Banking

Bloomberg South African banks are urging clients to use digital channels as the industry prepares for what could be its biggest strike since 1920. “Banks will be operating as usual on the day,” the Banking Association South Africa said. Lenders “are taking the necessary precautions to minimiwe disruption” related to the proposed protest action by the South African Society of ...

Bloomberg After a decade of being regulators’ favourite target, the world’s biggest banks now pose less of a risk to the economy than before the financial crisis, according to the Bank for International Settlements (BIS) said in its latest quarterly review, which was released Sunday. At the same time, these banks became less critical to the overall financial system, it ...

Bloomberg Bangladesh stocks headed for the biggest gain in 17 months after lenders were allowed to borrow from the central bank to invest in equities. Bangladesh Bank allowed commercial banks to borrow at 6 percent using repurchase agreements, it said in a statement. The DSE Broad Index jumped as much as 2.3 percent in Dhaka, set for the biggest jump ...

Bloomberg A made-in-Zurich banking drama spilled out into the open after it emerged that ex-top Credit Suisse Group AG banker Iqbal Khan had been shadowed by the lender, leading to a confrontation in broad daylight in the Swiss financial capital. The private banker, hired by crosstown rival UBS Group AG last month, was followed by detectives trying to establish if ...

Bloomberg Jane Fraser is not exactly a big name on Wall Street. Based in Miami, she runs Citigroup Inc’s operations across Latin America, a region that generates less than 15 percent of the bank’s revenue. And yet, after chief executive officers stepped down at two of the world’s biggest banks in recent months — first, at Wells Fargo & Co ...

Bloomberg Currency traders may have a green light to push the franc higher after the Swiss National Bank (SNB) refrained from joining global central banks in easing policy. The franc has led gains among major currencies since Swiss policy makers projected lower inflation and growth yet did not follow the European Central Bank (ECB) and Federal Reserve in cutting interest ...

Bloomberg Hong Kong Exchanges & Clearing Ltd has started working with UBS Group AG as it begins its charm offensive to convince London Stock Exchange Group Plc investors on the merits of its takeover bid, people familiar with the matter said. The Swiss bank has been brought in as an adviser and is helping HKEX arrange meetings with LSE shareholders, ...

Bloomberg Beleaguered Altico Capital India Ltd said a prolonged cash squeeze for India’s shadow lenders and property developers after the collapse of IL&FS Group last year led to its default. Substantial strain in the short-term financing markets following a default by IL&FS caused a knock-on impact on other non-banking finance companies and the real-estate sector, Altico Capital said in a ...

Bloomberg China needs a more flexible and convertible yuan to improve investors’ confidence in the currency, a financial think tank said. The country should simplify management on the yuan exchange rate and loosen capital controls in an orderly way as part of the efforts to improve the currency’s global use, according to a report published by the China Finance 40 ...

Bloomberg China will work with other Asian countries to safeguard international trade rules, as well as the monetary and financial order, according to its former central bank Governor Zhou Xiaochuan. The country is determined to uphold multilateralism, and is accelerating the pace of its opening-up to integrate more completely into the global economy, Zhou said at the Singapore Summit conference. ...