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☆ UniCredit raises investor reward goal after profit tops forecast
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +1 min

The logo of Italian international banking group UniCredit stands on the facade of the group headquarters, located in the Porta Nuova district, as seen from the viewpoint of Palazzo Lombardia on September 29, 2023 in Milan, Italy. UniCredit raised on Tuesday its investor reward guidance for the year, after posting a much higher net income than expected and further boosting capital levels. Italy's second biggest bank said net profit for the January-March period was 2.6 billion euros ($2.8 billion), above the average of 2.13 billion forecast in a company-compiled analyst consensus. In the full year, net income is expected to be above 8.5 billion euros, it said, having previously guided for a 2024 net profit "broadly in line" with a 2023 result of 8.6 billion net of a tax asset writeup. UniCredit said it was raising its distribution guidance for 2024 to stand in line with 2023, when it paid out net profit to shareholders in full.

Persons: UniCredit, Andrea Orcel Organizations: UBS Locations: Porta Nuova, Lombardia, Milan, Italy, UniCredit

Whispering in the ears of the billionaires and celebrities doing the buying, however, are investment bankers. Like other sports bankers BI interviewed for our list of top sports bankers, he exemplified a good-humored, approachable attitude, including joking about his many sports allegiances. Related stories"Earlier in my career, I made the mistake of telling Bob Kraft that I was a New York Jets fan," Carey told BI recently. They're obsessive Jets fans, and they're just fans because I'm a Jets fan," Neville told BI. So that's why we'll be Jets fans forever."

Persons: it's, Goldman Sachs, Greg Carey, everyone's, Carey, Colin Neville's, he's, David Beckham, Steve Ballmer, Joe Tsai, Ballmer, Tsai, Neville, Andrew Kline, Kline, Bob Kraft, I'm, Robert Tilliss, There's, Abramovich, Vladimir Putin, Todd Boehly, Joe Lenehan, Michael Arougheti, David Rubenstein's, doesn't, there's Organizations: NBA, JPMorgan, Business, The, PJT Partners, Chelsea FC, Baltimore Orioles, Sports, Goldman, Endeavor, WWE, Microsoft, Beckham's, Los Angeles Clippers, Brooklyn Nets, Barclays Center, St, Louis Rams, Los Angeles Rams, Golden State Warriors, Miami Heat, Harvard, US Rugby National, Cal, New York Jets, BI, Patriots, Giants, Rays, Chelsea, Circle, Atlanta Hawks NBA, New York Mets, NFL, soccer's Premier League, Russian, Chelsea football, LA Dodgers, Yankees, Manchester United Games, Jets, we'll Locations: European, Los Angeles, Berkeley, Barcelona, Ukraine, New York

☆ A Wall Street firm wants to collect a $4 million breakup fee from a banker who never started his job. Judges will soon rule if that's legal.
▼ + stars: | 2024-04-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Jefferies included a $4 million break-up fee in an offer letter to a banker. The Wall Street bank is demanding payment after Dean Decker stayed with Credit Suisse after signing. AdvertisementA Wall Street bank inserted a $4 million break-up fee into an offer letter and demanded the payment after the employee backed out. "In fact, the only winner was Decker — both Jefferies and Credit Suisse were gamed (pun intended.)" It's worth noting that Credit Suisse agreed to cover Decker's legal costs and any damages, meaning UBS is on the hook following a merger of the two Swiss banks last year.

Persons: Jefferies, Dean Decker, —, Decker, Decker —, UBS didn't Organizations: Credit Suisse, Service, Bloomberg, Jefferies, Suisse, UBS, Banco Santander, Business Locations: California, Spanish

☆ Goldman Sachs taps Carey Halio as treasurer amid criticisms of its handling of women's careers — read the full memo here
▼ + stars: | 2024-04-11 | by ( Reed Alexander | ) www.businessinsider.com time to read: +6 min

Beth Hammack, a past treasurer and CEO of Goldman Sachs Bank USA, recently left after reportedly being passed over for the CFO job. April 11, 2024Carey Halio Named Global Treasurer of Goldman SachsI am pleased to announce that Carey Halio has been named global treasurer of Goldman Sachs and will become a member of the Management Committee. Previously, Carey was chief executive officer of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs. He first joined Goldman Sachs in 2006 in Investment Banking, where he advised US financial institutions on capital markets and regulatory capital issues. Please join us in congratulating Jehan on his new responsibilities, and in wishing him and the Investor Relations team continued success.

