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LATEST ARTICLES
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While incumbent Italian banks have seen profits surge thanks to higher rates, the shrinking size and profitability of the non-performing loan market has hit illimity hard. Unperturbed, founder and chief executive Corrado Passera believes the original premise for an SME-focused neobank is more valid than ever.
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Nearshoring has become a topic that is discussed so often – and applied to so many issues – that it seems to be everywhere, and nowhere at once. Euromoney talks to banks operating in the Mexican market to find specific examples of new business being generated by nearshoring.
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A small three-month issue from one of the bond market’s most frequent issuers shows the potential for on-chain delivery versus payment in central bank money. But the obstacles to widespread use of blockchains remain.
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Having taken a hammering following Mexico’s election results and the Brazilian president's comments on fiscal consolidation, the prospects for the key Latin American currencies over the remainder of 2024 are unclear.
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Proponents of banking-as-a-service will be hoping that UniCredit’s decision to acquire Aion Bank and Vodeno marks a turning point in a sector that has experienced considerable volatility.
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Investing in Latin America’s payment fintechs is having a moment – but will the region’s central banks kill off their revenue model by adopting their own version of Brazil’s PIX?
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New institutional investors are providing liquidity to longstanding Revolut employees and giving a valuation proof point to its stunning revenue and profit growth.
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Its acquisition of Citi’s retail banking business in the Philippines has proven to be a challenge. It has put pressure on the bank’s capital buffers, while Citi’s high-end customers have shown a preference for international players.
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Transaction banks in Asia will have to up their game to satisfy corporates who now view a strong digital offering as a prerequisite to maintaining relationships.
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National champion banks should worry that the latest surveys commissioned by the Competition and Markets Authority might prompt loss of more primary accounts.
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Falling inflation has sparked an early surge in credit demand, which offers the prospect of banking normalization – a potential boon given the negative real interest rates banks are earning on their government securities portfolios.
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Corporates, asset managers and hedge funds appear to be willing to work with FX service providers to improve the latter’s offerings despite concerns over core services.
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Guidelines published by China’s cabinet pledged to boost the quality of its capital markets. But they neither understand nor trust the vibrant-yet-turbulent nature of that financial system.
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BDO Unibank has worked on sustainable finance in the Philippines since 2010.
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BDO Unibank, the Philippines’ largest bank, turned in an exceptional financial performance in 2023, cementing its position as the country’s best bank.
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New transition bond includes step-down, as new ‘green infrastructure’ bond issued.
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Bank of Cyprus’s decision to shift its listing back to Athens also shows how far Greece has recovered.
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For years, India’s capital markets underwhelmed. Now, the country is the beating heart of IPO activity in Asia, with a raft of big-ticket stock listings expected in late 2024 and 2025. Fees are up, PE firms cannot buy assets fast enough, and global firms want to raise capital onshore.
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The bank's new CEO has posted his first market-beating quarterly results, but the firm's exposure to lower-income segments could limit longer-term upside.
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Unable to sell companies or raise new funds, desperate private equity managers are funding distributions from debt at the portfolio level. That structurally subordinates limited partners. They don’t like it – and neither do regulators.
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A report from Citi asks if Mexican banks must increase interest rates on their deposit base.
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Huge international debt capital market issuance in September and October is forecast as investors may seek to take any US Treasury benefit through wider spreads.
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A perfect storm – triggered by the Sahm Rule, AI-driven transactions and the unwinding of the yen carry trade – sent the Japanese and global stock markets on a wild ride. While the Bank of Japan gains more flexibility to raise rates after the unwinding, investors remain optimistic about the long-term prospects of Japanese equities.
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India’s first international financial services centre was created by premier Narendra Modi in 2008. Today, Gift City is a flourishing hub near Ahmedabad in the country’s arid northwest. K Rajaraman, chair of the International Financial Services Centres Authority, tells Euromoney why the zone is vital to India’s financial and economic aspirations.
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When Piyush Gupta was named chief executive of DBS in 2009, the Singapore lender was going nowhere in particular. He gave it drive and direction, buying assets around Asia and transforming it into the world’s best bank. A series of tech outages put him in the spotlight for the wrong reasons, but Gupta will leave DBS in March with his head held high and his legacy intact. His capable and charismatic successor Tan Su Shan, the first woman to run southeast Asia’s largest bank, has big shoes to fill.
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New highways, bridges and tunnels make travelling in Mumbai easier than it has been in decades. A new metro line is set to open in late 2024, but the city can still be gruelling to navigate. If it wants to be a global financial hub, there is still so much more to do.
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As multinationals navigate the complexities of developing Asian businesses – amid supply-chain reconfigurations, the rise of sustainable financing and the penetration of e-commerce – treasurers are playing a bigger role in strategic decision-making.
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Buying Axa IM would be BNP Paribas chief executive Jean-Laurent Bonnafé’s biggest acquisition. It has been a long time in the making.
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Alongside UniCredit’s recent acquisition of Polish financial technology company Vodeno, the US private equity takeover of VeloBank is another sign of renewed optimism in Poland.
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The spike in bitcoin after the shooting at a Donald Trump election rally was a reminder that for all the claims of increased maturity, the world’s largest cryptocurrency remains unpredictable.
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Revolut is strongly profitable while growing fast, diversifying revenues and finally being admitted to the banking club. Watch out.
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After years of being off the table due to historically low interest rates, treasurers can now realistically look to profit from rate differentials between currencies.
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The role of Mediobanca adds to the similarities between BBVA’s hostile bid for Banco Sabadell and Intesa Sanpaolo’s takeover of UBI Banca in 2020. But there are stark differences of institutional character, politics and timing.
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Wholesale banking head Andrew Bester explains the renowned retail bank’s ambition to win new revenues building on its expertise in sustainable finance.
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Despite Asia boasting the world’s highest mobile payment penetration rate, digital banks in the region have failed to meet expectations. Traditional banks in many Asian markets no longer view them as serious competitors. What explains this underwhelming performance and are there any exceptions?
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India’s wealth-management sector is growing fast, with new advisory firms constantly springing up. This is catnip to private equity firms keen to invest in the best growth-oriented private banks. But who will win this race and who will fall short?
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UK pension schemes have made clear their opposition to reduced investors protections, while the FCA may come to regret pushing through its new listing regime.
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Citi saw impressive growth over 2023 with revenue growth of 16% year on year.
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OCBC wins the award as Singapore's best digital bank this year for enhancing its digital banking service through a series of initiatives designed to deepen engagement and improve the user experience across its platforms.
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Hana Bank accounted for 13% of system loans and 15% of system deposits in South Korea by the end of 2023. The bank enjoys a strong domestic franchise, particularly in corporate banking, which has driven a sustained improvement in profitability despite the challenging economic backdrop.
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Bank Syariah Indonesia (BSI) – established in 2021 following the merger of Bank BRI Syariah, Bank Syariah Mandiri and Bank BNI Syariah – is a leader in Indonesia’s shariah banking system. It had reached 19 million customers by May 2023, and is Indonesia's sixth-largest bank.
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For its range of initiatives and substantial investment in supporting social and environmental issues in the special administrative region, Bank of China (Hong Kong) wins the award this year.
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Citi secures the award for Korea’s best investment bank in recognition of its comprehensive range of activity across M&A advisory, debt capital markets and equity capital markets.
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In 2023, Citi saw operating revenues reach around ¥139 billion ($860 million) and total assets climb to ¥6,097 billion.
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Citi saw impressive growth across its corporate banking services in Hong Kong in 2023. It saw year-on-year growth in its loan portfolio and funded several significant environmental, social and governance (ESG) financing transactions.
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Banks are refining their single-dealer platforms to replicate the price comparison benefits of the multi-dealer model while accentuating the former’s unique features.
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Cathay United Bank improved its digital customer service last year and employed artificial intelligence and big data tools to better understand its customers’ credit metrics. This resulted in record digital growth for the bank, with digital user penetration up by nearly 50% over 2022.
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RCBC launched its new RCBC Pulz digital banking app in 2023 and continued to support for digital inclusion.
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RCBC expanded its digital offering for small and medium-sized enterprises and saw impressive growth in the segment in 2023. The SME loans portfolio grew by 16.6% to P125.3 billion ($2.15 billion) over the year.
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Newly onboarded corporate customers at HSBC grew by 21% last year. It introduced Smartserve, which reduces the number of days required to open an account, and Omni Collect, which simplifies the way businesses collect payments.
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In 2023, HSBC saw its market share of foreign investment into Malaysia reach 30% of total assets under management, making it the leading custodian and clearing bank for foreign institutional investors investing in country’s capital markets. HSBCnet Get Rate, which provides its Malaysian customers with automatic preferential FX rates, was upgraded to allow 24/7 FX booking for companies with EU and US headquarters.
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HSBC grew profit before tax by 188% in 2023 to SLR38.2 billion ($126 million).
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HSBC had a good year in India in 2023, with profits up by 19% to $1.51 billion, from $1.27 billion the previous year.
