Banking

Bloomberg The UK Serious Fraud Office has a ‘pending’ probe into a dispute between Societe Generale SA and the Libyan Investment Authority over bribery allegations, after the bank agreed to pay 963 million euros ($1.05 billion) to resolve a related civil trial this month. A lawyer for the LIA said at a London court hearing Monday that the SFO, which ...

Bloomberg JPMorgan Chase & Co. agreed to pay about 125 million euros ($137 million) for an office building under construction in Dublin, according to a person with knowledge of the plan. The person asked not to be identified because the price hasn’t been been announced publicly. The bank’s Irish unit is buying the 200 Capital Dock building from real estate ...

Bloomberg Barclays Africa Group Ltd., the South African bank with operations across 12 countries on the continent, is the lead bidder for Mozambique’s Moza Banco SA, according to people familiar with the matter. The central bank has received three proposals, which will be reviewed by an independent panel before the winner is announced in July, one of the people said, ...

Bloomberg China’s central bank said it created a new unit to address emerging financial security challenges brought by technological innovations. The People’s Bank of China set up a committee to improve financial technology research and coordination and will study how it affects monetary policy, markets, financial stability, payments and clearance, according to a statement released on Monday. Technology-driven financial innovation ...

Bloomberg Credit Suisse Group AG is adding 1,200 jobs to its offices in Raleigh, North Carolina, weeks after state’s lawmakers and governor reached a deal to resolve a standoff over the state’s so-called bathroom bill. Credit Suisse will increase staff in finance, technology and operations starting this year, through a combination of moving roles from New York and making new ...

Bloomberg Barclays revealed on Sunday its latest tactical investment recommendations in its Q2 2017 ‘Compass’ report, published by Barclays’ Private Bank. The latest edition of the Compass research report, which examines major asset classes globally, maintained its overweight allocation to Developed Markets Equities stating that the US and Europe stock markets (excluding the UK) are likely to offer best growth ...

Bloomberg Wells Fargo & Co. may have opened as many as 3.5 million fraudulent accounts in the last 15 years, according to consumers who are trying to beef up a settlement with the bank over abusive sales practices. The bank reached a $110 million deal in late March to resolve a national class-action lawsuit over claims that employees may have ...

Bloomberg The numbers circulating about bad loans at Italian banks are too high, Finance Minister Pier Carlo Padoan said. “The numbers that have been floating around” amount to several hundred billion euros — this “grossly overestimates the impact, I would say that now we are talking about tens of billions,” Padoan said in a Bloomberg Television interview in Bari, Italy, ...

Bloomberg Singapore’s big three banks have invested heavily in their wealth-management businesses over the past year and the results are starting to show. Higher income from servicing Asia’s more well-heeled individuals helped DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. (OCBC) and United Overseas Bank Ltd. (UOB)offset bad-loan provisions and weaker loan margins to post better-than-expected first-quarter profits. OCBC’s wealth-management revenue ...

Bloomberg PrivateBancorp Inc. investors approved a $4.9 billion takeover by Canadian Imperial Bank of Commerce (CIBC) after the Toronto-based lender sweetened its deal twice to win over shareholders. The majority of PrivateBancorp shareholders endorsed CIBC’s bid, the Chicago-based lender said in a statement following a vote at a special meeting. Some 52.9 million votes — 83 percent of those cast ...