Bloomberg Techcombank, the Vietnamese lender backed by Warburg Pincus, and some existing investors are poised to raise about 21 trillion dong ($922 million) in a domestic ini- tial public offering, people with knowledge of the matter said. The bank is planning to price the sale of 164.1 million shares at 128,000 dong each, the top end of a marketed range, ...
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Latvia secures US help to clean up its scandal-tainted banks
Bloomberg Latvia’s financial investigators will receive more US help as the Baltic nation races to emerge from a money-laundering scandal that toppled its third-largest lender. Finance Minister Dana Reizniece-Ozola has agreed technical assistance from the US Treasury Department for the country’s financial intelligence unit following her meetings with US officials in Washington. She doesn’t expect other Latvian institutions to follow ...
Read More »World’s central banks fret trade war more deflationary than inflationary
Bloomberg Global central bankers sounded the alert that a trade war would leave them worrying more about the economic fallout than any boost tariffs would give to inflation. As President Donald Trump threatens to impose levies on imported steel and aluminum and duties on as much as $150 billion of Chinese goods, uncertainty over global commerce is casting a pall ...
Read More »Japan bank falls most since 1975 over faked documents report
Bloomberg Suruga Bank Ltd., the worst-performing bank stock in Japan this year, tumbled the most since 1975 after the Asahi newspaper reported that it gave property investment loans based on faked applications. Real estate companies provided the regional bank with documentation for loan applications that had been falsified to make borrowers look more creditworthy than they were, the Asahi reported. ...
Read More »World Bank edges near $13bn capital boost
Bloomberg The World Bank won support from its member countries for a $13 billion capital increase, with the US dropping its objection as the lender imposes measures that would potentially reduce loans to China. The boost will be accompanied by internal steps “including operational changes and effectiveness reforms, loan pricing measures, and other policy steps,†the World Bank said in ...
Read More »â€˜New Zealand bank culture better than Australia’
Bloomberg New Zealand’s banking sector doesn’t share the cultural problems that are coming to the surface at an inquiry into misconduct in Australia’s financial industry, Reserve Bank Governor Adrian Orr says. “The true problem and challenge going on in Australia is cultural,†Orr said in an interview on Television New Zealand’s Q+A. New Zealand bank culture “is infinitely better than ...
Read More »Wells Fargo’s big fine puts fresh focus on power of Trump tweets
Bloomberg For years, Republican lawmakers and regulators have groused about big corporate fines, arguing that they mostly punish blameless shareholders, not the executives who are responsible for misconduct. Then President Donald Trump tweeted his ire about Wells Fargo & Co. and — at least in the case of the embattled bank — the GOP is singing a different tune. Watchdogs ...
Read More »ECB sees scope to wait until July meeting to signal QE end
Bloomberg European Central Bank policy makers see scope to wait until their July meeting to announce how they’ll end their bond-buying program, according to euro-area officials familiar with the matter. Governing Council members want sufficient time to judge if the economy is overcoming its first-quarter slowdown, the officials said, asking not to be identified because the internal deliberations are confidential. ...
Read More »Number of German banks declines as fintechs attack
Bloomberg Even before Bundesbank will publish its annual statistics on the consolidation in the German banking industry in May, there are already indications that the total number of banks and branches has dropped even further. Banks from abroad or those focussing on very specific customer groups are among the few that are expanding. The number of savings and cooperative banks, ...
Read More »Barclays chief fined in whistle-blowing probe
Bloomberg Barclays Plc Chief Executive Officer Jes Staley survived a year-long regulatory probe into his attempts to unmask a whistle-blower, escaping with a fine instead of losing his job. While the UK Financial Conduct Authority and Prudential Regulation Authority will impose a financial penalty on Staley for failing to behave “with due skill, care and diligence†in the scandal, they ...
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