Banking

Bloomberg India’s $750 billion sovereign-debt market is caught in a tug of war between foreign investors and state-run banks, the biggest holders of the securities. As lenders sold Rs95,200 crore ($14.7 billion) of sovereign bonds last quarter, overseas funds added more than Rs42,200 crore to their holdings of the debt. The dichotomy is stemming from the potential for future gains ...

Dubai / Emirates Business Emirates NBD, a leading bank in the region and a pioneer in private sector CSR volunteering in the UAE, has announced that its award-winning Exchanger programme has completed thirteen thousand seven hours of volunteering so far this year, thus coming close to completing its fifteen-thousand-hour target for 2017. The Exchanger programme which has grown 245% since ...

Bloomberg Bank of England (BOE) facilities staff voted to go on strike for four days in a dispute over pay in the first action of its kind at the central bank in 50 years, according to a labor union. Ninety five percent of Unite’s members in the BOE’s maintenance, security and the governors’ private offices — known as the parlours ...

Bloomberg Banco Santander SA said its takeover of failing Banco Popular Espanol SA will have a minimal impact on first half earnings, with the bank set to post a profit of 3.6 billion euros ($4.1 billion). Spain’s largest lender also set the price of its 7.07 billion-euro capital increase, saying it will sell about 1.5 billion shares at 4.85 euros ...

Bloomberg The Bank of England told UK banks to prove that their policies on credit cards, personal loans and other types of consumer lending won’t leave them weaker in a downturn. The BOE’s Prudential Regulation Authority (PRA) said on Tuesday that firms need to show that they’re not underestimating the risks of consumer credit given the current “benign economic environment.” ...

Bloomberg Goldman Sachs Group Inc., the dominant commodities trader on Wall Street, is reviewing the direction of the business after a slump in the first half of the year, according to people with knowledge of the matter. By reconsidering the bank’s long-held view that the downturn in profitability is cyclical and will eventually reverse, Chief Executive Officer Lloyd Blankfein, who ...

JEDDAH / Emirates Business The Islamic Development Bank (IDB), a multilateral development financing institution with 57 member countries as shareholders, is now fully delivering on its mandate to foster socio-economic development among its member countries, thanks in large part to the recent transformation of its core banking technology, using SAP. IDB supports the growing Islamic Finance, with a recent report ...

Bloomberg MYbank, the two-year-old Chinese online lender that already has 3.5 million small-business customers, plans to push deeper into a segment that’s long been shunned by the country’s largest banks. MYbank wants to capitalize on its links to billionaire Jack Ma’s Alibaba Group Holding Ltd. by offering loans to the more than 10 million smaller merchants that use the company’s ...

Bloomberg As global central banks turn increasingly hawkish, the Bank of Japan (BOJ) Governor Haruhiko Kuroda may have to start discussing an exit from its monetary stimulus program by the end of the year, according to Principal Global Investors (PGI), which manages more than $424 billion. Kuroda stood out from other central bankers at the ECB Forum in Portugal last ...

Bloomberg A decade has passed since the start of the financial crisis, but when it comes to handling struggling banks, the European Union still hasn’t moved on. Italy’s taxpayer-funded wind-down of Banca Popolare di Vicenza SpA and Veneto Banca SpA highlighted the patchwork of EU and national laws and guidelines that govern the funneling of public money to banks, despite ...