Persons: Goldman Sachs, Philip Berlinski, Berlinski, Goldman, Denis Coleman, Carey Halio, Halio, David Solomon, she'll, Jehan Ilahi, who's, Coleman, Russell Horwitz, Beth Hammack, Stephanie Cohen, Solomon, Horwitz, Carey, David, Jehan, Morgan, Denis Coleman Russell Horwitz Organizations: Financial Times, Goldman Sachs Bank USA, Business, BI, Street Journal, Goldman, Management, Investor Relations, Goldman Sachs Bank, Financial, Investment Banking, Equity Investor Relations, Banking Locations: New York

☆ Banks Made Big Climate Promises. A New Study Doubts They Work.
▼ + stars: | 2024-04-09 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

Two and half years ago, bankers and investors attended the United Nations climate summit in Glasgow, an annual event normally dominated by activists and policymakers. It was considered a milestone as the financial sector agreed to put its might into tackling climate change. But a recent study, published by the European Central Bank, disputed the effectiveness of those promises. The researchers found that since 2018 the banks had reduced lending 20 percent to sectors they had targeted in their climate goals, such as oil and gas and transport. That seems like progress, but the researchers argued it was not sufficient because the decline was the same for banks that had not made the same commitment.

Persons: ” Organizations: United, Glasgow Financial Alliance, European Central Bank, Massachusetts Institute of Technology, Columbia Business School, Zero Banking Alliance Locations: United Nations, Glasgow

☆ Britain's royal family should follow the lead of major CEOs when it comes to transparency, says expert
▼ + stars: | 2024-03-16 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +6 min

The royal household is exempt from freedom of information laws in the UK since it isn't a public authority. Hay suggested that the monarchy should follow the lead of major companies that have been transparent when a CEO becomes unwell. While Kensington Palace was clear that it wouldn't provide a "running commentary" on the princess' well-being, that didn't stop conspiracy theories on her whereabouts. Meanwhile, CNN said it was reviewing all Kensington Palace handouts in light of the incident. Kensington Palace did not immediately respond to a request for comment.

Persons: Kate, —, Bob Krist, George Hay, Hay, JP Morgan Chase, Jamie Dimon, António, Osório, Prince William, Catherine, Duchess, Chris Jackson, Phil Chetwynd, Buckingham, King Charles, Charles III, Max Mumby, Graham Smith, Jack Royston, Royston, Kensington Organizations: Service, Brand Finance, Windsor, Getty, Tourism, Frogmore, Reuters, Barclays, CNBC, Lloyds Banking Group, BBC News, BBC, AFP, CNN, YouGov Locations: London, Britain, António Horta, Horta, Kensington, Cambridge, Belgium, Greece, Bulgaria, Republic

☆ How a boutique bank that rode last year's healthcare M&A streak into the big leagues plans to continue to compete with the JPMorgan's of the world
▼ + stars: | 2024-03-13 | by ( Reed Alexander | ) www.businessinsider.com time to read: +9 min

It was more than double the value of the next-largest deal, a Japanese healthcare merger that clocked in at $22 billion. And, for its part, Seagen tapped advisors at two boutique firms: Centerview and MTS Health Partners. "We want to be the preeminent healthcare bank. Last year, during a healthcare M&A boom that's expected to continue this year, the bank onboarded 14 new staffers, including the partners, a company spokesperson said. Advertisement"We are absolutely in growth mode looking to have high-quality bankers who are capable of generating business off of this platform without all the accoutrements of a big bank," Weisenfeld continued.

Persons: Seagen, Andrew Weisenfeld, Goldman Sachs, Morgan Stanley, Dealogic, Weisenfeld, —, Curtis Lane, Bear, Daun Chung, Ryan Stewart, Reed Alexander Organizations: Service, Pfizer, Guggenheim, Centerview, MTS Health Partners, MTS, Goldman, JPMorgan, Bank of America, Partners, CTI, New, Bear Stearns, London Stock Exchange, Seagen, Medicines, Novartis, Chase Securities, Health Partners, Guggenheim Securities, Triple, SVB Securities, Solomon Partners, Citigroup Locations: Wall, New York City, Seattle

☆ Barclays names three global stocks to buy for the next quarter, giving them major upside
▼ + stars: | 2024-03-12 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Barclays has named three European stocks — Smurfit Kappa , Leroy Seafood and Raiffeisen Bank — for investors to consider buying for the upcoming quarter. 7: Smurfit Kappa Barclays is bullish on paper packaging maker Smurfit Kappa with a £38.30 ($49.10) price target, indicating 16% upside potential. SKG-GB 1Y mountain Leroy Seafood Barclays also highlighted Leroy Seafood Group, a Norwegian seafood company. Raiffeisen Bank Barclays named Raiffeisen Bank International, an Austrian banking group, as another stock to own in the next quarter, giving it an upside potential of 35%. "Strabag deal improves credibility on Russia exit plan," Barclays analyst Krishnendra Dubey said in a note to clients on Mar.

