Singapore following a closely-watched contest. Razer will push on with a plan to roll out Razer Youth Bank, targeting millennials in countries such as Malaysia and the Philippines, Razer Fintech CEO Lee Li Meng said. Other markets ...

Bloomberg British banks are finalising plans for outsourcing the recovery of billions of pounds in taxpayer-backed business loans issued during the Covid-19 pandemic. A consortium of lenders is expected to set up an entity that will oversee debt collectors tasked with chasing bad loans, people with knowledge of the matter said. A final decision is expected in early December, said ...

Bloomberg JPMorgan Chase & Co and Lloyds Banking Group Plc have expressed interest in buying Starling Bank Ltd, a British challenger startup lender, the Times reported. The sale of Starling could lead to the first big merger of an established lender with a startup in Britain, the newspaper said, without identifying its sources. American giant JPMorgan is preparing to launch ...

Bloomberg HSBC Holdings Plc is considering an exit from US retail banking, according to a report by the Financial Times. In the coming weeks, senior managers will outline the plan to the bank’s board, the newspaper said, citing two unidentified people familiar with the matter. They are also likely to suggest reducing investment banking activities to concentrate on international clients ...

Bloomberg A growing number of top European Central Bank (ECB) officials are voicing support for ending the de facto ban on banks paying dividends during the pandemic, laying the groundwork for a resumption next year and a return of investor confidence to the sector. Bank of France Governor Francois Villeroy de Galhau became the third ECB governing council member to ...

Bloomberg President Donald Trump formally nominated Brian Brooks to take over a key banking regulator, potentially forcing Joe Biden to fire him after the president-elect is sworn in. The White House said it had sent the nomination to the Senate, where Senate Banking Committee Chairman Mike Crapo has already signalled that Brooks would get a confirmation hearing for a five-year ...

Bloomberg China’s finance sector should open up further to support the “dual circulation” economic strategy and mitigate risks in the industry, a central bank official said. More liberalisation in the financial sector would provide extra support to the real economy, according to Liu Guiping, vice governor of the People’s Bank of China (PBOC). He was speaking at a forum organised ...

Bloomberg Banco Bilbao Vizcaya Argentaria (BBVA) SA and Banco de Sabadell SA ended short-lived takeover talks in a disagreement over the price, setting back consolidation in a banking market hit hard by the Covid-19 pandemic. Discussions about a purchase of Sabadell by BBVA to create the second-largest domestic lender in Spain collapsed after the two sides couldn’t agree on the ...

Bloomberg French lender Credit Agricole SA offered to buy Italy’s Credito Valtellinese for about 737 million euros ($875 million) in cash as consolidation accelerates in European banking. The unsolicited bid of 10.50 euros a share, made through its Italian unit, represents a 21.4% premium to the November 20 closing price, according to a statement from Credit Agricole. The French lender, ...

Bloomberg President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen to serve as his Treasury secretary, people familiar with the matter said, choosing the first woman and a seasoned central banker for the nation’s top economic policy job as the coronavirus pandemic threatens another US downturn. In Yellen, Biden is likely to find support from both Wall ...