Banking

  Bloomberg Lloyds Banking Group Plc, Britain’s largest mortgage lender, is set to pick Frankfurt as its base to maintain access to the European Union’s single market following Brexit, according to a person with knowledge of the matter. The UK bank will choose to convert its German branch into a subsidiary and plans to apply for an extension to its ...

  Bloomberg Some of India’s biggest lenders are asking the central bank to ease debt-management rules as they try to restructure about Rs87,000 crore ($13 billion) owed by Essar Steel Ltd. and Bhushan Steel Ltd., according to people with knowledge of the matter. Lenders including State Bank of India (SBI) and ICICI Bank Ltd. are aiming to restructure the debt ...

  Bloomberg HSBC Holdings Plc is sharpening divisions within its investment-banking bonus pool this year, giving more lucrative awards to top performers while slashing compensation for those ranked at the bottom, people familiar with the moves said. The bank is also cutting 100 senior staff at the managing director and director level across both the banking and trading units, reductions ...

  Reuters JPMorgan Chase & Co agreed to pay $55 million to settle a US Justice Department lawsuit accusing it of discriminating against minority borrowers by allowing mortgage brokers to charge them more for home loans, a person familiar with the matter said. The US Justice Department complaint, filed in Manhattan federal court, accused the bank of willfully violating the ...

  Bloomberg Credit Suisse Group AG and the Justice Department completed a $5.3 billion agreement to settle a US investigation into the bank’s sales of toxic mortgage debt before the financial crisis. Credit Suisse will pay a $2.5 billion civil penalty and $2.8 billion in consumer relief, to be paid over five years after the settlement, the Justice Department said ...

  Bloomberg Citigroup Inc. reported fourth-quarter profit that surpassed analysts’ estimates as trading revenue jumped 31 percent, more than the bank had forecast last month. Net income rose 7.1 percent to $3.57 billion, or $1.14 a share, from $3.34 billion, or $1.02, a year earlier, the New York-based company said Wednesday in a statement. The average estimate of 25 analysts ...

  Bloomberg Analysts scratching their heads over the impact on India’s banks of the country’s move to ban high-value notes have every right to be puzzled, as estimates offered by the chairman of State Bank of India indicate. The bank could retain anything from 15 percent to 40 percent of the deposit boost it received after the government withdrew about ...

  DUBAI / Reuters Saudi Arabia’s National Commercial Bank (NCB) reported a 7.5 percent rise in fourth-quarter net profit as the kingdom’s largest lender was boosted by higher income from commission and investments. The results are the strongest in four quarters for the bank, which like other lenders in the kingdom has seen its performance clipped by weaker activity as ...

  Bloomberg Rana Kapoor, the co-founder and chief executive officer of Yes Bank Ltd, has become a billionaire as shares in the lender jumped 16.4% this month, making it the best-performing stock among India’s banks. The Mumbai-based lender is benefiting from its low bad-loan ratio and robust return on equity, according to Alpesh Mehta, Mumbai-based analyst at Motilal Oswal Securities ...

  DUBAI / Reuters Qatar Islamic Bank (QIB), the Gulf state’s largest sharia-compliant lender by assets, met analysts’ average forecast as it reported a 2 percent rise in fourth-quarter net profit, according to reports. It made a net profit of 555 million riyals ($152 million) during the three months to Dec. 31, compared with 544 million riyals in the same ...