Banking

Neto plays down Brazil’s reform-rate cut link

Bloomberg Brazil’s Central Bank President Roberto Campos Neto said there is “no mechanical relationship” between congressional approval of a key pension reform bill and a cut in interest rates, in an interview with the newspaper O Estado de Sao Paulo. The comments appear to partially walk back the messaging in the central bank’s latest minutes, which suggested that the reform ...

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India’s PNB uncovers fresh $555mn fraud

Bloomberg India’s beleaguered state-run lender Punjab National Bank (PNB) disclosed another incident of fraud amounting to $555 million, roughly one year after it suffered through the country’s costliest banking scandal. The new case relates to the non-performing assets of insolvent Indian firm Bhushan Power & Steel Ltd, PNB said in a filing. It reported the fraud to the Reserve Bank ...

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US to Congo banks: Step up fight on illegal financing

Bloomberg The US said banks in the Democratic Republic of Congo must increase their efforts to combat money laundering and financing of terrorism. US authorities recommended the lenders “put in place rigorous control and monitoring of the accounts of politically exposed people,” according to a statement issued by the Association of Congolese Banks . The association met officials from the ...

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Economic risks building in Europe, warns SocGen chief

Bloomberg Trade tensions and uncertainty surrounding Brexit are raising economic risks for the euro region that may require central bank action, according to Societe Generale SA Chairman Lorenzo Bini Smaghi. “At some point the slowdown may reach bottom, and we want to have the monetary instruments in place to avoid that this becomes a recession,” he said in a Bloomberg ...

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EU governments weigh Carney for top IMF job

Bloomberg European governments are actively discussing nominating Bank of England (BOE) Governor Mark Carney as the next head of the International Monetary Fund, according to a person familiar with the matter. While a Canadian by birth, Carney holds British and Irish passports, so his selection would technically preserve the seven-decade practice of a European running the Washington-based lender. The BOE ...

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India to inject $10.2b into state banks

Bloomberg India will inject another 700 billion rupees ($10.2 billion) into state banks, giving them a bigger cushion to absorb loan losses and bolster credit growth at a time when the country’s shadow banks are in retreat. The new infusion will “boost capital so that credit can be further improved,” Finance Minister Nirmala Sitharaman said, while presenting the federal budget ...

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Lagarde may become first woman to lead ECB

Bloomberg Christine Lagarde is set to join what remains a minority of women in senior roles at euro-area central banks. While she’s secured the top job at the ECB, all the permanent governors in the currency bloc’s 19 members are men. Female representation in high-ranking positions is still lacking at the Frankfurt-based institution and most of the national monetary authorities. ...

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S Africa’s banking rush surprises regulator

Bloomberg Shortly after being appointed South Africa’s Registrar of Banks in 2015, Kuben Naidoo asked his colleagues where the banking license division was. He was told that there wasn’t one because the registrar hadn’t received an application for 11 years. After Naidoo received his first application from TymeBank that year, the activity hasn’t stopped. The regulator has received applications from ...

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Deutsche Bank’s US dreams to be unraveled in revamp

Bloomberg A little over two decades ago, Deutsche Bank AG set out to become a Wall Street giant. Its CEO Christian Sewing will probably pull the plug on that dream for good soon. Sewing is poised to unveil the biggest job cuts programme in the bank’s history, including a major retreat across its briefly held US empire, people familiar with ...

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Nordea CEO vents frustrations days after announcing his exit

Bloomberg Within days of announcing he will step down, the chief executive officer of Nordea Bank Abp has revealed his thoughts on an activist investor that repeatedly slammed his firm. Casper von Koskull, who said that he plans to retire by late next year when he turns 60, acknowledged that the frequent public criticisms by shareholder Cevian Capital AB were ...

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