Category: banks
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Silicon Valley Bank’s former parent secures approval to end bankruptcy
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Justin Sullivan/Getty Images News SVB Financial Group (OTC:SIVBQ), the former parent company of failed Silicon Valley Bank, received permission from a U.S. judge on Friday to distribute its assets to its creditors and close its bankruptcy, Reuters reported. According to the report, the bankruptcy plan includes: Provides for the establishment…
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Silicon Valley Bank’s former owner gains approval to end bankruptcy By Reuters
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By Dietrich Knuth NEW YORK (Reuters) – SVB Financial Group, the former owner of failed Silicon Valley Bank, received permission from a U.S. judge on Friday to hand over its assets to creditors and end its bankruptcy. Its bankruptcy restructuring allowed it to create a fund to continue litigation against…
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Kenya banks snoop on staff with AI in war against fraud
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The sector’s regulator has revealed that commercial banks have deployed artificial intelligence technologies to spy on their employees in a new effort to combat fraud and theft spread by insiders. Fast-growing artificial intelligence technologies, which enable machines to mimic human intelligence in thinking and learning, have taken root in almost…
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Big banks poised for multi-year inflection point, Wells Fargo’s Mike Mayo says (NYSE:STT)
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yongyuan Big banks’ second-quarter earnings support the case that the sector is “at a multi-year inflection point from negative to positive growth in revenue, operating leverage, and earnings per share growth,” says Wells Fargo analyst Mike Mayo. The “five Ps” – central banks, capital markets, costs, credit, and capital –…
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Big banks poised for multi-year inflection point, Wells Fargo’s Mike Mayo says (NYSE:STT)
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yongyuan Big banks’ second-quarter earnings support the case that the sector is “at a multi-year inflection point from negative to positive growth in revenue, operating leverage, and earnings per share growth,” says Wells Fargo analyst Mike Mayo. The “five Ps” – central banks, capital markets, costs, credit, and capital –…
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CBK fines 12 banks for breach of lending, investment rules
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Kenya’s central bank fined 12 commercial banks last year for breaching rules on lending, capital adequacy and investment, new disclosures show. While the Central Bank did not disclose the affected institutions and the size of the fines, it said that “the Central Bank took appropriate corrective measures regarding the concerned…
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Aussie banks to return $19 million charged in high fee to low-income customers By Reuters
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(Reuters) – Four Australian banks will return a total of A$28 million ($18.95 million) to low-income customers after a review by the corporate regulator found they were kept in high-fee accounts despite being eligible for cheaper products. ANZ, Commonwealth Bank of Australia, Bendigo Bank, Adelaide Bank and Westpac held at…
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Like EM central banks, DM banks will need to keep rates higher for longer – BlackRock
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Vertigo 3D Some emerging market central banks have paused interest rate cuts due to inflation concerns, and policymakers in developed markets may also find themselves forced to stick with higher interest rates for longer, the BlackRock Investment Institute said. Brazil, Mexico and Poland are among the Emerging markets are the…
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Why only banks recorded growth in 2024 quarter 1
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Only the banking sector recorded faster growth in the first quarter of 2024, reflecting the huge profits that lenders made from the high interest rates they charged and increased borrowing by cash-strapped companies. Data from the Kenya National Bureau of Statistics shows that all other economic sectors recorded slower growth…
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Deutsche Bank’s four key risks for H2 of the year
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High Risk Warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage also creates additional risks and exposure to loss. Before deciding to trade foreign exchange, carefully consider your investment objectives, level of experience, and risk tolerance. You may lose some…
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Why banks must seek Treasury’s nod before raising interest rates
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The Supreme Court has ruled that banks and financial institutions must seek the approval of the National Treasury before increasing interest rates on loans and facilities provided to customers. A five-judge bench of the Supreme Court headed by Chief Justice Martha Kom also held that Sections 44 and 52 of…
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HSBC Joins UK Banks in Cutting Mortgage Rates
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HSBC has announced cuts to its mortgage interest rates, joining Barclays and NatWest in a move that follows hints from the Bank of England about the possibility of a key interest rate cut over the summer. Barclays cut fixed-rate home loan costs for new deals on Tuesday, with HSBC’s cuts…
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European shares rise as tech, banks rebound By Reuters
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Written by Shashwat Chauhan and Jesús Calero (Reuters) – European shares rose on Monday, with banking and technology shares rebounding from last week’s losses after political uncertainty in France sent markets into a panic, while Danish insurer Topdanmark rose on a takeover bid by Sambo. By 0816 GMT, the euro…
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More Central Banks Are Exploring A CBDC, BIS Survey Finds
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Credit: bankingjournal.aba.com The global finance landscape is undergoing a transformational shift, with central banks around the world actively exploring the potential of central bank digital currencies (CBDCs). A recent survey by the Bank for International Settlements (BIS) highlighted the growing momentum surrounding these digital currencies, revealing that the vast majority…
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More Central Banks Are Exploring A CBDC, BIS Survey Finds
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Credit: bankingjournal.aba.com The global finance landscape is undergoing a transformational shift, with central banks around the world actively exploring the potential of central bank digital currencies (CBDCs). A recent survey by the Bank for International Settlements (BIS) highlighted the growing momentum surrounding these digital currencies, revealing that the vast majority…
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More farmers shun banks for loans, go informal
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More farmers are turning to informal groups, buyers of their produce, and the Hustler Fund for loans to invest in their projects, amid rising interest rates on bank loans. In just two months through May, the number of farmers borrowing from informal savings and credit groups nearly tripled, and the…
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CFPB Rule Shakes Up Banks: Open Banking Ushers in an Era of Transparency
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Buckle up, because the financial sector is about to be swept up in a wave of transparency. For many years, consumer data remained boxed in a fenced garden, with traditional banks acting as gatekeepers. Access was tightly controlled, distributed in drops and shuffles. The CFPB’s move dismantles those walls, giving…
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Swiss Finance Minister flags legal risks to winding up global banks By Reuters
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ZURICH (Reuters) – International financial authorities must take into account the legal risks surrounding the potential liquidation of global banks, Swiss Finance Minister Karin Keller-Sutter said on Wednesday. In an interview with the Frankfurter Allgemeine Zeitung newspaper, Keller Sutter was asked whether the rules for dealing with banks deemed “too…
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Central banks turn cautious on China’s yuan, keen on dollars and gold By Reuters
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Written by Alun John LONDON (Reuters) – More global reserve managers intend to increase exposure to the currently high-yielding U.S. dollar as their interest in it deteriorates due to lower yields and geopolitical tensions, the official forum of monetary and financial institutions said. Data from a survey conducted by the…
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Central banks turn cautious on China’s yuan, keen on dollars and gold By Reuters
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Written by Alun John LONDON (Reuters) – More global reserve managers intend to increase exposure to the currently high-yielding U.S. dollar as their interest in it deteriorates due to lower yields and geopolitical tensions, the official forum of monetary and financial institutions said. Data from a survey conducted by the…