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HSBC achieved robust growth in 2023 with net profit growing 26% to total $566 million, with growth coming from its commercial, wealth and personal banking businesses.
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Throughout 2023, HSBC expanded its presence in the mainland Chinese market, strengthening its operations and advancing strategic initiatives across many sectors.
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HSBC introduced initiatives to tackle parental leave, diversity in its hiring process and to improve support for its transgender employees in Hong Kong last year.
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In 2023, HSBC further solidified its position as Hong Kong’s best bank under the leadership of Luanne Lim, HSBC Hong Kong’s chief executive. HSBC Group’s market profit before tax soared to $10.7 billion, representing 80% year-on-year growth and contributing 35.3% to the group’s overall pre-tax profit.
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HSBC helped Singaporean companies like Next Gen Foods and Multiplier Technologies expand overseas in 2023. It also scaled up its support for local businesses expansion in the region by introducing a $1 billion ASEAN (Association of southeast Asian Nations) growth fund for digital platform businesses and a $150 million venture debt offering aimed at scaling high growth companies.
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OCBC had a busy 2023, launching new FX features, application programming interface (API) integration and improvements to its online platform.
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OCBC NISP proved an invaluable partner to its small and medium-sized enterprise clients in Indonesia throughout 2023 with the launch of its Nyala Bisnis 2.0 platform and initiatives to empower women-owned SMEs.
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International banks inevitably capture a large share of international debt issuance from Poland, notably the sovereign and large commercial banks. But Trigon remains a national success story in investment banking as a purely Polish and private-sector player. It has a large local team that includes one of the country’s most extensive equity research capabilities.
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Barclays wins the award as the UK’s best investment bank. Even though some investors had to wait for the bank’s investor day in February 2024 to hear it once again reaffirm its commitment to the investment bank, staff in the UK had no doubt of this.
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‘Being there’ is one of Citi’s many skills. It is always there for clients: underwriting stock offerings, printing bonds and taking the lead on bridge loans to support complex acquisitions.
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For its mix of sustainable finance structuring expertise and innovation in retail banking, ING wins the award this year.
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The bank has become a global payments powerhouse, delivering innovation and outperformance.
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Public-sector clients had to tackle rising rates and geopolitical uncertainty in 2023, while undergoing fundamental restructuring in their sector. HSBC was instrumental in guiding them through the uncertainty.
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Techcombank further solidified its leadership in Vietnam’s banking sector in 2023. This has been driven by its five-year transformation journey focusing on investments in digital, data and talent under chief executive Jens Lottner, who took the helm in 2020.
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Banco Angolano de Investimentos (BAI) posted impressive financial results for 2023. Profit before tax stood at AKz220 billion ($250 million), almost double its 2022 result (AKz115 billion), and the bank achieved a return on equity of 36%, up from 26% the year before.
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For the volume of sustainable finance being provided to the Turkish economy, as well as innovation in sustainability products, Akbank wins the award as best bank for environmental, social and governance this year.
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Bank SinoPac has long focused on initiatives to promote responsible and inclusive finance, primarily by channelling loans to small businesses. The total outstanding of such lending to small and medium-sized enterprises was NT$325 billion ($10 billion) at the end of 2023.
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Crédit Agricole CIB demonstrated its global capabilities and expertise in sustainability for Hong Kong clients last year, structuring and executing several transactional firsts as well as supporting the growth and development of the broader market.
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Barclays has integrated sustainability across its operations and financing activities, significantly reducing emissions and enhancing its commitment to green investment.
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First Bank of Nigeria (FirstBank) wins the best bank for corporates award this year for its investment in digital, support of sustainability and the financial performance it has delivered.
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Focusing on its core strengths has helped Deutsche Bank serve corporate clients amid intense geopolitical, technological and environmental challenges.
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With a chief executive pushing sustainable finance from the very top, HSBC is leading from the front in the global banking industry’s response to the climate emergency.
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Few banks have navigated turbulent times so well, posting record revenues on the back of strong net inflows and rising markets.
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Yet again, DBS stands head and shoulders above the field in Asian wealth management.
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Cross-border transactions involving multiple products that combine advisory, equity and debt financing are the bread and butter of a franchise like RBC Capital Markets. The firm’s performance in 2023 makes it a worthy winner of the award for Canada’s best investment bank.
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After depositors fled the wreckage of the US regional banks in 2023 and customers started jumping overboard from a sinking Credit Suisse, even more banks could have been dragged into a systemic crisis. But UBS, rebuilt after the global financial crisis as a strong, sustainable and well-managed institution, responded to the rescue call from a fellow G-Sib. It rescued Switzerland as a financial centre, stopped the panic from spreading and struck a good deal for its own shareholders. Credit Suisse was not a gift. The integration will be tough. But UBS has got off to a good start and could soon relaunch its own growth story.
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For many US regional banks, the priority in the first part of 2023 was simply survival. But for the very best, ambitions went much further than that. For its excellent financial performance, the product of wise decisions made years ago and the continued execution of an impressive strategy, Fifth Third is the US's best super-regional bank.
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The French bank has made steady progress in this business over the last decade and last year was a strong period of new mandates and client expansion.
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Afghanistan International Bank (AIB) has once again proven its resilience and adaptability in the midst of severe economic challenges, demonstrating its crucial role as a financial lifeline connecting the country with the world.
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In a tumultuous year for China’s investment banks, marked by a muted IPO market and stricter regulatory oversight, CICC has emerged as the undisputed leader. While prominent Chinese investment banks, such as Citic, have faced investigation case filings from the regulator, CICC has solidified its position at the forefront of the industry, particularly in the domestic M&A space.
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To be the best investment bank in the fastest growing continent you can’t just be here or there, you must be everywhere.
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For the second year in a row, HSBC walks away with the award for Asia’s best bank – and deservedly so. Outgoing chief executive Noel Quinn’s decisive move in early 2020 to pivot to Asia by redeploying $100 billion in risk-weighted assets has delivered, generating strong new income streams and squeezing more gains from key product lines such as wealth management and transaction banking.
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For its range and quality of corporate banking services, investment in digital, and financial performance, Kotak Mahindra Bank wins the award of India's best bank for corporates this year.
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The fourth-biggest bank in Portugal, which has been fully owned by Spain’s CaixaBank since the end of 2018, saw an exceptional performance in 2023. After record results for the firm across the board, Banco BPI is clear winner of the award for Portugal’s best bank.
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Even its rivals in Spain admit to feeling the impact last year as CaixaBank moved on from integrating Bankia to concentrating more exclusively on developing its business organically. This is evident, for example, in the savings market, where its customer funds increased by 3.1% in 2023. In insurance, a vital part of the group’s activities, there was also healthy growth, with a 7% volume growth in general and life risk premiums.
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Standard Chartered wins the award this year for making several key enhancements to its digital banking platform, supporting strong growth in customer sales and engagement.
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The disconnect between global economic growth and commodity prices is focusing treasurers’ minds on hedging exposures to everything from cocoa to cobalt.
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S&P’s regional bank index has just pushed past its March 10, 2023, level, reflecting where these stocks were immediately before the collapse of SVB last year. Those stocks are rising sharply and investors are seeing huge profits, so is this a sign that regional banks have finally emerged from their crisis?
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HSBC’s choice of a new CEO to replace Noel Quinn was long flagged. Elhedery’s fortune is to be handed the reins of power in an extended period of calm for the UK lender, which benefited immensely from Quinn’s calm stoicism. But deteriorating Sino-US relations mean that turbulence for the London- and Hong Kong-listed lender is sure to return.
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The Singapore state-owned fund has unveiled plans to invest $10 billion in India and to plough more capital into the US and Japan. At the same time, it is quietly retreating from China, once its largest investment market, but now beset by underperforming capital markets, weak growth and bleak consumption data.
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President Xi Jinping’s ‘great rebalancing’ is creating a two-speed China: one a stodgy economy; the other full of export-focused corporate superstars. To serve the latter, China’s banks must invest overseas by buying assets or opening branches – and they need to do so fast.
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Tyler Dickson’s departure from Citi must rank as one of the most predictable moves in investment banking this year, even if where he has ended up is perhaps less obvious. Elsewhere, Citadel Securities is apparently set to make an offer that some of the Street might find difficult to refuse.
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Bankruptcies in the buy-now-pay-later market, together with tighter regulation, present an opportunity for banks to steal a march on pure-play providers.
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France’s political and banking troubles obscure good momentum in Societe Generale’s corporate and investment bank. Yes, capital is constrained, but the bank says it is moving in the right direction.
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The bank’s decision to sell a large minority stake in Credit Suisse’s former China JV to BSAM, a Beijing-based fund it has known for decades, is a setback for Ken Griffin’s Citadel Securities. The US firm is still committed to expanding in China’s troubled market.
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Diego De Giorgi’s arrival at Standard Chartered has coincided with important changes at the bank. He talks to Euromoney about the transition from investment banker to chief financial officer, and how the firm can further leverage its advantages amid growing profitability and geopolitical risk.
