Banking

Bloomberg Andbank, the Andorran private bank with $26 billion under management, is joining the rush to grab market share among wealthy Brazilians living in Miami. The micro-state’s largest bank has hired seven people for its Latin America private-banking business in Miami in 2017, bringing the total to 22, and could add as many as eight more by year-end, Carlos Moreno ...

Bloomberg Credit Suisse Group AG is planning to hire more relationship managers in Saudi Arabia, joining rivals including Deutsche Bank AG in designating the country as a priority for their wealth management business. The recruitment drive comes after the Zurich-based bank established a platform allowing it to offer private banking services and products in the country, according to an emailed ...

Bloomberg Lloyds Banking Group Plc is in talks to lease a new London office with room for about 1,000 workers in an effort to consolidate its locations in the capital and help save 100 million pounds ($130 million), two people familiar with the plan said. The UK bank is in discussions with law firm CMS Cameron McKenna LLP to lease ...

Bloomberg One of Sweden’s biggest banks is targeting growth in the UK as uncertainty surrounding the country’s future amid Brexit talks proves no deterrent at all. The chief executive officer of Svenska Handelsbanken AB, Anders Bouvin, told Bloomberg TV’s Francine Lacqua he is “very firmly committed” to the U.K. market. Management will probably continue to add branches, though the CEO ...

Bloomberg Australia’s big four banks rallied in Sydney trading as new capital requirements turned out to be less onerous than expected and the financial regulator signaled they may not get any higher. To ensure they are ‘unquestionably strong,’ Australia & New Zealand Banking Group Ltd., Commonwealth Bank of Australia, National Australia Bank Ltd. and Westpac Banking Corp. will need Tier-1 ...

Bloomberg When Bank of America Corp. (BoFA) and Goldman Sachs Group Inc. posted earnings, one had record income from lending while the other had better-than-expected trading. The surprise is which was which. Goldman Sachs, the vaunted trading house, pointed to growth in its effort to lend to wealthy people as a bright spot. Bank of America, with 4,500 branches across ...

Bloomberg HDFC Bank Ltd is threatening to end Axis Bank Ltd’s decade-long reign as the largest arranger of rupee-denominated corporate bonds as sales climb to a record for a third straight year. India’s most valuable bank has managed Rs481.5 billion ($7.5 billion) of offerings so far this year, jumping 11 notches from 2014 to number two on Bloomberg’s league table. ...

Bloomberg Citigroup Inc. has chosen Frankfurt as its newest trading hub in the European Union and plans to present that option to its board of directors this week for approval, according to a person with knowledge of the decision. The choice to expand the bank’s existing broker-dealer in the German city means it will create between 150 and 250 new ...

Bloomberg BNP Paribas SA agreed to pay $246 million to settle Federal Reserve allegations that the bank failed to keep its currency traders from using electronic chatrooms to manipulate prices. The Fed ordered the Paris-based lender to improve its oversight and internal controls for foreign-exchange trading. BNP Paribas also agreed to $350 million settlement in May with the New York ...

Bloomberg The new chief executive officer of Piraeus Bank SA is trying to make up for lost time. CEO Christos Megalou must offload 4 billion euros ($4.6 billion) in bad loans by the end of the year under a restructuring plan worked out with the European Central Bank’s supervisory arm months before he took over at the largest Greek lender. ...