HAVANA, June 20 (Reuters) – Russia’s Novikombank said on Thursday it had become the first bank from the country to open a representative office in Cuba as part of growing economic ties between the former Cold War allies. The Russian state-owned bank said in a statement that Cuba’s central bank had granted it a license […]
FRANKFURT/LONDON, June 21 (Reuters) – State Street (STT.N), opens new tab, BNP Paribas (BNPP.PA), opens new tab and Caceis are lining up as potential bidders for the sale of HSBC Germany’s fund administration unit INKA and custody business, three sources familiar with the matter told Reuters. The process is due to launch in the next couple of weeks, […]
LONDON, June 20 (Reuters) – Aircraft leasing firms have struck settlements with Russia totalling around $2.7 billion for over a quarter of the roughly 400 aircraft stuck in the country since Moscow’s invasion of Ukraine in 2022. In return, international lessors handed ownership of the planes to state insurance company NSK, which transferred them to Russian airlines. […]
FRANKFURT, June 20 (Reuters) – Germany has fined Citigroup nearly 13 million euros ($13.94 million) for lapses in its trading system controls, the nation’s bank regulator said on Thursday, as its consumer protection division imposed its largest penalty ever. It is related to a mishap in 2022 involving $1.4 billion in mistaken sell orders in […]
J Sainsbury SBRY 0.69%increase; green up pointing triangle is selling its core banking business to NatWest Group NWG 1.54%increase; green up pointing triangle for an undisclosed sum, as part of its previously announced plan to withdraw from the segment and focus on its retail business. The U.K.’s second-largest grocer by market share said Thursday that the final consideration will reflect the value […]
ZURICH, June 20 (Reuters) – Switzerland’s financial regulations need further strengthening following the takeover of Credit Suisse by UBS, the Swiss National Bank said on Thursday, pressing for more to be done on capital and liquidity requirements. Credit Suisse roiled financial markets last year when it collapsed following a string of financial problems, and was […]
LONDON, June 20 (Reuters) – NatWest (NWG.L), opens new tab has struck a deal to acquire most of the banking business of UK retailer Sainsbury’s (SBRY.L), opens new tab, the companies said on Thursday, in a deal that would increase the British lender’s assets by 2.5 billion pounds ($3.2 billion). The first major transaction executed by NatWest Chief […]
National Bank of Canada NA -0.01%decrease; red down pointing triangle agreed to acquire Canadian Western Bank CWB 0.50%increase; green up pointing triangle in a share-swap deal valued at about 5 billion Canadian dollars ($3.63 billion), aided by a sizable investment from one of North America’s biggest pension funds. The transaction, pending regulatory approval, would give Montreal-based National Bank — the smallest of […]
Investment managers view generative artificial intelligence (GenAI) as the “holy grail” to create value, but the availability of data and cultural change are some of the main challenges, according to a Citigroup executive. The industry has applied AI via a “three-pronged” approach, according to a Citigroup report published this week based on more than 40 […]
WASHINGTON, June 17 (Reuters) – President Joe Biden’s campaign will target Republican challenger Donald Trump’s felony convictions as part of a $50 million ad campaign ahead of the first presidential debate between both candidates on June 27. The move, one of the largest advertising spends of the campaign so far, marks a notable shift in Biden’s approach to Trump’s […]