UPDATE 1-Strong trading gains help SEB beat profit forecast

April 30, 2019 at 07:08AM STOCKHOLM, April 30- Swedish banking group SEB reported first-quarter operating profit above market expectations on Tuesday and called for joint initiatives between banks, regulators and authorities to combat money-laundering. SEB's operating profit in the quarter rose to 5.86 billion Swedish crowns, beating a mean forecast for 5.54 billion in a Reuters… via Banks https://cnb.cx/2GSvGUz Continue reading UPDATE 1-Strong trading gains help SEB beat profit forecast

China big banks hiked small business loans 17 pct in Q1, reduced interest rates -regulators

April 25, 2019 at 08:06AM BEIJING/ SINGAPORE, April 25- Chinese banks have extended more loans at lower interest rates to small firms in the first quarter, heeding Beijing's call to support the economy, banking regulators told a news briefing on Thursday. The amount of outstanding loans to small enterprises at China's five largest state lenders rose to 1.99 trillion yuan by the end of… via Banks https://cnb.cx/2W5gtoz Continue reading China big banks hiked small business loans 17 pct in Q1, reduced interest rates -regulators

FACTBOX-Who will succeed Carney to run Britain’s central bank?

April 24, 2019 at 05:55PM LONDON, April 24- Britain is searching for a new governor of the Bank of England to succeed Mark Carney in early 2020.. Bailey, 60, was deputy governor with a focus on banks before becoming chief executive of the Financial Conduct Authority, a markets regulator. While at the BoE, Bailey helped to steer Britain's banks through the global financial crisis. via Banks https://cnb.cx/2URu6uW Continue reading FACTBOX-Who will succeed Carney to run Britain’s central bank?

U.S. regulators propose rule to ease leverage rule for custody banks

April 18, 2019 at 08:00PM WASHINGTON, April 18- U.S. banking regulators on Thursday proposed a rule that would allow custody banks to exclude deposits with central banks from a stringent capital requirement. The relief, prescribed by a bank deregulation bill passed by Congress in May, would apply to Bank of New York Mellon, Northern Trust and State Street, as firms "predominantly engaged… via Banks https://cnb.cx/2Gtjvxi Continue reading U.S. regulators propose rule to ease leverage rule for custody banks

UPDATE 1-Estonian watchdog says unacceptable clients remain in banking system

April 10, 2019 at 02:43PM TALLINN, April 10- Unacceptable clients remain in the Estonian banking system despite tougher regulation, the country's financial watchdog said on Wednesday, adding that some lenders will be placed under detailed monitoring. The move by Estonia's Financial Supervisory Authority follows a special review of the country's 16 banks, instigated after 200… via Banks https://cnb.cx/2X6OhBV Continue reading UPDATE 1-Estonian watchdog says unacceptable clients remain in banking system

New Qatar stake in Deutsche Bank has stalled – sources

April 09, 2019 at 04:52PM FRANKFURT, April 9- A plan by Qatar's sovereign wealth fund to make a significant investment in Deutsche Bank has stalled, according to two people with knowledge of the matter. The fund Qatar Investment Authority had approached financial regulators some months ago about a request for approval for a sizeable stake in Germany's largest lender, the people said. via Banks https://cnb.cx/2uVT9NW Continue reading New Qatar stake in Deutsche Bank has stalled – sources

Hong Kong issues online banking licences to StanChart JV, two others

March 27, 2019 at 09:22AM HONG KONG, March 27- Hong Kong's banking regulator said on Wednesday it had issued online-only banking licences to three companies, including joint ventures of Standard Chartered and BOC Hong Kong. StanChart will own 65.1 percent in SC Digital Solutions Ltd joint venture, while the remaining will be owned by Hong Kong- based telecoms groups PCCW Ltd and HKT, as… via Banks https://cnb.cx/2UYPURk Continue reading Hong Kong issues online banking licences to StanChart JV, two others

Hong Kong issues online banking licenses to StanChart JV, two others

March 27, 2019 at 09:22AM HONG KONG, March 27- Hong Kong's banking regulator said on Wednesday it had issued online-only banking licenses to three companies, including joint ventures of Standard Chartered and BOC Hong Kong. StanChart will own 65.1 percent in SC Digital Solutions Ltd joint venture, while the remaining will be owned by Hong Kong- based telecoms groups PCCW Ltd and HKT, as… via Banks https://cnb.cx/2CDjtka Continue reading Hong Kong issues online banking licenses to StanChart JV, two others

UPDATE 2-EU’s top regulator under fire over Italy bank rescue decision

March 20, 2019 at 03:38PM BRUSSELS, March 20- The European Union's top antitrust regulator is facing calls to resign after a "historic" court ruling involving a small Italian lender upended Brussels' approach to bank rescues and prompted calls for compensation. In a blow to EU competition commissioner Margrethe Vestager, EU judges ruled on Tuesday that Italy's plan for the rescue of… via Banks https://cnb.cx/2FqJ2Hc Continue reading UPDATE 2-EU’s top regulator under fire over Italy bank rescue decision