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Currency volatility benchmarking has become a useful tool for FX traders but is by no means the only option for informing trades.
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The limitations of the Alternative Investment Market are forcing many companies to explore other sources of funding. Nevertheless, there is optimism that the market for small and medium-sized growth companies can be revived.
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CEO Leandro Miranda tells Euromoney that the firm will use recently granted CVM license and secured deal mandates to raise equity.
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Basel-endgame pushback has reduced the urgency for US banks to relieve capital, but investor appetite for significant risk transfer trades is spilling over to Europe.
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Donald Trump is now likely to win the US presidential election after a disastrous debate performance by incumbent Joe Biden. Trump 2.0 may bring complications as well as benefits for Wall Street.
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Mamerto Tangonan, the deputy governor and head of the payments and currency management sector at the Bangko Sentral ng Pilipinas, tells Euromoney how southeast Asian countries are using advances in digital payments to revolutionize cross-border transactions.
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There is pressure on corporate treasurers to maximise the benefits of embedded finance, despite the lack of additional resources.
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The region’s tough economic history, coupled with its strength in soft and hard commodities, makes it best positioned to tackle today’s challenges.
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Derivatives structurers are thriving, but regulators aren’t convinced the biggest Wall Street banks have a firm grasp of their complex exposure.
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The Siena-based bank has a better bill of health and is once again a target in Italy.
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The immediate aftermath of the launch of T+1 settlement in the US on May 28 suggests the acceleration has not yet translated into increased FX risk. But it is still too early to tell what the longer-term impact will be.
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Despite an overwhelmingly Italian business in retail, Intesa Sanpaolo has stepped up its share of corporate and investment banking revenue outside the country. In its global growth markets, divisional chief Mauro Micillo says the firm is here to stay.
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With corporates taking a more holistic view of sustainability, banks are under pressure to address concerns over reporting and verification requirements for sustainable working capital, trade finance and liquidity management products.
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Risk aversion has spread quickly since the call for a snap election in France, from French government bonds, through bank stocks and CDS spreads to now derail the IPO of an Italian maker of luxury trainers.
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Euromoney recently sat down in Dubai with the heads of investment banking for HSBC in the Middle East. The conversation focused on the burgeoning trade and deal flow between the Gulf region and Asia, what investors on both sides are looking for and why they like what they see.
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The South Korean automaker is on track to raise upward of $3 billion via the listing of its India unit in Mumbai. If successful, it will surely compel more global firms to raise capital in south Asia’s largest market.
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MBridge, China’s cross-border digital currency initiative, has entered the minimum viable product stage. It is the world’s most advanced cross-border CBDC and stands on the cusp of playing a pivotal role in the de-dollarization process.
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The recent resurgence in M&A activity has driven interest in deal-contingent hedging as firms look for a buffer against unfavourable FX or interest-rate movements.
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Mexican banks have sold off hard since Claudia Sheinbaum – as widely expected – was confirmed as the country’s next president.
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It is getting tougher for investors to execute block trades of more than €2 million in Europe’s fragmented equity markets. Matching buyers and sellers needs a return to negotiation and away from pure electronic trading.
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The absence of staking and the earlier approval of spot Bitcoin exchange-traded funds have sucked much of the excitement out of the SEC’s surprising decision to greenlight spot Ethereum ETFs.
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After years of retrenchment, Commerzbank’s head of corporate clients Michael Kotzbauer tells Euromoney of a tentative return to growth. The bank has dodged Germany’s commercial real estate slump but is having to adapt to a worsening geopolitical backdrop. Capital and cost efficiency remain big priorities.
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For the US to come out in support of voluntary carbon markets even while arguing for their reform is an important step in the drive to seek better standards for what are vital – albeit flawed – mechanisms. But more guidelines on how to certify and trade offsets are no substitute for the real thing.
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Rising confidence in European banks has raised hopes of a surge in domestic M&A, perhaps laying the foundations for the long-sought ideal of genuinely pan-European firms.
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Hefty convertible bond sales by the likes of Chinese firms Lenovo and Alibaba, plus renewed interest in issuance from corporate Japan, have the market chattering. Is the market here to stay in Asia, or could a single soggy offering cause it to slam shut again?
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Does the high number of drawn-out insolvency cases in the UK suggest a failure of regulation?
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John Mathews, head of UHNW Americas for UBS in New York, tells Euromoney why the US’s private banking model is so successful, why the Swiss firm is really in the life counselling business, and explains why it has targeted US ultra-high net worth clients.
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As securities markets shift to T+1, repo is already going intraday with DLR the first of what may be many digital trading platforms to offer JPM Coin for the cash leg.
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By starting from a blank sheet of paper, Royal Bank of Canada hopes its new US cash-management platform will allow it to capture a greater share of wallet from existing clients while not being held back by legacy technology.
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Corporate treasurers are playing it safe when balancing the merits of exploiting improved access to capital against the risk of unexpected economic shocks and business interruption.
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Financial markets reacted calmly to news of an early UK election, expecting whoever wins to stick to the fiscal rules. But whoever wins must also cope with rising debts and onerous interest payments.
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The prospect of interest rate cuts from the Fed in 2024 is disappearing. Japan and Korea are among those feeling the heat.
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Will increased transparency in the European corporate bond market lead to higher transaction costs for large trades?
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The bank is looking to capitalise on its local presence in Latin America as Korean and Chinese firms intensify their nearshoring efforts.
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Unlike other firms in Latin America, BTG Pactual hides its growing retail digital banking business within its wealth-management division. Why?
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Anything except a brief stay on as chairman would cast a baleful shadow over the chief executive’s successor at JPMorgan.
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Kuwait Finance House (KFH) is Kuwait's best Islamic bank thanks to its strong financial performance and the implementation of several innovative solutions.
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Allied Bank Limited has made some great enhancements to its product offering and has seen a corresponding improvement in financial performance.
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Mashreq Al Islami continues to demonstrate its digital leadership in Islamic banking through the breadth and quality of the services and products it provides. It is Euromoney’s best Islamic digital bank this year.
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In an interview with Euromoney, European Banking Authority chair José Manuel Campa joins the European Central Bank and others in pressuring banks to do more to prepare for geopolitical risks spreading from Russia to China, the US and Middle East.
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Rumours that Chinese insurer Ping An could cut its stake in HSBC further, perhaps selling to a Middle East buyer at a time when Gulf investment is flooding into the People’s Republic, should not come as a surprise.
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The latest in a string of big appointments at debt capital markets-focused fintech NowCM is a reflection of how the firm must increasingly institutionalize itself as it grows. Markus Sauerland tells Euromoney why change is so difficult in the financial world.
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Banks and regulators are keen to use instant payments to reduce the influence of Visa and Mastercard on the European payments industry – but replacing these two dominant players will be far from easy.
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Some companies overhype their eco-credentials, while others hide theirs. Banks are navigating this complex landscape to capitalize on surging demand for sustainable investment.
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Although the relative health of some nationalized banks may facilitate their privatization, major obstacles to any sales remain.
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Naz Vahid is to leave Citi after nearly four decades as one of the US bank’s most effective and innovative wealth managers.
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Blurring the lines in foreign exchange between automation, traditional AI and generative AI runs the risk of undermining trading services by setting unrealistic expectations.
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Thailand is enduring a record heatwave, yet its economy is in the deep freeze. Prime minister Srettha Thavisin is frantically jetting around the world trying to woo global corporates and investors, so far to little avail.
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Chief financial officers and finance directors have much to gain from bundling treasury services if they can convince senior management that such offerings deliver value for money.
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New accounts targeted at low-income customers reflects the reality of intense competition in the sector.
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UK banks, asset managers and individuals see better returns from dumping UK stocks and investing elsewhere, but the impact eventually becomes ruinous.
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The UK government wants to invigorate the UK stock market and sell its stake in NatWest. The bank’s private banking arm wants to boost its investment almost anywhere else.
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BBVA’s bid for Banco Sabadell didn’t appear to be going well when its share price slumped after the announcement. Then Sabadell rejected the offer despite the substantial premium to its own share price.
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Twenty-five years ago in Spain, ING launched a branchless bank – still its biggest greenfield retail operation. Euromoney asks Iberia chief executive Ignacio Juliá Vilar what still makes it stand out from both incumbents and newer arrivals.
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UOB’s acquisition of Citi’s consumer assets in four southeast Asia markets strengthens its status in one of the world’s fastest growing regions. The Singapore lender’s CEO Wee Ee Cheong talks to Euromoney about why this matters and what comes next.
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Aditya Birla Finance Limited-Wealth wins this award for the quality and range of its investment research.
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Several Chinese bubble-tea makers are looking at Hong Kong IPOs. When high-end tea maker Nayuki listed three years ago investors drank it up, but the deal now trades 90% below its listing price. Can a new group of issuers revive the market?
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As mandated real-time payments loom, Europe’s banks and other payment providers must look at modernising legacy infrastructure.