Persons: Kappa, Leroy Seafood, WestRock, Gaurav Jain, Leroy, Krishnendra Dubey Organizations: Barclays, Raiffeisen Bank, U.S, Mar, Smurfit Kappa Barclays, Kappa, Seafood Barclays, Leroy Seafood Group, Raiffeisen Bank Barclays, Raiffeisen Bank International, Raiffeisen, Strabag Locations: London, New York, Norwegian, Austrian, U.S, Russia

☆ Investors 'have nervousness' around UK financial services, says Lloyds Banking Group CEO
▼ + stars: | 2024-02-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors 'have nervousness' around UK financial services, says Lloyds Banking Group CEOCharlie Nunn, CEO of Lloyds Banking Group, discusses its 2023 full-year results and the economic outlook.

Persons: Charlie Nunn Organizations: Lloyds Banking, Lloyds Banking Group

☆ JPMorgan reveals its favorite European stock picks — giving one over 93% upside
▼ + stars: | 2024-02-22 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +1 min

JPMorgan uncovered several top European stocks it says offer substantial upside potential — as well as some "unattractive" names — right now. The bank is underweight on the euro zone, given that its "Growth-Policy trade-off" is "likely to deteriorate further." Nevertheless, JPMorgan sees pockets of opportunity in the European market. Here are five stocks from its list of "top European picks" which stand out for having substantial upside potential, according to FactSet's consensus price targets: 'Unattractive stocks' JPMorgan also revealed its list of "unattractive stocks" from a sector it's underweight on — banking. Stocks named as " unattractive" include Lloyds Banking Group , BNP Paribas , Svenska Handelsbanken AB and Bank of Ireland Group .

Persons: Mislav Matejka, Banks, Stocks, — CNBC's Michael Bloom Organizations: JPMorgan, Lloyds Banking Group, BNP, Svenska Handelsbanken, Bank of Ireland Group

☆ European markets set to open higher as investors focus on euro zone data, earnings
▼ + stars: | 2024-02-22 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a higher open Thursday ahead of a busy day of earnings and data in the region. Preliminary services and manufacturing purchasing managers' index data from the euro zone in February is due Thursday, and will serve as a gauge of business activity in the region. Meanwhile, earnings are due from Nestle, Zurich Insurance, Iberdrola, Telefonica, Lloyds Banking Group, Rolls-Royce, WPP, Anglo American and Hargreaves Lansdown. Overnight, Japan's Nikkei hit a record high on Thursday, with investors shrugging off dismal business activity data from the country, while other Asia-Pacific markets traded in the green. S&P 500 futures rose in overnight trading Wednesday, boosted by a jump in Nvidia shares.

Persons: Hargreaves Lansdown, shrugging Organizations: Zurich Insurance, Iberdrola, Telefonica, Lloyds Banking Group, Royce, WPP, Nikkei, Nvidia Locations: Nestle, Asia, Pacific

☆ Southeast Asia markets are poised for a comeback with valuations at 'bargain basement,' Maybank says
▼ + stars: | 2024-01-22 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

Mohd Rasfan | Afp | Getty ImagesSoutheast Asia markets could see a turnaround in 2024 on the back of cheap valuations and potentially high economic growth, after losing some steam last year, according to Maybank. Improving growth, rising exports, a pick up in manufacturing and a better-than-expected outlook by Taiwan Semiconductor Manufacturing Company last week all mean that Southeast Asia markets are poised for a better year, said Thilan Wickramasinghe, head of research for Singapore at Maybank Investment Banking Group. "Southeast Asia really is a bargain basement of markets, when it comes to valuations," Wickramasinghe told CNBC's "Street Signs Asia." watch nowThe MSCI Southeast Asia index fell a little over 3% in 2023, compared with a more than 20% rise in the broader MSCI World index, whose top five constituents are U.S.-listed technology giants including Apple and Microsoft . The MSCI's Southeast Asia index was trading at about 13.21x its 12-month forward price-to-earnings ratio, according to data from MSCI, as of Dec. 29, compared with a 16.57x forward P/E for the MSCI World index.

