Banking

Bloomberg The South African Reserve Bank left its key rate unchanged for a seventh straight meeting as policy makers warned politics and ratings downgrades could still knock the rand and scupper an improving inflation outlook. The Monetary Policy Committee maintained the benchmark repurchase rate at 7 percent, Governor Lesetja Kganyago told reporters in the capital, Pretoria. The decision was in ...

Bloomberg Alan Tay Yeow Kee, a former CIMB Group Holdings Bhd. banker, admitted to insider trading on two stocks before the companies received takeover offers. Tay, 41, pleaded guilty to trading on price-sensitive information in a Singapore State Court and was fined S$180,000 ($130,000). He bought shares in Qualitas Medical Group Ltd. and welding products supplier Leeden Ltd. in 2011 ...

Bloomberg Creditors of Azerbaijan’s biggest bank are taking steps to block terms outlined by the lender earlier this week in a $3.3 billion debt restructuring, according to two members of the investor group. Debtholders of the International Bank of Azerbaijan are arguing their voting rights were diluted by the inclusion in the restructuring of a $1 billion deposit owed to ...

Bloomberg Bank of Montreal’s US push hit a speed bump in the second quarter as higher loan losses eroded earnings from its Chicago-based BMO Harris Bank. The lender set aside C$259 million ($192 million) for soured loans, up 29 percent from a year earlier and the highest since at least 2011, tied largely to U.S. personal and commercial banking and ...

Bloomberg State Bank of India, the country’s largest lender by assets, picked Bank of America Corp. and Deutsche Bank AG to arrange a share sale that could raise about $2 billion, people with knowledge of the matter said. The lender also chose IIFL Holdings Ltd., Kotak Mahindra Bank Ltd., JM Financial Ltd. and SBI Capital Markets Ltd. to work on ...

Bloomberg Royal Bank of Canada’s (RCB) acquisition of City National Bank is paying dividends. The Los Angeles-based lender contributed C$77 million ($57 million) in profit for the fiscal second quarter, helping fuel a 12 percent jump in earnings for Royal Bank’s wealth-management division. This marks the fifth quarter of results since the Canadian lender bought Hollywood’s “bank to the stars” ...

Bloomberg The Philippine central bank isn’t in a race to raise interest rates, incoming governor Nestor Espenilla said, despite economists’ predictions the country will be the first in Southeast Asia to do so. “It’s not a race to raise interest rates,” Espenilla, 58, deputy governor in charge of bank supervision, said in an interview. “Is it time to raise interest ...

Bloomberg Maria Silvia Bastos resigned as the head of Brazil’s state development bank (BNDES) amid a corruption scandal engulfing both the institution and President Michel Temer. The BNDES in a statement cited personal reasons for Bastos’ decision, without elaborating. Brazil’s currency and the Ibovespa stock index trimmed gains. Paulo Rabello Castro, an economist in charge of the national statistics agency ...

Bloomberg A Barclays Plc trader fired amid a global probe into foreign-exchange market manipulation lost his lawsuit against the bank after a judge ruled the lender was right to dismiss him for revealing confidential information to rivals and using sexually explicit, racist language in online chats. Barclays suspended Jack Murray in October 2013, shortly after regulators began probing banks suspected ...

Bloomberg The Russian state-controlled behemoth reported net income of 167.8 billion rubles ($2.98 billion), beating estimates of 159 billion rubles by 10 analysts surveyed by Bloomberg. Earnings were boosted by a stronger net interest margin as the Russian central bank moved slowly to bring down borrowing costs. It was the third record profit in the last five quarters. Sberbank Chief ...