Banking

Bloomberg Yes Bank Ltd is likely to reject an offer that made up more than half of its planned $2 billion capital raising, and is talking to institutional investors about making up the shortfall, according to a person familiar with the matter. At a meeting, the board is expected to reject an offer from Canada’s Erwin Singh Braich and Hong ...

Bloomberg Bank of the Philippine Islands has started its own probe into fund transfers made using a Westpac Banking Corp service blamed for Australia’s worst-ever money laundering breach. The Ayala Corp-owned bank started investigating transactions made through LitePay, a low-cost fund transfer system Westpac launched in 2016, after violations came to light in late November, BPI spokesman Owen Cammayo said. ...

Bloomberg Uganda’s central bank held its benchmark rate at 9% saying subdued inflation provides room to shield the economy from global headwinds and increasing domestic needs for private-sector financing. The monetary policy stance remains accommodative and supportive, Governor Emmanuel Tumusiime-Mutebile told reporters in the capital, Kampala. The central bank cut the key rate for the first time in more than ...

Bloomberg The National Bank of Kazakhstan kept interest rates on hold at a second consecutive meeting, but warned that inflation may pick up in the first quarter of next year. The base rate stayed unchanged at 9.25%, the National Bank of Kazakhstan said in a statement. The decision was forecast by six economists polled by Bloomberg. Inflation may accelerate to ...

Bloomberg Mexico’s inflation slowed to slightly below the central bank’s target for the first time since 2016, bolstering economists’ expectations that policy makers will keep cutting interest rates this month. Consumer prices rose 2.97% in November from a year earlier, less than the 3% forecast by economists in a Bloomberg survey, Mexico’s statistics agency reported on Monday. Prices increased 0.81% ...

Bloomberg Truist Financial Corp is officially a thing. The $28 billion deal combining BB&T Corp and SunTrust Banks Inc — the largest US bank merger in more than a decade — was completed after trading closed last week. That poised the rebranded Charlotte, North Carolina-based firm to start trading on the New York Stock Exchange under the ticker TFC. For ...

Bloomberg HSBC Holdings Plc has begun to reshape top management, laying the groundwork for a new direction under its next boss. The bank is expected to announce the retirement within days of Marc Moses, chief risk officer and board member, said people familiar with the situation, who asked not to be named as the details aren’t public. The qualified accountant ...

Bloomberg Ukraine sealed a preliminary $5.5 billion loan programme with the International Monetary Fund (IMF), giving President Volodymyr Zelenskiy a boost before peace talks with Russia. The staff-level agreement includes policies to be carried out by Ukraine’s government to underpin the three-year programme, IMF Managing Director Kristalina Georgieva said in a statement after a phone call with Zelenskiy. “The president ...

Bloomberg First there was the financial crisis of 2008. Then years of negative interest rates. Now, banks face what one financial regulator calls the “real game changer.” Jesper Berg, the head of the Financial Supervisory Authority in Denmark, says the next big threat for banks is the rapid spread of big tech into financial services. The competitive tool is personal ...

Bloomberg Goldman Sachs Group Inc said investors should diversify their long-term bond holdings with gold, citing “fear-driven demand” for the precious metal. “Gold cannot fully replace government bonds in a portfolio, but the case to reallocate a portion of normal bond exposure to gold is as strong as ever,” Goldman analysts including Sabine Schels said. “We still see upside in ...