Banking

  Bloomberg European lenders got a second-day boost after Donald Trump’s presidential win on speculation his term will lead to increased inflation and an easing of financial rules. The leaders of the rally that pushed Europe’s shares up for a fourth day were UBS Group AG and Credit Suisse Group AG, which get more than 35 percent of their revenues ...

  Bloomberg Banks in the UK paid 34.2 billion pounds ($42 billion) in tax in the latest fiscal year, 9 percent more than a year earlier, reflecting an increase in the levy on balance sheets and changes to corporation tax, a report from the British Bankers’ Association showed. Receipts were evenly split between domestic and international lenders, with the former ...

  Frankfurt / AFP Donald Trump’s shock election win in the United States “is not a good day for the world economy” and could force the European Central Bank “to intervene”, governing council member Ewald Nowotny said on Wednesday. Nowotny told reporters in Vienna the ECB was “prepared to intervene” as he warned of “massive insecurities” after the vote outcome ...

  Bloomberg Tesco Bank, the lending arm of the U.K.’s biggest grocer, said it’s spending 2.5 million pounds ($3.1 million) to reimburse customers who lost money during a wave of fraudulent account transactions over the weekend. About 9,000 of the firm’s 136,000 checking-account clients fell victim and were fully reimbursed by Tuesday, the company said in a statement. The bank ...

  Bloomberg ABN Amro Group NV promoted Kees Van Dijkhuizen to chief executive officer to help complete the Dutch bank’s privatization, succeeding Gerrit Zalm, who returned the firm to the stock market last year. Van Dijkhuizen, 60, a former state official who has been the lender’s chief financial officer since 2013, will assume the CEO role by mid-February at the ...

  Bloomberg Skye Bank Plc, which had its management replaced by the Central Bank of Nigeria in July after breaching liquidity thresholds, plans to sell units outside of Africa’s biggest oil producer to ease pressure on capital buffers. The Lagos-based lender is seeking to dispose of majority stakes in its businesses in Gambia, Guinea and Sierra Leone, according to two ...

  Bloomberg China’s $3.2 trillion corporate bond market is already starting to reel from rising interbank borrowing costs, and the traditional year-end funding crunch hasn’t even started yet. The yield premium for five-year AA rated notes over the sovereign climbed 10 basis points in October as money market rates surged to an 18-month high. Worse may be yet to come ...

  Bloomberg A rally for Chinese banks listed in Hong Kong has cut their price gap to mainland shares in half — and that seems about as much as investors are willing to tolerate. In the five months through September, a gauge of the big four lenders’ Hong Kong shares jumped 15 percent as southbound cash poured into the stocks, ...

  Bloomberg Bank of China’s (BOC) top official in New York said he’s boosting compliance efforts amid a US crackdown on illicit money moves that already led to a $215 million penalty against Agricultural Bank of China Ltd. “From the perspective of regulation, the U.S. is the toughest,” Xu Chen, chief executive officer and president of Bank of China’s New ...

Bloomberg Credit Agricole SA, France’s third-largest bank, said quarterly profit doubled from a year earlier as it booked gains from a reorganization and bond-trading income surged. The lender also pledged a stable or rising dividend for next year. Net income climbed to 1.86 billion euros ($2.1 billion) in the third quarter, the bank said in a statement on Tuesday, in ...