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☆ Credit Suisse rescue creates bank twice the size of Switzerland's economy
▼ + stars: | 2023-03-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

London CNN —The last-minute rescue of Credit Suisse may have prevented the current banking crisis from exploding, but it’s a raw deal for Switzerland. An aerial view of the headquarters of Credit Suisse, center, and UBS, left, at Paradeplatz in Zurich, Switzerland on Sunday, 19 March, 2023. Credit Suisse is “part of Switzerland’s identity,” said Hans Gersbach, a professor of macroeconomics at ETH university in Zurich. “The Credit Suisse Swiss bank is a fine asset that we are very determined to keep,” Kelleher said Sunday. Integration is difficultAt $3.25 billion, UBS got Credit Suisse for 60% less than the bank was worth when markets closed two days prior.

☆ A real estate investor who grosses more than $100,000 in monthly rental income explains the kind of account he uses that safeguards his money better than an FDIC-insured account would
▼ + stars: | 2023-03-22 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

To better protect his cash, an investor bringing in six figures a month uses a "DIF member bank." The Depositors Insurance Fund (DIF) is a private insurance fund that banks can pay for to provide extra insurance to their customers. "The FDIC covers you for the first $250,000, but DIF covers you for anything over that," the real estate investor, who grosses over $100,000 per month from rental income, told Insider. That doesn't mean you have to live in Massachusetts to use a DIF member bank. As the DIF website explains: "Several DIF member banks have branches in neighboring states.

So You Want to Turn an Office Building Into a Home? There’s an appealing simplicity to the idea of converting office buildings into housing. Basically, they did this:How to Turn a 26-story Office Building Into a 30-story Apartment Building Cut a hole through 23 floors of the building. How to Turn a 26-story Office Building Into a 30-story Apartment Building Cut a hole through 23 floors of the building. That could change with tax abatements and subsidy programs, or if outdated office buildings lose so much value that the cost of acquiring them plummets.

☆ Credit Suisse investor loses faith in management over cash outflows
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +3 min

Thomae said investors were particularly disappointed that withdrawals had continued after Credit Suisse CEO Ulrich Koerner and Chairman Axel Lehmann had said the situation had stabilised. Deka, which is owned by Germany's unlisted savings banks, holds a stake of 0.02% in Credit Suisse, according to Refinitiv data. Credit Suisse shares rebounded on Friday, gaining nearly 4% after losing nearly 15% on Thursday when shareholders took fright at results described by one shareholder as "catastrophic." The market is still wondering what the risk/return profile of “New Credit Suisse” will look like," Venditti said. Ratings agencies said Credit Suisse had 'some momentum' in its restructuring, including disposing of non core assets and slashing costs, but faced significant risks ahead.

Read our review Read Our Review A looong arrow, pointing rightCiti vs. Bank of America Savings Account ComparisonsCiti offers two savings accounts — Citi® Accelerate Savings and the Citi® Savings Account. Meanwhile, the Bank of America Advantage Savings Account may be a better choice if you find it easier to waive monthly service fees at Bank of America. Bank of America, Member FDICBank of America Advantage Savings Account Learn more at Bank of America's secure site. Citi Fixed Rate CD 3.25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.25 out of 5 Stars Annual Percentage Yield (APY) 0.05% to 4.15% Minimum Deposit Amount $500 View Full Details Learn moreCiti Fixed Rate CD 3.25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.25 out of 5 Stars Annual Percentage Yield (APY) 0.05% to 4.15% Minimum Deposit Amount $500 View Full Details Learn more at Citi's secure site. Winner: Bank of America Bank of America wins in this category since it is more likely to address customer issues, but keep in mind it's also been involved in public controversies.

