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☆ JPMorgan strategists advise opening a short in European banks, upgrade healthcare
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Ralph Orlowski/File Photo Acquire Licensing RightsLONDON, Oct 30 (Reuters) - Strategists at JPMorgan have advised opening a 'short' position in European banks, and moved the sector from 'neutral' to 'underweight', they said in a note published on Monday. "If the bond yields are in the process of peaking this quarter, as we suspect ... then Banks could start to struggle," JPM strategists, led by Mislav Matejka, said. European banking shares have been some of the best performing in Europe in 2023, with the STOXX Europe 600 Banks Index (.SX7P) rising almost 8% year-to-date versus a 1% for the broader STOXX 600 (.STOXX). JPM "used the funds" to upgrade the healthcare sector from 'neutral' to 'overweight', saying the sector could benefit from "higher U.S. dollar exposure, low beta and the long duration angle". The STOXX Europe 600 Healthcare Index (.SXDP) is down around 0.4% year-to-date having touched its lowest level in seven months on Friday.

Persons: Ralph Orlowski, Banks, Mislav Matejka, Samuel Indyk, Alun John Organizations: Deutsche Bank, REUTERS, JPMorgan, Banks, Thomson Locations: Frankfurt, Germany, Europe

☆ Spain's Sabadell lifts 2023 outlook for lending income and profitability
▼ + stars: | 2023-10-26 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

The logo of Sabadell bank is displayed in Barcelona, Spain, March 16, 2023. Its net interest income (NII), earnings on loans minus deposit costs, rose 29% year-on-year to 1.24 billion euros. Higher lending income also helped the bank lift its 2023 target for return-on-tangible equity ratio (ROTE), a measure of profitability, to around 11.5% from 10.5%. Sabadell finished the quarter with a ROTE of 11.59% after net profit rose 46% year-on-year to 464 million euros, beating the 383 million analysts expected. Sabadell also announced an interim dividend of 0.03 euros per share in cash, up 50% versus last year.

Persons: Nacho, JP Morgan, Jesús Aguado, Varun, Mark Potter Organizations: REUTERS, Sabadell, British, TSB, Barclays, Thomson Locations: Sabadell, Barcelona, Spain, MADRID

[1/3] The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. The broader European banking index (.SX7P) fell as much as 2.4% to its lowest in four months by 1017 GMT. Top fallers on the index were Standard Chartered, down 9%, Swedbank (SWEDa.ST), down 7% and BNP Paribas (BNPP.PA), down around 4%. Concerns about China's economic fragility are also hitting some European banks with major operations in Asia. Sabadell (SABE.MC) rose around 3.7% after raising its outlook for 2023 net interest income growth on the back of higher interest rates.

Persons: Peter Nicholls, Chris Hiorns, Banks, Hiorns, Angelo Meda, Meda, Iain Withers, Naomi Rovnick, Joice Alves, Jesus Aguado, Danilo Masoni, Amanda Cooper, John Stonestreet, Toby Chopra Organizations: Chartered, REUTERS, BNP, European Central Bank, Traders, SIM, Sabadell, Thomson Locations: London, Britain, LONDON, Milan, Asia, Madrid

☆ Jean-Pierre Mustier enters Atos last chance saloon
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 16 (Reuters Breakingviews) - Atos (ATOS.PA) is ending its long-running governance farce by starting at the top. Former UniCredit (CRDI.MI) CEO Jean-Pierre Mustier is taking over as chairman of the 540 million euro French IT group. Mustier, who led a recapitalisation for UniCredit in 2017, has his work cut out. On Monday, Atos also delayed the split until the second quarter of 2024, sending its shares down as much as 4%. Atos’s growing cybersecurity unit Evidian, which accounts for two-thirds of its current operating profit, will remain listed after the split.

