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SINGAPORE, Sept 14 (Reuters) - DBS Group (DBSM.SI) Chief Executive Piyush Gupta said current widespread pessimism about China's economy was not "overdone" but he was upbeat about India, where the bank plans to triple its business in the next five years. "There's some real headwinds in China in the short-term", he told a Reuters Newsmaker event in Singapore, noting the crisis in its debt-ridden property sector. DBS, Southeast Asia's largest bank by assets, aims to triple its business in India in the next five years, Gupta also said. The bank has been in India for nearly 30 years and operates about 530 branches in 19 Indian states, according to its website. Singapore has seen strong inflows from wealthy customers amid global uncertainty, including U.S.-China geopolitical tensions, due to the city-state's status as a financial safe-haven.

Persons: Piyush Gupta, Gupta, Yantoultra Ngui, Fanny Potkin, Scott Murdoch, Edwina Gibbs Organizations: DBS, Reuters, Shenzhen Rural Commercial Bank, UBS Group's, Credit Suisse, Thomson Locations: SINGAPORE, India, China, Singapore, Shenzhen, Asia's, Asia, East, U.S

☆ UBS wary of buying Credit Suisse in February, wanted more analysis - SEC filing
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

ZURICH, May 3 (Reuters) - UBS (UBSG.S) said it had concluded in February that buying its stricken rival Credit Suisse (CSGN.S) was not desirable, but that it should prepare in case the lender encountered "serious financial difficulties". In a filing to the U.S. Securities and Exchange Commission, UBS said it had been considering the potential impact of a Credit Suisse deal since December. In March, UBS agreed to take over Credit Suisse (CSGN.S) for 3 billion Swiss francs ($3.37 billion) and said it would assume up to 5 billion ($5.61 billion) in losses, as part of a rescue that is backed by as much as 250 billion Swiss francs of state support. UBS said in the filing that the merger still required approval from regulators in the European Union, India, Japan, Mexico and South Korea. Last month, UBS secured temporary approval from European Union antitrust regulators, while the U.S. Federal Reserve approved the UBS Group's acquisition of Credit Suisse's U.S. subsidiaries.

☆ Dollar edges lower ahead of Fed, BOE
▼ + stars: | 2023-03-21 | by ( ) www.cnbc.com time to read: +2 min

The dollar edged lower and sterling fell on Tuesday as traders reckoned banking stress would keep the Federal Reserve and the Bank of England from hiking rates much further, or at all, later in the week. But European banks rallied on Tuesday for a second consecutive day eased some of those fears following UBS Group's state-backed takeover of Credit Suisse. The dollar has followed those expectations lower, though general nervousness in financial markets has tempered selling. The greenback ticked about 0.51% higher to $1.0774 per euro , while the dollar index, which measures the U.S. currency against six peers, was 0.15% lower at 103.10. The Norwegian crown rose 0.35% to 10.6120 per dollar, after falling last week to its lowest level since early October.

March 20 (Reuters) - Shares of First Republic Bank (FRC.N) closed 47% lower on Monday, adding to recent losses as concerns about its liquidity continued to worry investors despite a $30 billion influx of deposits last week. The bank's stock fell as much as 50% and closed at $12.18 after the New York Stock Exchange halted it several times due to volatility. S&P Global downgraded First Republic deeper into junk status on Sunday and said the recent cash infusion from 11 large U.S. banks last week may not solve its liquidity problems. A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. First Republic Bank's stock market collapseFirst Republic's stock market value has collapsed by over 80% in the past 10 trading sessions due to fears of a bank run as a large proportion of the lender's deposits are uninsured.

March 20 (Reuters) - Shares of U.S. lender First Republic tumbled nearly 50% on Monday on fears it will need a second rescue to stay afloat, bucking a broader rally in bank shares driven by UBS Group's state-backed takeover of Credit Suisse. "First and foremost, the Credit Suisse, UBS merger certainly takes a lot of stress out of the global banking system." The 3 billion Swiss franc ($3.2 billion) deal for the troubled Swiss bank - which was once worth more than $90 billion - was engineered by Swiss regulators and announced on Sunday. European bank shares (.SX7P) rebounded from recent losses, while on Wall Street the S&P 500 banks (.SPXBK) index recovered 0.6%. [1/2] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland March 20, 2023.