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Corporates’ longstanding complaint on banks’ payments offerings is that they don’t know what they are being charged for but suspect it is too much. Airwallex now provides an alternative at global scale.
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BBVA could have bought Banco Sabadell much more cheaply in 2020. Sabadell’s CEO César González-Bueno has since turned his bank around. But BBVA’s return to the negotiating table comes at a time when European banking may be moving to a new and more confident phase.
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Exactly one year ago, San Francisco-based First Republic Bank was sold by regulators amid a US regional banking crisis. Citizens Financial Group, which had seen the sale as a chance to turbocharge its private banking ambitions, lost out to JPMorgan. But far from being the end of the story, that failed bid was just the beginning. Within weeks the bank had announced First Republic’s Susan deTray as the head of its new private bank, a unit that is now at the heart of a fast-growing wealth franchise.
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Restructuring HSBC, like painting the Forth bridge, is a never-ending job. While Noel Quinn has done well, the board must not make another ham-fisted transition.
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A lack of consensus on whether recent under-performance of Asian currencies will impact China’s willingness to let its own currency weaken is leading to disparate views on near-term valuations.
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Recently rebranded and expanded, Wealth at Work is Citi’s most dynamic generator of wealth revenues. Its leader, Naz Vahid, sits down in New York with Euromoney to explain her vision for its future.
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As banks focus more on climate adaptation across their businesses, are they conceding that mitigation efforts are futile?
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The body responsible for settling about $6.5 trillion of global daily FX trades has decided against extending its deadlines to accommodate non-US participants who still want to use its next-day settlement service. But it expects the impact to be limited – far too limited to justify the complexity that a change would impose on its members.
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The two European banks are both trying to de-emphasise their investment banks and want to build up areas where they see weakness. Barclays is later to this party than Deutsche, but both will have found encouragement in the first three months of 2024.
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Digital negotiable instruments offer the prospect of improved working capital and better liquidity, but they face implementation challenges.
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Direct lenders to risky borrowers take comfort from their seniority in the creditor hierarchy. But stressed borrowers could jeopardise this as they struggle to attract new funding.
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The Brazilian neobank is growing its number of clients faster than perhaps any financial institution on earth. Combine this with static unit costs and the operational leverage potential is big. CFO Guilherme Lago explains how its business model is now focused on the next five to 10 years as open banking generates unprecedented price transparency, customer portability and opportunity.
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The standards-setter has come under fire for announcing plans to allow companies to offset Scope 3 emissions as part of net-zero targets. But this kind of compromise has always been inevitable.
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A private credit market growing so fast, away from the oversight of bank regulators, may be a new source of systemic risk. With smaller investors taking greater exposure to an asset class whose high returns and low losses look almost too good to be true, there could be trouble ahead.
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Junior bankers should relax about the threat to their jobs from AI and lean into opportunities to bluff their way to Wall Street glory.
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Intesa Sanpaolo’s Isybank is the latest in-house neobank to run into trouble. But the desire to migrate core-banking systems onto the cloud is still encouraging other banks to follow this strategy.
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Quarterly survey reveals that UK finance professionals may be feeling more upbeat about prospects, but that this is yet to translate into a willingness to take greater risk onto balance sheets.
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A move back up in rates is creating a PR battle among Wall Street banks. JPMorgan was punished for a cautious outlook, Goldman Sachs promoted strong fixed income trading results and Bank of America projected a Zen approach to rate moves.
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UK fintechs attracted more investment than all European rivals combined in a tough funding market last year, but a broken IPO market leaves them with nowhere to go.
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China’s Project Whitelist, launched at the start of the year, exists to ensure bank funding for property development. But it is there to protect projects, not the developers behind them.
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Rumours that FAB is in exploratory talks with a Turkish lender, together with hopes for a big-ticket IPO, point to optimism despite the dire outlook on inflation.
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Previous changes of policy direction have left analysts undecided on whether to attribute recent sharp corrections to the renminbi reference rate to accident or design – or even a combination of the two.
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When clients talk to the world’s biggest listed hedge fund, market complexity, the use of technology and the need for customised solutions loom large in the conversation. Man Group’s president Steven Desmyter tells Euromoney how the firm’s evolving structure and approach reflect the priorities of the asset allocators it serves.
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The EU’s Instant Payments Regulation may have fired the starting gun on real-time payments in Europe, but many banks remain stuck in the blocks.
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The IMF can’t see what dangers may lurk beneath the surface calm of direct lending – but it should be wary of regulators damming an essential funding channel.
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First investment-grade debt capital markets started to pick up. Then it was high yield and now IPOs, as well as announced M&A
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The Singapore lender is looking to India in search of new business and growth opportunities, its chief executive Piyush Gupta tells Euromoney. Long term, it aims to emulate onshore the country’s best private-sector lenders, HDFC and Kotak Mahindra.
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The Chinese financial hub just posted its worst first quarter for IPO proceeds in 15 years. With China’s economy stumbling and new local security laws deterring global investors, can anything stop the rot?
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As banks retreat to their home markets, they must find reliable partners to serve corporate customers overseas or risk losing them.
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The challenges around distributed ledger technology implementation and integration for bond issuance have proved more significant than early proponents had hoped.
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Isbank’s chief executive Hakan Aran sees embedded finance and an innovative approach to bank branches as the future as the Turkish bank looks to rebuild on a better market environment for its 100-year anniversary.
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The Korean banking sector faces many obstacles, but a single, powerful catalyst is driving change.
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From fast fashion to electric vehicles, Chinese firms are grabbing customers and market share. Meanwhile, the nation’s banks are stuck at home, propping up troubled developers and local governments. It’s an anomalous situation that will benefit the foreign banks.
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The good news is that bank executives don’t see big loan losses ahead; the bad news is that they lack the confidence and vision to invest in the business.
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XP has succeeded in Brazil by using its technological efficiencies to win on digital experience and price. But now the incumbents are catching up and XP chief executive Thiago Maffra is focusing on developing service beyond pure online delivery.
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The Greek bailout fund’s exit from Piraeus Bank last month was the country’s biggest post-crisis privatization. The bank’s chief executive, Christos Megalou, tells Euromoney that this is more than a capital-return story. It’s also about growth: in the economy, in wealth and asset management, and, thanks to neobank Snappi, internationally.
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Despite overlapping in a number of key workflow areas, asset managers continue to face challenges with FX order management systems that struggle to emulate the capabilities of systems designed to manage execution.
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Market conditions have heightened concerns over the potential cost of failed securities settlement as the world’s largest financial market prepares to move to T+1.
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President Javier Milei campaigned on cuts – and that is what he has delivered. But like all extreme diets, the approach is unsustainable. Time to rethink the plan.
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After a decade of restructuring, EFG International ramped up hiring last year – above all from Credit Suisse. Chief executive Giorgio Pradelli talks about the firm’s scope to lead a wave of Swiss-bank consolidation, while doubling down on new wealth from the Middle East and Asia.
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The paradox of Itaú is that it has maintained its leadership of Brazil’s banking sector with an ease and assuredness in recent years that belies the radical and continual transformation going on under the surface. The bank’s CFO, Alexsandro Broedel, tells Euromoney that its management’s only real constant is to view every new player as an existential threat – and react accordingly.
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There almost certainly won’t be a Truss/Kwarteng-style meltdown in the US Treasury market – just persistent inflation, high rates, volatility and likely some form of monetary financing.
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BDO Private Bank wins the award as the Philippines’ best domestic private bank for the quality and range of expertise and services it provides to high net-worth individuals, families and entrepreneurs.
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Credit Suisse’s domestic bank was arguably the failed group’s best and strongest division. One year after the rescue, UBS is not the only one trying to feast on its domestic wealth-management and corporate-banking leftovers. Other Swiss and international players also hope to benefit from the longer-term fallout in Switzerland. Will the rush to pick up the remnants of the fallen champion pay off?
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The decision by the US SEC to drop mandatory Scope 3 reporting weakens global emissions reporting standards. However, many corporate issuers are already using Scope 3 performance targets on sustainability-linked transactions for non-regulatory reasons. Are the debt and equities markets leading companies onto ESG ground upon which regulators fear to tread?
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Stock market reform has not only revitalized the country's capital markets but has also permeated the real economy. Countries like Korea are quickly following suit. Interestingly, China also seems to be drawing inspiration.
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For its impressive commitment to this issue in the country, DBS wins the award for Taiwan’s best for sustainability.
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DBS wins the award for Taiwan’s best international private bank in recognition of the quality of its services and its leading market position in the country.
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Julius Baer wins this award for the investment the firm is making in this core Asian market, as well as the global expertise it offers Indian clients.
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UOB Private Bank wins the award as the only foreign private bank operating onshore in Malaysia.
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UOB Private Bank wins this award for its commitment to and investment in supporting next generation clients.
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DBS wins the award for Singapore’s best domestic private bank for the second consecutive year in recognition of its regional expertise, as well as the strength and sophistication of its wealth management offering.
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DBS wins the award for its strength and innovative leadership in serving family office clients in Singapore.
