Bloomberg United Bank for Africa (UBA), a Nigerian lender with operations in 20 African countries, plans to increase lending rates by as much as 400 basis points to protect its profit margins. The repricing of loans will affect all corporate, commercial and personal banking credits, Chief Executive Officer Oliver Alawuba said on an investor call in Lagos, the nation’s commercial ...

Bloomberg China extended its currency defense by setting its reference rate for the yuan with the strongest bias on record. The People’s Bank of China (PBOC) set the fix at 6.9116 per dollar, 598 pips stronger than the average estimate in a Bloomberg survey of analysts and traders. The strong bias exceeded the previous record of 454 pips seen and ...

  Bloomberg A senior executive of Bank of East Asia Ltd’s China unit has been detained on suspicion of accepting bribes, according to a report by Cailian. Bank of East Asia (China) executive vice president and head of Northern China, Chen Zhiren was detained and is being held in Beijing, according to the report, which said the investigation is related ...