Category: banks
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IRA warn banks selling non-existent insurance
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Banks that run insurance businesses will have to pay all outstanding insurance premiums before getting new bancassurance licenses amid suspicions that they are holding cash from customers, which could render policies invalid. The Insurance Regulatory Authority has written to all bancassurance intermediaries – banks and microfinance banks that sell insurance…
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European banks rise as UniCredit’s move on Commerzbank lifts M&A prospects to forefront By Reuters
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By Gianluca Lo Nostro and Philippe Leroy-Beaulieu (Reuters) – European banking shares extended their upward trend on Thursday, driven mostly by UniCredit’s performance report after it bought a 9 percent stake in Germany’s Commerzbank the previous day. The pan-European banking sub-index rose 1.9% by 1010 GMT, with analysts pointing to…
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S&P 500 Rally Hits a Wall as Big Banks Sound Alarm: Markets Wrap
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(Bloomberg) — Stocks fell after some of Wall Street’s biggest banks gave cautious outlooks, and Brent crude fell below $70 a barrel on concerns about oversupply. Most Read from Bloomberg After a rally to start the week, the S&P 500 struggled to make much headway. JPMorgan Chase & Co. fell…
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Banks to gain new powers to freeze large payments for fraud checks
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UK banks are soon set to get new powers to freeze large payments for up to four days as part of updated fraud prevention measures due to come into force this autumn. The changes come ahead of a new anti-fraud regime coming into effect on October 7, which will require…
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Kenyan banks see forex losses from subsidiaries as shilling strengthens
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Kenyan banks recorded currency losses of about Ksh50 billion in the first half of the year when translating financial statements of regional subsidiaries into Kenyan shillings due to the appreciation of the shilling during the period. The shilling has appreciated by between 19 and 31 percent against the currencies of…
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Banks, stock brokers hits as CBK stops commission on bonds trade
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Kenya’s central bank will stop paying commission to stockbrokers, custodian banks and authorised securities dealers that help it sell treasury bonds from next month, cutting off hundreds of millions of shillings in revenue each year. The central bank paid selling agents – who act as intermediaries between the central bank…
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Entrepreneurs turn to pawnbrokers as banks tighten business lending
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As traditional banks tighten lending standards, a growing number of UK entrepreneurs are turning to pawnshops for vital funding. H&T, Britain’s largest mortgage lender, has reported a rise in the number of small business owners, including shopkeepers and builders, pledging personal jewellery and watches for loans. Chris Gillespie, chief executive…
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Banks step up the battle for rich churches’ billions
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Commercial banks are increasingly targeting churches and other religious organisations with financial products in a bid to earn billions of shillings generated through tithes, donations, offerings and investments in sectors such as education, real estate, health and hospitality. A number of banks have moved to enlist religious leaders to lead…
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Evercore ISI screens banks likely to fare better when the Fed cuts rates (NASDAQ:FITB)
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Richard Drew When the Fed raises interest rates, banks’ net interest income generally rises. So, when the central bank eases monetary policy, it makes sense that banks’ net interest income will fall. But it’s more complicated than that, as Evercore ISI explains. Analyst John Pancari said in a recent note…
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Evercore ISI screens banks likely to fare better when the Fed cuts rates (NASDAQ:FITB)
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Richard Drew When the Fed raises interest rates, banks’ net interest income generally rises. So, when the central bank eases monetary policy, it makes sense that banks’ net interest income will fall. But it’s more complicated than that, as Evercore ISI explains. Analyst John Pancari said in a recent note…
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Mizrahi Tefahot posts highest Q2 ROE among Israel’s banks
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Mizrahi Tefahot Bank, Israel’s third-largest bank, reported a net profit of NIS 1.45 billion in the second quarter, up 3.4% from the same quarter in 2023. Mizrahi Tefahot is the second bank to report an increase in profits on an annual basis, after Bank Hapoalim. Discount Bank and Bank Leumi…
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Discount Bank’s Q2 profit declines
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Discount Bank, Israel’s fourth-largest bank, reported a 12.6% drop in second-quarter profits compared to the second quarter of 2023, to NIS 1.04 billion. Return on equity for the quarter was 14.1% year-on-year, down from 18.1% in the corresponding quarter. The bank allocated provisions for credit losses in the second quarter…
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Expert explains why central banks are cutting rates By Investing.com
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In the current economic climate, central banks around the world are considering or are already cutting interest rates. This decision is not without controversy, with some critics arguing that such moves may be ineffective in preventing recession or even exacerbate economic problems. However, as economists at TS Lombard have argued,…
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Norwegian And Swiss Central Banks Invest Heavily In MicroStrategy
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In a surprise move, the central banks of Norway and Switzerland have emerged as significant shareholders in MicroStrategy, a Virginia-based business intelligence firm. The development has sparked speculation about the underlying motivations behind these major financial institutions’ investments, with several analysts suggesting it could be an indirect play on the…
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Norwegian And Swiss Central Banks Invest Heavily In MicroStrategy
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In a surprise move, the central banks of Norway and Switzerland have emerged as significant shareholders in MicroStrategy, a Virginia-based business intelligence firm. The development has sparked speculation about the underlying motivations behind these major financial institutions’ investments, with several analysts suggesting it could be an indirect play on the…
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Exclusive-Deutsche Bank’s proposed Postbank case settlement offer rejected by plaintiffs By Reuters
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By Tom Sims FRANKFURT (Reuters) – Deutsche Bank has made a settlement offer to shareholders suing Germany’s largest lender over unpaid fees for its acquisition of Postbank, the plaintiffs’ lawyer said on Friday. Lawyer Jan Bayer (OTC:) dismissed the bank’s offer as “crazy” and “dead from the moment it arrived.”…
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Banks tap Sh4trn in CBK support on cash crunch
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Commercial banks have increased their reliance on the Central Bank of Kenya for liquidity support this year as the sector pays the price of low government payments and high interest rates that have made it costly to mobilize deposits from customers. Lenders have withdrawn a cumulative Sh4 trillion from the…
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Banks tap Sh4trn in CBK support on cash crunch
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Commercial banks have increased their reliance on the Central Bank of Kenya for liquidity support this year as the sector pays the price of low government payments and high interest rates that have made it costly to mobilize deposits from customers. Lenders have withdrawn a cumulative Sh4 trillion from the…