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DBS wins the award for its expertise in succession planning.
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DBS wins this award for the strength and sophistication of its digital solutions.
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DBS wins this award for best international private bank in Hong Kong in recognition of the quality and breadth of its services and its distinctive regional expertise.
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Euromoney Private Banking Awards: Hong Kong’s best for family-office services: JPMorgan Private BankJPMorgan Private Bank wins the family office award thanks to the quality and range of products, services and advice it provides wealthy Asian families.
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Euromoney Private Banking Awards: Hong Kong’s best for philanthropic advisory: JPMorgan Private BankJPMorgan Private Bank wins this award in recognition of its expertise and global connectivity in philanthropic advisory and services.
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Julius Baer wins the award for Singapore’s best for high net-worth clients in recognition of the impressive range of expertise and capabilities it offers this key client segment.
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Euromoney Private Banking Awards: Singapore’s best international private bank: JPMorgan Private BankJPMorgan Private Bank wins the international private bank award for the power, range and expertise of its cross-business capabilities.
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EFG Bank wins the award for its differentiated private-banking offering.
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Global money is flooding into India to profit from high-performing stocks, a booming economy, and the ease of investing via Gift City, a growing financial hub in Gujarat. Local wealth is flowing the other way, notably to Dubai. It’s a gold mine for private banks, and the process has only just begun.
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Norwegian wealth manager Formue has been growing revenues and assets since opening in 2000. It has done this by financially educating people who never gave much thought to wealth planning and by getting people to like it.
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Caixabank Private Banking wins the award for best domestic private bank in Spain this year having demonstrated strong performance and launched important enhancements in many sectors.
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Carnegie Private Banking wins the Sweden’s best domestic private bank award for the second consecutive year for the growth, investment and development it has made across its private banking business.
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For its mix of global capability with local expertise and philanthropic efforts, JPMorgan wins the award for Sweden’s best international private bank.
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BPI Private Wealth wins the award for the Philippines’ best for the next generation based on its investment and commitment in educating of this key client segment.
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Bank of East Asia wins the award for the range of environmental, social and governance-related investment products it offers clients.
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United Overseas Bank (UOB), a stalwart in Singapore's banking sector since 1935, now boasts a robust network of 500 branches and offices across 19 countries. UOB is not only a bank with a long history but is also dedicated to spearheading innovative initiatives for the next generation through dynamic and multifaceted programmes.
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Julius Baer’s commitment to Asia has certainly paid off. Bolstered by a team of 1,600 professionals, including over 430 relationship managers, the bank has achieved a doubling of its assets under management in the region since 2016, establishing itself as the largest pure-play private bank in the region.
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360 One Wealth wins this award for the all-round strength of its private banking and wealth management offering in India.
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For the quality and breadth of service it provides to family clients, BPI Private Wealth wins the award for the Philippines’ best for family office services.
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FortePremier wins this award in recognition of the quality and range of its private banking and lifestyle services in Kazakhstan.
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This year, DBS has been named Asia’s best private bank for high-net-worth individuals, a testament to its innovative approach in this competitive wealth-management sector.
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Ambit Global Private Client wins this award for its impressive performance in discretionary fund management.
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Metrobank wins the award for the Philippines’ best for ultra-high net-worth clients based on the impressive quality of the services it provides to this key client segment.
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Few things matter more to investors than clarity and foresight. JPMorgan Private Bank's investment strategy team has established itself as an essential navigator, steering clients away from market pitfalls and towards opportunity.
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With Singapore's ascent to a prominent hub for family offices in Asia, DBS has made quick work of establishing itself as a leading player in the region.
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In a year that has seen Asia's financial institutions face mounting pressures from geopolitical headwinds, DBS retains its mantle as Asia’s best private bank 2024. This award comes in tandem with two other regional honours: best for family office services and best for high net-worth (HNW) individuals. Its managing director and group head is Joseph Poon.
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CICC wins this award for the strength and range of wealth management products and services it provides across the wealth segments.
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Julius Baer has a distinct position in Asia. As the region’s largest pure-play private bank, it is unwavering in its commitment to personalized service.
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In 2023, Singapore attracted S$12.7 billion ($9.43 billion) in fixed asset investments, amid a challenging global environment, according to data from the country’s economic development board. The previous year it was even higher, at S$22.5 billion.
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Amid the constant hum of activity in the private-banking world, it can be easy to forget the importance of discretionary portfolio management.
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“Philanthropy is in our DNA.” So says JPMorgan Private Bank, which for more than 160 years has served as a philanthropy adviser and investment manager to many of the world’s leading charitable institutions and philanthropists.
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Competition in the high net-worth category is fierce: every private bank targets HNW customers, with the aim of making as many as possible of them long-term customers.
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India is a key market for Julius Baer. Onshore, it is the largest foreign private bank, with a history stretching back more than 30 years, catering to high and ultra-high net-worth customers.
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Traditionally, the route to acquiring new clients was achieved via the expansion of an adviser’s personal network. This was cultivated by doing the rounds, attending events and conferences, and through referrals. Business was steadily attained, then systematically, over years and even generations, retained.
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JPMorgan Private Bank says that it has “always been intentional about engaging future generations”. People are transitory and money can be too, but it doesn’t have to be. Any family knows wealth can be lost as easily as it can be won, and consistently falling on the right side of that equation means engaging the next generation, and the one after that.
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JPMorgan Private Bank clients enjoy the best of both worlds: an intimate relationship with a US lender that is allied to the power of a genuinely global financial leader. It is led by Mary Callahan Erdoes.
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While welcome, initiatives by the government and financial sector bodies designed to make it easier for companies to raise funds in the UK face a number of obstacles.
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As Japan puts an end to the global negative interest rate era, its central bank's QE programme remains in place and may be a model for peers. Investors maintain a bullish outlook on the stock market.
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A wall of liquidity among investors has helped to drive a busy start to the year for bond issuers, as they rush to capture tight spreads.
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Reports that the long-rumoured deal has been agreed suggest growing optimism among Argentine bankers about the new administration.
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In a world of higher interest rates, economic uncertainties and data overload, corporate treasurers are turning to cutting-edge tools and strategies to predict and optimize their cash flows.
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Carry traders are going to have to work hard to maintain the momentum of the last few months if expectations of interest rate cuts in the US and hikes in Japan come to pass.
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The German lender’s decision to put its chips on southeast Asia is paying off handsomely. Under the leadership of Asia CEO Alexander von zur Mühlen, Deutsche Bank has doubled its capital in Vietnam and Indonesia, with more to come, moved a host of global roles to the region, and has seen Asean eclipse its India and China business in terms of growth and absolute numbers.
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Asset managers and industry regulators face operational challenges around the tokenization of private assets.
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Encumbered by an impotent fiscal policy and a sluggish stock market, bank lending could be China’s only route to economic recovery.
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Caution at local commercial banks – coupled with the eagerness of large investment banks to foster relationships with private equity players – means large real-estate deals fuelled by back leverage could be primed for a comeback in Europe.
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Corporates seeking to leverage sustainable investment opportunities continue to be restricted by the lack of reliable data on which to base their assessments.
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The Basel committee is shocked – shocked! – that some banks might be reporting inflated leverage ratios.
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The UK startup is now a fully regulated bank and private funds are backing its vision to embed regulated banking in non-financial companies as well as fintechs.
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The Fed chair has made a remarkable, virtually unconditional surrender to opponents of his plan for Basel III implementation in the US. The tactical withdrawal is embarrassing, but it makes strategic sense.
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With some big deals launching this week, Europe’s IPO pipeline is flowing at last. If they do well, they should put to bed the notion that ‘private IPOs’ are what is needed to provide exit routes for sponsors. A handful of recent deals shows that the biggest driver of success is doing the simple things well.
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The UK Chancellor has big plans for the tech sector.
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Many vendors believe corporate treasurers should be doing more to eliminate superfluous accounts, protect payment data and direct resources to improving paper-based processes.
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Thinner margins across the banking industry hit smaller banks harder. But investor pressures are also less of an issue for mutually owned lenders.
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For a deeply unpopular government with little room to manoeuvre, the chance to bribe voters with a cheap offer of bank shares is irresistible. The bank in question is now well-run and profitable while its stock still trades at a discount. But the great NatWest share offer will do little to revive UK capital markets.
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Luring star bankers from rivals – like Citi’s appointment of JPMorgan veteran Viswas Raghavan – can bring hidden costs beyond the expense of replacing stock options for the lucky new hire.
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The UBS chief investment office’s sustainable and impact investing strategist wants to avoid measurement for the sake of measurement, but responding to client demand for more data while ensuring its readability remains a challenge.
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The leading neobanks in Brazil seem to have hit their stride in terms of profitability just as some of the traditional banks have stumbled. Are these firms the future of Brazilian banking?
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The Brazilian government’s changes to the laws governing its tax-exempt debentures have allayed financial market fears that president Lula intends to rely on BNDES to fund billions spending on infrastructure, crowding out private-sector finance.
