Banking

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 ...

Bloomberg Deutsche Bank AG intends to make about half its planned 18,000 job cuts in Germany as it relies on savings at the retail units to lower costs, according to people familiar with the matter. The lender employed about 41,700 people in its home market at the end of last year, out of a total of 91,700. Outside Germany, London ...

Bloomberg Bank of Montreal is gunning for the US investment-bank business that’s being surrendered by European firms like Deutsche Bank and Societe Generale. The Canadian lender expects to reach its goal of being a “Top 10” North American investment bank “dramatically” ahead of its five-year deadline, Dan Barclay, chief executive officer and group head of BMO Capital Markets, said in ...