PwC to pay $335 mln over failed audits of Alabama’s Colonial Bank -U.S. regulator

March 15, 2019 at 05:58PM WASHINGTON, March 15- A top U.S. banking regulator said on Friday that PricewaterhouseCoopers will pay $335 million to settle claims of "professional negligence," after saying the auditor should have identified problems leading to the 2009 collapse of Alabama- based Colonial Bank. The FDIC had sued the company in its role as receiver for Colonial Bank, which once… via Banks https://cnb.cx/2TaqlLk Continue reading PwC to pay $335 mln over failed audits of Alabama’s Colonial Bank -U.S. regulator

UPDATE 3-Hong Kong suspends UBS, fines it and other top banks $100 mln for IPO failures

March 14, 2019 at 11:06AM *SFC suspended licence of UBS banker Cen Tian. HONG KONG, March 14- Hong Kong's securities regulator banned UBS from leading initial public offerings in the city for a year, while fining it and rivals including Morgan Stanley a combined $100 million for due diligence failures on a series of IPOs. Helping firms to list is big business in Hong Kong, which was last… via Banks https://cnb.cx/2Curo3t Continue reading UPDATE 3-Hong Kong suspends UBS, fines it and other top banks $100 mln for IPO failures

UPDATE 2-Hong Kong regulator bans UBS from sponsoring IPOs for 1 year, fines other top banks

March 14, 2019 at 09:49AM *SFC suspended licence of UBS banker Cen Tian. HONG KONG, March 14- Hong Kong's securities regulator banned UBS on Thursday from sponsoring initial public offerings domestically for a year for failures in that role in three IPOs, the first major bank involved in stock listings to face such action in the city. The Securities and Futures Commission also fined the… via Banks https://cnb.cx/2UvOHAG Continue reading UPDATE 2-Hong Kong regulator bans UBS from sponsoring IPOs for 1 year, fines other top banks

Brazilian online bank C6 to operate as a broker in NY

March 13, 2019 at 06:15PM SAO PAULO, March 13- Brazilian online bank C6 was granted a license by the Financial Industry Regulatory Authority to operate as a broker in New York, the company said on Wednesday. C6 will focus on institutional clients in the United States, Europe, Asia and Latin America, initially offering corporate and sovereign fixed-income bonds, the bank said. via Banks https://cnb.cx/2O1hFpM Continue reading Brazilian online bank C6 to operate as a broker in NY

UPDATE 1-China studying impact of rate overhaul on loan pricing- sources

March 12, 2019 at 10:54AM SHANGHAI/ BEIJING, March 12- Chinese financial regulators are studying the potential impact on banks' loan pricing as they look to the use of market-based interest rates to replace traditional benchmark interest rates to steer monetary policy, two sources told Reuters. The comments come amid growing speculation over whether the People's Bank of China will… via Banks https://cnb.cx/2Jb4NP0 Continue reading UPDATE 1-China studying impact of rate overhaul on loan pricing- sources

UPDATE 1-UBS, StanChart agree to settle 2009 HK IPO misconduct case -regulator’s counsel

March 11, 2019 at 02:45AM *UBS was facing 18- month ban on leading IPOs in Hong Kong. HONG KONG, March 11- UBS Group AG and Standard Chartered PLC have agreed to settle a case of alleged misconduct related to a 2009 initial public offering in Hong Kong, a counsel for the market regulator said at a tribunal hearing on Monday. Swiss banking giant UBS was set to appeal on Monday against an… via Banks https://cnb.cx/2Hcqs7C Continue reading UPDATE 1-UBS, StanChart agree to settle 2009 HK IPO misconduct case -regulator’s counsel

Scandals turn compliance staff into ‘rock stars’ of Nordic banking

March 07, 2019 at 02:06PM COPENHAGEN, March 7- Compliance and anti-money laundering staff are in hot demand in the Nordic financial sector following tougher regulations and a string of scandals involving the region's top banks Danske Bank, Nordea and Swedbank. The recruitment drive in the Nordic region, however, has been given extra impetus by a money laundering scandal at Denmark's… via Banks https://cnb.cx/2SRfBkW Continue reading Scandals turn compliance staff into ‘rock stars’ of Nordic banking

UPDATE 1-EU tightens rules on big London-based investment firms

February 27, 2019 at 11:32AM BRUSSELS, Feb 27- European Union governments and lawmakers have reached agreement on tighter rules for asset managers and investment firms offering "bank-like" services, such as proprietary trading and underwriting of financial instruments. The agreement, which was reached late on Tuesday and confirmed an agreement in January by EU states, will give the… via Banks https://cnb.cx/2BRydLW Continue reading UPDATE 1-EU tightens rules on big London-based investment firms

UPDATE 3-Fed’s Powell says ‘no rush’ to hike rates in ‘solid’ but slowing economy

