ARTICLES RELATING TO BANKING

Bank downgrades bad news for consumers

2014-08-27 07:00

The downgrade of SA's four biggest banks means consumers will likely pay more when seeking loans and be subject to stringent credit checks, says an expert.

Call to boycott Standard Bank in Zimbabwe

2014-08-26 06:00

Workers of Stanbic Bank - a division of Standard Bank - have started a boycott campaign against the bank to demand a salary hike and perks.

Bank downgrades: Sarb misses the point

2014-08-22 07:00

It is important to separate downgrades from the health of the banking system and the Reserve Bank's commitment to financial stability, says an economist.

S&P: No plans to downgrade SA banks

2014-08-21 11:58

Rating agency Standard & Poor's says it does not intend to downgrade SA's biggest lenders, easing concerns that Moody's cut could have a knock-on impact.

African Bank 'kept lending to indebted customers'

2014-08-21 10:11

Court documents show that African Bank made high-interest loans to customers even when bank statements indicated they would struggle to service their debts

Banking downgrade piles on economic pain

2014-08-20 17:53

Moody's surprise downgrade of the country's four top banks has sent shares in the lenders lower and piled further pressure on the economy.

SA bank index down after Moody's downgrade

2014-08-20 10:50

Shares of SA banks have fallen after a Moody's ratings downgrade cited a lower likelihood of support from Sarb to protect creditors.

Big profit for Land Bank

2014-08-18 11:08

The Land Bank has recorded a 29.4% increase in net profit from the previous financial year, it says in its annual report. Land Bank net profit increases

Smaller banks see relief after US elections

2014-08-15 08:15

All but the biggest US banks could see relief from some financial reforms after the November elections even if control of the US Congress remains divided.

S&P downgrades three Austrian banks

2014-08-14 14:30

Standard & Poor's has cut credit ratings of three major Austrian banks regarding legislation winding up the troubled and nationalised lender Hypo Alde Adria.

NCR welcomes African Bank curatorship

2014-08-13 17:31

The SA Reserve Bank’s decision to place African Bank under curatorship will bring stability to the country's credit market, says the National Credit Regulator.

Banks struggle to cut Argentina debt deal

2014-08-13 09:15

International banks are struggling to reach a deal to buy a chunk of Argentine sovereign debt held by New York hedge funds suing the country, say sources.

Company to comb records for money laundering

2014-08-12 18:01

Standard Chartered says it will soon be sifting through a pile of data to look for money laundering.

Huge class action targets Australian banks

2014-08-12 09:26

A class action over fees charged by financial institutions including Citibank and Westpac on behalf of all their customers has been filed in an Australian court.

Sarb to announce measures for African Bank

2014-08-10 15:44

The SA Reserve Bank says it will announce measures regarding the troubled African Bank.

Sanctions freeze: EU banks try to keep clients

2014-08-10 12:15

Sanctions that have resulted in international lending frozen to Russia have forced some European banks to refinance existing loans to protect business.

Munich Re reinsurer profits up

2014-08-07 13:30

German reinsurance giant Munich Re says its profits have been up strongly in the second quarter and the company is on track to meet its full-year targets.

African Bank trades below R1

2014-08-07 10:46

Shares of African Bank have plunged for a second day on worries the struggling mass-market lender may not be able to plug a R8.5bn hole in its balance sheet.

Bank of America expects US settlement

2014-08-07 08:22

Bank of America has tentatively agreed to pay a record $16bn to $17bn settlement to resolve allegations it misled investors on mortgage-linked securities.

Ex-head of crisis-hit BES bank posts €3m bail

2014-08-06 13:10

The former head of Portugal's crisis-hit Banco Espirito Santo, Ricardo Salgado, facing fraud and money-laundering charges, he has posted bail of €3m.

African Bank expects R6.4bn loss, CEO quits

2014-08-06 10:15

Abil warns of a full-year loss of R6.4bn and says its chief executive will step down after more than 20 years with the struggling SA mass-market lender.

BES Angolan unit guarantee to be revoked

2014-08-04 14:43

Angola's central bank has announced "extraordinary overhaul measures" for the local unit of Portugal's Banco Espirito Santo.

Portugal announces cash injection for BES

2014-08-04 11:30

The European Union has approved a plan to bail out Portugal's ailing Banco Espirito Santo, with the rescue expected to amount to €4.9bn.

Crooked consumers con vendors out of millions

2014-08-01 20:45

Consumers conning vendors out of millions by manipulating the debit order system has become a major problem, according to experts.