Persons: Jean, Pierre Mustier, Mustier, Atos, Daniel Kretinsky, Pierre Briancon, Neil Unmack, Oliver Taslic Organizations: Reuters, HSBC, UBS, X, Infosys, Thomson Locations: UniCredit, Czech, Europe

☆ Bargain hunters dig in to 'cheap' European banks
▼ + stars: | 2023-10-16 | by ( Naomi Rovnick | ) www.reuters.com time to read: +4 min

Just before earnings season kicks off, European bank shares are sporting a dividend yield of almost 8%, making them cheaper on this basis than during the 2008 global financial crisis. European banks, which struggled during 2014 to 2022 as the ECB kept rates below zero, have had a major boost from hiking their loan costs in line with central bank rates. Analyst forecasts collated by European asset manager Amundi show European banks are expected to grow adjusted earnings per share by 25% this year, followed by a 6% gain in 2024. Generali's Morganti said he has moved his position on European banks from negative to neutral and was likely to add more. He did not forecast quick gains for European banks ahead, however.

Persons: Guy de Blonay, Sebastiano Pirro, Roger Lee, Amundi, LSEG, Michele Morganti, Italy's Unicredit, Banks, Pirro, Generali's Morganti, Naomi Rovnick, Joice Alves, Dhara Ranasinghe, Hugh Lawson Organizations: Reuters Graphics Banks, Jupiter Asset Management, Algebris Investments, European Central Bank, Reuters, ECB, Bank, Generali Investments, Monetary Fund, Thomson

☆ Take Five: War and peace of mind
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +5 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. U.S. retail sales increased more than expected in August as a surge in gasoline prices boosted receipts at service stations. Bar chart with data from LSEG I/B/E/S show the projected year-over-year growth in Q3 2023 earnings of S&P 500 industries. There have been reports the government is looking to increase its budget deficit to meet this year's 5% growth target. That said, inflation is still over three times the BoE's 2% target and growth isn't exactly stellar.

Persons: Brendan McDermid, Kevin Buckland, Lewis Krauskopf, Naomi Rovnick, Karin Strohecker, Amanda Cooper, Goldman Sachs, Johnson, Philip Morris, It's, Banks, Amundi, BoE, it's, Sumanta Sen, Prinz Magtulis, Vineet, Pasit, Jayaram, Mark Potter Organizations: New York Stock Exchange, REUTERS, Hamas, Bank of America, Johnson, Netflix, Philip Morris International, Investors, HK, Law, Justice, Reuters, The Bank of England, Thomson Locations: New York City, U.S, Israel, Palestinian, China, Britain, Tokyo, New York, London, LSEG, Beijing, Europe's, Brussels, Europe

☆ EU watchdog piles pressure on banks to better quantify climate risks
▼ + stars: | 2023-10-12 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Other "enhancements" to capital rules include adding environmental and social factors to external credit assessements of banks by credit rating agencies. Banks would also be required to identify whether environmental and social factors are triggers of operational risk losses, EBA said. "Improving the quality of data on environmental risks is a key priority as most recent data may not yet reflect environmental risks in full...," EBA said. The watchdog will develop in-house "metrics" to help it supervise environment-related risks at banks. More comprehensive revisions to capital rules to reflect climate risks will be considered for the medium to long term, EBA said.

Persons: Alexandros Avramidis, Banks, Huw Jones, Nick Macfie Organizations: REUTERS, European Banking, European Banking Authority, prudential, EBA, Thomson Locations: Provatonas, Evros, Greece

☆ ECB's Schnabel can't rule out more hikes amid inflation risks
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

Isabel Schnabel, member of the German advisory board of economic experts attends the 29th Frankfurt European Banking Congress (EBC) at the Old Opera house in Frankfurt, Germany November 22, 2019. REUTERS/Ralph Orlowski/File Photo Acquire Licensing RightsFRANKFURT, Oct 6 (Reuters) - The European Central Bank may need to raise interest rates again if wages, profits or new supply snags boost inflation, ECB board member Isabel Schnabel said in an interview published on Friday. Schnabel said a recent moderation in inflation, which fell to its lowest level in two years at 4.3% in September, was "encouraging" but risks abounded, from stronger-than-expected wages or profits to new disruption to supply. "I still see upside risks to inflation," Schnabel told Croatian newspaper Jutarnji list. But Schnabel played down the chances of such a move in the near term.