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The newest ESG trend in retail banking might be a niche offering for now, but all banks will have to take it seriously someday.
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Chief executive Carlos Eduardo Guimarães says that he expects the bank’s return on equity to double to between 20% and 22% in the next two years.
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Banco Inter reported return on equity of 8.5% in the fourth quarter of 2023 but is now targeting a return on equity of 30% by 2028, CFO Santiago Stel tells Euromoney.
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Perception appears to be just as important as reality when it comes to buy-side firms viewing themselves as FX liquidity providers.
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Leading commercial banks are focusing on their approach to relationship management to reassure corporate customers that they are being listened to.
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Chinese fintech Ant Group has offered UBS a reported $250 million for Credit Suisse’s China joint venture, outbidding Citadel Securities. It is a timely reminder that despite its current malaise, Asia’s largest economy is still a great long-term place to invest.
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There are sensible elements to CEO Slawomir Krupa’s plans for Societe Generale, but their communication needs attention.
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In 2020, Deutsche Bank’s Asia chief, Alexander von zur Mühlen, placed more of his chips on fast-growing southeast Asia. As global firms diversify out of China, his prescience and willingness to deliver on his convictions is starting to pay off.
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Investors and staff at Societe Generale are slowly starting to understand chief executive Slawomir Krupa’s brutally honest approach to the bank’s many challenges. Taking them with him as he embarks on his restructuring plan may prove a more delicate task.
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There was a big rise in the number of respondents to Euromoney’s Trade Finance Survey 2024 who received an increase in credit from their trade banks last year – 45.7%, up from 41.8% in 2023.
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More than 60% of respondents to Euromoney’s 2024 trade finance survey expect an increase in use of trade financing over the next three years.
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Some 50.6% of respondents to this year’s Euromoney Trade Finance Survey say the cost of credit from their trade banks has increased over the past 12 months, compared with 45.4% in 2023.
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In the wake of heavy losses and mis-selling to retail investors, there is an urgent need for an overhaul of risk management in the banking sector.
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Chief executive Jane Fraser has been true to her promise of a marquee hire to run Citi’s banking division, with the appointment today of JPMorgan veteran Viswas Raghavan. He brings a wealth of both transactional and operational management experience, but the symbolism of his arrival may be just as important.
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Diego De Giorgi’s arrival as Standard Chartered’s CFO coincides with a shift away from asset shrinkage and a “final push” on digital transformation.
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A private debt hangover in real estate is threatening middle-class retirement savings across Germany. Local banks, which focused more on senior loans, should be safer. But are these lenders ready to finance the recovery in commercial property that the German market so badly needs?
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Traditional custodians are maintaining their dominance in the face of growing fintech activity in the sector.
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Even after the rally on its latest restructuring plan, investors still value the UK bank at such a wide discount to book that management must consider radical action.
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Barclays chief executive CS Venkatakrishnan intends to stop a low-returning investment bank from dragging the rest of the group down with it. He argues that most of the improvements are within the bank’s own grasp. That is debatable, and in any case hardly reassuring.
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Direct lenders commanded generous terms on leveraged buyout financing last year, but volumes were low and, now that they show signs of revival, the banks are competing once more.
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The UK government’s impending sale to retail investors of a big stake in the bank informs the shadow-play guidance on this year’s earnings.
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Boosting the role of corporate treasury by enabling it to centralize group-wide FX management may sound appealing, but implementation and cost challenges should not be underestimated.
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One of the first edicts handed down by Citi’s wealth head is to tell all private bankers to track and record client calls. It has ruffled feathers at the US lender, but if it transforms the unit into the powerhouse CEO Jane Fraser wants it to be, then so be it.
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Accommodating credit markets mean that corporates are keen to get fundraising completed ahead of elections on both sides of the Atlantic.
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Funded by green bonds, decarbonized assets are driving emissions upwards in other sectors that supply the necessary raw materials and shipment services. A capital markets transition label ought to factor this in.
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Bankers in the Middle East are intensifying their focus on succession planning as the first wave of intergenerational wealth transfer looms.
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He leaves the Australian financial firm after transforming its commodities and global markets division, and despite being widely tipped as likely to succeed current CEO Shemara Wikramanayake.
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The hard graft of integrating Credit Suisse still lies ahead, leaving UBS as a concept stock and hopeful investors looking through the efforts of the next three years.
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Corporates continue to exhibit worrying levels of complacency when it comes to the implications of rate rises for their bottom line.
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Former bank examiner Alessandro DiNello stresses resiliency of deposits as NYCB strives to build capital after higher provisions and ratings downgrades.
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No industry will be more overwhelmingly affected by new forms of artificial intelligence – both generative-AI and other technology to come – than banking. Costly but cost-effective, it is up to banks to make AI work for them, not the other way around.
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A recent rule change means that Brazilian banks will be able to use tax credits related to provision expenses sooner – and the impact could be material.
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Citi’s head of Asia treasury and trade solutions has retired after 40 years at the US bank. He tells Euromoney what he would do if he were a 20-something graduate today, and why it helps to be both a specialist and a jack-of-all-trades in the industry now.
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Investors will be hoping that the fall in the value of Bitcoin since US regulators approved the listing and trading of spot Bitcoin exchange-traded products is not a sign of things to come.
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After a dire couple of years, the hope had been that the only way was up for US regional bank M&A. But this week’s trauma at New York Community Bank has demonstrated some of the problems that can catch out the unwary as expansion takes them into new regulatory territory.
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As Beijing works to underpin the equity market, China's fund houses and investment banks are betting on exchange-traded funds as the next big thing. That reflects a market corseted by regulation, where limited options compel a collective herd mentality.
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Losses on commercial real-estate loans at US regional banks should surprise no one; risk at the heart of the US financial system thanks to weak regulation should shock us all.
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Internal and external reforms are under way as the new president signals a break with the previous administration.
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Extracting value from Russia via a stake in Strabag previously owned by Oleg Deripaska shouldn’t be confused with a proper disentanglement from Russia by Raiffeisen. The main impetus for the transaction may, in fact, lie with Deripaska and Strabag’s other shareholders.
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Trade-receivables securitization transactions are flourishing as corporates seek more affordable access to long-term financing.
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Abu Dhabi and Dubai sell themselves as international hubs for tech companies, with new initiatives to support start-ups and scale-ups, but rules around eligibility for equity listings will hinder the Emirates’ tech sectors if they aren’t changed.
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Banks need to start quantifying the legal risks of both climate action and inaction.
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Management changes expand the responsibilities of Marianne Lake and Jennifer Piepszak, lead candidates to one day head JPMorgan, but there is another contender.
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The SEC wants us to be thinking about special purpose acquisition companies again.
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Uneven progress towards financial market reform across the continent continues to pose a challenge for ambitious African corporates.
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Wall Street bankers tempted to pick a fight with the Federal Reserve should take a lesson from the insider trading plea deal by investor Joe Lewis.
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Opposition to the proposed Basel III endgame for US banks is now so widespread that a climb down by the Federal Reserve is likely. Wall Street bankers like Jamie Dimon can stop crying wolf about increased capital requirements and think carefully about publicly threatening their regulators.
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While the world’s biggest markets are still preparing for T+1 settlement, talk is growing of the next step – but going any faster would mean a total reworking of how markets function.
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It is not hard to find short-term worries over global markets’ state of readiness for the US’s transition to one-day settlement in late May. But even if the UK, Europe and those Asian markets still using two-day settlement can adapt to the shift in the longer term, they will also face intense pressure to lessen their dislocation from the US cycle by copying its move. Many also fear the ultimate end-game of same-day or even instant settlement.
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The Sino-Swiss corridor, set up to encourage Chinese firms to sell global depositary receipts to international investors in the European state, took off fast in 2022. But a host of challenges, from Chinese regulatory concerns to an apparent lack of global interest, has stalled its progress.
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Corporate and development banks want their capital to reach the smallest and most impactful of SMEs in frontier markets. Traditional credit ratings and risk assessments can get in the way.
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Record regional bank profits, plus strong capital ratios in Western Europe, have fuelled hope for more bank acquisitions in Central and Eastern Europe. The uncertain effect of recent court rulings on Swiss franc mortgages, however, is a big obstacle to deals in Poland.
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Corporates are adopting a variety of approaches to mitigate the impact of uncertainty in foreign exchange markets caused by divergence in economic policy and performance.
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They already dominate the investment banking business in Europe, and now the leading US banks have their eyes on an even bigger prize. They see their vast investments in the digital technology transforming payments and transaction services and their retained global presences as the keys to winning even greater revenues from Europe’s midsize corporates.
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Some banks like the idea of external venture capitalists leading their venture businesses, but banker-led units are more likely to cement their inherent advantage.
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Appealing to issuers by removing investor protections makes no sense when London’s decline as a listing venue stems from domestic investors abandoning the UK market.
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It has become fashionable to describe private credit as an opaque and fast inflating bubble that could bring crisis to the global financial system. But in Asia even banks and regulators hope it will grow to bridge the yawning financing gap.