Persons: Mohd Rasfan, Thilan Wickramasinghe, Wickramasinghe, CNBC's Organizations: 51st Association of Southeast Asian Nations, ASEAN, Afp, Getty, Maybank, Taiwan Semiconductor Manufacturing Company, Singapore, Maybank Investment Banking Group, Apple, Microsoft Locations: Philippines, Republic, Korea, Singapore, Asia

☆ A U.S. recession alone wouldn't 'dampen the story' of Southeast Asia, Maybank says
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA U.S. recession alone wouldn't 'dampen the story' of Southeast Asia, Maybank saysThilan Wickramasinghe, head of research for Singapore at Maybank Investment Banking Group, says that's because markets like Indonesia, Malaysia and Thailand are "strongly driven by domestic consumption."

Persons: Maybank, Thilan Wickramasinghe Organizations: Singapore, Maybank Investment Banking Group Locations: Southeast Asia, Indonesia, Malaysia, Thailand

☆ Biden administration plans to slash overdraft fees at big banks: 'I call it exploitation,' president says
▼ + stars: | 2024-01-19 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

The Consumer Financial Protection Bureau on Wednesday proposed a set of new rules that would slash the fees banks charge customers for withdrawing more than the available funds in their account. Americans have paid an estimated $280 billion in overdraft fees since 2000, according to data from the consumer watchdog agency. "For too long, some banks have charged exorbitant overdraft fees — sometimes $30 or more — that often hit the most vulnerable Americans the hardest, all while banks pad their bottom lines," President Joe Biden said in a statement. Overdraft fees affect some 23 million households in a given year, and the proposed cutbacks would save Americans about $3.5 billion annually, the CFPB says. Much of that money would theoretically return to the pockets of lower income bank customers: Consumer Reports says 8% of bank customers generate nearly 75% of banks' revenue from such fees.

Persons: Joe Biden Organizations: Consumer Financial, Biden, Consumer

Wells Fargo now says it pegs the odds of a recession at 40% in 2024. The Blue Chip Economic survey released last week echoed the bonhomie. More than two-thirds, 69%, of small business and 67% of midsize business leaders expressed optimism about their company’s performance. This week, members of Congress will learn the details and begin signaling whether the plan has the support of both houses. Meanwhile, in Davos, Switzerland, where many of the world’s leaders, business executives and others have gathered for the World Economic Forum’s 54th meeting, Chinese Premier Li Qiang delivered a bullish speech on China’s economic prospects.

Persons: –, Wells, “, ”, Wells Fargo, Sam Bullard, ” Bullard, JPMorgan Chase, Li Qiang Organizations: Federal Reserve, BCA Research, Federal Reserve Bank, Atlanta’s, University of Michigan, Wells, Investment Banking, JPMorgan, Capitol Locations: U.S, Davos, Switzerland

☆ Maybank Investment Banking Group's head of research discusses the prospects for ASEAN markets
▼ + stars: | 2023-12-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMaybank Investment Banking Group's head of research discusses the prospects for ASEAN marketsThilan Wickramasinghe, Maybank Investment Banking Group's head of research, says Singapore's DBS is a good stock to play the artificial intelligence investment theme.

Organizations: Maybank, Banking, ASEAN, Thilan, Maybank Investment Banking, DBS

Last Friday provided a split-screen view of the markets and the Federal Reserve. “Indeed, we look for the return of striking workers to add nearly 45K jobs to November’s payrolls. Wednesday brings the first measure of the November job market when private payroll firm ADP releases its monthly survey of employers. October came in at 150,000, a drop from the recent trend of around 200,000 jobs added per month. Consequently, we expect the post-meeting statement will keep the door open to the possibility of additional tightening this cycle.

Persons: Jerome Powell, Powell, ” William Blair, Richard de Chazal, that’s, de Chazal, –, payrolls, “, Sam Bullard, November’s, Bullard, Wells Fargo Organizations: Federal Reserve, Spelman College, “, Futures, United Auto Workers, UAW, Hollywood, Wells, Labor

☆ UK bars Abu Dhabi-backed group from acquiring Telegraph, pending review
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 1 (Reuters) - Britain's government on Friday blocked an Abu Dhabi-backed group from taking ownership of the media group that owns the Telegraph newspaper while its takeover bid is scrutinised by regulators over freedom of expression concerns. The government intervened in the planned deal on Thursday when it asked regulators to examine the deal. On Friday, culture and media minister Lucy Frazer set out an enforcement order preventing any transfer of ownership of the Telegraph Media Group without her permission and also stopping any changes of its structure or senior editorial staff. As well as the right-leaning Telegraph newspaper, the group owns the Spectator magazine. They are up for sale after Lloyds Banking Group in June seized control following a long-running dispute with owners, the Barclay family.