March 20 (Reuters) - Shares of First Republic Bank (FRC.N) extended a recent slump on Monday with a 15% drop, after a report the regional bank could raise more money fanned worries about its liquidity despite a $30 billion rescue last week. On Sunday, Reuters reported that the lender was still trying to put together a capital raise but that no deal was imminent. Short sellers in First Republic made about $560 million profit on paper since last Monday, analytics firm Ortex said. The S&P 1500 regional banks index (.SPCOMBNKS) added nearly 3.4%, while S&P 500 banks (.SPXBK) gained 2.3%. A U.S. official told Reuters on Sunday that the deposit outflows that left many regional banks reeling in the wake of Silicon Valley Bank's failure had slowed and in some cases reversed.

In a package engineered by Swiss regulators on Sunday, UBS Group AG (UBSG.S) will pay 3 billion Swiss francs ($3.2 billion) for 167-year-old Credit Suisse Group AG <CSGN.S>, which was once worth more than $90 billion. European bank shares inched into positive territory (.SX7P) while shares in U.S. financial giants Citigroup (C.N) and JPMorgan Chase (JPM.N) rose 1.2% and 0.7% respectively. Investor focus had shifted to the massive blow some Credit Suisse bondholders will take, a new worry in a rolling banking sector crisis sparked by the collapse of midsize-U.S. lenders Silicon Valley Bank (SVB) and Signature Bank (SBNY.O) earlier this month. [1/2] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland March 20, 2023. QUESTIONS FOR UBSThe deal to buy Credit Suisse will make UBS Switzerland’s only global bank and the Swiss economy more dependent on a single lender.

In a package engineered by Swiss regulators on Sunday, UBS will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse Group AG (CSGN.S) and assume up to $5.4 billion in losses. Investor focus has now shifted to the massive blow some Credit Suisse bondholders will take, adding to anxiety about other banking sector risks including contagion and the fragile state of U.S. regional lenders. UBS acquiring Credit Suisse for 3 billion francs a week ago would have seemed like a terrific deal. Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland March 20, 2023. QUESTIONS FOR UBSThe deal to buy Credit Suisse will make UBS Switzerland’s only global bank and the Swiss economy more dependent on a single lender.

European bank shares slumped, with an index of leading lenders (.SX7P) down 5.8%. Credit Suisse shares slumped 62%, reflecting the huge loss its shareholders will see in their investment in the bank. Monetary authorities in Singapore and Hong Kong, where Credit Suisse hosts large regional offices, separately said the Swiss bank's business continued without interruption. And Credit Suisse urged its staff to go to work, according to a memo to staff seen by Reuters. Credit Suisse staff arriving to work in Hong Kong and Singapore on Monday morning, however, fretted about retrenchments and retaining business.

The biggest cryptocurrency rose as far as $28,567, its highest since mid-June, and was last up 0.9%, amid growing expectations that central banks would slow the pace of interest rate hikes. Top central banks, faced with the risk of a fast-moving loss of confidence in the stability of the financial system, moved on Sunday to bolster the flow of cash around the world. Other market players predicted that bitcoin would benefit from central bank efforts to bolster liquidity in the global financial system. It rose to a record of $69,000 in November 2021 after central banks and governments launched unprecedented monetary and fiscal stimulus measures. Reporting by Tom Wilson in London and Georgina Lee in Hong Kong; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ ECB's Holzmann waters down call for three more rate hikes
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

VIENNA, March 20 (Reuters) - European Central Bank (ECB) policymaker Robert Holzmann on Monday watered down his recent call for three further interest-rate increases of 50 basis points in quick succession. Holzmann, who heads the Austrian National Bank, told German business daily Handelsblatt two weeks ago the ECB should raise rates by 50 basis points at each of its next four meetings because inflation was proving stubborn. That was a likely reference to how higher central bank rates and jitters in the banking sector tend to have the same effect by discouraging lending and cooling economic activity. Similarly, Holzmann said that since his Handelsblatt interview liquidity in the financial system had decreased, referring to banking stocks' recent fall on fears of a new banking crisis. Reporting by Francois Murphy and Alexandra Schwarz-Goerlich; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Citadel sees limited impact on energy demand from banking crisis
▼ + stars: | 2023-03-20 | by ( Julia Payne | ) www.reuters.com time to read: +2 min

LAUSANNE, Switzerland, March 20 (Reuters) - U.S. hedge fund Citadel expects a tighter credit environment following the latest banking crisis but so far the economic decline is not enough to plunge commodities into the abyss, its head of commodities told Reuters. The hedge fund giant, which was based in Chicago but recently moved to Miami, manages roughly $60 billion in assets. We need to have a 5-6% global GDP cut to have a major impact on commodities," he said. Citadel, run by billionaire Ken Griffin, ended 2022 with a $16 billion gain last year, the biggest profit ever earned by a hedge fund. "The macro backdrop remains an unanswered question as OPEC assesses impact on demand.

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