Persons: Isabel Schnabel, Ralph Orlowski, Schnabel, Aleksandar Vasovic, Francesco Canepa, Christina Fincher, Toby Chopra Organizations: Frankfurt, Banking Congress, Old Opera, REUTERS, Rights, European Central Bank, ECB, Croatian, Thomson Locations: Frankfurt, Germany, Belgrade

☆ ECB's Schnabel keeps more hikes on table amid inflation risks
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: 1 min

Isabel Schnabel, member of the German advisory board of economic experts attends the 29th Frankfurt European Banking Congress (EBC) at the Old Opera house in Frankfurt, Germany November 22, 2019. REUTERS/Ralph Orlowski/File Photo Acquire Licensing RightsFRANKFURT, Oct 6 (Reuters) - The European Central Bank may need to raise interest rates again if wages, profits or new supply snags boost inflation, ECB board member Isabel Schnabel said in an interview published on Friday. "I still see upside risks to inflation," Schnabel told Croatian newspaper Jutarnji list. "If they materialise, further interest rate hikes could be necessary at some point." Reporting By Aleksandar Vasovic in Belgrade Writing by Francesco Canepa in Frankfurt Editing by Christina Fincher私たちの行動規範：トムソン・ロイター「信頼の原則」

Persons: Isabel Schnabel, Ralph Orlowski, Schnabel, Aleksandar Vasovic, Francesco Canepa, Christina Fincher 私 Organizations: Frankfurt, Banking Congress, Old Opera, REUTERS, Rights, European Central Bank, ECB, Croatian Locations: Frankfurt, Germany, Belgrade

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The analyst said higher deposit rates were potentially being used to limit outflows at Credit Suisse and had been weighing on the bank's ability to bolster revenue. Credit Suisse reported net asset outflows of 39 billion francs in the second quarter. However, UBS said the outflows had slowed down and reversed in June, with Credit Suisse reporting net deposit inflows of $18 billion in the second quarter. UBS's Chief Executive Sergio Ermotti has said he aims to get back the Credit Suisse assets.

Persons: Denis Balibouse, Kian Abouhossein, Abouhossein, Sergio Ermotti, Ermotti, Noele Illien, Stefania Spezzati, Oliver Hirt, Elisa Martinuzzi, Mark Potter Organizations: Credit Suisse, UBS, REUTERS, Rights, Suisse, JPMorgan, UBS's, Thomson Locations: Zurich Switzerland, Raiffeisen, Switzerland

☆ Banks behind 70% jump in greenwashing incidents in 2023 -report
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Stephanie Lecocq/File Photo Acquire Licensing RightsLONDON, Oct 3 (Reuters) - The number of instances of greenwashing by banks and financial services companies around the world rose 70% in the past 12 months from the previous 12 months, a report on Tuesday showed. European financial institutions accounted for most of those instances, and much of the greenwashing involved claims about fossil fuels. "Over 50% of these climate-specific greenwashing risk incidents either mentioned fossil fuels or linked a financial institution to an oil and gas company. The European Banking Federation did not respond to a request for comment on the increasing number of greenwashing incidents found by RepRisk. The banking and financial services industry is second only to oil and gas for the number of greenwashing incidents, RepRisk said.

Persons: Stephanie Lecocq, RepRisk, greenwashing, Tommy Reggiori Wilkes, Mark Potter, Jan Harvey Organizations: La Defense, REUTERS, UK Finance, European Banking Federation, watchdogs, Thomson Locations: Paris, France

☆ Banks in EU largely comply with 'Basel Endgame', says watchdog
▼ + stars: | 2023-09-26 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

The global Basel Committee agreed additional capital rules in 2017 that require banks to hold bigger reserves to shield them from potential shocks. The EU, along with Britain and the United States, is now putting the final Basel requirements into its rule books. Basel has a 2028 deadline for implementing its remaining rules, which are set to be rolled out in the EU from January 2025. The BoE is due to set out its final Basel Endgame rules sometime in 2024. The aggregate shortfalls globally and in the EU represent a fraction of banks' total capital buffers and earnings.

