Banking

Bloomberg UK lenders would be forced to refund all victims of financial fraud if plans being proposed by an official watchdog are adopted, according to the Telegraph newspaper. The Payment Systems Regulator — an independent subsidiary of the Financial Conduct Authority — will lead a consultation due to begin within weeks on whether customers who are tricked into transferring money ...

Bloomberg The Bank of Korea (BOK) is facing mounting pressure to broaden its mandate for the first time in nearly a decade as global central banks are asked to tackle a wider range of economic issues highlighted by the pandemic. More than a dozen South Korean lawmakers are pushing for the passage of a bill to add employment stability to ...

Bloomberg State Bank of India (SBI) will accelerate retail loans and expects most lenders to post stronger-than-anticipated earnings as the economy revives faster than expected, according to Chairman Dinesh Khara. “The banks were expecting worse, so they strengthened risk management significantly,” Khara, who took charge as head of the country’s largest lender in October, said in an interview with Bloomberg ...

Bloomberg UBS Group AG Chairman Axel Weber said that the bank doesn’t expect to combine any time soon with Credit Suisse Group AG because of recent executive changes at the two lenders and the time needed to undertake such a complex transaction. His comments follow an interview by Credit Suisse departing chairman, Urs Rohner at the weekend, who gave the ...

Bloomberg Societe Generale SA expects to cut annual costs by about 450 million euros ($545 million) by combining its French retail operations with its Credit du Nord subsidiary, as Chief Executive Officer Frederic Oudea seeks to bolster profitability. The number of branches in the merged division will fall by about 600 to 1,500 by 2025, the bank said in a ...

Bloomberg The fortunes of India’s shadow lenders have been improving amid early signs Asia’s third-largest economy is rebounding from an unprecedented recession. Two of four indicators compiled by Bloomberg that reflect the state of shadow banks strengthened last month from October. Shares of such firms that are part of the benchmark S&P BSE 500 index jumped two levels higher. The ...

Bloomberg The Bank of Japan (BOJ) has taken over as the biggest owner of the nation’s stocks, with the total value of its holdings climbing well above $400 billion. Massive exchange-traded fund purchases by the BOJ to support the market amid the pandemic this year combined with subsequent valuation gains pushed its Japanese equity portfolio to 45.1 trillion yen ($434 ...

Bloomberg Europe should extend its de-facto ban on bank dividends by six months, a top official at the European Central Bank’s (ECB) supervisory arm said, casting a shadow over investors’ hopes for a return to payouts early next year. The comments come as big banks across Europe are facing fraught times, with regulators at the ECB and the Bank of ...

Bloomberg Goldman Sachs Group Inc opened a Luxembourg-based entity to service rich individuals based in the European Union, the latest in the Wall Street bank’s series of moves to avoid Brexit disruption. The Luxembourg branch of subsidiary Goldman Sachs Bank Europe SE opened last month, according to regulatory records. It will be used for some of Goldman’s European private wealth ...

Bloomberg India’s central bank pledged to keep its easy money policy for as long as necessary to support the virus-battered economy, while for now leaving borrowing costs unchanged amid stubborn inflation. The Reserve Bank of India (RBI) will use a variety of tools to ensure easy financing conditions and market stability, Governor Shaktikanta Das said after a meeting of the ...