Banking

  Bloomberg China Construction Bank Corp., the nation’s second-largest lender, said it agreed to form an almost 5 billion yuan ($743 million) debt-to-equity pact with Yunnan Tin Group. The agreement is part of a larger 10-billion yuan framework the two companies signed to cut Yunnan Tin’s debt ratio, the Beijing-based lender said in a statement on its website on Sunday. ...

  Bloomberg The Serbian central bank left borrowing costs unchanged for a third month, disregarding an unexpected inflation slowdown and watching out for the dinar’s reaction to the increasing prospects of an interest-rate increase in the U.S. The National Bank of Serbia left the benchmark one-week repurchase rate at 4 percent, according to a statement on its website. Twenty-one of ...

  DUBAI / Reuters National Commercial Bank (NCB) missed analysts’ forecasts on Sunday by reporting a 1.6 percent fall in third-quarter net profit, as Saudi Arabia’s largest listed lender provided more evidence that a weaker economy is hurting the banking sector. Banks in the kingdom are feeling the pinch as depressed oil prices slow economic growth to its lowest level ...

  Reuters JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a 7.6 percent drop in quarterly profit after recording a tax expense, compared with a rare tax benefit a year earlier. The bank’s net income fell to $6.29 billion in the third quarter ended Sept. 30 from $6.80 billion in the same quarter of 2015. Earnings per ...

  Frankfurt / AFP European Central Bank chief Mario Draghi will be under pressure this week to clarify the bank’s stimulus plans after investors were spooked by talk of an end to its massive bond-buying programme. The ECB governing council is not expected to make any changes to its ultra-loose monetary policy at its regular meeting on Thursday, keeping interest ...

  Bloomberg An end to eight long years of government ownership is finally in sight for Lloyds Banking Group Plc, though it took another 10 million pounds ($12 million) on the way out, according to two people familiar with the matter. Britain’s largest mortgage lender filmed a black horse galloping on a beach, built several websites and prepared space for ...

  Bloomberg Union Bancaire Privee, (UBP) the Swiss private bank that increased assets in Asia 10-fold through its purchase of Coutts International, is open to making additional acquisitions as consolidation among regional wealth managers accelerates. The Geneva-based bank is seeking to double assets under management in Asia and increase its number of relationship managers to about 100 from 60 currently, ...

  Bloomberg Citigroup Inc. posted third-quarter profit that beat analysts’ estimates as bond-trading revenue surged 35 percent from a year earlier, helped by interest-rate and currencies trading. The lender helped lead bank shares higher after reporting net income of $3.84 billion, or $1.24 a share, down 11 percent from a year earlier. That still beat the $1.15 average estimate for ...

  Reuters Wells Fargo & Co reported its fourth straight fall in quarterly profit as it set aside funds for potential legal costs amid an increasingly politicized bogus-account scandal that cost Chief Executive and Chairman John Stumpf his job. The bank, which faces numerous federal and state investigations into its practices, said noninterest expenses rose due in part to higher ...

  Bloomberg Deutsche Bank AG may be forced to shrink its US activities as part of a deal to settle litigation over residential mortgage-backed securities with the Department of Justice, German newspaper Welt am Sonntag reported, citing an unidentified person familiar with the discussions. Radical changes to the business model are typical requirements in settlement arrangements with the U.S. government, ...