Britain's RBS restricts lending in Russia

2014-08-01 14:27

Part-nationalised British lender Royal Bank of Scotland has placed restrictions on its lending in Russia following developments in Ukraine.

 

Swiss private banks to lift veil on results

2014-08-26 09:20

In a revolutionary move, Swiss private banks are set to announce their results after a radical business model shift amid tougher international regulations.

Obama calls for renewal of Ex-Im Bank

2014-08-24 11:13

President Barack Obama has urged business owners to press Congress to reauthorise the US Export-Import Bank as its closure will stunt export growth.

Top US bank fines since the financial crisis

2014-08-21 19:30

US authorities hit Bank of America with a record $16.65bn fine for selling billions of dollars in high-risk mortgage securities disguised as solid investments.

KPMG wants EU bank reforms shelved

2014-08-21 11:15

KPMG has written to Europe's largest lenders saying a European Commission plan to separate banks' consumer and investment-banking arms should be shelved.

Regulators warn banks over poor risk-spotting

2014-08-21 09:45

US regulators are sending some of the biggest global banks verbal warnings as they crack down on the firms' poor grasp of their own weaknesses.

Business as usual at Capitec

2014-08-20 14:42

Capitec explains what the Moody's downgrade means in practical terms and what will be done about it in future.

Warning against overreaction to banks' downgrade

2014-08-19 18:53

Moody's was too late in downgrading African Bank and now overreacted in downgrading Capitec as a result, says Kokkie Kooyman of Sanlam Investment Management Global.

Capitec shares sink after ratings cut

2014-08-18 10:39

Shares of Capitec Bank have sunk in early trade after a Moody's ratings downgrade that cited concerns about the bank's exposure to risky consumer lending.

How African Bank fail impacts Ellerine clients

2014-08-14 16:10

African Bank has been placed under curatorship and Fin24 users, who have bought furniture from the bank's Ellerine unit, seek answers.

Standard Bank reports slight uptick in earnings

2014-08-14 10:27

Standard Bank has reported a slight uptick in first-half earnings, helped by growth in both earnings from lending and fee revenue.

China bank loans plunge, says central bank

2014-08-13 09:37

China's bank lendings have slumped in June, as demand weakened amid struggles in the property sector, key to the world’s second-largest economy.

Me, my bank and I

2014-08-13 07:15

How would you feel if your bank collapsed? Furious, says Susan Erasmus.

RBS to sell part of Coutts: report

2014-08-12 12:30

State-controlled Royal Bank of Scotland is looking to sell the operations of its private bank Coutts, which counts Queen Elizabeth II among its clients.

RBS could sell international arm of private bank

2014-08-11 12:29

Royal Bank of Scotland is selling the international arm of its private bank in a deal that could be valued at about $1bn, sources say.

Risk of disruption of energy supply - expert

2014-08-10 12:20

The world's energy resources are primarily extracted from "volatile" or underdeveloped regions, creating a real risk of disruption of supply, warns an expert.

Survival for African Bank looks near impossible

2014-08-08 10:01

Any attempt by African Bank to raise the funds to survive seems sure to fail as it needs several times more capital than it is currently worth.

Nene: Bank sector healthy, no sign of Abil impact

2014-08-07 12:45

Finance Minister Nhlanhla Nene says the banking sector remains robust and there is no indication that any other institution has been affected by African Bank Investments.

Commerzbank profits up in second quarter

2014-08-07 10:45

Commerzbank, Germany's second-biggest bank, says its net profit has more than doubled in the second quarter.

Ex-Investec traders lose $10m bonus battle

2014-08-06 14:53

Two former Investec traders have lost a three-year battle over disputed bonuses in a case described as "fanciful" and "wholly incredible".

PIC hits out at troubled African Bank

2014-08-06 12:15

The state pension fund says that struggling African Bank Investments is "almost like a bottomless pit" after the unsecured lender warned of a $600m full-year loss.

Morgan Stanley lends to Lottery winner

2014-08-04 15:40

A New York State Lottery winner has approached Morgan Stanley, because he needed to borrow hundreds of dollars before he collected his prize money.

Closure of Ex-Im Bank could hurt US-Africa trade

2014-08-04 13:10

Trade between the US and Africa will suffer if the US Congress closes the Export-Import Bank, the Financial Times reports GE CEO Jeff Immelt as saying.

Ecobank pre-tax profit rises

2014-08-01 17:00

Pan-African banking group Ecobank says its half year to June pre-tax profit has risen compared to the same period last year.

BNP Paribas posts loss after US fine

2014-07-31 16:09

BNP Paribas bank has revealed a net loss for the second quarter, holed by charges for a record US fine for sanctions busting.

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