Banking

  AP Union leaders expressed confidence an agreement with Brazilian banks could be reached in the next few days to end a nationwide strike that has closed more than half the bank branches in Latin America’s biggest country. Roberto von der Osten, president of the National Confederation of Bank Workers, said the strike demanding a nearly 15 percent pay raise ...

  Reuters Pakistan will issue a $1 billion sukuk bond within hours, the finance ministry said, returning to the international U.S. dollar sukuk market after a two-year absence. The ministry said roadshows in Dubai, London, Boston and New York scored “unprecedented interest”. Pakistan’s economy grew 4.7 percent in the last fiscal year, its fastest pace since 2008, rebounding from a ...

  Bloomberg Deutsche Bank AG, indicted for colluding with Banca Monte dei Paschi di Siena SpA to conceal the Italian lender’s losses, mismarked the transaction and dozens of others on its own books, according to an audit commissioned by Germany’s regulator. Executives at Deutsche Bank arranged 103 similar deals with a total value of 10.5 billion euros ($11.8 billion) for ...

  Bloomberg Barclays Plc agreed to sell its Egyptian business to Morocco’s Attijariwafa Bank as the British firm shrinks its global operations and speeds up the sale of unwanted assets. The deal will probably be completed by the end of this year, the London-based lender said in a statement. The disposal will boost the bank’s common equity Tier 1 ratio ...

  Emirates Business Saxo Bank Group (‘The Group’) reported a net profit of DKK 158 million for the first six months of 2016. During the same period, client collateral deposits continued to rise, increasing by DKK 6 billion, compared to H1 2015, to reach a record high of DKK 82 billion. The operating income for the group reached DKK 1.5 ...

  Bloomberg Citigroup Inc., seeking to move beyond a 2014 fraud case in Mexico and settle doubts over its commitment to the nation, plans to rename its local unit Citibanamex and invest $1 billion over four years in technology and branch upgrades. “These investments in Citibanamex reaffirm our commitment to Mexico and our confidence in its prospects,” Chief Executive Officer ...

  Bloomberg European banks are preparing a fresh round of bloodletting — with some 20,000 jobs set to go — as tougher rules and negative interest rates weigh on profits. ING Groep NV will slash 5,800 positions over five years as it focuses on Internet and mobile banking and automates systems, the Amsterdam-based lender said. Last week, Germany’s Commerzbank AG ...

  Bloomberg When it comes to speculation about German government support for Deutsche Bank AG, Chancellor Angela Merkel has no good answer. After years spent leading the push for new European Union rules to contain banking crises without putting taxpayers on the hook, you might expect Merkel to rule out state aid for Deutsche Bank. She hasn’t, even though that ...

  AFP Australia’s central bank kept interest rates at a record low on Tuesday in the first meeting for newly-minted chief Philip Lowe, amid solid domestic growth and signs that commodity prices have passed their trough. Australian growth has remained robust despite the economy’s uneven transition away from mining-driven expansion, but a recent run of sluggish inflation figures drove the ...

  AFP India’s central bank cut interest rates to a six-year low on Tuesday, as the International Monetary Fund predicted the Asian giant would maintain its position as the world’s fastest-growing major economy. The rate decision was expected to please Narendra Modi’s government who had become frustrated at the pace with which recently-departed Reserve Bank of India chief Raghuram Rajan ...