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☆ Israel's First International Bank Q3 profit dips, default provision jumps
▼ + stars: | 2023-11-29 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

FIBI, Israel's fifth largest bank, also said on Wednesday it would keep unchanged its dividend policy of paying out 50% of annual net profit. Net profit for the July-September quarter was 455 million shekels ($124 million), down from 467 million shekels a year earlier. FIBI said it had 165 million shekels in credit loss expenses in the quarter, versus 43 million the previous year. FIBI recorded a non-interest financing expense of 1 million shekels in the quarter versus income of 48 million the year before. FIBI said its board approved a dividend distribution of 90 million shekels.

Persons: Baz Ratner, FIBI, Smadar Barber, Steven Scheer, Mark Potter Organizations: International Bank of Israel, REUTERS, Rights, Bank of, Thomson Locations: Jerusalem, Bank of Israel

☆ Asia's first ETF tracking Saudi equities debuts in Hong Kong
▼ + stars: | 2023-11-29 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

Bull statues in front of screens showing Hong Kong stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 29 (Reuters) - A new exchange-traded fund (ETF) tracking Saudi equities made its trading debut in Hong Kong on Wednesday, becoming the first product of its kind in Asia amid warming bilateral relations between China and Saudi Arabia. The ETF, called CSOP Saudi Arabia ETF (2830.HK), is managed by Hong Kong-based CSOP Asset Management. "Today is a milestone in our financial cooperation with Saudi Arabia," said Hong Kong Financial Secretary Paul Chan at a launch event. Through the ETF, investors in Hong Kong will be able to trade Saudi stocks including the oil giant Saudi Aramco (2222.SE) and the Saudi National Bank (1180.SE) in Hong Kong dollars or Chinese yuan.

Persons: Tyrone Siu, CSOP, Paul Chan, Yazeed, Humied, PIF, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, Saudi, Saudi Arabia ETF, HK, Management, Public Investment Fund, Hong, Hong Kong Financial, FTSE, Saudi Aramco, Saudi National Bank, Reuters, Hong Kong Stock Exchange, bourse, ETF, People's Bank of China, Saudi Central Bank, Thomson Locations: Hong Kong, Exchange, China, HONG KONG, Asia, Saudi Arabia, Saudi, FTSE Saudi Arabia, Europe, East, Africa, Beijing, Riyadh

☆ Global watchdog proposes detailed climate disclosures from banks
▼ + stars: | 2023-11-29 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The Basel Committee of banking regulators from G20 and other economies proposed climate-related disclosures by banks to make it easier for investors to also compare climate exposures at lenders, and ensure banks hold enough capital to remain stable. The proposals provide more detailed banking sector climate-related disclosures to supplement broader corporate disclosures agreed at the global level by the International Sustainability Standards Board. Not all countries will apply ISSB disclosures, however, and it is unclear how Basel's disclosures would dovetail with corporate climate disclosures the European Union has finalised. Draft U.S. corporate climate disclosures from the Securities and Exchange Commission face heavy pushback from companies which want to ditch the inclusion of so-called Scope 3 greenhouse gas emissions produced by a company's customers. "For banks, financed emissions are often the most significant part of their total GHG emissions."

Persons: Amanda Perobelli, Huw Jones, Tomasz Janowski Organizations: Committee, International Sustainability, Union, Securities and Exchange Commission, Thomson Locations: Amazonia, Nova Xavantina, Mato Grosso, Brazil, Basel

☆ A sales practice at American Express is under scrutiny. Here's what we know about the investigation.
▼ + stars: | 2023-11-29 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +12 min

It's not clear how much scrutiny the company is under for management's role in developing and training employees to sell the product. Subpoenas are issued to compel parties such as company executives and employees, or former employees, to appear for interviews or turn over documents. In July, the OCC assessed a $15 million civil penalty against American Express National Bank. The IRS is also involvedBrooklyn attorneys are coordinating their criminal investigation alongside the IRS's criminal-investigation unit, the people BI spoke with said. Sinking morale among some sales employeesThe investigations are taking a toll on Amex's results-driven culture, current and former sales employees told BI, because compliance staff have gotten more involved in the sales process.

