Banking

Bloomberg The European Central Bank said debt-sustainability concerns have risen in the past six months amid a potential increase in yields and political uncertainty in some countries. “Risks to financial stability stemming from financial markets remain significant,” the Frankfurt-based institution said in its Financial Stability Review. An abrupt bond-market repricing could “materialize via spillovers from higher yields in advanced economies, ...

SARAJEVO / Reuters The Islamic Development Bank (IDB), the largest development organisation in the Muslim world, plans to revamp its operations, including a shift away from small-scale capital interventions to more sustainable, grassroot-level support. The non-profit group has extended $86.1 billion in financing in the last ten years for energy, transportation, water and sanitation projects. Bangladesh, Pakistan and Egypt are ...

Bloomberg Goldman Sachs Group Inc. sued two former vice presidents in the bank’s private wealth management unit in Chicago, claiming they poached clients for their own new investment advisory business. The two men, Jeffrey Friedstein and Joseph Page, gave notice on Friday they were quitting, Goldman Sachs said in a complaint filed Monday in New York state court. The bank ...

Emirates Business Saxo Bank announces the release of its new developer portal on Wednesday. The portal provides technical documentation, reference guides, sample code and interactive tools for many of the technologies which in combination underpin Saxo’s Open Banking initiative. Saxo’s Open Banking strategy is built on the premise that going forward an increasingly broader range of partnerships and collaborations will ...

Bloomberg HSBC Holdings Plc is getting aggressive in Canada — and one needs to look no further than its latest mortgage rate for proof of broader ambitions. HSBC Canada is offering five-year fixed-term mortgages at 2.39 percent, undercutting the lowest discretionary rates at the largest domestic lenders including Toronto-Dominion Bank (TDB) and Royal Bank of Canada (RBC). “I want to ...

Bloomberg The UK’s departure from the European Union is unlikely to go smoothly, according to Bundesbank board member Andreas Dombret. “It doesn’t look like a soft Brexit to me at all,” Dombret told David Ingles in a Bloomberg TV interview in Tokyo on Tuesday. “It looks like either a hard Brexit or a very hard Brexit.” Positions on both sides ...

CAIRO/ Reuters Egypt’s central bank raised its key interest rates by 200 basis points, citing stronger economic growth and falling unemployment, confounding the expectations of economists who forecast rates were unlikely to change. At a meeting of its Monetary Policy Committee, the bank hiked its overnight deposit rate to 16.75 percent from 14.75 percent and its overnight lending rate to ...

Bloomberg Royal Bank of Scotland Group Plc’s (RBS) trial over its 2008 rights issue will be postponed for at least a day as investors suing the bank weigh an improved settlement offer. The bank doubled its offer as Chief Executive Officer Ross McEwan staged a last-minute personal intervention, according to a person with knowledge of the matter, who asked not ...

Dubai / Emirates Business Emirates NBD, a leading banking group in the region, was recognised by The Higher Committee for the Protection of the Rights of Persons with Disabilities (People of Determination), chaired by His Highness Sheikh Mansour bin Mohammed bin Rashid Al Maktoum. The bank was appreciated for its efforts in disability mainstreaming and initiatives that focus on the ...

Bloomberg Barclays Plc plans to recruit 100 staff for its private bank as Chief Executive Officer Jes Staley pushes to expand wealth management in key global hubs, according to a person familiar with the strategy. The bank is searching for relationship managers and administrative staff for the division serving its wealthiest clients, said the person, who asked not to be ...