Banking

Bloomberg Nigeria’s central bank devalued the naira by 5.5% against the dollar as authorities in Africa’s biggest oil producer migrate toward a single exchange-rate system for the local currency. The official rate to the greenback was pegged at 381 naira from 360, according to data on the website of FMDQ OTC Securities Exchange, the Lagos-based platform that oversees foreign-exchange trading. ...

Bloomberg Yes Bank Ltd., the Indian lender that was rescued this year after being inundated with bad loans, plans to raise as much as $2 billion in a public offering to shore up capital. The share offering will be from July 15 to 17, according to a stock exchange filing on Thursday. The Mumbai-based bank had earlier planned to raise ...

Bloomberg Zimbabwe’s biggest bank plans to buy several smaller lenders in a consolidation drive to leave the troubled southern African nation with fewer, stronger institutions, according to two people with direct knowledge of the matter. CBZ Holdings Ltd., majority-owned by the government, is in talks with the Reserve Bank of Zimbabwe over the acquisitions, the people said, asking not to ...

Bloomberg Commerzbank AG’s leadership was toppled in a shareholder revolt led by Cerberus Capital Management after failing to turn around a lender that’s struggled since its bailout in the financial crisis. Chief Executive Officer Martin Zielke, in the job for just over four years, has offered to resign, though the bank’s supervisory board still has to accept his resignation and ...

Bloomberg HSBC Holdings Plc pledged to boost investments in China to capture more wealth and retail clients even as political tension escalates after Beijing launched sweeping new security legislation to crack down on Hong Kong. The bank, which has come under fire over its support for the legislation, announced it was starting a new service to provide customers in mainland ...

Bloomberg China’s banking and insurance regulator for the first time published names of companies that it alleges committed shareholder violations in the industry, warning investors against misbehaviour as the sector tries to attract private and foreign capital. The China Banking and Insurance Regulatory Commission’s list of 38 companies, published on its website, didn’t identify the banks or insurers they invested ...

Bloomberg Nigeria’s central bank devalued the naira at one of its currency auctions, according to people familiar with matter. The weakening comes after Governor Godwin Emefiele announced last month that the bank plans to unify its multiple exchange rates to improve the transparency of its currency-management system. At an auction for importers, the central bank asked that bids for foreign ...

Bloomberg European Central Bank (ECB) President Christine Lagarde’s signature crisis-fighting tool is becoming the focus of disagreement among policy makers in what could amount to her first major test of discipline. Governing Council members face a potential rift over how much their emergency bond-purchase program should stay weighted towards weaker countries such as Italy, according to multiple conversations with central-bank ...

Bloomberg Unione di Banche Italiane SpA (UBI) rejected Intesa Sanpaolo SpA’s unsolicited takeover bid as insufficient and increased its dividend estimate just days before the public offer is set to start. The value of the offer is “inadequate” and “penalizes the shareholders of UBI Banca compared with the shareholders of Intesa” the bank said in a statement on Friday. The ...

Bloomberg Indonesia’s central bank may buy billions of dollars of sovereign bonds at zero interest, or below its benchmark rate to help the government finance a wider deficit arising out of stimulus measures to counter fallout of the coronavirus pandemic. Bank Indonesia may bear the full cost of an expanded health care and social safety net budget of $27.6 billion ...