Banking

  Bloomberg Investors are betting the yen may rise as much as another 10% after the Bank of Japan’s (BOJ) unexpected policy shift fueled speculation it is finally abandoning its ultra-dovish monetary settings. The currency may appreciate to 120 per dollar or stronger due to its inexpensive valuations, according to Generali Investments, while Union Investment Privatfonds GmbH predicts a short-run ...

  Bloomberg Anne Finucane is stepping down as chair of Bank of America (BofA) Corp Europe and passing the torch to Vice Chairman Paul Donofrio. Finucane will leave her post at the end of the month at the company’s European banking subsidiary, which is based in Ireland, people familiar with the matter said. She will also exit her position as ...

  Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda just gave investors a glimpse of what to expect when the world’s boldest experiment with ultra-loose monetary policy comes to an end. In the face of sustained market pressure, Kuroda shocked markets by saying he’ll now allow Japan’s 10-year bond yields to rise to around 0.5%, double the previous upper limit ...

  Bloomberg UK regulators have fined TSB Bank Plc £48.7 million ($59.2 million) for risk management and governance failures after technical failures in the lender’s IT system resulted in customers being unable to access banking services. The lender failed to organise and control an April 2018 IT upgrade adequately, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority said. ...

  Bloomberg For European banks, home is no longer such a bad place to be. Lenders such as Spain’s BBVA that sought to escape Europe’s negative interest rates by expanding in emerging markets are looking at domestic deals again. France’s BNP Paribas SA is planning to reinvest proceeds from the sale of a US unit in Europe as it builds ...

  Bloomberg The UK’s largest lenders have set up a company to encourage the spread of shared banking hubs to make sure consumers can still access cash as branch closures accelerate. Nine firms including Barclays Plc and HSBC Holdings Plc have incorporated Cash Access UK Ltd, a non-profit designed to protect cash access, according to a Companies House filing. So ...

  Bloomberg Credit Suisse Group AG shares are hovering near record lows as some analysts question the lender’s credibility due to a lack of visibility on its ambitious turnaround plan. The stock slipped as much as 3.9% on Tuesday, declining for a seventh straight session, after Citigroup Inc, alongside RBC Capital Markets LLC, flagged future uncertainties. The banks’ sell-side analysts ...

  Bloomberg Six of the UK’s biggest lenders will start offering mortgages for high-rise flats affected by the cladding scandal in a move that could help thousands of Britons sell their homes. Barclays Bank Plc, HSBC Holdings Plc, Lloyds Banking Group Plc, Nationwide Building Society, NatWest Group Plc, and Banco Santander SA will consider new mortgage applications for buildings affected ...

  Bloomberg The World Bank Group’s private-sector arm is divesting its holdings in one of Myanmar’s largest banks nearly two years after a military coup, according to the lender’s largest shareholder. First Myanmar Investment Co has agreed to buy the International Finance Corp’s 4.5% stake in Yoma Bank Ltd, according to Tun Tun, FMI’s executive director and chief operating officer. ...

  Bloomberg India’s largest private bank HDFC Bank Ltd is seeking to issue a million credit cards a month, a remarkable bounce-back for the lender after the country’s regulator banned it from taking on new card clients two years ago. The bank wants to double the current pace of half a million new credit card issuances every month, according to ...