Persons: Arnd, BoE, Huw Jones, Jacqueline Wong, Jane Merriman Organizations: Bank for International Settlements, REUTERS, Union, Basel, European Banking Authority, Basel III, United, Bank of England, EU, Committee, Thomson Locations: Basel, Switzerland, EU, Britain, United States, Banks

☆ Shares in Swiss bank UBS hit highest since late 2008
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland February 28, 2020. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsMILAN, Aug 31 (Reuters) - Shares in UBS (UBSG.S) hit their highest level since October 2008 on Thursday, extending a strong run that has put the Swiss bank well ahead of its European rivals following the takeover in March of its struggling rival Credit Suisse. UBS rallied more than 6% early in Zurich, set for its biggest one-day gain since March, after the group said it would fully absorb Credit Suisse's domestic bank and that it was increasing its ambitions for cost savings to over $10 billion. The stock has risen 36% so far in 2023 against a 13.5% gain for the broader European banking index (.SX7P). (This story has been refiled to change the dateline to Aug. 31, and not Aug. 30)Reporting by Danilo Masoni Editing by Amanda Cooper and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Danilo Masoni, Amanda Cooper, David Goodman Organizations: Swiss, UBS, REUTERS, Credit Suisse, Deutsche Bank, Thomson Locations: Zurich, Switzerland, Swiss

This, regulators say, makes it harder for banks to cut costs and absorb losses in a downturn. But many bankers are expected to resist swapping guaranteed pay for potentially higher bonuses, which can swing wildly across economic cycles. UK Finance, the industry body for banks in Britain, did not respond to the public consultation, leaving individual members to comment if they wanted to. Others warned against overplaying the significance of bonuses in Britain's battle to grow its financial sector, still reeling from the loss of big-ticket listings, such as Arm Holdings. "Compensation is a small point in the grand scheme of things of a vibrant financial sector.

Persons: Toby Melville, Luke Hildyard, there'll, Suzanne Horne, Paul Hastings, Horne, Simon Patterson, Edelmann, Oliver Wyman, Sinead Cruise, Huw Jones, Tomasz Janowski Organizations: City of, Regulators, European Union, Bank of England, Financial, Bankers, Reuters, European Banking Authority, International Employment, Britain, EU, Finance, Arm Holdings, Thomson Locations: City, City of London, Britain, Banks, European, New York, Singapore, EU, Paris, Frankfurt, United States, Japan, Switzerland, London, Europe

☆ Exclusive: Intesa closer to gaining Moscow's OK for Russia asset transfer -source
▼ + stars: | 2023-08-10 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

The logo of bank Intesa Sanpaolo is seen in Milan, Italy, January 18, 2016. A spokesperson for Intesa Sanpaolo declined to comment. Pressured by European banking supervisors to cut ties with Russia, Intesa has been working on reducing its exposure, which also includes cross-border loans. Local loans totalled 100 million euros, down 66% from a year before. Russian media has previously reported on possible exit options, including the potential transfer to local management led by Intesa Russia Chairman Antonio Fallico.

Persons: Stefano Rellandini, MILAN, Intesa, Intesa Sanpaolo, Vladimir Putin, Antonio Fallico, Fallico, Valentina Za, Bernadette Baum Organizations: REUTERS, Reuters, UniCredit, Raiffeisen Bank, Intesa, European Central Bank, Thomson Locations: Milan, Italy, Moscow, Ukraine, Russia, Intesa, Russian

☆ European stocks outperform as Italy soothes bank tax nerves
▼ + stars: | 2023-08-09 | by ( Naomi Rovnick | ) www.reuters.com time to read: +4 min

[1/2] Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. MSCI's broad index of global shares (.MIWD00000PUS) was 0.2% higher in European afternoon trade. Europe's regional Stoxx 600 (.STOXX) share index rose 0.9%, with bank stocks (.SX7P) around 1.6% higher. Italy's FTSE MIB share index gained 1.8%. "The burden-sharing of the costs and benefits from higher rates has a habit of becoming a political issue," Deutsche Bank strategist Jim Reid said.

