Banking

BLOOMBERG Australian banks are “unquestionably strong” with solid capital and liquidity buffers, a senior Reserve Bank (RBA) official said, alleviating fears that stresses in the global financial system could hurt the nation’s big four lenders. “Volatility in Australian financial markets has picked up but markets are still functioning and, most importantly, Australian banks are unquestionably strong,” RBA Assistant Governor Chris ...

BLOOMBERG UBS Group AG had its credit outlook lowered by S&P Global Ratings and Moody’s Investors Service as the bank faces integration and restructuring challenges following its emergency takeover of Credit Suisse Group AG. The Swiss lender’s rating outlook was cut to negative from stable by both firms, with analysts citing the risk of client attrition and the complex task ...

BLOOMBERG Bank of America Corp’s (BofA) Asia-Pacific prime financing head Graham Seaton has left the firm, according to people familiar, after more than 10 years overseeing teams dealing with hedge funds. Seaton, who was based in Hong Kong, left the bank early March, the people said, requesting not to be named because the matter is private. He resigned for personal ...

BLOOMBERG First Republic Bank shares rallied in US premarket trading after falling to a record low, as investors ponder what’s next for the struggling midsize lender following an offer of help from JPMorgan Chase & Co. The stock jumped as much 27% in US premarket trading, with fellow regional lenders including Western Alliance Bancorp and PacWest Bancorp also rising. The ...

BLOOMBERG Treasury Secretary Janet Yellen said that the US government could repeat the drastic actions it took recently to protect bank depositors if smaller lenders are threatened. “Our intervention was necessary to protect the broader US banking system, and similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion,” Yellen will say, according ...

BLOOMBERG Chinese banks kept their benchmark lending rates unchanged on Monday despite the central bank’s surprise easing action last week, with economists betting there could be scope for lower rates in coming months. Lenders held the one-year loan prime rate at 3.65% and left the five-year rate, a reference for mortgages, flat at 4.3%, according to a statement released by ...

BLOOMBERG The Bank of Japan (BOJ) indicated a cautious stance towards pivoting from massive easing before achieving its inflation target, helping cool market speculation over any big monetary policy shift at the start of incoming governor Kazuo Ueda’s term. “The risk from a hasty policy change that could lead to missing a chance of such achievement should be considered as ...

BLOOMBERG Indonesia said Perry Warjiyo, who steered the Southeast Asian economy’s monetary policy through the pandemic years, will continue as central bank governor for a second term. His appointment was approved by a parliament commission on Monday, after he was named the lone candidate by President Joko Widodo. A second term at Bank Indonesia will allow Warjiyo, 64, to continue ...

BLOOMBERG The European Central Bank (ECB) must fight inflation until the job is done, while acknowledging the rising risk of pushing interest rates too high as the peak nears, Governing Council member Martins Kazaks said. Price pressures remain too strong and warrant further action — assuming the market turmoil that saw off Silicon Valley Bank and rocked Credit Suisse Group ...

BLOOMBERG UBS Group AG agreed to buy Credit Suisse Group AG in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to spread across global financial markets. The Swiss bank is paying 3 billion francs ($3.2 billion) for its rival in an all-share deal that includes extensive government guarantees and liquidity provisions. The price per ...