Banking

Bloomberg China will pursue ‘neither loose nor tight’ monetary policy to ensure basically stable liquidity, People’s Bank of China (PBOC) Deputy Governor Chen Yulu said. The central bank will continue to implement “prudent and neutral” monetary policy, and create a “neutral and moderate” financial environment for supply-side reform, Chen told the Tsinghua PBCSF Global Finance Forum in Beijing Saturday. Intensified ...

Bloomberg Italy may have no time to rest on its laurels after brokering a deal to keep Banca Monte dei Paschi di Siena SpA in business. While an “in principle” agreement between Finance Minister Pier Carlo Padoan and European Union Competition Commissioner Margrethe Vestager will help save the world’s oldest bank through paving the way for a precautionary recapitalization, the ...

Bloomberg Deutsche Bank AG agreed to pay $41 million to settle Federal Reserve allegations that its U.S. operations failed to maintain adequate protections against money laundering, the latest in a string of fines that have cost the German lender billions of dollars. The Frankfurt-based bank’s US operations fell short in complying with the Bank Secrecy Act, which requires lenders to ...

Bloomberg Co-Operative Bank Plc, the UK lender that put itself up for sale amid a capital shortfall, is coming closer to forcing bondholders to swap debt into equity and selling shares as it runs out of options to bolster its financial strength, according to people familiar with the matter. The Manchester, England-based lender is seeking an agreement with bondholders including ...

Bloomberg The Irish government fired the starting gun for the initial public offering of Allied Irish Banks Plc, laying out a plan to sell 25 percent of the nationalized lender. The government plans to sell the AIB stake in a share offering in London and Dublin, with terms to be set in mid-June, the country’s finance ministry said in an ...

Bloomberg The ‘stealth’ tapering of bond buying by the Bank of Japan (BOJ) may take a summer break, at least for June. With medium-term Japanese government bond yields on the rise, a further scaling back of monthly debt purchases could risk upsetting the market, strategists say. That means the central bank may keep the pace of buying as is for ...

Bloomberg Citigroup Inc agreed to sell its fixed-income analytics and index business to the London Stock Exchange Group Plc for US$685 million in cash following a strategic review of the unit. The transaction includes Citigroup’s fixed-income analytics platform, The Yield Book, and indexes including the World Government Bond Index, the New York-based bank said in a statement on Tuesday. The ...

Bloomberg Singapore fined Credit Suisse Group AG and United Overseas Bank Ltd. a total of S$1.6 million ($1.2 million) as regulators completed a two-year review of banks involved in fund flows linked to 1Malaysia Development Bhd., or 1MDB. Credit Suisse was fined S$700,000 while UOB has to pay S$900,000 for breaches of anti-money laundering requirements and control lapses, the Monetary ...

Bloomberg Goldman Sachs Group Inc. was denounced by the head of Venezuela’s legislature over a report that the bank bought $2.8 billion of bonds from that country, potentially helping President Nicolas Maduro’s administration amid accusations of human-rights violations. The investment bank’s asset management arm paid about $865 million, or 31 cents on the dollar, for bonds issued in 2014 by ...

Abu Dhabi / Emirates Business Al Hilal Bank was awarded two awards including the Best New Loyalty Program for its Joud Rewards Program and Best Innovative Banking Services Award for its EIDA Card by Banker Middle East UAE Product Awards. Alex Coelho, the Chief Executive Officer of Al Hilal Bank said: “It is our mandate to maintain the highest levels ...