Read our review Read Our Review A looong arrow, pointing rightCiti vs. Bank of America vs. Chase Ssavings Account ComparisonsSee how Citi, Bank of America, and Chase savings accounts compare. Citi® Accelerate Savings Bank of America Advantage Savings Account Chase Savings℠ APY 3.85% (vary by location) 0.01% to 0.04% 0.01% effective as of 10/10/2022. Winner: Bank of America and Citi Bank of America and Citi tie in this category because their savings accounts stand out for different reasons. Citi Fixed Rate CD 3.25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.25 out of 5 Stars Annual Percentage Yield (APY) 0.05% to 4.15% Minimum Deposit Amount $500 View Full Details Learn moreCiti Fixed Rate CD 3.25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.25 out of 5 Stars Annual Percentage Yield (APY) 0.05% to 4.15% Minimum Deposit Amount $500 View Full Details Learn more at Citi's secure site. Which bank of the three, Citi, Bank of America, or Chase, is the safest?

Shares in EnBW rose 5.5% after the news to end the day at their highest level in five weeks. The savings banks in Baden-Wuerttemberg, where EnBW is based, are part of the final bidding round, their president Peter Schneider said last week. KfW, EnBW and CIP declined to comment. EnBW Chief Financial Officer Thomas Kusterer in November said EnBW hoped to conclude the sales process in early 2023. ($1 = 0.9297 euros)Reporting by Christoph Steitz and Markus Wacket Editing by Miranda Murray and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ I've made millions with real-estate investments despite starting out with $45,000 of debt. Here's how I scaled my business.
▼ + stars: | 2023-02-07 | by ( Alexandra Habdank | Nathan Rennolds | Business Insider Deutschland | ) www.businessinsider.com time to read: +5 min

Maximilian Reidl found himself 42,000 euros in debt in his early 20s. He paid off his debt after buying and selling a property for a 100,000 euro profit. I was overweight, I drank too much alcohol, and I had to find a way to pay off my debt. I knew the real-estate market well as I was the real-estate officer at the bank. I've made mistakes in my investmentsThe biggest loss I've had so far was around 100,000 euros.

That year, my father made another $900 in interest, and learned the value of saving money. At the end of the summer, my dad discovered he had made $2,000 in salary and tips. My great-grandmother helped my father see the value of savingMy great-grandmother immigrated to New York from Italy as a child. These lessons remain with my father today as he continues to saveWhile CD rates vary over time, the lesson to value saving over spending stuck with my father. My great-grandmother imparted the lesson that just because you have the money to buy something, doesn't mean you have to buy it.

☆ Postal Savings Bank of China to provide $39 bln of property sector financing
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 24 (Reuters) - Postal Savings Bank of China has agreed to provide a total of 280 billion yuan ($39.17 billion) in financing to property companies including Vanke, Longfor and Country Garden, it said in a statement on Thursday. ($1 = 7.1479 Chinese yuan renminbi)Reporting by Ziyi Tang and Ryan Woo Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ China's Country Garden gets new credit line of up to $7 bln - Securities Times
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Nov 24 (Reuters) - Major Chinese developer Country Garden (2007.HK) has signed a contract with the Postal Savings Bank of China (1658.HK) for a credit line of up to 50 billion yuan ($7.0 billion), Securities Times reported on Thursday. The credit line will be used for loans for land development, mergers and acquisitions, and mortgage financing, it said. On Wednesday, three other commercial banks agreed to provide fundraising support to property developers, including industry giant Vanke , in a coordinated effort to support the country's embattled property sector. read more($1 = 7.1429 Chinese yuan renminbi)Reporting by Xie Yu; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

HONG KONG/BEIJING, Nov 24 (Reuters) - China's biggest commercial banks have pledged at least $162 billion in fresh credit to property developers, bolstering recent regulatory measures to ease a stifling cash crunch in the sector and triggering a rally in property shares. Three state-owned banks lined up around $131 billion worth of credit lines to developers on Thursday, a day after three other lenders committed $31 billion, responding to Beijing's call for support. The massive, coordinated injection of liquidity into the property sector buoyed the shares of major developers on Thursday. PSBC late on Thursday announced that it would provide a total of 280 billion yuan in financing to Country Garden as well as others. China Construction Bank Corp (601939.SS) signed cooperative agreements with eight property developers, including Vanke, Longfor and Midea, financial media outlet Yicai reported.