Persons: Amex, hadn't, salespeople, It's, Adam Isserlis, Isserlis, John Marzulli, Brian Morris, Hiral Mehta, Morris, Boies, Boies Schiller Flexner, Seth DuCharme, Charles Blazer, he's, Mehta, Hiral, Brian Organizations: American Express, Business, Justice, New York State Department of Financial Services, BI, Brooklyn, Eastern, of, OCC, American Express National Bank, Consumer Financial, Justice Department, Department of Financial Services, Department of Justice, IRS, Federal Deposit Insurance Corp, FDIC's, Government, Costco, Securities, Eastern District, Department of Homeland Security, Boies Schiller, FIFA, Taco Bell Locations: Brooklyn , New York, of New York, Eastern, Brooklyn

☆ Argentina's Milei taps ex-central banker Caputo to fix economy in crisis
▼ + stars: | 2023-11-29 | by ( Jorgelina Do Rosario | Thomson Reuters | Jorgelina Do Rosario Is Emerging Markets Correspondent At Reuters Based In London | ) www.reuters.com time to read: +2 min

Former governor of Argentina's central bank, Luis Caputo, speaks alongside Economy Minister Nicolas Dujovne during a news conference in Buenos Aires, Argentina May 4, 2018. REUTERS/Marcos Brindicci/File Photo Acquire Licensing RightsBUENOS AIRES, Nov 29 (Reuters) - Argentina President-elect Javier Milei will appoint Luis Caputo as his economy minister, he said in a radio interview on Wednesday in Buenos Aires, after a two-day trip to the United States. "The minister of economy will be Luis Caputo," Milei told Radio La Red, although his office has yet to officially confirm the nomination. This will not be the first time for Caputo, a former Wall Street banker, as a government official. The economist was later appointed as central bank governor in 2018.

Persons: Luis Caputo, Nicolas Dujovne, Marcos Brindicci, Javier Milei, Caputo, Milei, elect's, Mauricio Macri's, Jorgelina, Adam Jourdan, Bernadette Baum, Mark Porter Organizations: REUTERS, Radio La, Monetary Fund, Wall Street, IMF, Thomson Locations: Argentina's, Buenos Aires, Argentina, BUENOS AIRES, United States, dollarizing Argentina, Milei, Washington, Rosario

☆ Cramer examines why bank stocks performed poorly this year
▼ + stars: | 2023-11-28 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Tuesday explained why the regional and national banking sector has performed poorly this year. Cramer said part of traditional banks' issues stem from fear of regulators, who have become more aggressive. He added that regional banks should consider mergers to cut costs. But Cramer also stressed many banks' inability to modernize, saying they "simply missed an entire generation of customers." Cramer also wondered why banks "ceded" point-of-sale business to companies like Toast , a cloud-based restaurant management outfit.

Persons: CNBC's Jim Cramer, they've, Cramer, Banks, Heck Organizations: PayPal

☆ China economy: PBOC governor says focus will be on ‘high-quality, sustainable’ growth
▼ + stars: | 2023-11-28 | by ( Laura He | ) edition.cnn.com time to read: +4 min

“High-quality, sustainable growth is far more important.”The country is moving away from manufacturing and real estate, its traditional drivers of growth, towards a newer economic model driven by consumption and services, he added. “I’m confident China will enjoy healthy and sustainable growth in 2024 and beyond.”His remarks come at a time when China is battling a protracted recession in its vast real estate sector. But the country’s real estate sector is still struggling with sluggish sales and falling home prices. “China’s real estate market is experiencing some adjustments,” he said. The regulators have also introduced a raft of measures to stabilise the real estate industry, including reducing mortgage rates for home buyers.

Persons: Pan Gongsheng, “, Pan, “ I’m, ”, Stringer Organizations: Hong Kong CNN, People’s Bank of, “, Getty Locations: Hong Kong, “ China, People’s Bank of China, China, “, Fuyang, China's, Anhui, AFP, Wuhan, Hubei

One Russian banking source close to the Russian central bank said receiving revenue in a non-convertible currency with little value outside India was "pointless". They said, however, the problem remained of finding a viable alternative to the dollar, and that the problems affect buyers in Africa, China and Turkey which have become top buyers of Russian oil. The biggest issue, however, concerns India, which has been buying more than 60% of Russian seaborne oil, according to LSEG data and Reuters calculations. India's top refiner Indian Oil Corp (IOC.NS) is struggling to settle some payments, mainly for the purchase of Russia's light, sweet Sokol grade from the Sakhalin 1 project. From October, several UAE banks have tightened control over Russia-focused clients to ensure compliance with the price cap, according to five oil trading and bank sources.

