Banking

BLOOMBERG Italy began the process of selling Banca Monte dei Paschi di Siena SpA by hiring advisers as Prime Minister Giorgia Meloni seeks to maximise the value of the state’s controlling stake. The Finance Ministry will select legal and financial advisers to help in the sale, the ministry said in a statement. The disposal can be done in one or ...

BLOOMBERG India’s rupee will not drop past the 84-per dollar mark even if the greenback strengthens further from current levels as the nation’s central bank will step in to defend the currency, according to Standard Chartered (StanChart). “The Reserve Bank of India has been protecting rupee from depreciating very sharply,” Parul Mittal Sinha, head of India financial markets at the ...

BLOOMBERG Royal Bank of Canada (RBC) is cleaning up City National Bank’s balance sheet after the US lender posted a money-losing quarter amid higher rates and the crisis of confidence at regional banks. RBC made a capital injection into City National and bought debt securities from it, boosting the Los Angeles-based division’s liquidity and capital and allowing it to pay ...

BLOOMBERG The US Department of Justice  (DOJ) has stepped up its probe into Credit Suisse Group and UBS Group AG over suspected compliance failures that allowed Russian clients to evade sanctions, according to people familiar with the situation. What began as a series of subpoenas sent to a range of banks early this year has developed into a full-scale investigation ...

BLOOMBERG Three years and nearly $1 billion later, Wells Fargo & Co is finally playing offense in one of Wall Street’s hottest battlegrounds: wealth management. The banking giant is trying to lure hundreds of independent advisers to join its platform as part of a larger push to expand the firm’s business catering to rich clients, according to Barry Sommers, who ...

BLOOMBERG Charles Schwab Corp said it has been temporarily affected by attrition from clients as it integrates TD Ameritrade, leading to a decline in net new money for the firm last month. The company had $4.9 billion of total core net new assets in August, a 64% decline from July and 89% from a year earlier, the company said. Core ...

BLOOMBERG UBS Group AG’s decision to completely integrate Credit Suisse’s domestic business brings with it a task that’s notorious for running behind schedule and over budget. Just ask Deutsche Bank. The Swiss lender must now figure out how to bring over some 1.5 million client accounts from Credit Suisse into its own IT framework. Depending on the state of the ...

BLOOMBERG China’s central bank ramped up efforts to accelerate an economic recovery, releasing more cash into markets as data show fresh encouraging signs for the country’s growth momentum. The People’s Bank of China (PBOC) added a net 191 billion yuan ($26.3 billion) into the financial system via a one-year policy loan, a day after announcing another cut to lenders’ reserve ...

BLOOMBERG National Australia Bank (NAB) is planning to close its Hong Kong office and consolidate operations into mainland China, Singapore and Japan. The closure of the office will take place over the next 18 months, Krista Baetens, a Singapore-based NAB executive, said in a statement. The Australian Financial Review earlier reported the decision, saying the office houses about 50 staff ...

BLOOMBERG Laurentian Bank of Canada ended its strategic review without finding a buyer and plans to carry on as an independent firm with a slimmer management team. The company’s shares plunged. The Canadian bank announced in July it was examining its options. It hired JPMorgan Chase & Co to run the process and considered a number of possibilities, including a ...