☆ Hungary govt caps interest rates on large commercial bank deposits
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

Marton Nagy, a former central bank deputy governor, told state news agency MTI that the step was aimed at investors who took advantage of high central bank rates by investing their money in central bank deposits through commercial banks. These investors made use of high central bank rate and "they realized a risk-free interest rate of up to 18% that was, in the end, paid by the state," Nagy said. The central bank did not immediately respond to questions from Reuters on the new regulation. There will be a segment of the economy where high interest rates will not apply as some market participants will not be able to access them," Peter Virovacz, senior economist at ING said. The government has already introduced regulation on interest rates on certain loans.

Compare Citi and Bank of America CitiBank of America Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Read our review Read Our Review A looong arrow, pointing rightCiti vs. Bank of America savings account comparisonsCiti offers two savings accounts — Citi® Accelerate Savings and the Citi® Savings Account. Meanwhile, the Bank of America Advantage Savings Account may be a better choice if you're only looking to open a savings account or find it easier to waive monthly service fees at Bank of America. Other fees depend on which checking account you link to your savings account Dash icon A dash. Winner: Bank of America Bank of America wins in this category since it is more likely to address customer issues, but keep in mind it's also been involved in public controversies.

☆ Spain's banks seek extending lifespan of mortgages for vulnerable households
▼ + stars: | 2022-10-19 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

MADRID, Oct 19 (Reuters) - Spanish lenders are open to extending loan repayments for vulnerable households that experience a rise of at least 30% in variable mortgage costs, three sources with knowledge of the matter said on Wednesday. The proposal is part of a wider set of measures aimed at helping exposed families cope with an increase in interest rates and rising cost of living that banks are discussing with government. "Households earning not more than 24,300 euros a year would be eligible to extend the lifespan of mortgage repayments," one of the sources said. The banking association AEB and the savings banks association CECA declined to comment. "As it stands with this proposal, you may even end up paying more interest in the long term", Suarez said.

☆ Big Chinese banks pledge enhanced support for economy as Xi sounds call for growth
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 17 (Reuters) - China's six largest state-owned banks vowed they will enhance support to the slowing economy, in response to President Xi Jinping's call for a high-quality economic growth at the opening of a critical Communist Party Congress. Their pledges of support came after Xi opened the once-in-five-year party Congress in Beijing with a speech on Sunday morning in which he said China would aim for high-quality economic growth and will unwaveringly support the private economy. The world's second-largest economy narrowly avoided contracting in the second quarter, weighed by widespread COVID-19 lockdowns and the slumping property sector. During the third quarter, banks ramped up credit support to property industry, infrastructure sector and small- and midsized businesses. China's big state-owned banks are usually the quickest to respond to the government's policy directions.

☆ Caixabank proposes sector-wide freeze in variable mortgage costs, source says
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

MADRID, Oct 11 (Reuters) - Caixabank (CABK.MC), Spain's biggest lender by domestic assets, has proposed a sector-wide measure to cushion the rise in payments on variable mortgage contracts for a year, a source with direct knowledge of the matter said on Tuesday. The source said that the proposal was being debated among lenders and could still change. Register now for FREE unlimited access to Reuters.com RegisterThe Spanish banking association (AEB), the country's economy ministry and Caixabank declined to comment. The association for savings banks CECA, of which Caixabank is a member, was not immediately available for comment. Caixabank is the market leader in the mortgage business in Spain with a 25.4% share as of June.

☆ JPMorgan doubles down on UK retail bank Chase
▼ + stars: | 2022-09-27 | by ( Iain Withers | ) www.reuters.com time to read: +4 min

JPMorgan said it had attracted one million customers and more than 10 billion pounds ($10.8 billion) of deposits to its UK mobile app bank since its launch last September. read more"We want to be international, starting with the UK," Sanjiv Somani, UK chief executive of Chase, said in an interview at the bank's UK headquarters in Canary Wharf in London on Friday. The retail banking revenue pool is in the trillions, even outside the U.S."He declined to say where Chase might launch next. Somani started his career in retail banking in India helping Citi launch a much simpler version of a 'digital bank' - one that would text you your bank balance. Germany's N26 quit the country after just two years, while Citi axed its UK retail bank last week.

