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☆ NatWest outlook drags down shares despite profit leap
▼ + stars: | 2023-02-17 | by ( ) www.cnbc.com time to read: +1 min

The logo of NatWest, a retail unit of RBS, outside a bank branch in London, U.K., on Tuesday, June 26, 2012. NatWest warned on Friday that rising interest rates may not deliver the long-lasting earnings bonanza investors hope for, even though profit jumped by 33% last year. Shares in the bank fell as much as 9% as investors digested forecasts for profitability and costs for 2023, even as the bank reported annual pretax profit rose to 5.1 billion pounds ($6.1 billion) from 3.8 billion pounds. State-backed NatWest did increase payouts for shareholders, announcing a 10 pence per share final dividend and an 800 million pound share buyback. Rose's total pay package for 2022 jumped nearly 50% to 5.2 million pounds, up from 3.6 million pounds the previous year.

☆ NatWest calls time on UK banks’ rate-hike party
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +2 min

But NatWest Chief Executive Alison Rose has brought that excitement to an end. It’s surprising that Rose thinks lending margins have maxed out already. Higher rates take a while to feed into revenue because so many borrowers have long-term or fixed-rate debt, which reprices slowly. That would be a cause for celebration among households and firms with spare cash, but it might bring the bank share-price party to an end. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Italian fund buys stake in asset manager Anima in play on bank M&A
▼ + stars: | 2023-02-15 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

The 109 million euro ($116 million) stakebuilding strengthens the grip of Italian investors on a company in which France's Amundi (AMUN.PA) - Europe's biggest asset manager - has also taken a stake. Amundi has a strong presence in Italy having spent 3.6 billion euros in 2017 to buy peer Pioneer from UniCredit (CRDI.MI). Formerly backed by the state and focused on promoting national champions, private equity fund Fondo Strategico Italiano (FSI) targeted a stake of up to 9%. Amundi acquired its Anima stake a month after Amundi's owner, French bank Credit Agricole (CAGR.PA), bought 9.2% of Banco BPM, becoming its single largest investor. Of Anima's 177 billion euros of assets under management, some 100 billion euros are invested in Italian government bonds.

☆ Banking Group Asks Treasury to Withdraw Ownership Database Proposal
▼ + stars: | 2023-02-14 | by ( Dylan Tokar | ) www.wsj.com time to read: +4 min

The American Bankers Association was one of the biggest proponents of a new corporate ownership registry, saying it hoped the project would help cut regulatory costs for its members. The legislation approved by Congress outlines a range of civil and criminal penalties for individuals or entities that fail to disclose ownership information, or that intentionally disclose inaccurate information. To use the database, banks would have to identify and correct discrepancies, which would require additional staff and resources, the group said. FinCEN’s proposal is its second related to the new ownership database. The Treasury bureau has said it would issue a third rule addressing banks’ due diligence obligations related to the database.

☆ Warburg Pincus moves closer to buying a stake in Chinese fund Zhong Ou
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

Italian banking group Intesa Sanpaolo (ISP.MI) disclosed in its 2021 annual report that its board had approved the sale of a 23.3% stake in Zhong Ou to Warbug Pincus. The planned 23.3% stake sale to Warburg Pincus was confirmed on Monday by a source familiar with the transaction. The CSRC did not say how big a stake Warburg Pincus will buy in Zhong Ou, which has more than 350 billion yuan ($51.3 billion) of assets under management (AUM). In the regulatory feedback, the CSRC asked Warburg Pincus to explain how it would support Zhong Ou's development. The regulator also requested further proof from Warburg Pincus that it's a leading global player with good international reputation and performance.

☆ This fund manager says there's a 'value gap' in European markets. Here's how he's playing it.
▼ + stars: | 2023-02-07 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

There's a "value gap" in European markets, and that's creating a unique opportunity for investors to buy up top-notch financial and industrial names at a bargain, according to David Herro, chief investment officer of international equities at Harris Associates. European markets dropped sharply last year as war concerns mounted in Ukraine, energy prices surged, and the Chinese economy struggled. But even as share prices dropped, earnings continued improving, opening up what Herro calls a value gap. When it comes to international markets, Herro's got the credentials to support this type of declaration. "Just about every one of the major European financials is over capitalized, and distributing that money back to shareholders positions," Herro told CNBC.

