Banking

BLOOMBERG  First Citizens BancShares Inc agreed to buy Silicon Valley Bank (SVB), which was seized by regulators following a run on the lender. The bank agreed to take on all deposits and loans, a deal that includes the purchase of about $72 billion SVB assets at a discount of $16.5 billion, according to a statement from the Federal Deposit Insurance ...

BLOOMBERG  Malaysian construction firm Gamuda Bhd has bought Deutsche Bank AG’s soon-to-be-vacated London office for $315 million in one of the City’s biggest property deals this year. Gamuda partnered with UK private equity firm Castleforge for the purchase of Winchester House, the company said in a statement. The buyers plan to refurbish the premises into a sustainable office for global ...

BLOOMBERG  Bank of England (BOE) Governor Andrew Bailey said the global banking system is more robust and better capitalised than in was in 2008, making a repeat of the crisis more than a decade ago unlikely. “We’ve learned a lot of lessons in the financial crisis,” Bailey said in a pooled clip for broadcasters. “Of course we keep learning lessons. ...

BLOOMBERG India’s parliament removed a tax concession for debt funds, stirring concern in the mutual fund industry that the measure would turn away investors. Holders of some bond funds will no longer be able to apply a long-term capital gains tax rate, according to a finance bill amendment. Instead, they’ll have to pay based on their own income tax rate, ...

BLOOMBERG UBS Group AG’s emergency buyout of Credit Suisse Group AG threatens to drastically shrink the financing options for small and mid-sized companies, after the demise of a 166-year-old champion of Swiss entrepreneurship. While smaller cantonal lenders and cooperative banks offer a counterbalance to UBS in retail banking and the Swiss mortgage market, Credit Suisse has long been the market ...

BLOOMBERG Bank of America Corp (BofA) is trimming its wealth-management, banking and lending group as higher interest rates continue to crimp business on Wall Street, forcing banks to make broader cuts. Fewer than 200 staffers were offered different roles in other parts of the company while a handful, including some loan officers, were let go, according to people with knowledge ...

BLOOMBERG Deutsche Bank AG is settling a US lawsuit it filed against a pair of offshore feeder funds that backed out of an alleged deal to sell the German lender $1.6 billion in claims against Bernard Madoff’s bankrupt investment advisory business. Lawyers for Deutsche Bank and the funds — Kingate Global Fund Ltd and Kingate Euro Fund Ltd — filed ...

BLOOMBERG The Bangko Sentral ng Pilipinas (BSP) has done enough to address inflation and could pause from raising interest rates at the next policy meeting in May, Finance Secretary Benjamin Diokno said. “Contrary to some analysts’ view that the BSP’s Monetary Board could even push its policy interest rate higher than 6.5%, I think that the BSP is leaning towards ...

BLOOMBERG Foreign central banks liquidated Treasury holdings at the fastest clip in nine years and tapped a key Federal Reserve (Fed) facility to raise cash as banking stress roils markets. Fed data show foreign official holdings of Treasury securities fell by $76 billion in the week through March 22 to $2.86 trillion. That’s the largest weekly decline since March 2014. ...

BLOOMBERG  The Philippine central bank slowed the pace of its interest-rate increases as it seeks to cool still-hot inflation while allowing itself some policy-manoeuvre room in the event of risks from a global banking turmoil. Bangko Sentral ng Pilipinas raised the overnight reverse repurchase rate by 25 basis points to 6.25% on Thursday, as seen by all but one of ...