Bloomberg European banks pared their exposure to Britain in the aftermath of its vote to quit the European Union, slashing their UK assets by $425 billion in the span of a year. The decline was driven by a 35 percent drop in derivatives exposures, showing European banks are preparing for the risk that the UK fails to reach an agreement ...

Bloomberg For proof that taking on political risk is a winning formula in Europe this year, look no further than Pimco’s wager on Spanish unity. The California fund manager has amassed the largest position of Catalonia’s $6 billion of junk-rated debt, undeterred by a raucous independence movement and a snap election next month that may produce another victory for separatist ...

Abu Dhabi / Emirates Business Trade Bank of Iraq (TBI) has opened a representative office in Abu Dhabi, making it the only Iraqi Trade Finance bank to have a presence in the UAE. The wholly government owned bank, which holds 80% market share in Iraq, has established its first international office at Abu Dhabi Global Market on Al Maryah Island. ...