☆ FTSE 100 slips from record high as upbeat data stokes Fed rate jitters
▼ + stars: | 2023-02-06 | by ( Sruthi Shankar | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) fell 0.6% after hitting a record high of 7,906.58 in the previous session. Attractive valuation levels compared to overseas peers and the large divergence in performance between different parts of the market "create good opportunities for attractive returns from UK stocks in the next 3-5 years", he added. The domestically-focussed FTSE 250 (.FTMC) fell 0.8%, after climbing an eight-month peak last week. Online trading platform Plus500 Ltd (PLUSP.L) jumped 4.2% after it got licence to expand in the UAE. Reporting by Sruthi Shankar in Bengaluru; Editing by Subhranshu Sahu and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Provident Financial CEO Le May to step down
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: 1 min

Jan 26 (Reuters) - British subprime lender Provident Financial (PFG.L) said on Thursday Malcolm Le May would step down as its chief executive officer and Bank of Ireland UK chief Ian McLaughlin would take the helm. The London-listed company, which also plans to change its name to Vanquis Banking Group, said McLaughlin would replace Le May as CEO in the summer. Reporting by Anchal Rana in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ UniCredit CEO says 'we'll see' when asked about Monte dei Paschi -CNBC
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

Monte dei Paschi is 64% owned by the Italian state, which needs to eventually cut its stake to meet re-privatisation commitments given to the European Union at the time of the bailout. "I think Monte dei Paschi has taken a different direction in their strategy. And they've raised their capital, they're rationalising the bank, they're restructuring the bank," Orcel said in an interview with CNBC. So they need to do that, and then we'll see," he said when asked about a Reuters report that UniCredit was still seen as a potential buyer for Monte dei Paschi, alongside Banco BPM (BAMI.MI). Monte dei Paschi raised 2.5 billion euros in capital in December, despite rocky markets, to finance thousands of voluntary staff exits and cut costs.

☆ UK house prices to fall 8-10% this year, Lloyds CEO says
▼ + stars: | 2023-01-17 | 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 EmailUK house prices to fall 8-10% this year, Lloyds CEO saysCharlie Nunn, CEO of Lloyds Banking Group, discusses the outlook for the U.K. economy and the impact of the cost-of-living crisis.

☆ Companies, Lenders Clash Over Loan Spreads in Switch From Libor
▼ + stars: | 2023-01-13 | by ( Mark Maurer | ) www.wsj.com time to read: +7 min

As part of the shift, companies typically propose changes to their loan agreements with lenders, adjusting for the price difference between SOFR and Libor. The adjustment of the credit spread adds basis points to the interest rate on a loan to make up for the fact that SOFR has traded lower than Libor. The difference between SOFR and Libor can be as much as 25 basis points for loans with maturities of five to seven years. There will likely be more disagreements over credit spread adjustments as companies stop using Libor prior to its end. “There’s no reason to burn bridges over a few basis points,” Mr. Kerschner said.

☆ 6 top M&A bankers lay out their dealmaking playbook for 2023 — from getting around a sagging bond market to dealing with skeptical shareholders
▼ + stars: | 2023-01-09 | by ( Carter Johnson | ) www.businessinsider.com time to read: +10 min

"We're certainly telling clients to plan for longer timelines between signing an announcement and when a transaction closes," RBC's Sperduto said. Bankers noted the figure was on pace with the average amount of deals done in the five years preceding the pandemic. "There is still significant desire from both corporates and financial sponsors to transact," Gary Posternack, co-head of global M&A at Barclays, told Insider. But in 2023, bankers see more transactions receiving greater scrutiny from stakeholders. Vito Sperduto, the co-head of global M&A at RBC Capital Markets.

☆ Deutsche Bank downgrades Bank of America, JPMorgan Chase as fundamentals weaken
▼ + stars: | 2023-01-06 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Deutsche Bank is shifting its perspective on shares of Bank of America and JPMorgan Chase as macro uncertainties loom. Analyst Matt O'Connor downgraded shares of both banks to hold from buy in a note to clients Thursday, saying that the two stocks look poised for new lows as fundamentals weaken. O'Connor also sees earnings for both companies as likely peaking, expecting downturn risks to pressure valuations. Shares of Bank of America and JPMorgan fell more than 25% and 15.3%, respectively, in 2022. The firm's revised $36 and $145 price targets suggesting shares can gain about 6% and 7%, respectively.

