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FirstRand makes $1.4bn offer for UK’s Aldermore

Bloomberg FirstRand Ltd., Africa’s biggest lender by market value, offered to buy UK challenger bank Aldermore Group Plc for about 1.1 billion pounds ($1.4 billion). Shares in the British firm soared. Aldermore received ‘an indicative proposal’ from Johannesburg-based FirstRand of 313 pence per share, 37 percent more than its average share price this year, and directors at the UK lender ...

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BNP Paribas plans to increase Asia wealth-management hires

Bloomberg BNP Paribas SA plans to substantially increase the number of client advisers employed by its Asian wealth-management business, seeing an opportunity in the retreat of some European rivals from the region. BNP has been investing and hiring in Asia for several years and intends to continue its push, said Vincent Lecomte, co-head of the French bank’s wealth-management business. Asked ...

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Client got ‘fair’ price in currency deal, says ex-HSBC trader

Bloomberg Former HSBC Holdings Plc currency trader Mark Johnson took the witness stand, insisting that he cheated no one in a $3.5 billion foreign-exchange transaction. Johnson is accused of fraud for buying British pounds ahead of a client’s order, forcing the client to pay a higher price. The bank made an $8 million profit as a result of the currency ...

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