Banking

  Bloomberg The new head of state-owned Indian Bank wants to change a strategy that helped it become Asia’s top-performing bank stock over the past year. After shunning corporate lending under its previous chief executive officer, Indian Bank’s new CEO Kishor Kharat says he wants to dive back in, albeit only to the best companies. “We are going to approach ...

  Bloomberg Turkish banks’ funding costs are rising, says the chairman of the nation’s largest-listed lender by assets, threatening government efforts to engineer a credit boom. “Capital erosion is the most important issue in the Turkish banking industry, because capital has become the most important limited resource,” Ersin Ozince of Turkiye Is Bankasi AS said in an interview with Bloomberg ...

  Bloomberg The European Central Bank (ECB) will soon be able to adopt a more optimistic tone on the euro-area economy — a possible first step in winding down stimulus — according to Executive Board member Yves Mersch. “The recovery in the euro area is gaining more and more traction,” Mersch said in a speech in Tokyo on Monday. “The ...

  Bloomberg Attijariwafa Bank, Morocco’s biggest lender, is planning to complete expansions in East and West Africa this year as it focuses on consolidating its new acquisitions to spur growth. The Casablanca-based bank aims to finalize a deal to buy Rwanda’s Cie Generale de Banque, known as Cogebanque, start commercial banking operations in Chad and apply for a banking license ...

  Riyadh / Emirates Business Alawwal bank was named the ‘Best Retail Bank’ in Saudi Arabia 2017 at the Asian Bankers, International Finance Excellence Awards held at the Ritz Carlton in Dubai on 20 April. The award recognises Alawwal bank’s customer centric approach and focus on innovation in products, services and its digital channels. “We are delighted and honoured to ...

  Bloomberg Societe Generale SA agreed to pay 963 million euros ($1.05 billion) to settle a legal dispute with the Libyan Investment Authority (LIA) over alleged bribery, averting a trial and prompting a surprise drop in profit. The French bank and LIA reached a deal to resolve “all matters between both parties” related to five transactions between 2007 and 2009, ...

  Dubai / Emirates Business C3 and RAKBANK have signed a partnership to provide a 360-degree payroll solution serving both banking and non-banking individuals and companies. The signing, which took place on May 1 at Seamless Middle East at The World Trade Centre in Dubai, is expected to drive financial inclusion and open up new markets. RAKBANK’s RAKMoneyTransfer will be ...

  Bloomberg Less than a quarter of London’s investment bankers were pleased with their 2016 bonuses, with staff at Deutsche Bank AG the most disgruntled after Chief Executive Officer John Cryan slashed discretionary compensation for many top traders and advisers. By a small margin, those at JPMorgan Chase & Co. were happiest. Some 61 percent of the German bank’s employees ...

  Bloomberg India’s financial regulator will gain new powers to order banks to clean up as much as $180 billion of soured loans on their balance sheets, which has been choking credit and weighing on growth. With the new rules bolstering its regulatory authority, Reserve Bank of India, is seeking to resolve the country’s 60 largest delinquent-loan cases in about ...

  DUBAI / Reuters Standard Chartered’s banking business in the United Arab Emirates is performing much better than last year, helped by growing consumer confidence, the bank’s head of retail clients in the UAE said. Banks operating in the oil-producing states of the Gulf Cooperation Council reported sluggish growth in 2016, with some recording lower profits and higher provisions on ...