☆ Queen guitarist Brian May, Lionesses top king's U.K. New Year's honors list
▼ + stars: | 2022-12-31 | by ( Associated Press | ) www.nbcnews.com time to read: +3 min

Those at the forefront of the U.K.’s response to Russia’s war in Ukraine joined Queen guitarist Brian May and a fashion designer dubbed “the mother of the miniskirt” on the country’s New Year’s Honors list on Friday. May, who is also an animal welfare campaigner, was appointed a knight bachelor for his services to music and charity. England captain Leah Williamson received an OBE, while teammates Lucy Bronze, Beth Mead and Ellen White were all made MBEs. U.K. monarchs have awarded honors as part of orders of chivalry since the Middle Ages. Britain’s chief rabbi, Ephraim Mirvis, who received a knighthood, was among several Jewish community leaders to be recognized.

By acquiring MPS, UniCredit could have bridged in part the gap with domestic champion Intesa Sanpaolo (ISP.MI), which overtook it as Italy's top lender in 2020 by buying smaller peer UBI. Such a deal would have further widened the distance between the top two banks and Banco BPM (BAMI.MI), which ranks third with roughly one-fifth of their assets. Sources with knowledge of the matter have told Reuters Banco BPM together with UniCredit remain potential buyers for MPS. On Thursday, Banco BPM CEO Giuseppe Castagna was quoted as saying MPS was "too big a mouthful" for his bank to swallow. Bankers say an MPS deal could help Banco BPM loosen the grip of Credit Agricole (CAGR.PA), the French bank which this year became the single biggest investor in Banco BPM.

☆ Italy's goal is several big banking groups as it works to exit MPS - PM
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

MILAN, Dec 29 (Reuters) - Italy will work to exit the capital of bailed-out lender Monte dei Paschi di Siena (BMPS.MI) with a view to creating a banking landscape with several large groups, Prime Minister Giorgia Meloni said on Thursday. Meloni said Monte dei Paschi had been "very badly handled" by previous governments leading to taxpayers spending billions of euros to prop up the Tuscan lender, whose restructuring however "appears rather solid." Italy owns 64% of Monte dei Paschi following a 2017 bailout that cost taxpayers 5.4 billion euros. Rome pumped another 1.6 billion euros into the bank as part of a 2.5 billion euro recapitalisation completed in November. In an interview on Thursday Banco BPM CEO Giuseppe Castagna said Monte dei Paschi was "too big a mouthful" for his bank to swallow.

☆ How Ana Botín can defeat the Santander sceptics
▼ + stars: | 2022-12-21 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Dec 21 (Reuters Breakingviews) - Investors aren’t buying what Ana Botín is selling. That’s striking because analysts expect Santander to earn a respectable 11% return on tangible equity (ROTE) over the next 12 months. One way to express the dissonance between those numbers is to infer the return investors require to hold the bank’s shares. To shed that discount, Botín must prove Santander is the best owner of its component bits. The group generated an annualised return on tangible equity of almost 14% in the first nine months of 2022.

☆ Monetary policy in Southeast Asia is likely to remain 'fairly moderate,' Maybank says
▼ + stars: | 2022-12-20 | 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 EmailMonetary policy in Southeast Asia is likely to remain 'fairly moderate,' Maybank saysAnand Pathmakanthan of Maybank Investment Banking Group says countries like the Philippines and Singapore have to move in lockstep with the U.S. Federal Reserve, while Thailand and Malaysia have more leeway in tightening monetary policy.

☆ Australia's ANZ shareholders approve new holding structure
▼ + stars: | 2022-12-15 | by ( Reuters Staff | ) www.reuters.com time to read: 1 min

FILE PHOTO: A man talks on his phone in front of an ANZ Banking corporation tower in central Sydney, Australia February 20, 2018. REUTERS/Daniel Munoz/File Photo(Reuters) - Australia and New Zealand Banking Group said on Thursday its shareholders voted to establish a new holding company to separate its banking and non-banking businesses into two different groups. The move was initially announced in May, in an effort to prevent non-banking activities from affecting banking customers, a method several global banks have employed. 99.17% of votes were cast in favor of creating the non-operating holding company, ANZ Group Holdings Limited, which is expected to begin trading on the Australian and New Zealand exchanges from Jan. 4, 2023, ANZ said. The new corporate structure will need a court approval before it is implemented, which the bank expects to come by Dec. 19, it added.