Persons: Toby Melville, Jim Reid, China's, Naomi Rovnick, Stella Qiu, Sydney, Ellen Zhang, Christina Fincher, David Evans Organizations: London Stock Exchange, REUTERS, China CPI, Wall Street, Deutsche Bank, Federal Reserve, Nasdaq, Moody's, U.S . National Federation of Independent, Wednesday, U.S . Treasury, BCA, Reserve, Brent, U.S . West Texas, Thomson Locations: Canary Wharf, London, Britain, China, Italy, Thursday's U.S, U.S, Saudi Arabia, Beijing

☆ EU banks face liquidity checks next year after 2023 crises
▼ + stars: | 2023-08-03 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. The need for credible options was reinforced after the Swiss central bank stepped in with a liquidity backstop for Credit Suisse in March, before it was taken over by rival UBS (UBSG.S). Liquidity refers to readily available cash or short-term debt with a ready buyer to fund a bank's day-to-day operations without having to sell assets. "Strategies and actions suggested by institutions to support liquidity in resolution remained limited and mostly focused on accessing central bank facilities," EBA said in its report. Tapping private markets for liquidity, however, may be difficult for a stressed bank coming out of resolution, and even getting central bank liquidity can be hard without enough collateral, the EBA noted.

Persons: Kai Pfaffenbach, Huw Jones, Alexander Smith Organizations: European Central Bank, REUTERS, Union, Credit Suisse, UBS, European Banking Authority, Silicon Valley Bank, EU, EBA, Thomson Locations: Frankfurt, Germany, Swiss, Switzerland, Silicon, United States

☆ Morning Bid: Wall St shines, China misses again
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +4 min

Back on Wall Street, another heavy earnings week beckons and the July U.S. employment report on Friday looms large. Stock futures are marginally positive ahead of Monday's open, Asia bourses mostly just caught up with Friday's U.S. gains and European indexes were little changed. U.S. Treasury yields were steady, with the dollar firmer - due mainly to dollar/yen's jump to three-week highs. Reuters GraphicsReuters GraphicsReuters Graphics Reuters GraphicsReuters Graphics Reuters GraphicsBy Mike Dolan, editing by Alex Richardson <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, What's, Asia bourses, Alex Richardson Organizations: Apple, Nasdaq, Bank of England, Friday's U.S, Treasury, European Banking Authority, Loews, Arista Networks, Eversource Energy, ON Semiconductor, SBA Communications, Republic Services, Diamondback Energy, Dallas Fed, Federal Reserve, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Beijing, United States, Tokyo, Asia, Western, Chicago

The European Banking Authority (EBA) said the test covered 70 banks, 20 more than in 2021 with 57 from the euro zone whose test was overseen by the European Central Bank, representing about 75% of banking assets in the EU. Of the 14 German banks tested, 8 were below the EU average for CET1 and leverage ratio, while 6 were above. The European Banking Federation, an industry body, said the results reaffirmed the resilience of the EU banking sector. The watchdog said that in year three of the test, 37 banks fell below capital levels that trigger curbs on payouts. Deutsche Kreditwirtschaft, an umbrella association representing the German financial industry, said the results proved that German banks were "resilient" but it criticized the ECB's approach.

Persons: Goldman, Banks, markups, Tom Sims, John O'Donnell, Mathieu Rosemain, Mark Potter Organizations: European Union, European Banking Authority, European Central Bank, EU, JPMorgan, Volkswagen Bank, La Banque Postale, European Banking Federation, Deutsche, ECB, Thomson Locations: FRANKFURT, Europe, United States, France, Frankfurt, Paris

But while Rose's departure means Europe's 25 biggest banks by assets are still 96% male-run, an analysis by Reuters has found that broader executive management teams have become slightly more balanced since last year. Top management teams at Europe's largest lenders are now 30.6% female, data compiled by Reuters shows, up from 25.6% for the same group of banks in early 2022. Reuters GraphicsAcross the broader financial services sector, however, a recent study by EY found that hiring of women at board of directors level in Europe had actually dipped. Companies appointed women to 44% of board openings in the 12 months through June 2023, down from 52% during the previous year. The overall gender split has nevertheless improved to 43% female and 57% male on the boards of European financial firms, EY found, from a 37%/63% split a year ago.

