Banking

Bloomberg Westpac Banking Corp. raised its key mortgage rate, the first of the nation’s biggest banks to decide passing on higher funding costs is worth the risk of further reputational damage. Its variable standard home-loan rate for owner occupiers will rise 14 basis points to 5.38 percent, the Sydney-based lender said in a statement. The move reflects “a sustained increase ...

Bloomberg China’s biggest banks posted stable earnings growth in the second quarter, boosted by tighter liquidity even as the broader sector struggled with government policies. Profits at four of the five largest lenders rose at least 5 percent in the three months through June, as President Xi Jinping’s crackdown on riskier financiers pushed business to large state-connected banks. The results ...

Bloomberg Deutsche Bank AG Chief Executive Officer Christian Sewing has a stark message for the thousands of banks spread out across the European Union: bulk up or die. “The pressure to consolidate will rise significantly in Europe,” Sewing said. An increase in regulatory requirements, in addition to an already-pressing need for investment in information technology will “overwhelm” many banks, he ...

Bloomberg A rebuff from the regulator may set Asia’s richest banker Uday Kotak on a $17 billion acquisition trail, as he seeks to meet a year-end deadline to reduce his stake in Kotak Mahindra Bank Ltd. below 20 percent. Buying another financial firm may be the most palatable way for Kotak to pare his holding, following the Reserve Bank of ...

Bloomberg Bank of Nova Scotia’s purchase of Jarislowsky Fraser is already paying off. The acquisition of the Montreal-based money manager, along with improved margins and lower provisions, contributed to record Canadian banking profit in the fiscal third quarter, Scotiabank said. Earnings from domestic banking rose 8 percent to C$1.13 billion ($880 million) from a year earlier. The C$950 million purchase ...

Bloomberg Singapore’s dollar is approaching the upper boundary of its trading band as speculation mounts that the central bank will boost the exchange rate for a second time this year to combat inflation. The currency reached a record high against a basket of major trading partners’ currencies, based on HSBC Holdings Plc’s model of the Monetary Authority of Singapore’s managed ...

Bloomberg Deutsche Bank AG’s Japan chief Makoto Kuwahara will leave the German lender after five years in charge of operations in the country, to join Credit Suisse Group AG. Kuwahara, who is also president of local unit Deutsche Securities Inc., is departing to pursue other interests, Deutsche Bank said in a statement. He will be replaced by Tamio Honma, head ...

Bloomberg Bank of Montreal (BMO) set a profit record for its US business, thanks in part to Donald Trump’s tax cuts and lower provisions for bad loans. The lender earned $281 million from its US personal-and-commercial division in the fiscal third quarter, helped by rising revenue, and tax reform gains. Earnings for the US business, which includes Chicago-based BMO Harris ...

Bloomberg A deadline set by India’s central bank to restructure an estimated $52 billion of stressed loans may push dozens more companies into bankruptcy. The Reserve Bank of India in February introduced new rules and a 180-day timeline for banks to recast loans once payments are missed, scrapping previous methods that could take an indefinite amount of time. Companies that ...

Bloomberg China’s yuan was stable in the onshore market following Friday’s surge, after the central bank signalled that it’s taking action to support the currency through its daily fixing. Starting this month, banks resumed using an adjustment in the daily pricing of the currency against the dollar, known as the counter-cyclical factor, to mitigate the bias towards a weaker yuan, ...