Persons: Lucy Frazer, Barclay, Jeff Zucker, Mansour bin Zayed Al Nahyan, Camilla Tominey, Tominey, William Schomberg, Nick Zieminski Organizations: Telegraph, Telegraph Media Group, Ofcom, Spectator, Lloyds Banking Group, IMI, CNN, United Arab Emirates, Thomson Locations: Abu Dhabi, UAE, Gulf

A lot of the spending was driven by deals and buy-now, pay-later programs. The Fed’s “beige book” report on the economy is out on Wednesday, and that will show how inflation is affecting businesses and consumers. But consumers continue to express concern over inflation that has left overall prices higher by about 18% since 2021. “With inflation falling as the Fed keeps rates unchanged, real interest rates continue to tighten,” said Richard de Chazal, macro analyst at William Blair. But consumers remain concerned about inflation and just how much will be seen on Tuesday when the Conference Board releases its consumer confidence index for November.

Persons: SpendingPulse, ”, Vivek Pandya, Signifyd, Richard de Chazal, William Blair, “ Organizations: Adobe Analytics, Adobe Digital, Consumers, Retailers, Federal Reserve, Fed, Wells, ”, Conference Board

[1/2] Former governor of Argentina's central bank, Luis Caputo, speaks during a news conference in Buenos Aires, Argentina May 4, 2018. In the meeting, however, Caputo declined to confirm that he would be the new economy minister, two of the sources said. The roadmap is orthodox and without crazy things," Caputo told the assembled bank representatives, according to a senior banking source who attended the meeting. Earlier on Friday, though, he said shutting the central bank was "non-negotiable". The second bank source said Caputo had discussed the need to fully attack inflation and lower the Leliq pile, though did not have details on how this would be done.

Persons: Luis Caputo, Marcos Brindicci, Javier Milei, Caputo, Milei, Mauricio Macri's, Javier Bolzico, ADEBA, Milei's, " Caputo, Jorgelina, Jorge Otaola, Adam Jourdan, Alistair Bell Organizations: REUTERS, La, Reuters, Thomson Locations: Argentina's, Buenos Aires, Argentina, BUENOS AIRES, Argentine, Rosario

☆ Japan's Mizuho applies to set up securities company in China
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +1 min

Mizuho Financial Group logo is seen at the company's headquarters in Tokyo, Japan August 20, 2018. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsBEIJING/TOKYO, Nov 23 (Reuters) - Japan's Mizuho Financial Group (8411.T) has sought to establish a securities company in China, becoming the latest foreign firm to make inroads into China's onshore securities market with a fully-owned entity. The China Securities Regulatory Commission has received the application from the securities arm of the third-largest Japanese banking group, according to a filing record issued on Wednesday from the regulator's website. The application comes as Mizuho is hoping to tap China's lucrative capital markets fee pool, the largest after the United States and Europe. Citigroup (C.N) and Standard Chartered (STAN.L) are also in the process of establishing securities units in China after Beijing allowed wholly-owned foreign securities companies in 2019.

Persons: Toru Hanai, Mizuho, Makiko Yamazaki, Jacqueline Wong, Mrigank Dhaniwala, Kim Coghill Organizations: Mizuho Financial, REUTERS, Rights, Mizuho Financial Group, China Securities Regulatory Commission, Citigroup, Standard Chartered, Sumitomo Mitsui Financial Group, Hong Kong, Thomson Locations: Tokyo, Japan, Rights BEIJING, TOKYO, China, Mizuho, United States, Europe, Beijing, Hong

Barclays Bank logo is seen in this illustration taken March 12, 2023. Tesco Plc and Tesco Bank declined to comment. It could not be established how much the proposed deal would value the Tesco Bank assets. Tesco Bank was launched in 1997 as a joint venture between the British supermarket group and Royal Bank of Scotland, with Tesco later taking full control of the company. Despite seeing it as a growth area in the past, Tesco has been scaling back its banking services, including no longer offering current accounts and offloading its mortgage portfolio to Lloyds Banking Group (LLOY.L).