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Many factors explain Japan’s renewed allure to global corporate and financial institutions. Inbound FDI is rising, with local stock prices regularly hitting record highs. Is the economy’s long-awaited renaissance a passing phase or here to stay?
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Collaboration between national banks has seen widespread adoption of mobile payments schemes. The French and German-led approach of focusing on a single European scheme could therefore be seen as a distraction. But is it the only real way of keeping US payment companies at bay?
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Regulators are making more mileage out of their settlement with Morgan Stanley than the outcome really deserves.
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Morgan Stanley has for years touted its expertise and adherence to confidentiality as reasons to choose it over rivals for equity block trades. But charges brought by regulators over leakages of confidential information by the bank’s former head of US equity syndicate and another employee now make its historic claims look embarrassing.
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With its economy embattled and investors fleeing in droves, getting good data on China has never been more important. There are some great analysts and research shops out there. But too many China-facing reports suffer from a lack of imagination, groupthink brought on by a fear of irritating Beijing and an over-reliance on state data. That must change.
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The London Stock Exchange Group’s head of sustainable finance strategic initiatives wants climate data to redefine the act of indexing.
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Brazil’s banks have been talking a good game about capturing the outperformance of smaller, privately held companies in the country. Now a new banking advisory firm – packed with senior bankers – has made this segment its entire business strategy.
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Implementing real-time payments can have consequences for corporates who underestimate the impact of cash leaving their business more quickly. Even as solutions become cheaper to implement, corporates are being cautious.
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The World Bank is issuing ‘outcomes’ bond structures for niche sustainability themes and with new financing mechanisms. Like blue bonds, they are probably going to need some rule-setting.
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Ambitious brokerage firms have precipitated a shift in demand for FX licences, with interest in regulated European and Asian markets on the increase at the expense of offshore jurisdictions.
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After overseeing radical transformations at Bawag and Hamburg Commercial Bank, Cerberus Capital Management now has ultimate control of HSBC’s French retail bank. Former UniCredit banker Niccolò Ubertalli is running the new business, and reveals a very different strategy to the private equity company’s German-speaking antecedents in European banking.
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Proposed regulatory changes will not dull treasurers’ appetite for money-market funds, even if interest rates are cut more aggressively than expected.
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Best Bank: Hana BankHana Bank wins this award for not only growing at a faster rate than its competitors but also for doing so in a way that doesn’t endanger its franchise in the long run.
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Hong Kong-based Chinese investment banks, plagued by the market’s liquidity issues, are looking to China's economic pivot and the renminbi's rise as a fundraising currency to restore their fortunes.
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New entrants spur breadth and depth in the country’s capital markets.
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Many companies still ignore the contribution that properly resourced treasury teams make to corporate performance.
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Is the CME’s new spot FX marketplace further evidence of the trend towards futures and options trading, and away from private deals?
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Elevated inflation and interest rates have focused treasury attention on the importance of diversification, particularly for those with an environmental, social or governance focus.
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Recently, investors have welcomed Turkish USD debt with open arms. As 2024 approaches, prospective borrowers will be hoping that the renewed interest can last.
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A team of once-public sector bankers and officials is launching a new private equity fund that aims to identify ‘climate winners’ from the transition to a decarbonized economy. It has identified key industries but its central thesis is regulation.
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Outgoing supervisory chair Andrea Enria warns against ‘complacency’ – despite higher capital ratios at eurozone banks – as he announces new requirements on banks to tackle investment-banking leverage, liquidity shortages and leveraged finance risks.
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A securitization of pay-as-you-go electricity bills to fund wider access to electricity in Côte d’Ivoire could spark copycat social bonds for affordable housing, telecoms, electricity access and more.
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The global clubs charged with defining what pace of transition is both scientifically and politically acceptable are only as good-willed as their members.
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Outside Switzerland, European banks largely escaped the banking turmoil last March. That hasn’t prevented supervisors using it as an excuse to ratchet up the pressure. Ahead of its 10th anniversary as a supervisor, is the ECB – as some bankers suggest – getting too intrusive?
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Strategic adjustments, such as those resulting from mergers or acquisitions, represent a valuable opportunity for corporates to enhance their payment infrastructure.
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The cost to the government of supporting the Mexican oil firm’s debt could rise to 1.5% of GDP in 2025. Could it walk away?
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BR Partners grew steadily up until its successful IPO in 2021. However, tougher markets since that float have led to a period of relative consolidation. Will 2024 see a resumption of chief executive Ricardo Lacerda’s ambitious empire building?
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Siemens is anchor client for a new rules-based approach to banking.
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The annual Senate quizzing of US big bank chief executives threw up all the usual favourite partisan arguments, but little else. If this is oversight, it often lacks insight.
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Failure to mobilize the finance needed to meet the Paris Agreement will be devastating. As those flows to overleveraged countries and companies now stall, radical steps are needed.
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The appointment of Marcelo Noronha as chief executive of Bradesco should probably have taken place five years ago. Is he still the right man for the job?
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The chief executive of Newton Investment Management is a forthright believer in the power of active investors to effect change at the companies they invest in, and thinks tinkering with market rules is unlikely to boost the appeal of London-listed equities.
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Many corporates are realising the benefits of intercompany netting on FX risk, trading and cash-flow visibility.
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Spoiled for choice, FX brokers have become more strategic – and selective – when it comes to choosing liquidity providers.
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Restrictions may come at a cost as MSCI considers developed market status.
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At the start of 2023, analysts sized China and liked what they saw: an economy reopening after three years of Covid isolation, and ready once again to roar. Nothing of the sort has happened and corporates and institutional investors are now fleeing the market in droves.
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Barclays hopes to win over investors with new return targets and buyback commitments next February, but it really needs a revival in investment banking.
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National Bank of Ukraine governor Andriy Pyshnyy talks to Euromoney about stabilizing the country’s financial system after the invasion, how rapid shifts to cloud-based banking can work and why cyber risks mean other countries are now seeking Ukraine’s advice about keeping banks running when national electricity infrastructure is down.
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Regulators are starting to take a more messaging-based approach to sustainable finance, but stopping greenwashing won’t automatically lead to a transition to net zero.
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The commodities firm still needs large banking groups and a range of options when it comes to supporting its operations.
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The Signa Group of companies is complex, but its problems are simple: debt service costs are going up while property values are going down.
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As the Chinese property crisis deepens, a new round of bank-led rescue efforts is on the horizon. While banks must shoulder part of the blame for the crisis, their options for action are limited.
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Thailand wants to give almost every adult in the country money through a digital wallet. It’s an interesting step towards bringing digital finance to the mainstream.
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The bank must broaden its horizons if performance is to improve.
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The travails of Zhongzhi, a key player in China’s poorly regulated $3 trillion shadow financing market, underline why a future crisis in the country is more likely, not less.
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The 28th Conference of the Parties starts in Dubai tomorrow. Dubbed the finance COP, conflicting priorities could turn it into a fossil fuel investor roadshow.
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First Bank of Nigeria is the country's third-largest bank, accounting for 10.4% of banking system assets at the end of 2022. Despite tackling a sizeable legacy book of impaired lending, it has built a decent corporate banking business that, by the end of 2022, had an annual turnover of more than N5 billion ($6.4 million).
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More and more bond trading is automated. As volatility now shifts from rates to credit that will provide a stern examination of new trade execution tools.
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While many African countries experienced lower interbank FX turnover and saw their foreign-exchange reserves dwindle last year, there are grounds for optimism that 2023 will turn out to be a better year at both regional and national level.
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The sovereign pushed hard on its first use-of-proceeds green bond, but a sustainability-linked bond was not seen as a practical option for now.
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Instead of boasting about the billions extracted from the crypto exchange, the US Departments of Justice and Treasury should have closed it down.
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The use of AI for ESG reporting and assessments is spreading, and regulators can’t keep up. Lenders need to factor in a new set of governance risks that are hard to identify.
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Markets jump on the news that Javier Milei will be Argentina’s next president. A large devaluation is needed, but that leads to the risk of deposit flight.
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Kenyan authorities have cleared Flutterwave of wrongdoing following an anti-money-laundering case in the East African nation. Nevertheless, industry confidence in the Africa-focused payments company remains mixed.
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While the dollar’s international supremacy is unchallenged for now, the wider landscape is shifting. Companies are raising more funding in renminbi and the currency’s use in international payments and settlements is growing.
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The overall use of cash will continue to fall, but the decline of bank branch networks means that businesses now face a headache in handling physical takings.
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While the air at the Singapore Fintech Festival was full of grand ideas about GenAI, real innovation was taking place in the weeds of fintech development.
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When Kevin Gartside was medically discharged from the British army in 2012 after three tours of duty in Iraq, he was unsure what to do next. He saw cross-over appeal in banking, an industry with a surprisingly flat operating structure that prizes punctuality, teamwork, adaptability and decision making.
