Banking

  DUBAI / FRANKFURT / Reuters Deutsche Bank is to stop clearing cheques denominated in euros for some banks in the Middle East, according to sources familiar with the matter, joining other big banks that cut services in the region. Cheque usage globally has been on the wane as consumers and businesses turn to faster, digital payment alternatives and in ...

  Bloomberg Ghana’s central bank cut its benchmark interest rate for a second time in four months as the cedi recovered from record lows and inflation slowed to the lowest rate in more than three years. The Bank of Ghana cut the rate to 23.5 percent from 25.5 percent, Governor Abdul Nashiru Issahaku told reporters on Monday in the capital, ...

  Bloomberg Goldman Sachs Group Inc. is in preliminary talks for an equities license in Saudi Arabia as the US lender seeks to take advantage of the country’s economic reforms, according to people familiar with the matter. The bank has yet to file a formal application, the people said, asking not to be identified as the information is private. While ...

  Bloomberg The Bank of England (BOE) plans to boost fees on UK banks to recover 5.4 million pounds ($6.7 million) of regulatory costs associated with Brexit. The BOE’s Prudential Regulation Authority said that Britain’s withdrawal from the European Union ‘will require a significant amount of work’ to review rules and respond to industry questions. The bank said the industry might ...

  Bloomberg Bank of Ireland Plc Chief Executive Officer Richie Boucher, who took over amid the nation’s worst economic crisis in living memory and helped the lender recover from a bailout, intends to step down. Boucher, 58, will remain in charge of Bank of Ireland while the board seeks a new CEO, the Dublin-based company said in a statement. He ...

  Bloomberg The European Central Bank gave euro-area banks 233.5 billion euros in its last offer of free long-term cash, the largest net amount since the program was launched. Banks’ interest in Targeted Longer-Term Refinancing Operations (TLTRO) — four-year loans at a rate that starts at zero and could go lower — increased as the economic recovery spurs calls for ...

  Bloomberg Yes Bank Ltd., the Indian lender that scrapped a $1 billion equity offering last year, has picked Bank of America Corp. and CLSA Ltd. to arrange another attempt at an institutional share sale, people with knowledge of the matter said. The lender, backed by billionaire Rana Kapoor, plans to seek as much as $750 million including a so-called ...

  Bloomberg Credit Suisse Group AG increased its bonus pool 6 percent, defying a trend toward smaller payouts at many of its peers in an effort to prevent an exodus of talent from its investment banking and Asian operations. The bank awarded 3.09 billion francs ($3.1 billion) in incentive pay for 2016, according to its annual report, even as charges ...

  Bloomberg Germany’s state-owned development bank KfW, which gained publicity for erroneously transferring hundreds of millions of euros to Lehman Brothers the day the U.S. firm filed for bankruptcy, has done it again. KfW in February mistakenly transferred more than 5 billion euros ($5.4 billion) to four banks because of a technical glitch that repeated single payments multiple times, according ...

  Bloomberg The standing of the China-led Asian Infrastructure Investment Bank (AIIB) is set to receive another boost after 13 further applicants were granted membership. The accessions will bring the total roster of member countries to 70, and leave Japan and the US as the only Group of Seven states without a stake in the lender. Memberships for Afghanistan, Armenia, ...