Banking

  Bloomberg Credit Suisse AG agreed to sell a significant part of its securitised products group (SPG) to Apollo Global Management Inc. in a deal that will help cut back a business that soaks up capital. The transaction, along with the expected sale of other portfolio assets to third-party investors, is expected to reduce SPG’s assets from $75 billion to ...

  Bloomberg The Swiss National Bank (SNB) will probably have to raise borrowing costs again next month, President Thomas Jordan said. “There is a high probability that there will again be a need to tighten monetary policy to be sure that we can combat inflation sufficiently,” Jordan told business owners in Lausanne, Switzerland. Inflation has become broader in Switzerland and ...

  Bloomberg Uruguay’s central bank increased its benchmark interest rate to 11.25% and signalled it will tighten again by another half point next month. Policymakers raised borrowing costs by 50 basis points for a fourth consecutive policy meeting. Consumer prices slowed by the most in a year-and-a-half to 9.05% in October, but remain well above the 3%-6% target. With another ...

  Bloomberg China sought to maintain ample cash levels in its financial system with liquidity tools of different maturities, helping halt the worst government bond selloff in six years. The liquidity infusion this month, which was done with a combination of short, medium and long-term tools, exceeded the 1 trillion yuan maturity, according to the People’s Bank of China (PBOC). ...

  Bloomberg Paytm, India’s leading digital payments brand, faces another reckoning, a year after it recorded the grisliest initial public offering in India’s history. This week, the lock-up period for the company’s stock will expire, freeing investors to sell shares that haven’t yet been allowed onto the market. The biggest shareholders in One97 Communications Ltd., Paytm’s parent company, are Alibaba ...

  Bloomberg Crypto assets need to be subject to global rules if they’re adopted by mainstream finance and expose banks and a wider swathe of investors to risk, Germany’s top regulator said. The recent crash in digital assets was well-timed given the ties between traditional finance and crypto are still limited, meaning it doesnt pose a risk to financial stability, ...

Bloomberg The European Central Bank (ECB) will probably receive several hundreds of billions of euros in early repayments of long-term loans this year after officials toughened the terms of the program to aid their fight against inflation. Estimates vary widely on how much of the €2.1 trillion ($2.2 trillion) in outstanding cash will be returned this month, the first available ...

Bloomberg Japan’s biggest banks announced plans to boost shareholder returns, including buybacks of as much as $2.5 billion as global rates hikes spurred an increase in income from loans that helped earnings beat analyst estimates. Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. both said they will buy back shares while Mizuho Financial Group Inc. upped a ...

Bloomberg HSBC Holdings Plc has big plans to ramp up in Singapore to build up international corporate and wealth banking as it expands its Asia footprint outside its regional hub in Hong Kong. As he opened a new Singapore headquarters on the top floors of 50-story Marina Bay Financial Centre Tower 2, Chief Executive Officer Noel Quinn said the city ...

  Bloomberg Credit Suisse Group AG investors should brace for billions of dollars in losses before the troubled Swiss lender’s sweeping restructuring plan eventually leads to modest profitability in 2025 — and that’s only if it can overcome steep risks, according to Moody’s Corp. The ratings agency said that the Swiss bank’s plan entails elevated restructuring and remediation costs, as ...