☆ JPMorgan, Citi and BNP invest in risk management provider Acin
▼ + stars: | 2022-12-15 | by ( Andres Gonzalez | ) www.reuters.com time to read: +1 min

[1/3] A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike SegarLONDON, Dec 15 (Reuters) - A group of five banks including JPMorgan , Citi (C.N) and BNP Paribas (BNPP.PA) are among the investors who backed an overall $24 million fundraising for risk control specialist Acin as part of their strategy to step up their risk expertise. "We have been working with Acin for the past three years, during which they have supported our established operational risk management and assessment practices," said Julian Liau, Chief Controls Manager at JPMorgan. Both Notion Capital and Fitch Ventures backed Acin in the last fundraising. Acin helps financial institutions digitise their operational and non-financial risk analysis, using its data analytic capabilities.

☆ Barclays appoints Currie as chief operating officer
▼ + stars: | 2022-12-07 | by ( Lawrence White | ) www.reuters.com time to read: +1 min

LONDON, Dec 7 (Reuters) - Barclays (BARC.L) said it has appointed Alistair Currie as its chief operating officer on Wednesday, as CEO C.S. Currie replaces Mark Ashton-Rigby, who will step down and advise the bank on a part-time basis. Currie had headed the lender's consumer banking and payments business, and will be replaced in that role by Vim Maru, who joins from Lloyds Banking Group. The changes come at a time when Barclays' executive committee of senior managers has taken on increased prominence in the running of the bank, while Venkatakrishnan is treated for cancer. New chief operating officer Currie will in addition to that role take on the running of BX, the bank's name for its firm-wide company providing technology and other support services to all parts of the business.

☆ Barclays announces new Chief Operating Officer
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: 1 min

LONDON, Dec 7 (Reuters) - Barclays (BARC.L) announced a reshuffle of its executive committee on Wednesday, with Chief Operating Officer Mark Ashton-Rigby stepping down from the role. He will be replaced by Alistair Currie, who currently heads the lender's consumer banking and payments business, the British bank said. Currie in turn will be replaced in that role by Vim Maru, who joins from Lloyds Banking Group. Reporting by Lawrence White, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's Big Four banks pass c.bank rate hike to home loan customers
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - All of Australia's "big four" banks said on Tuesday they will raise their home loan rates by a quarter-point, passing on the central bank's eighth rate hike in as many months to their customers in full. Earlier on Tuesday, the Reserve Bank of Australia lifted its cash rate by 25 basis points to a 10-year high of 3.1%, and reiterated that further policy tightening would be needed to contain inflation. The top four lenders, the Commonwealth Bank of Australia (CBA.AX), National Australia Bank (NAB.AX) and Australia and New Zealand Banking Group's (ANZ.AX) will hike their rates from the end of next week, while Westpac Banking Corp's (WBC.AX) hike will be effective December 20, the banks said in separate statements. However, heightened borrowing costs could impact credit demand, housing market, employment and economic growth, posing as challenges to the lenders. Reporting by Rishav Chatterjee and Echha Jain in Bengaluru Editing by Vinay Dwivedi and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ HSBC to close 114 branches in Britain from April 2023
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

LONDON, Nov 30 (Reuters) - HSBC (HSBA.L) will close 114 branches in Britain from April 2023, the British lender said on Wednesday, the latest in a string of such announcements by retail banks in the country as they slash their networks to try and cut costs. HSBC, in common with peers such as Lloyds Banking Group (LLOY.L) that has also closed branches in recent months, blamed changing customer behaviour for the move, saying customers are increasingly banking online. HSBC said it will invest tens of millions of pounds in updating and improving its remaining 327 branches. Reporting by Lawrence White, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Australian banking system cushioned for imminent climate change-related risks - regulator
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

Nov 30 (Reuters) - Potential economic downturns caused by climate change could pose risks to the loan books of Australia's top five banks without resulting in any severe stress to the system and the economy, a risk study conducted by the country's banking regulator showed. With global focus sharply pivoting towards climate change, banks have come under increased scrutiny for their ties with fossil fuel projects, prompting them to set goals to cut emissions and raise investments in clean energy projects. These banks have "predicted they would adjust their risk appetite and lending practices, such as cutting back on high loan-to-valuation lending and reducing exposure to higher risk regions and industries", the regulator said. APRA will now consider how the assessment could be applied to other regulated industries and climate-related challenges, it said. ($1 = 1.4948 Australian dollars)Reporting by Sameer Manekar and Tejaswi Marthi in Bengaluru; editing by Uttaresh.V and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

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