Banking

Bloomberg The chairmen of UBS Group AG and Credit Suisse Group AG are exploring a potential merger to create one of Europe’s largest banks, Inside Paradeplatz reported. The project, nicknamed Signal, is driven by UBS Chairman Axel Weber, who is working on it with his counterpart at Credit Suisse, Urs Rohner, the blog said. Weber has discussed the idea with ...

Bloomberg British mortgage lenders are beginning to batten down the hatches for an oncoming spike in unemployment. HSBC Holdings Plc, Barclays Plc and Natwest Group Plc have tightened restrictions on home loans for risky borrowers as officials unwind pandemic-support efforts. Then there’s the renewed prospect of a no-deal Brexit, threatening to deepen what’s already worst recession in centuries. By moving ...

Bloomberg Deutsche Boerse AG submitted an offer for exchange operator Borsa Italiana SpA, pitting it against a joint bid from Italian state-backed lender Cassa Depositi e Prestiti SpA and France’s Euronext NV. The German exchange said in a statement that it was “offering a high value for the future growth and development of an autonomous Borsa Italiana Group, thereby strengthening ...

Bloomberg Citigroup Inc. is looking to keep court proceedings on track in its attempt to recover more than $900 million the bank says it accidentally transferred to Revlon Inc. lenders last month. A lawyer for the bank asked US District Judge Jesse Furman in Manhattan to deny a request by some of the lenders to postpone trial in Citigroup’s suit ...

Bloomberg Danske Bank A/S said some staff, including managers, have long been aware of a number of the debt collection issues that resulted in up to 15,000 clients being overcharged. The bank, which is still being investigated separately for money laundering, said it has submitted a report to its watchdog in Copenhagen as it tries to deal with the fallout ...

Bloomberg Italy is seeking “a revamp not a break up” of Monte dei Paschi di Siena SpA, Italian Finance Minister Roberto Gualtieri said. “The path to follow is a search for a strategic partner,” Gualtieri told reporters in Berlin. “We sold non-performing assets, a de-risking operation that allows Paschi to be relaunched.” The Italian state plans to dispose of its ...

Bloomberg Underlying price pressures in the euro area have stabilised at a low level that isn’t in line with the European Central Bank’s (ECB) goal, according to Governing Council member Olli Rehn. While the institution’s pandemic stimulus has prevented strong deflationary trends from emerging, “the inflation outlook is a concern,” he said in a webinar. He added that core inflation ...

Bloomberg Thailand’s outgoing central bank governor said public debt restrictions should be eased to allow the government to spend more as monetary policy options dwindle with interest rates already at an all-time low. Given the severity of the pandemic-driven downturn, Governor Veerathai Santiprabhob said his “personal view is that the 60% public debt-to-GDP limit can be relaxed.” The limit was ...

Bloomberg Spain’s Banco de Sabadell SA is exploring strategic options as consolidation talks take hold in Europe’s fragmented banking markets. The lender, based in Alicante, has been working with Goldman Sachs Group Inc. in recent months on options including a sale or merger, asset disposals or buying a smaller competitor. The bank is looking at deals that would allow it ...

Bloomberg Credit Suisse Group AG won a bid to stall the release of a report into how it failed to prevent fraud and money laundering by one of its former star bankers, Patrice Lescaudron. A Geneva appeals court issued a suspension order late last month to temporarily keep the two-year-old report by Switzerland’s financial regulator under wraps, the cantonal prosecutor’s ...