Banking

Bubai / Emirates Business Mashreq, one of the leading financial institutions in the UAE, proudly announces that it has won the Gallup Great Workplace Award in 2017, thus winning this award for the 4th consecutive year. This is an exceptional milestone win, as no other bank in the region has achieved this status to date. This win places Mashreq in ...

Bloomberg People’s Bank of China (PBOC) Governor Zhou Xiaochuan said China should forge ahead to further open the financial services industry, in a signal the country may allow foreign firms greater access to the market. Protecting domestic firms from outside competition makes them lazy, which weakens them and may lead to financial instability, Zhou said on Tuesday at the Lujiazui ...

Bloomberg Bank and insurance shares jumped in Saudi Arabia hours before the country learns whether it may begin the formal process to become classified as an emerging market by MSCI Inc., a development that might boost its stock market for months. The banking sector of the Tadawul All Share index leaped 4 percent and closed at the highest level this ...

Bloomberg Goldman Sachs Group Inc. is shifting personnel away from London as formal negotiations on the U.K.’s exit from the European Union which began on Monday, according to the bank’s regional head, Richard Gnodde. “We started to shift resources to Frankfurt and other European cities,” Gnodde told Frankfurter Allgemeine Zeitung in an interview. Goldman Sachs will “very probably” at least ...

Bloomberg India’s central bank plans to use insolvency laws against more corporate defaulters to speed up resolution of the country’s bad loans that have swelled to $180 billion. “The clock’s already ticking — some cases are already before the National Company Law Tribune,” said Sanjeev Sanyal, principal economic adviser to the finance ministry. “More lists will be out in the ...

Bloomberg Italian finance officials and the European Commission are racing to find a solution for two troubled banks in the northern Veneto region that have weighed on the nation’s financial system. Finance Minister Pier Carlo Padoan said the matter of Veneto Banca SpA and Banca Popolare di Vicenza is being worked on “actively,” without offering details. European Commission Vice President ...

Bloomberg Nordic banks, long considered among the safest in the world, are losing their appeal as an investment target as lenders further south start to look more attractive, according to PineBridge Investments, a multi-asset manager that oversees about $85 billion. Graeme Bencke, the portfolio manager who heads equity strategy at PineBridge in London, says the circumstances that made banks in ...

Bloomberg Deutsche Bank AG is giving Marcus Schenck, co-head of the newly combined investment bank and trading business, responsibility for overseeing clients in a reorganization that will see the bank focus on corporate customers, according to a copy of a memo seen by Bloomberg. Schenck will also take charge of corporate finance, global capital markets and the institutional client group, ...

Bloomberg Australian central bank Governor Philip Lowe said his economy is capable of faster growth if lawmakers can overcome political gridlock, while warning weak wage gains are likely to keep plaguing developed nations. “It is important that we have a sharp focus on the reforms that can make a real difference to our living standards,” Lowe said in a speech ...

Bloomberg Zhou Xiaochuan is breaking stride with Janet Yellen. The People’s Bank of China (PBOC) Governor refrained from following the Federal Reserve in raising borrowing costs, a switch from March when the central bank increased money-market costs hours after its US counterpart tightened. The shift suggests Zhou sees more autonomy to address domestic challenges, with the yuan holding stable and ...