Persons: Yang Mei Hu, Tatiana Meel, Ivan Nosov, Sokol, YUAN, Barbara Lewis Organizations: COSCO Shipping, REUTERS, U.S ., UAE, Reuters, Indian Oil Corp, Sokol, IOC, UAE dirhams, Thomson Locations: Nakhodka, Russia, Ukraine Russian, MOSCOW, DELHI, Ukraine, India, Russian, Hong, Africa, China, Turkey, Washington, Moscow, United States, Russia's, Sakhalin, UAE

While high interest rates have boosted the banks' lending margins, residential mortgages, auto loans and commercial real estate loans have slowed as consumers and businesses pulled back. With interest rates forecast to remain high, renewal of the mortgages will squeeze household budgets. Banks are also rethinking lending to industries sensitive to high interest rates, from condo development to office space. "We want to make sure we have some kind of confidence when a project is going to go ahead," said Victoria Girardo, Canadian Western Bank's (CWB.TO) VP in real estate lending. "That is creating liquidity issues across the real estate developer space.

Persons: Carlos Osorio, Ebrahim Poonawala, Mike Rizvanovic, Rizvanovic, Banks, Victoria Girardo, Nigel D'Souza, Nivedita Balu, Mark Porter Organizations: Bank of Montreal, REUTERS, Rights TORONTO, U.S, National Bank, Bank, Veritas Investment Research, Thomson Locations: Toronto , Ontario, Canada, Toronto

☆ Most Gulf markets in the red on falling oil prices
▼ + stars: | 2023-11-26 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed/File Photo Acquire Licensing RightsNov 26 (Reuters) - Stock markets in the Gulf ended lower on Sunday in response to Friday's fall in oil prices, although the Saudi index bucked the trend to trade higher. Oil - a catalyst for the Gulf's financial markets - fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium. Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.8%, with top lender Commercial International Bank (COMI.CA) losing 2%. Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, ending two sessions of losses, helped by a 1.2% rise in Elm Company (7203.SE).

Persons: Joe Biden, Hamad I Mohammed, Ateeq, Louise Heavens Organizations: Bahrain Bourse, U.S, REUTERS, Stock, Qatar Islamic Bank, Industries Qatar, Commercial International Bank, Elm Company, Thomson Locations: Bahrain, Manama, Saudi, Gaza, Qatar, OPEC, Saudi Arabia, Ateeq Shariff, Bengaluru

[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

☆ ECB's Holzmann tells paper he wants cut in PEPP reinvestments from March
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: 1 min

European Central Bank policymaker and Governor of the Austrian National Bank Robert Holzmann addresses the media in Vienna, Austria, March 23, 2023. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsVIENNA, Nov 24 (Reuters) - European Central Bank policymakers should discuss at their meeting next month whether to wind down bond reinvestments under the Pandemic Emergency Purchase Programme early, Austrian Governor Robert Holzmann said in remarks published on Friday. "My suggestion would be to reduce reinvestments step by step as of March," Holzmann told Austrian newspaper Die Presse. Those reinvestments are slated to run until the end of 2024 but some policymakers have made the case for starting to wind them down early. Reporting by Francois Murphy; editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Austrian National Bank Robert Holzmann, Leonhard Foeger, Robert Holzmann, Holzmann, Francois Murphy, Christina Fincher Organizations: European Central Bank policymaker, Austrian National Bank, REUTERS, Rights, Central Bank, Austrian, Die Presse, Thomson Locations: Vienna, Austria, Austrian

With the Canadian economy showing signs of a slowdown, money markets are pricing in the first interest rate cuts since March 2020 as soon as April, which would bring down mortgage costs. Still, more home buyers took out fixed-rate mortgages in September compared with a year ago, eschewing variable rate mortgages where the interest rate varies based on current market rates. Since then, the central bank has raised the key interest rate to a 22-year high of 5% in July. The share of fixed rate loans among five-year and three-year mortgages rose to 68% in August compared with 32% a year ago. In the first three weeks of November, 79% of mortgage seekers in Canada opted for a fixed mortgage, said Hanif Bayat, CEO of financial data firm Wowa Leads.