Persons: Dado Ruvic, Amy, Jo Crowley, Pablo Mayo Cerqueiro, Lawrence White, Iain Withers, Anousha Sakoui, Jane Merriman Organizations: Barclays Bank, REUTERS, Barclays, Reuters, Tesco Bank, Tesco, Tesco Plc, British, Royal Bank of Scotland, Lloyds Banking Group, Thomson Locations: British, Kensington

☆ Portuguese bankers warn political instability could undermine reforms, public finances
▼ + stars: | 2023-11-16 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

Antonio Horta Osorio, CEO of Lloyds Banking Group, arrives at a garden party at Buckingham Palace, London, May 22, 2018. The government remains fully functional for the time being, at least until parliament has had its final vote on the 2024 budget on Nov. 29. He said reforms should create an environment for companies to achieve better results and compete more effectively globally. The 2024 budget projects economic growth will slow to 1.5% in 2024 from 2.2% expected this year and political instability may also delay public investment, such as using COVID recovery funds, and private investment. "Probably no one wants to invest when there is great instability," said Pedro Castro Almeida, CEO of Santander Portugal.

Persons: Antonio Horta Osorio, Simon Dawson, Portugal's, Antonio Costa, illegalities, Marcelo Rebelo de Sousa, Antonio Horta, Osorio, Miguel Maya, Pedro Castro Almeida, Paulo Macedo, Sergio Goncalves, Catarina Demony, Mark Potter Organizations: Lloyds Banking Group, REUTERS, Rights, Credit Suisse, bcp, Santander Portugal, Caixa Geral, Thomson Locations: Buckingham Palace, London, Rights LISBON, Lisbon, Portugal, Horta, Caixa, Depositos

☆ Portuguese Bankers Warn Political Instability Could Undermine Reforms, Public Finances
▼ + stars: | 2023-11-16 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

By Sergio GoncalvesLISBON (Reuters) - The resignation of Portugal's prime minister will trigger instability that could delay economic reforms, while making it harder for the country to keep a balanced budget and further reduce debt, bankers warned on Thursday. The government remains fully functional for the time being, at least until parliament has had its final vote on the 2024 budget on Nov. 29. He said reforms should create an environment for companies to achieve better results and compete more effectively globally. The 2024 budget projects economic growth will slow to 1.5% in 2024 from 2.2% expected this year and political instability may also delay public investment, such as using COVID recovery funds, and private investment. "Probably no one wants to invest when there is great instability," said Pedro Castro Almeida, CEO of Santander Portugal.

Persons: Sergio Goncalves LISBON, Portugal's, Antonio Costa, illegalities, Marcelo Rebelo de Sousa, Antonio Horta, Osorio, Miguel Maya, Pedro Castro Almeida, Paulo Macedo, Sergio Goncalves, Catarina Demony, Mark Potter Organizations: Credit Suisse, Lloyds Banking Group, Santander Portugal, Caixa Geral Locations: Lisbon, Portugal, Horta, Caixa, Depositos

People walk past the new headquarters of the European Bank for Reconstruction and Development (EBRD) in Canary Wharf, London, Britain, September 14, 2023. REUTERS/Alishia Abodunde/File photo Acquire Licensing RightsSummaryCompanies Move follows Hungary govt exit from Erste unitGovt raising financing for airport transactionExit 'good news' for sector's stability -EBRDBUDAPEST, Nov 15 (Reuters) - The European Bank for Reconstruction and Development is selling its 15% stake in Erste Group Bank's (ERST.VI) Hungarian unit back to the Austrian group after the Hungarian government's recent exit from the bank, a top EBRD official told Reuters. Austrian lender Erste said on Friday it was repurchasing a 15% stake in its Hungarian subsidiary, currently held by Hungarian state-owned Corvinus International Investments. Francis Malige, EBRD managing director of financial institutions, said the investment had been designed to help the Hungarian bank recapitalise while supporting a positive relationship with the authorities. "We received a call notice from Erste last Friday and are proceeding with the sale of our stake to the group, based on terms agreed during our 2016 investment."

Persons: Alishia, Viktor Orban, Marton Nagy, Francis Malige, Malige, Orban, Gergely Szakacs, Louise Heavens Organizations: European Bank for Reconstruction, REUTERS, Erste Group, Reuters, Economic, Budapest Airport, Austrian, Erste, International Investments, Erste Bank, Thomson Locations: Canary Wharf, London, Britain, Hungary, Erste, BUDAPEST, Austrian, Hungarian, Erste Bank Hungary

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