Banking

Bloomberg State Bank of India, the country’s largest lender, has selected underwriters for an institutional share sale that could raise at least 100 billion rupees ($1.4 billion), people with knowledge of the matter said. The government-run lender picked Bank of America Corp, CLSA Ltd and HSBC Holdings Plc to arrange the offering, according to the people, who asked not to ...

Bloomberg The People’s Bank of China (PBOC) is expected to continue to cut the amount of cash that banks must hold as reserves further in 2019 while keeping interbank borrowing costs largely steady even amid tightening US Federal Reserve policy, according to a survey. As part of efforts to shore up the slowing economy, the central bank will cut the ...

Bloomberg Cryptocurrencies dropped as Bitcoin gave up the $4,000 level it’s hovered around since the start of the year. The largest digital currency slumped as much as 6.2 percent in the European morning, erasing an earlier small gain to trade at $3,785.17 at 9:28 am in London. The Bloomberg Galaxy Crypto Index, a gauge of the largest cryptocurrencies, fell 7.7 ...

Bloomberg When prosecutors questioned Poland’s central bank governor last week, he joined a growing list of east European interest-rate setters entangled in criminal probes. From the Black Sea to the Baltics, authorities have charged central bank officials or pulled them into investigations that have rattled markets and roiled political landscapes in a region trying to catch up with the richer ...

Bloomberg The US central bank should only raise interest rates once this year but keep going with its plan to gradually shrink the balance sheet, said Raphael Bostic, president of the Federal Reserve Bank of Atlanta and one of the Fed’s more dovish policy makers. “Coming into this year, a year ago, I saw two moves for 2019. Right now, ...

Bloomberg There is a good chance the yen will strengthen to 100 against the dollar in coming months as slowing global growth and US-China trade tensions keep investors on edge, a former senior Bank of Japan official said. While that level would be tolerable, there is little the depleted BOJ can do about further yen strength or a serious downturn ...

Bloomberg Swedish lender SEB AB plans to hire 10 advisers to kick start a new push into all things energy. The bank is building a new unit within investment banking to focus on energy, an area that for SEB involves the shift away from fossil fuels to renewables, sustainable infrastructure projects, electrification and building sustainable societies, Chief Executive Officer Johan ...

Bloomberg Analysts at Citigroup Inc and Berenberg poured cold water on Edward Bramson’s plans to obtain a seat on Barclays Plc’s board and shift its strategy away from the investment bank. “We believe Mr Bramson will ultimately prove unsuccessful in his objective to obtain a board seat,” said ana- lysts at Citigroup including Andrew Coombs. He “would need a shareholder ...

Bloomberg A bank merger in Thailand may finally give Bank of Nova Scotia a path to retreat from the Southeast Asian nation after three years of trying. Thai lenders Thanachart Bank Pcl and TMB Bank Pcl are in talks to merge in a deal supported by Thailand’s government. Such a transaction could give Canada’s Scotiabank — which owns 49 percent ...

Bloomberg Pay for female staff at HSBC Holdings Plc’s UK business fell further behind male colleagues’ in the last year, according to new figures from the London-based bank. Women at HSBC earned 61 percent less on average compared with male employees at the lender, a wider gap than the 59 percent difference the firm reported a year ago, already the ...