February 26, 2019 at 08:14PM WASHINGTON, Feb 26- The Federal Reserve is in "no rush to make a judgment" about further changes to interest rates, Fed Chairman Jerome Powell told U.S. lawmakers on Tuesday as he spelled out the central bank's approach to an economy that is likely slowing. In two hours of testimony to the Senate Banking Committee, Powell elaborated on the "conflicting signals" the Fed… via Banks https://cnb.cx/2Ey1Zah Continue reading UPDATE 3-Fed’s Powell says ‘no rush’ to hike rates in ‘solid’ but slowing economy

CANADA FX DEBT-C$ claws back losses as oil rises, Fed signals patience

February 26, 2019 at 04:44PM TORONTO, Feb 26- The Canadian dollar was little changed against its U.S. counterpart on Tuesday, reversing an early decline as oil prices rose and Federal Reserve Chairman Jerome Powell signaled patience on raising interest rates further. The price of oil, one of Canada's major exports, rose as OPEC was expected to stick to production cuts despite pressure from… via Banks https://cnb.cx/2H0df0S Continue reading CANADA FX DEBT-C$ claws back losses as oil rises, Fed signals patience

UPDATE 1-Fed’s Powell heads to U.S. Congress amid shifting landscape

February 25, 2019 at 11:22PM *Fed chief to appear before Senate committee on Tuesday. WASHINGTON, Feb 25- Federal Reserve Chairman Jerome Powell worked hard to strengthen ties with Congress during his first year as head of the U.S. central bank, doubling the pace of meetings with lawmakers over his predecessors and courting Democrats and Republicans alike. Democrats won control of the U.S…. via Banks https://cnb.cx/2TfoFnN Continue reading UPDATE 1-Fed’s Powell heads to U.S. Congress amid shifting landscape

Fed’s Powell heads to U.S. Congress amid shifting landscape

February 25, 2019 at 07:39PM *Fed chief to appear before Senate committee on Tuesday. WASHINGTON, Feb 25- Federal Reserve Chairman Jerome Powell worked hard to strengthen ties with Congress during his first year as head of the U.S. central bank, doubling the pace of meetings with lawmakers over his predecessors and courting Democrats and Republicans alike. Democrats won control of the U.S…. via Banks https://cnb.cx/2H2T02s Continue reading Fed’s Powell heads to U.S. Congress amid shifting landscape

UBS ignored whistleblower warnings in French tax case- judgment

February 22, 2019 at 05:12PM *French court ordered UBS to pay $5 bln in penalties. PARIS, Feb 22- UBS was warned numerous times over a period of at least six years that its French private bank risked breaking local tax laws, according to the written judgment in a case where the Swiss bank faces a 4.5 billion euro penalty. The hefty sanction– a 3.7 billion euro fine and 800 million euros in damages– has… via Banks https://cnb.cx/2TY05oJ Continue reading UBS ignored whistleblower warnings in French tax case- judgment

UBS ignored whistleblower warnings in French tax case- judgement

February 22, 2019 at 05:12PM *French court ordered UBS to pay $5 bln in penalties. PARIS, Feb 22- UBS was warned numerous times over a period of at least six years that its French private bank risked breaking local tax laws, according to the written judgement in a case where the Swiss bank faces a 4.5 billion euro penalty. The hefty sanction– a 3.7 billion euro fine and 800 million euros in damages–… via Banks https://cnb.cx/2BLMNEU Continue reading UBS ignored whistleblower warnings in French tax case- judgement

UPDATE 3-UBS to appeal after fined 4.5 billion euros in French tax fraud case

February 20, 2019 at 03:43PM *UBS hit with 4.5 billion euros of penalties. PARIS, Feb 20- A French court found Swiss bank UBS AG guilty of illegally soliciting clients and laundering the proceeds of tax evasion, ordering it to pay 4.5 billion euros in penalties. "The court can only conclude that consistently put its own financial interests over the sovereign rights of the French state," the… via Banks https://cnb.cx/2SgjTSu Continue reading UPDATE 3-UBS to appeal after fined 4.5 billion euros in French tax fraud case

French court ruling due in UBS $6 billion tax case

February 20, 2019 at 11:29AM PARIS, Feb 20- A French court will rule on Wednesday whether UBS, Switzerland's largest bank, helped wealthy French clients evade taxes between 2004 and 2012 and launder the proceeds. The French trial follows a similar case in the United States, where UBS accepted a $780 million settlement in 2009 and in Germany, where it agreed to a 300 million euro fine in 2014. via Banks https://cnb.cx/2GzdMaz Continue reading French court ruling due in UBS $6 billion tax case

Barclays hoped 2008 cash call would drive international growth, court told

February 19, 2019 at 05:38PM Marcus Agius, called as a prosecution witness in the fraud trial of four former senior colleagues, said the bank had hoped to secure partnerships that would reinforce the bank's global ambitions by granting Barclays "favored nation status" for future business opportunities with investors such as Qatar. Prosecutor Edward Brown alleges the men did not… via Banks https://cnb.cx/2IpryhE Continue reading Barclays hoped 2008 cash call would drive international growth, court told