Persons: you've, Macklem, Sophie Tremblay, Hanif Bayat, Wowa, Carolyn Rogers, Rogers, Ryan Sims, William Coyle, Nivedita Balu, Denny Thomas, Deepa Babington Organizations: TORONTO, Bank, Bank of Canada, Montreal, NEW, National Bank analysts, BoC, The Mortgage Group Inc, Bank of, Thomson Locations: Canada, Niagara, Huntsville, Toronto

☆ EU executive approves 900 mln euros in funds for Hungary
▼ + stars: | 2023-11-23 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

EU support is crucial to Ukraine, which has been struggling to push back a full-scale Russian invasion since February 2022. EU officials said Hungary's amended recovery plan is worth a total of 10.4 billion euros over several years - or about 5% of Hungary's 2023 GDP - including 4.6 billion euros under RePowerEU: 0.7 billion euros in grants and 3.9 billion in loans. EU officials said Hungary would use the RePowerEU money to modernise its electricity sector through smart metres and digitalisation of energy companies. EU officials expected two payments of around 460 million euros each to follow next year. EU officials told Reuters last month that the bloc was considering unlocking aid for Hungary to win Budapest's support for Ukraine.

Persons: Laszlo Balogh, Viktor Orban, Orban, Gabriela Baczynska, Toby Chopra Organizations: Hungarian, European Union, National Bank of Hungary, REUTERS, Ukraine EU, European Commission, Ukraine, Kyiv, Fidesz, Reuters, Thomson Locations: Budapest, Hungary, Ukraine, BRUSSELS, Brussels, Russia, EU, Moscow

☆ Bankrupt WeWork enters financing agreements with certain lenders
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

A WeWork logo is seen outside its offices in the Queens borough of New York City, U.S., November 7, 2023. WeWork, once the most valuable U.S. startup, struggled to achieve profitability as a rise in work-from-home trends following the pandemic soured demand for its shared office spaces. The financing could be as much as $682.5 million but it could also be smaller than that depending on other conditions, WeWork said, adding that the parties have agreed to provide the financing individually and not jointly. The company also said the financing agreement was dependent on fulfilling certain conditions, including the approval of the Bankruptcy Court. WeWork entered bankruptcy with about $164 million of cash on hand, according to court filings.

Persons: Shannon Stapleton, WeWork, Bhanvi, Devika Organizations: REUTERS, Goldman Sachs International Bank, JPMorgan Chase Bank, SoftBank, Thomson Locations: Queens, New York City, U.S, Bengaluru

☆ Most Gulf markets gain on rising oil prices
▼ + stars: | 2023-11-19 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

REUTERS/Christopher Pike Acquire Licensing RightsNov 19 (Reuters) - Most stock markets in the Gulf ended higher on Sunday in response to Friday's rise in oil prices, with the Saudi index rising for a fourth consecutive session. Oil prices - often a catalyst for the Gulf's financial market - jumped more than 4% on Friday, rebounding from a 4-month low, with U.S. sanctions on some Russian oil shippers lending support. Saudi Arabia's benchmark index (.TASI) gained 0.5%, with oil giant Saudi Aramco (2222.SE) gaining 0.3% and the country's biggest lender Saudi National Bank (1180.SE) advancing 1.5%. In Qatar, the index (.QSI) closed 0.2% higher, helped by a 1% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA). Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.1%, buoyed by a 3.8% jump in Commercial International Bank (CIB) (COMI.CA).

Persons: Joe Biden, Christopher Pike, Kristalina Georgieva, Ateeq, Alex Richardson Organizations: Dubai Financial, United Arab Emirates, REUTERS, Saudi, Saudi Aramco, Saudi National Bank, Qatar National Bank, Gulf Cooperation Council, U.S . Federal Reserve, International Bank, CIB, Egypt's, European Bank for Reconstruction, Monetary Fund, Reuters, Thomson Locations: Dubai, United Arab, Saudi, Qatar, Israel, Ateeq Shariff, Bengaluru

Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The surge in their borrowing from Chinese banks has catapulted the yuan past the euro into becoming the second-biggest currency used in global trade finance, providing a fillip to Beijing's ambitions to internationalize the yuan. "Panda bonds are steadily promoting the renminbi's function as a funding currency", the People's Bank of China (PBOC) said a report last month. German automaker Volkswagen Group (VOWG_p.DE) told Reuters it will use its inaugural 1.5 billion yuan panda bond proceeds only for its onshore China business. ($1 = 7.2421 Chinese yuan renminbi)Reporting by Samuel Shen and Rae Wee Editing by Vidya Ranganathan and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Yuan, Dado Ruvic, Fiona Lim, Lim, SWIFT, Mercedes, Yuan internationalisation, Mark Williams, It's, Maybank's Lim, Williams, Samuel Shen, Rae Wee, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, BMW, Crédit Agricole S.A, National Bank of Canada, People's Bank of China, Standard Chartered Bank, Bank of China's, Volkswagen Group, Reuters, Benz Group, Capital Economics, Thomson Locations: Rights SHANGHAI, SINGAPORE, China, Hong Kong, Asia, Russia, Argentina, Pakistan, Nigeria

☆ EFG shares jump 3% following record profitability
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The logo of EFG International bank is seen at its headquarters in Zurich, Switzerland February 28, 2018. The bank's share price has risen more than 11% this year, and hit a year-high of 10.98 Swiss francs on Nov. 1. This is on top of its existing commitment to repurchase up to 6 million shares by Sept. 11, 2024 . At 144.1 billion Swiss francs, assets under management were only slightly higher than the 143.1 billion francs at the end of 2022. According to EFG, the growth in net new assets was largely offset by negative currency effects.

Persons: Arnd, Giorgio Pradelli, Zuercher, Michael Klien, EFG, Noele Illien, Sharon Singleton Organizations: International, REUTERS, Rights, EFG, Thomson Locations: Zurich, Switzerland, Swiss

☆ Greece's National Bank stake sale oversubscribed -source
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The logo of National Bank is seen outside a branch in Athens March 23, 2015. REUTERS/Alkis Konstantinidis/File Photo Acquire Licensing RightsATHENS, Nov 16 (Reuters) - Greece on Thursday sold a 22% stake in National Bank (NBG), its second-biggest lender by market value, with the sale oversubscribed by more than eight times, a source close to the process told Reuters. On Monday, HFSF concluded the sale of a 9% stake in Alpha Bank to UniCredit and announced plans to sell a 20% stake in NBG. A book-building process and a public offering for the sale of the NBG stake which started on Nov. 14 concluded on Thursday, with the final offer price set at 5.30 euros a share, the source said. HFSF, which owns 40% in NBG, sold a total of 201,237,334 shares, raising more than 1 billion euros, according to Reuters calculations.

Persons: Alkis, HFSF, Lefteris Papadimas, Toby Chopra Organizations: National Bank, REUTERS, Rights, Reuters, P Global, Alpha Bank, Fidelity, Norges, Lazard, RWC, Allianz, Thomson Locations: Athens, Greece, UniCredit, NBG, Blackrock

☆ National Bank of Cambodia governor discusses MOU with Ant Group
▼ + stars: | 2023-11-16 | 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 EmailNational Bank of Cambodia governor discusses MOU with Ant GroupChea Serey, governor of the National Bank of Cambodia, discusses the memorandum of understanding and the creation of "interoperability between Cambodian mobile payment users and the Alipay+ merchants."

Persons: Serey Organizations: Email National Bank of Cambodia, Ant, National Bank of Locations: National Bank of Cambodia

☆ National Bank stake sale oversubscribed - source
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: 1 min

The logo of National Bank is seen outside a branch in Athens March 23, 2015. REUTERS/Alkis Konstantinidis/File Photo Acquire Licensing RightsATHENS, Nov 16 (Reuters) - The sale of a 22% stake in National Bank of Greece (NBG) by the country's HFSF bank bailout fund was oversubscribed by more than eight times on Thursday, a source close to the process told Reuters. The sale via a book-building process and a public offering concluded earlier on Thursday at 5.30 euros per share, the source said. Fidelity, Blackrock, Norgest, Lazard, RWC and Alliance were among the investors who bought shares in Greece's second largest bank by market value. Lefteris PapadimasOur Standards: The Thomson Reuters Trust Principles.

