Banking

Bloomberg Swedbank AB may now be facing substantial fines for money laundering that could put pressure on its capital buffers. Sweden’s oldest bank has so far failed to convince markets that it stayed on the right side of the law amid allegations it was used to launder more than $10 billion from the former Soviet Union. A report intended to ...

Bloomberg India delayed the introduction of tough new accounting rules for the second year running, in a move that will spare the country’s banks from adding another layer to the $190 billion pile of bad loans on their books. The Reserve Bank of India said that legislative amendments needed to implement the new Indian Accounting Standards are still under consideration ...

Bloomberg Deutsche Bank AG pledged to reverse years of declining revenue and kept a key profit target intact, striking a more upbeat tone than some rivals as it starts merger talks with Commerzbank AG. The defiant outlook — just two days after UBS Group AG warned that the first quarter was one of the worst environments in recent history — ...

Bloomberg German Chancellor Angela Merkel said it’s up to Deutsche Bank AG and Commerzbank AG executives to decide if their historic merger plans make sense, exposing divisions in the coalition. The plan to combine Germany’s two biggest lenders is a private business matter, Merkel said at the Global Solutions summit in Berlin, after the lenders announced talks on a deal ...

Bloomberg Pakistan’s central bank sees inflation behaving well in the next financial year beginning July, but will stand ready to use monetary policy tools after the most aggressive interest rate tightening in Asia last year, its governor said. Consumer price growth will be anchored by low food inflation, State Bank of Pakistan Governor Tariq Bajwa said in an interview. While ...

Bloomberg Norway’s central bank is leaving its closest peers behind. Policy makers in Scandinavia’s richest economy are this week expected to raise interest rates to their highest level in almost four years. The step will mark a second hike since September, helping to cap inflation in western Europe’s biggest oil exporter. Backed by oil income that pumps massive amounts of ...

Bloomberg The Bank of Thailand left its benchmark interest rate unchanged on Wednesday, as expected, providing policy stability to investors days before the nation’s first election since a military coup five years ago. The Monetary Policy Committee voted unanimously to hold its policy rate at 1.75 percent, the Bank of Thailand said in a statement on Wednesday, in line with ...

Bloomberg UBS Group AG was fined a record 28 million pounds ($37 million) by a UK regulator for failings related to 136 million transaction reports between 2007 and 2017. UBS didn’t provide complete and accurate information in connection with about 87 million reportable transactions, and filed reports on another 49 million that weren’t required, the Financial Conduct Authority said in ...

Bloomberg The Bank of Italy’s second-highest official is said to have told staff that he won’t be available for a new term, according to two people familiar with the situation, a further development in the tense relations between the central bank and the populist government. Director General Salvatore Rossi told staff in a letter that he will leave as soon ...

Bloomberg It seems increasingly clear that Danske Bank A/S was far from alone in its involvement in one of the world’s biggest money laundering scandals. Karsten Dybvad, the chairman of Denmark’s largest lender, says he hopes the $230 billion dirty money saga that has engulfed Danske doesn’t end up being even bigger. “But we can see in other banks that ...