The annual energy price increase in Germany in August on average was 139%, latest producer price data showed this week. In a BDI survey of 593 businesses, more than a third said their existence was threatened by higher energy prices, up from 23% in February. Industry group VKU has also joined the chorus of concern, warning that local utilities faced insolvency due to high energy prices and possible defaults from their customers. read moreThe head of the German Chemicals Industry Association VCI on Tuesday said rising energy prices were a "huge alarm call" for Germany as a place to do business. He welcomed Buschmann's initiative to relax insolvency rules but added that suspending them outright again would be a "serious mistake".

Citizens Savings Bank and Trust bank accounts Citizens Savings Bank and Trust Company Heritage Savings AccountCitizens Savings Bank and Trust Company Foundation Checking AccountCitizens Savings Bank and Trust Company Certificate of DepositCitizens Savings Bank and Trust Company Personal Premium Money Market Account Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. How Citizens Savings Bank and Trust WorksCitzens Savings Bank and Trust is designated as a minority-led credit union (MDI) by the NCUA. Citizens Savings Bank and Trust vs. Hope Credit UnionHope Credit Union doesn't have any Tennessee branches outside of Memphis, so Citizens Savings Bank and Trust is the clear choice if you live in Nashville. Citizens Savings Bank and Trust vs. Tri-State Bank of MemphisYou'll want to go with Citizens Savings Bank and Trust if you live in Nashville, because the Tri-State Bank of Memphis is only in Memphis. Is Citizens Savings Bank and Trust a good bank?

☆ EXCLUSIVE/ Investigation: Lucinschi’s mass-media financed with the money from Savings Bank of Moldova. The prosecutors confirmed the existence of a criminal file.
▼ + stars: | 2012-11-28 | by ( ) moldova24.info time to read: +6 min

Today.md optained several documents and information which demonstrate that Chiril Lucinschi’s mass-media company was financed with money from the Savings Bank of Moldova. Mostly, Ilan Sor at Vlad Filat’s order withdrawn $ 440,000 from the banking system and transferred the money into Lucinschi’s company bank accounts. Sor only took the money from Russians for Chiril meanwhile covering the loans with money from Savings Bank of Moldova, Social Bank and UNIBANK. loan, given by REGIONALINAYA FINANSOVAYA COMPANYA OAO (bank accounts at GAZPROMBANK), to the stockholder at Savings Bank of Moldova (loan that helped at increasing capital). More than that RISE investigation demonstrated that Chiril Lucinschi is the direct beneficiary, although he tried to hide himself behind intermediary persons.

Persons: Today.md, Ilan Sor, Vlad Filat’s, Natalia Morari’s, HEZBURG, Petru Lucinschi, Money, Natalia’s, UNIBANK, Ilan Shor’s, Sor, ALEXANDRU, Banca Sociala, Veaceslav, Veaceslav Platon, Vlad Filat, REGIONALINAYA FINANSOVAYA, Lucinschi, Morari, Platon, Radu Gutu, Chiril Lucinschi, Chiril, Viorel Morari, SBM, Igor Cijov Organizations: Savings Bank of Moldova, –, TOM, ABVL BANK, AS PRIVATBANK, Project Agency, Verwaltungs, UND, Social Bank, MOLDCLASSICA INTERNATIONAL, CONTRADE, Russian Federation, TV7, TNT, Banca, Social Bank ., Chiril, UNIBANK, CHESTER NZ, Bank, SBM, TNT BRAVO, ANALITIC MEDIA, BRAVO TV LLC, BRAVO, Agency, ION RUSU Locations: Netherlands, Moldavian, Lucinschi, Moldindconbank, GAZPROMBANK, Republic of Moldova

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