Banking

  Bloomberg UK regulators are starting a review into consumer borrowing after the Bank of England warned again about a potentially unsustainable buildup of debt. In a statement on Monday after its quarterly meeting, the BOE’s Financial Policy Committee said household indebtedness “remains high by historical standards and has begun to rise relative to incomes.” Noting that consumer credit has ...

  DUBAI / Reuters Oman’s central bank signed a memorandum of understanding with the Iranian central bank to strengthen financial and economic cooperation between the two countries, the Omani institution said. It did not give details of the cooperation, but said the agreement would boost bilateral trade and include training for Iranian central bankers. Worried by the threat of U.S. ...

  Bloomberg Central banks did their best to fight deflation. Now a Polish policy maker wants his government to step up as prices are making a comeback. As the National Bank of Poland comes under pressure to act in response to a rebound in price growth, Jerzy Osiatynski counters that it “has no monopoly on fighting inflation.” Higher wages raise ...

  DUBAI / Emirates Business Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, celebrated the launch of Panin Dubai Syariah Bank in Indonesia, in the presence of DIB Group CEO Dr Adnan Chilwan, key local officials including Muliaman D. Hadad, Chief Commissioner OJK, Dr KH Ma’ruf Amin, Chief of the Indonesia Ulama Council, Hamlim Alamsyah, Chief Commissioner ...

  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 ...