Banking

Bloomberg Shares of an Indian shadow lender plunged after the Reserve Bank of India rebuffed its plan to merge with a bank, blocking a path that may have helped other struggling non-bank financiers get better access to liquidity. Indiabulls Housing Finance Ltd plunged 19% to the lowest since March 5, 2014, in Mumbai after the plan to combine with Lakshmi ...

Bloomberg TPG Capital has paused a sale of its stake in privately-held Indian financier Shriram Capital as the country’s lingering shadow banking crisis hurts valuations, according to people with knowledge of the matter. The private equity’s plan to sell its 10% stake has been held back, and will likely resume only as soon as the next financial year starting in ...

Bloomberg Mexico’s antitrust regulator notified top banks that its investigator found probable evidence of cartel-like practices to manipulate government bond prices, according to people with knowledge of the matter. At least one bank received in-person notification that the regulator, known as Cofece, would try the case, said the people, who requested anonymity because the matter is private. Seven financial institutions ...

Bloomberg Julius Baer is recommending Hong Kong’s battered stock market as investor appetite fades after five months of protests, saying “times of crisis” are usually an opportunity to invest. The city’s stocks have appeal as valuations are suppressed and dividend payouts exceed the yields on government bonds by near the most on record, said Yves Bonzon, chief investment officer at ...

Bloomberg Credit Suisse Group AG is considering a return to US wealth management after a four-year absence as Chief Executive Officer Tidjane Thiam seeks to boost growth in private banking. Talks have focussed on adding $15 billion of assets under management at a new base in Miami, mostly catering to wealthy Latin Americans, people familiar with the matter said. If ...

Bloomberg Hong Kong banks declined after Morgan Stanley cut the sector’s outlook, saying the stocks will underperform as a slowing economy and falling rates hurt profitability. Bank of East Asia Ltd slumped 4.2%, while Hang Seng Bank Ltd lost 3.3%. The MSCI Hong Kong Index dropped 1.3% after briefly dipping below the 14,000 point level for the first time since ...

Bloomberg The African Export-Import Bank (Afreximbank) said it’s considering an initial public offering to help finance rapidly increasing trade flows on the continent. The Cairo-based lender hired JPMorgan Securities Plc and HSBC Bank Plc as joint global coordinators and bookrunners, and Exotix Partners LLP as co-lead manager, according to a statement. The bank said the offering of global depositary receipts ...

Bloomberg Singapore’s dollar is set to weaken because the central bank is likely to scrap its appreciation bias at a policy meeting next week, according to a growing group of forecasters. Mizuho Bank Ltd and Societe Generale SA are defying consensus by predicting the Monetary Authority of Singapore (MAS) will adjust the slope of its nominal-effective-exchange-rate policy band to zero, ...

Bloomberg One of China’s biggest lenders is marketing a new dollar note linked to a Libor replacement, as borrowers across the globe move away from the scandal-ridden pricing benchmark. Bank of China Ltd’s Macau Branch is expected to price a floating-rate note tied to the Secured Overnight Financing Rate (SOFR) on Wednesday, according to a person familiar with the matter. ...

Bloomberg Fabio Panetta, Italy’s candidate for a board seat at the European Central Bank (ECB), got his first big career break one early morning in 1985. Carlo Azeglio Ciampi, the then-Bank of Italy chief and a future president of the republic, was already at his desk at dawn when he rang the switchboard at his research department for help with ...