Banking

Bloomberg The European Central Bank is likely to make multiple small adjustments to its guidance on monetary policy next year rather than any major change in language as it ends quantitative easing, according to euro-area officials familiar with the thinking of policy makers. Incremental shifts in the wording used to describe the expected path of its policy would make sense ...

Bloomberg Citigroup Inc. and BNP Paribas SA dropped in global regulators’ ranking of banks that pose the biggest threat to the financial system, and authorities recommended they face lower capital surcharges. Citigroup fell one level in the ranking, meaning its extra capital requirement under international standards will be 2 percent of risk-weighted assets, according to the Financial Stability Board’s latest ...

Bloomberg Bidvest Group Ltd.’s banking unit agreed to buy FinGlobal, a provider of financial services to South Africans living outside the country, as part of an acquisition drive to expand and diversify its business. Bidvest Bank will fund the purchase out of its 2 billion rand ($142 million) in cash reserves, Managing Director Japie van Niekerk said by phone on ...

Bloomberg Australia’s central bank chief said interest rates will likely rise eventually as policy makers’ patience is finally rewarded with unemployment falling sufficiently to spur wage growth and faster inflation. “We’re not too far away from 2 percent and I think we’ll get there, we’re just not getting there as quickly as we would like to,” Governor Philip Lowe said ...

Bloomberg The European Banking Authority gets a new home, as Brexit forces the regulator and its 180 employees to abandon their high-rise digs in London’s Canary Wharf financial district and relocate to the continent. Eight cities are competing to host the EBA. The prestige of housing the EU’s top banking regulator could lend some extra gloss to major euro-area financial ...

Bloomberg Banca Carige SpA reached agreement with a group of banks to underwrite a share sale of about 500 million euros ($590 million) after key investors pledged their support, allowing the lender to proceed with its restructuring plan. Malacalza Investimenti, Carige’s main investor, agreed to buy 17.6 percent of the stock, while the second-biggest shareholder Gabriele Volpi agreed to oversubscribe ...

Bloomberg Traders were unimpressed with the Turkish central bank’s latest attempt to support the lira, which is wobbling amid concern about the fallout from a US court case, tension with NATO, and President Recep Tayyip Erdogan’s new calls for lower interest rates. While the lira jumped as much as 1.4 percent in thin Asia trading to touch a high of ...

Bloomberg It’s taken longer than expected, but total bank lending in Brazil is primed to bounce back from its recession-induced slump. Even as the country heads into an uncertain election, the banking industry’s credit prospects in 2018 are bright, according to Banco Bradesco SA Chairman and Chief Executive Officer Luiz Carlos Trabuco Cappi. That is, as long as the economy ...

Bloomberg Here’s another reason banks should fear the likes of Amazon.com Inc.: A new survey shows consumers are eager to see technology titans take on finance. Nearly 60 percent of US bank customers are willing to try a financial product from tech firms they already use, according to a survey conducted by consult-ant Bain & Co. For younger respondents, the ...

Bloomberg China’s financial regulators proposed sweeping rules to curb risks in the country’s $15 trillion of asset-management products as leaders move to tighten supervision and break an implicit guarantee that’s driven investment into such vehicles. Financial institutions should offer yields based on the net asset value of the products they issue, to reflect the risks and return of the underlying ...