Banking

Bloomberg India’s plan to merge state-controlled lenders as a way to resolve its bad-debt issue didn’t thrill investors. The proposed union of Vijaya Bank and Dena Bank with Bank of Baroda fanned speculation of further consolidation in the sector. While some state-run lenders rose on Tuesday, most fell on concerns about eroding capital buffers and growing bad debt for buyers. ...

Bloomberg Royal Bank of Canada is getting ready to sell the country’s first bail-in eligible senior securities. The bank held a call with fixed-income investors to discuss the legal framework for the securities, according to people who had access to the call. Canadian lenders will be able to start issuing the new securities after September 23, when the bail-in framework ...

Bloomberg China’s ever-growing money market funds pose an increasing problem for the nation’s central bank as policy makers attempt to boost the flow of credit to cushion an economic slowdown. While the funds have offered savers a handy alternative to risky stocks and once high-flying wealth management products, they’re effectively raising borrowing costs. That’s because, with some 8.6 trillion yuan ...

Bloomberg Dena Bank surged the most in 10 years after India’s government announced a plan to combine the state-owned lender with two peers including Bank of Baroda to strengthen the debt-laden banking system. The stock jumped by the 20 percent limit to 19.1 rupees in Mumbai, while Bank of Baroda slumped as much as 14 percent amid concern the merger ...

Bloomberg Visa Inc. and Mastercard Inc. agreed to pay as much as $6.2 billion to end a long-running price-fixing case brought by merchants over card fees, the largest-ever class action settlement of an antitrust case. The total is in line with sums the two companies previously set aside to cover the costs of the litigation, including $5.3 billion already held ...

Bloomberg Live Oak Bancshares Inc., the online lender whose headquarters is in flood-ravaged Wilmington, North Carolina, is still operating after it sent employees fanning out across the country ahead of Hurricane Florence. “Everything is in the cloud and our employees, really what they need is an internet connection somewhere,” said Thomas Hill, the bank’s chief information officer. “It was a ...

Bloomberg HSBC Holdings Plc is planning to increase its wealth-management staff in Asia as CEO John Flint bets on growth in the region. The bank plans to add more than 1,300 positions, split roughly between retail and private banking, by 2022, according to the heads of the two divisions, which between them currently employ just over 32,000 people in the ...

Bloomberg Credit Suisse Group AG was scolded by Switzerland’s financial regulator for its failure to properly oversee a former star wealth manager convicted of fraud, escaping any real penalties for its compliance shortcomings. Finma identified deficiencies in the bank’s anti-money laundering controls as well as shortcomings in its oversight of the manager, identified as Patrice Lescaudron by people with knowledge ...

Bloomberg Deutsche Bank AG reiterated that it plans to carry on operating as a branch in the UK after the country leaves the European Union. That plan is in line with guidance from the Bank of England’s regulatory arm, a Deutsche Bank spokesman said in an emailed response to questions on Monday in Frankfurt. The lender said it is working ...

Bloomberg Nigeria accused HSBC Holdings Plc of money laundering after an analyst working for the lender said that a second term for President Muhammadu Buhari may stall economic recovery in Africa’s biggest oil producer. “What killed Nigeria’s economy in the past was the unbridled looting of state resources by leaders, the type which was actively supported by HSBC,” presidential spokesman ...