Persons: Alkis, Lazard Organizations: National Bank, REUTERS, Rights, National Bank of Greece, Reuters, Fidelity, RWC, Thomson Locations: Athens, Blackrock, Norgest, Greece's

☆ Morgan Stanley CEO says his firm is ready for 'Basel III endgame' — the sweeping new global rules on banking
▼ + stars: | 2023-11-16 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

James Gorman, chairman and chief executive of Morgan Stanley, speaks during the Global Financial Leader's Investment Summit in Hong Kong, China, on Tuesday, Nov. 7, 2023. The de-facto central bank of the Chinese territory is this week holding its global finance summit for a second year in a row. Photographer: Lam Yik/Bloomberg via Getty ImagesSINGAPORE — Morgan Stanley Chairman and CEO James Gorman said his firm will be able to cope with "any form" that new banking regulations end up taking, but added he expects some watering down before the final rules are confirmed. U.S. regulators on Tuesday defended their plans for a sweeping set of proposed changes to banks' capital requirements, speaking in front of the U.S. Senate Banking Committee. These proposed changes in the U.S. seek to incorporate parts of international banking regulations known as Basel III, which was agreed to after the 2008 crisis and has taken years to roll out.

Persons: James Gorman, Morgan Stanley, Lam Yik, Getty Images SINGAPORE — Morgan Stanley, it's, Gorman, Morgan, I've Organizations: Financial, Investment, Bloomberg, Getty Images SINGAPORE, U.S . Senate Banking Committee, Basel III, CNBC, Pacific, Federal Reserve, Fed Locations: Hong Kong, China, U.S, Basel, —, Morgan Stanley's, Asia, Singapore, New York

☆ Greece's National Bank attracts strong demand in 20% stake sale - source
▼ + stars: | 2023-11-15 | by ( Lefteris Papadimas | ) www.reuters.com time to read: +2 min

"Demand covered 6.2 times the shares offered," the source involved in the process said on condition of anonymity. On Monday, HFSF concluded the sale of a 9% stake in Alpha Bank to UniCredit and announced plans to sell a 20% stake in NBG. The value of the 20% stake is estimated at about 1 billion euros ($1.09 billion). HFSF currently holds a 40.4% stake in NBG and a 27% holding in Piraeus Bank, (BOPr.AT), Greece's third-largest lender. A source told Reuters on Monday that out of the 20% stake in NBG, 17% would be offered to funds and 3% to retail investors.

Persons: Alkis, HFSF, Greece's, JP Morgan, Goldman Sachs, Morgan Stanley, Lefteris Papadimas, Louise Heavens, Sharon Singleton Organizations: National Bank, REUTERS, Rights, Greece's National Bank, Reuters, P Global, Alpha Bank, Piraeus Bank, UBS, Thomson Locations: Athens, Greece, UniCredit, NBG

☆ Ethio Lease set to wind down operations in Ethiopia
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

NAIROBI, Nov 15 (Reuters) - Equipment leasing company Ethio Lease, Ethiopia's only foreign-owned firm to obtain a financial services licence from the central bank, said on Wednesday it was winding down operations in the east African country. The National Bank of Ethiopia granted a financial services license to Ethio Lease in 2019 - the first such for a foreign firm - as part of the government's economic reforms aimed at opening up the economy. New York-based African Asset Finance Company, the owner of Ethio Lease, has instructed the company to begin the process of voluntary liquidation, Ethio Lease said in a statement. "Despite their sustained efforts, Ethio Lease and its investors have been unable to achieve resolution with the Ethiopian government." Ethio Lease's license enabled it to lease equipment such as MRI scanners, tractors and drilling rigs to companies that could not import such equipment themselves due to foreign exchange shortages.

Persons: Abiy Ahmed, Bhargav Acharya, Duncan Miriri, Jason Neely, Alexander Winning, Nellie Peyton, Sharon Singleton Organizations: Equipment, Ethio, National Bank of, Lease, African Asset Finance Company, Ethio Lease, birr, Ethiopian, Thomson Locations: NAIROBI, National Bank of Ethiopia, New York, birr, Johannesburg, Nairobi

☆ SNB 'will not hesitate' to tighten monetary policy further-chairman
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

Thus, we will not hesitate to tighten monetary policy further if necessary," Jordan said at a central bank conference in Zurich. With inflation rates lower and interest rates higher than they were a year ago, Jordan said it has become considerably more difficult to balance the risk of tightening monetary policy too much against the risk of tightening it too little. "Given the high uncertainty regarding the economic outlook, there is no clearly mapped-out path for monetary policy in the near future," Jordan said. In September the SNB held its policy interest rate unchanged at 1.75%, noting that inflation has ebbed lower in Switzerland, but said a further tightening cannot be ruled out. Reporting by Noele Illien Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Jordan, Jordan, Noele, Tomasz Janowski Organizations: Swiss National Bank, Thomson Locations: ZURICH, Zurich, Switzerland

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