Banking

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 ...

Bloomberg Credit Suisse Group AG, the Swiss lender struggling to improve performance at its stock-trading unit, replaced one of the business’s top European bankers with a senior executive from Deutsche Bank AG. Stuart McGuire, who runs Deutsche Bank’s client-execution strategy for equities in Europe, the Middle East and Africa, will replace Daniel Kaye as Credit Suisse’s head of cash-equities trading ...

Bloomberg The largest bank in Azerbaijan has halted its foreign debt payments and will start restructuring talks with creditors after a currency crisis in the Caspian Sea nation drove the lender to the brink of collapse. Under a restructuring plan, the International Bank of Azerbaijan said its “designated financial indebtedness” was at $3.3 billion as of April 18. It missed ...