Banking

  Dubai / Emirates Business UAE banks are rapidly adopting global best practices in securing online bank accounts and digital payments, industry experts commented today on a new report. Automation of security is the most frequently deployed digital transformation initiative among banks in Europe, the Middle East, and Africa, according to the recent IDC report, “The Digital Ready Bank”. When ...

  Bloomberg The Bank of England (BoE) will run two stress tests on the country’s biggest lenders next year, an annual assessment of risks from the financial cycle and an “exploratory” scenario geared to “emerging or latent threats” to financial stability. The central bank will publish the two scenarios in the first quarter of next year. The firms participating in ...

Bloomberg A “superstar” Barclays Plc trader fired amid the foreign-exchange market manipulation scandal lost his unfair dismissal case in London, three weeks after regulators banned him from the U.S. banking industry. The bank took “appropriate actions in light of” Chris Ashton’s “gross misconduct,” a London employment tribunal judge said in a Sept. 19 ruling. The decision is a rare complete ...

  Bloomberg Lloyds Banking Group Plc, Britain’s largest mortgage lender, may take a 1.6 billion-pound ($2.1 billion) charge in third-quarter earnings to cover a pension deficit and customer compensation, according to analysts. The London-based bank may set aside 800 million pounds to cover its pension fund liabilities and a similar amount for customers who were wrongly sold payment protection insurance, ...

  AFP Moneta Money Bank AS fell the most in three months after General Electric Co. sold almost a quarter stake in the Czech lender at a discount to the market price. Traded volume surged to more than 20 times the three-month daily average as the stock tumbled 4.6 percent to 76.60 koruna at end of trading in Prague, valuing ...

  Bloomberg Royal Bank of Scotland Group Plc said it would resurrect the NatWest Markets brand for its investment bank as part of its plan to meet rules designed to prevent a repeat of its 45.5 billion-pound ($59 billion) taxpayer-funded bailout during a financial crisis. RBS will return to the name used by the former NatWest Plc securities unit during ...

  Bloomberg India decided to extend Arundhati Bhattacharya’s tenure by one year as the chairman of the country’s largest bank, a finance ministry official said, a move that will allow her to oversee completion of the merger with six smaller banks. Bhattacharya, 60, who was to retire this month, will continue as the chief of the State Bank of India ...

  Bloomberg China’s central bank conducted its biggest weekly cash withdrawals since July, amid speculation it is seeking to ease bubbles in assets including bonds and property. The People’s Bank of China drained a net 420.1 billion yuan ($63 billion) from the financial system as maturing reverse-repurchase agreements exceeded new issuance. The nation’s benchmark money-market rate surged to a 14-month ...

Bloomberg Illinois is joining California in suspending Wells Fargo & Co. from handling “billions” of dollars in investment work and the underwriting of state debt after the company admitted to opening potentially millions of bogus customer accounts. Treasurer Michael Frerichs said in a statement the he will announce details of the ban during a news conference in Chicago on Monday. ...

  Bloomberg Deutsche Bank AG plans to double the product development team at its “Digital Factory” fintech center in Frankfurt to 800 workers by 2018 and struck a partnership with the Massachusetts Institute of Technology to foster new ideas. The lender is introducing smartphone and web-banking facilities this year and early next year including mobile payments, a financial planner and ...