Persons: Alison Rose's, Isabelle Ferrand, Ann Francke, EY, Brenna Hughes, Tom Sims, Iain Withers, Jesus Aguado, Catherine Evans Organizations: NatWest, Reuters, Reuters Graphics, UBS, European, Chartered Management Institute, Companies, Thomson Locations: ZURICH, Europe, Frankfurt, London, Madrid

☆ EU watchdog calls for early adoption of stablecoin standards
▼ + stars: | 2023-07-12 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, July 12 (Reuters) - The European Union's banking watchdog urged stablecoin issuers on Wednesday to voluntarily comply with 'guiding principles' on managing risks and protecting consumers ahead of mandatory rules due in a year's time. The European Banking Authority (EBA) published on Wednesday for public consultation its first batch of measures to flesh out MiCAR requirements for issuing a stablecoin that would come into force on June 30, 2024. Separately the EU's European Securities and Markets Authority (ESMA) set out draft rules for so-called crypto asset service providers (CASPs) who trade cryptocurrencies. EBA will issue a second batch of draft rules in October that focus on capital requirements for stablecoin issuers, and how firms should deal with stablecoin redemptions in stressed markets. Reporting by Huw Jones; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: stablecoin, Huw Jones, Paul Simao Organizations: EU, Crypto, European Banking Authority, European Securities and Markets Authority, unbacked, Thomson Locations: unbacked cryptoassets

Another source inside Barclays' investment bank, talking anonymously because they are not authorised to speak to the media, said lower staff attrition at its technology and back office operations had started to worry cost-conscious managers. The BCG review could lead to layoffs, the source familiar with the review said, although no decisions have been made. Some top Barclays investors, however, told Reuters they would have misgivings about a plan to prioritise investment over capital distributions. But a recent shake-up at its investment bank has raised concern about Barclays' ability to compete amid a worldwide dealmaking slump. They are not valued properly together," said Alan Beaney, chief executive at RC Brown Investment Management, which has held Barclays shares since 2012.

Persons: C.S, shivers, Richard Marwood, Venkat, Edward Bramson, Richard Buxton, Alan Beaney, Elisa Martinuzzi, Mark Potter Organizations: Barclays, Boston Consulting, Reuters, Royal London Asset Management, Lehman Brothers, Jupiter Asset, RC Brown Investment Management, BNP, HSBC, Reuters Graphics Barclays, Jefferies, Thomson Locations: U.S, Africa

☆ Binance's European banking partner to withdraw support - CoinDesk
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - Binance's European banking partner Paysafe Payment Solutions Ltd will stop supporting the U.S. cryptocurrency exchange from Sept. 25, CoinDesk reported on Wednesday. The crypto exchange will be changing the provider for euro deposits and withdrawals through the Single Euro Payments Area (SEPA), while the current partner — Paysafe — will no longer be providing these services to Binance users, the report said, citing Binance's spokesperson. Paysafe and Binance did not immediately respond to a Reuters request for comment. The report comes as Binance faces scrutiny from regulators keen to clamp down on money laundering. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: CoinDesk, — Paysafe, Binance, Paysafe, Rishabh, Rashmi Aich, Sherry Jacob, Phillips Organizations: U.S, Securities and Exchange Commission, Thomson Locations: Britain, Bengaluru

☆ Binance's European banking partner to stop support from Sept - CoinDesk
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: 1 min

June 28 (Reuters) - Binance's current banking partner for euro trasactions Paysafe Payment Solutions Ltd will stop supporting the cryptocurrency exchange from Sept. 25 onwards, CoinDesk reported on Wednesday. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: CoinDesk, Rishabh, Rashmi Organizations: Thomson Locations: Bengaluru

☆ Binance's European banking partner Paysafe to withdraw support
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Binance's European banking partner Paysafe Payment Solutions said on Thursday it will cease offering its embedded wallet solution to the U.S. cryptocurrency exchange across the European Economic Area (EEA) from Sept. 25. "Paysafe and Binance are now working to mutually implement an orderly and fair process to terminate this service over the next few months," Paysafe said in a email to Reuters. Binance will be changing the provider for euro deposits and withdrawals through the Single Euro Payments Area (SEPA), while the current partner — Paysafe — will no longer be providing these services to Binance users, CoinDesk reported on Wednesday. Binance typically accesses SEPA via payment intermediaries. Binance tied up with Paysafe last year to allow its users to deposit sterling via Faster Payments, a network that oversees payments and bank account transfers in Britain.

Persons: Paysafe, — Paysafe, CoinDesk, Binance, Rishabh, Rahat Sandhu, Yana Gaur, Sherry Jacob, Phillips, Jason Neely Organizations: European Economic, Reuters, U.S, Securities and Exchange Commission, Thomson Locations: Britain, Bengaluru

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