Banking

  Bloomberg Banco Santander SA’s earnings beat estimates as a revenue boost stemming from central-bank rate hikes offsets the impact of higher expenses and the cost of covering souring loans. The Spanish retail-banking giant posted net income of €2.29 billion in the fourth quarter of 2022, exceeding the consensus analyst forecast of €2.1 billion, according to a statement. The lender ...

  Bloomberg Japan’s financial regulator is urging regional banks to raise wages for employees, people familiar with the matter said, responding to Prime Minister Fumio Kishida’s call for higher pay with inflation hitting its highest level since 1981. Officials at the nation’s Financial Services Agency (FSA) are telling regional banks — which number around 100 — that it’s important to ...

  Bloomberg Credit Suisse Group AG is weighing a plan to carve up its investment bank in China by retaining a domestic unit and shifting the overseas operation to the new CS First Boston division. The securities and wealth businesses in mainland China is likely to be kept under the Swiss lender, while Hong Kong staff focusing on offshore deals ...

  Bloomberg State Bank of India (SBI), the country’s largest financier, has given loans of as much as $2.6 billion to companies in the Adani conglomerate, or about half of what is allowed under the rules, according to a person familiar with the matter. SBI’s exposure includes $200 million from its overseas units, the person said, asking not to be ...

  Bloomberg Lulalend will unveil South Africa’s newest digital bank, Lula, by March after it secured $35 million to expand its business. Lulalend, a startup founded in 2014, will partner with Nigerian lender Access Bank to establish Lula. The neobank will offer a bespoke suite of products that address the challenges faced by small and medium-sized enterprises in managing their ...

  Bloomberg For the fifth straight quarter, European banks are set to match or beat Wall Street rivals after a debt trading surge last year saw revenues surge by almost 30%. Six of the region’s top investment banks — led by Barclays Plc and Deutsche Bank AG — are expected to show an average 29% increase in bond and currency ...

  Bloomberg Zopa Ltd. has completed a funding round of £75 million ($92 million) and is on the lookout for deals as early as this quarter. The raise from existing investors “cements” the UK fintech’s status as a unicorn with a valuation of $1 billion, the bank said on Thursday. Zopa, backed by investors including Softbank’s Vision Fund and Northzone, ...

  Bloomberg Credit Suisse Group AG plans to shift an asset management business that helps buyout firms raise funds to its First Boston spinout as the firm works to reshape its investment bank after losses. Internal discussions are taking place on moving the Private Funds Group, co-headed by David Klein in the US and Michael Murphy in London, to First ...

  Bloomberg Europe’s largest banks kicked off earnings season with pledges to return more than $12 billion to shareholders, following an interest rate bonanza that’s bolstering lenders from Milan to Stockholm. UBS Group AG Chief Executive Officer Ralph Hamers vowed to return more than $6.7 billion to shareholders this year, after income from lending to wealthy clients surged in the ...

  Bloomberg Citigroup Inc is hiring Cyril Besseddik from JPMorgan Chase & Co. to lead coverage of health-care companies in Europe, the Middle East and Africa for its investment bank. Besseddik is set to join Citigroup’s banking, capital markets advisory group in May and will be based in London, according to an internal memo seen by Bloomberg News. He was ...