Banking

Bloomberg UniCredit SpA Chief Executive Officer Jean Pierre Mustier is willing to invest more money in Turkish venture Yapi & Kredi Bankasi AS as he sees the presence in central and eastern Europe as “a growth engine” for Italy’s biggest bank. “ Yapi Kredi is growing and so growth means that there is an organic capital generation,” Mustier told Bloomberg ...

Bloomberg The Hong Kong Monetary Authority (HKMA) has asked banks in the city for details of their loans to HNA Group Co. and Dalian Wanda Group Co., according to people familiar with the matter. Lenders were required to submit a survey to the city’s de facto central bank providing information such as total credit extended and outstanding loans to the ...

Bloomberg Mario Draghi won’t miss the opportunity to mention the euro’s recent appreciation as he prepares to reconfigure the euro area’s stimulus settings, economists say. The European Central Bank president will express concern about the currency’s strength, a Bloomberg survey shows. While he declined to address the exchange rate last month at his appearance in Jackson Hole, Wyoming, 67 percent ...

Bloomberg Now that worries Italian banks will suffer a meltdown have subsided, lenders need to persuade investors they can make money. Both optimistic buyers and more skeptical investors, gathered on the shores of Lake Como for the annual Ambrosetti Forum, agree that momentum for bank shares will depend mainly on an acceleration of economic growth and higher interest rates, while ...

Reuters China’s Legend Holdings struck a deal to buy a 90 percent stake in Banque Internationale a Luxembourg (BIL) for 1.48 billion euros ($1.76 billion) in the biggest takeover of a European deposit-taking bank by a Chinese firm so far. Legend, best known as owner of computer group Lenovo Group Ltd, is acquiring 161-year-old BIL from Precision Capital, an investment ...

Bloomberg UBS Group AG is leaning towards Frankfurt for its trading headquarters inside the European Union after Brexit, according to four people with knowledge of the matter. The Swiss firm’s investment bank employs about 4,800 bankers globally and could move 250 or more jobs out of London to Frankfurt and other European locations, two of the people briefed on the ...

Bloomberg Guatemala’s second major political crisis in two years could hurt economic growth if it drags on, interim Central Bank President Sergio Recinos said. The crisis, which deepened after a court overruled President Jimmy Morales’s attempt to expel UN-backed anti-corruption chief Ivan Velasquez, was a factor in the central bank’s decision not to raise interest rates, and has dampened investor ...

Bloomberg The man who predicted the 2008 global financial crisis also presaged the damage Prime Minister Narendra Modi’s unprecedented cash ban would cause to India’s economy. Raghuram Rajan was governor of the Reserve Bank of India in February 2016, when he was asked by the government for his views on demonetisation, according to Rajan’s book “I do what I do”, ...

Bloomberg Resilient economic growth and a government campaign against excessive leverage are helping China’s largest banks, curbing their bad loans and underpinning their net interest margins. Those factors helped three of the big banks post higher-than-estimated second-quarter net income, led by Bank of China Ltd.’s 23 percent surge, the biggest increase in six years. Largest rival Industrial & Commercial Bank ...

Reuters Industrial and Commercial Bank of China is talking to governments and state-linked entities in the Gulf that are interested in issuing yuan-denominated bonds in China, said an executive at ICBC, China’s largest bank. One government entity is in the process of applying to issue such instruments, known as panda bonds, which would make it the first issuer from the ...