Banking

Credit Agricole weighs $2.4bn Saudi stake sale

  Bloomberg Credit Agricole SA, France’s third-largest bank by market value, is considering a sale of its 31 percent stake in Saudi Arabian lender Banque Saudi Fransi, in a deal that could potentially fetch about $2.4 billion, according to people familiar with the matter. The shares fell on concern a disposal may hit operating profit. The bank is speaking to ...

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Monte Paschi seeks fast sale of bad debt after EU consent

  Bloomberg Banca Monte dei Paschi di Siena SpA wants an accelerated sale process of about 28 billion euros ($29.6 billion) of bad loans to start as soon as European authorities approve its new business proposal, according to people familiar with the matter. Monte Paschi intends to sell all of the loans in a single block and it will only ...

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No need to play God on inflation, Kenyan Central banker says

  Bloomberg There’s no point speculating whether rains expected this month will begin on time to help tame inflation that’s accelerated to five-year highs on spiraling food prices, Central Bank of Kenya Governor Patrick Njoroge said. “Nobody knows if the long rains will come in time, and be adequate,” he said on Tuesday in an interview in London. “Last time ...

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3 new deputies to run retail bank at Wells Fargo

  Bloomberg Wells Fargo & Co. community banking head Mary Mack is seeking three new deputies and shaking up regional leadership of the division she inherited after a bogus-account scandal. Mack announced the moves in an internal memo, saying she’s looking for candidates within the bank and externally for a trio of senior posts focusing on strategy, customer experience and ...

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Rising European bank deposits wind up at ECB

  Bloomberg Banks in the euro zone, flush with new deposits, have turned few of them into loans to companies and consumers. Instead they’ve parked most of the money at the European Central Bank, where they’re paying billions of euros for the privilege of keeping it there. Since June 2014, when the ECB cut rates below zero, deposits at euro-zone ...

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Goldman sees Indonesia luring $5 billion from Japan on S&P

  Bloomberg Indonesia is set to attract as much as $5 billion in funds from Japan should S&P Global Ratings raise the nation’s debt rating to investment grade, according to Goldman Sachs Group Inc. S&P will probably lift Indonesia’s debt rating to BBB- within the next six months from BB+, as the government has pushed forward with fiscal reforms, Danny ...

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Deutsche bets on ex-Goldman partner in revamp

  Bloomberg Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend one day a week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance ...

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Bank Muscat signs $525 million loan

  Bloomberg Bank Muscat, Oman’s largest bank by assets, has signed to obtain a $525 million syndicated loan, banking sources said. The three-year facility pays an all-in 170 basis points over the London Interbank Offered Rate, comprising a margin of 155 bps plus 45 bps of bank fees spread over three years. Part of the proceeds of the loan, which ...

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Morgan Stanley venture to review contracts in Barratt probe

  Bloomberg A venture between Barratt Developments Plc and a real estate fund managed by Morgan Stanley is reviewing contracts for a 770-home project in east London amid a fraud probe at the homebuilder, according to a person familiar with the situation. The venture is exploring whether any Barratt employees were paid bribes to award subcontracts to some suppliers, the ...

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BOE’s Hogg failed to disclose Barclays family links in 2013

  Bloomberg Bank of England (BOE) Deputy Governor Charlotte Hogg failed to tell the central bank that her brother worked at Barclays when she joined as chief operating officer in 2013. The declaration was only made in a questionnaire Hogg completed as part of her appointment this year as deputy governor for markets and banking. Hogg said she takes ‘full ...

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