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Standard Chartered’s corporate and institutional bank can increase its profitability even when rates fall, divisional head Simon Cooper tells Euromoney. After reaping the benefit of investments in cash management, he is now turning to the financial markets business, especially credit – reinforcing efforts to grow clients in Europe and the Americas.
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Sector shows strong profit performance in the third quarter as asset quality improves.
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Jane Fraser, chief executive of Citi since March 2021, has a mighty task on her hands. Like so many of her predecessors, she faces the puzzle of how to articulate an identity for a bank that always seems to be trying to do too much at once. So far, she has focused on redefining the scope of the firm and most recently on adapting its structure to fit that. The hardest part – fixing the bank’s woeful returns – is still to come.
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As Citi presses on with its consumer-banking exits around the world, the job of defining what its international network now represents falls to its newly appointed head of international, Ernesto Torres Cantú.
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Exiting consumer banking in a range of markets around the world was one of Jane Fraser's first steps when she became Citi’s chief executive. The immensely complex task would need the safest of hands.
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Big banks are scrutinized on environmental, social and governance matters today as never before and they must often walk a tightrope between competing interests. Citi is no exception.
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Andy Sieg is back again from Merrill Lynch, and has big plans for Citi’s new global wealth franchise.
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Competition for deposits is influencing pricing decisions on commercial loans. However, the major cash-management banks insist that they have maintained both deposit levels and lending rates.
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The war in Ukraine has suddenly ramped up demands on the European Bank for Reconstruction and Development after the institution spent years searching for a new role. President Odile Renaud-Basso talks to Euromoney about the bank’s strategy and plans to boost its capacity through a €4 billion capital increase.
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Enel could trigger the largest step-up event in the sustainability-linked bond market if it misses its CO₂ emissions targets at the end of this year. How the market reacts will set the tone for the future of these instruments.
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The Swedish regulator digs deep into background of prospective senior managers.
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The great and the good have assembled again for the Global Financial Leaders investment summit in Hong Kong.
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Climate change is real and so are the EU’s disclosure rules.
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Our resident seer hears Ted Pick say don’t worry about the $20 million Morgan Stanley loyalty bonuses.
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The local sector is in good shape to weather a short-term conflict. If the war drags on and spreads throughout the region, however, the position is far less clear.
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Data hoarding, ESG illiteracy and credit risk are roadblocks for regional banks looking to establish sustainable supply-chain financing programmes in the Gulf, just as COP28 approaches.
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Corporates are taking a big punt on markets remaining relatively benign, given their apparent lack of confidence in existing FX technology and systems.
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Rakuten needs money – and lots of it – as its mobile telecommunications arm continues to burn cash. But it is running out of things to sell, while its debt profile is miserable.
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A $3.5 billion deal attracts $36 billion of demand, answering the question of whether Swiss banks can return to this market after Credit Suisse's collapse.
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OTP Bank recorded impressive growth in lending volumes during the awards period and has also advised on some landmark financings.
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ING Bank’s commitment to sustainable and responsible banking in Germany makes the best bank for environmental, social and governance in the country this year.
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While no charges have been laid against the Adani Group, a new Sebi rulebook addresses a key concern that came from the January stock-market controversy.
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The AFX marketplace provides a new venue for US regional and community banks to lend and borrow from each other overnight. It could be the foundation for a new credit-sensitive benchmark rate.
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Net interest margins are shrinking. Banks may need to find new sources to fund customer loans, perhaps even by lending to each other.
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Mongolia’s five big lenders have successfully completed their IPOs, doubling the size of the local stock market. But the challenge of attracting more foreign institutional investment remains.
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Singapore’s DBS Bank has spent the past decade transforming itself into one of the world’s best digital banks. But a series of lengthy service outages over the past year has wrongfooted senior management, who have been left to issue apologies and pledge to do better.
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Private banking clients have begun exploring alternative asset allocation strategies in Brazil. Euromoney talks to the founders of a startup that is tapping into this demand with a strategy focused on special situations.
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Transaction banks must help their corporate clients to make the best use of new technologies, but without burdening them with unsustainable IT spending commitments.
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A local asset management company in Liaoning province just bailed out Shengjing Bank – by borrowing the capital it needed from the very same ailing regional lender.
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Turkey’s central bank took another step on the path to normalization when penalties for exceeding interest-rate caps on lending were scrapped last week. It is good news for banks, but will it last?
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Ardshinbank is Armenia’s best bank for environmental, social and governance after demonstrating a commitment to sustainability with its carbon footprint-minimization strategies and green financing work.
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Barclays has made visible progress across the board in environmental, social and governance, advising on large sustainability financings, enhancing its sustainable mortgages and offering more support to green startups.
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The banks in each market that have excelled across a range of core banking activities over the past 12 months.
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The banks in each market that have excelled across a range of core banking activities over the past 12 months.
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The banks in each market that have excelled across a range of core banking activities over the past 12 months.
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Some big improvements need to be made in all areas of ESG, but it might be useful to stop trying to reconcile it with how markets function.
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Lack of standardization is one of the main reasons why API adoption has been slow in certain markets.
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Liquidity concerns and the search for yield are encouraging corporates to expand their roster of cash management service providers.
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The big cash management banks are confident that offering a wider range of services will enable them to maintain their market strength.
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In a period marked by rapid technological evolution across its entire business, Bank ABC has made several digital enhancements to its corporate product offering. The bank has been named best corporate bank in Bahrain this year in recognition of these transformative efforts, alongside its involvement in a number of important regional transactions.
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Singapore’s big-three lenders – UOB, DBS and OCBC – have won Euromoney awards for best SME bank in Asia each year since 2016, two of them taking the global award as well. Why?
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New technology ventures and trading platforms promise compressed settlement times and improved liquidity in a secondary loans market increasingly dependent on non-bank investors.
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Global banks spent years trying to make China’s vast market work for them, mostly in vain. Today, though, China’s manufacturers are investing in Europe and the US, and turning to Western lenders for advice. The real China opportunity starts here.
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The big custody banks are pursuing a variety of digital-asset custody strategies to encourage wider market participation from institutional clients.
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Syndicated loan arrangers’ relief at US appeals court decision on Kirschner case may prove short-lived.
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The risk of a new war with Israel will derail any fledgling economic recovery for Lebanon as it attempts to convince private-sector investors of its gas and renewable energy potential.
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Banks say they are working hard to maintain an edge in an increasingly crowded and fragmented cross-border retail payments market.
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A wealth manager, who came into a legendary but unstable global investment bank and transformed it, hands on a very different and much better firm.
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Continuity is likely to be the theme as incoming leader inherits a well-performing franchise, but competition in wealth management and the markets businesses, as well as a still-lacklustre environment for investment banking, will be among Pick’s challenges.
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Up to 60 selected participants will benefit from one year’s access to online courses on Euromoney Learning On-Demand, powered by Finance Unlocked
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The CEO of Goldman Sachs has (mostly) hung up his cans. His colleagues hope that other noise will now die down too – and they think there are plenty of reasons to be optimistic.
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KVS Manian has been overlooked in favour of ex-Barclays man Ashok Vaswani. What does it mean for one of India’s finest banks?
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Latin America has been a relative backwater for private equity firms. Could better equity market conditions in the region drive an uptick in activity?
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The Singapore regulator MAS has set guidelines for banks transitioning to net zero. Unusually, it cautions against moving too fast.
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Citi’s sale of its China consumer wealth portfolio to HSBC for $3.6 billion is a nuanced tale of two banks with increasingly different strategies. As HSBC tilts ever more toward Asia, Citi proves ever more inclined to see all financial services through a global prism.
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Global financial regulators are right to pay more attention to non-bank risks, John Schindler, secretary general of the Financial Stability Board tells Euromoney. But is there a danger of losing sight of the most important piece of the system to preserve: the banks?
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While banks have accelerated digital solutions across business lines, accomplishing end-to-end digitalization of global trade remains far beyond their reach. The complexity of supply-chain finance remains a challenge, and banks continue to hunt for scalable solutions. Embedded finance could be the answer.
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The inability of trade-finance participants to fully leverage the value of the data generated by transactions remains a source of frustration, particularly for small businesses.
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In one of his last interviews in office, Ignazio Visco sets the record straight on his controversial 12 years as Italy’s central bank governor: a period of almost constant crisis. Today, the country’s NPL problems seem cured but, as he acknowledges, simmering risks remain.
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Pressure is growing on Japan’s self-imposed caps on government bond yields. Positive rates must be around the corner, but what will that mean for banks and public debt?
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Banks may be retreating from lending directly to small and medium-sized enterprises, but by lending to credit specialists with good technology they can still be a source of funding for the sector.
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Sustainability-linked loans have faced growing criticism for their opacity and concerns around greenwashing. Sustainability-linked loan bonds could help to bring more transparency to the market and help legitimise these structures.
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The controversy surrounding My Forex Funds has reinforced the view that tighter regulation of foreign-exchange proprietary trading firms is inevitable.
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Widespread use of ISO 20022 could have a far-reaching impact on supply-chain finance by facilitating faster processing of transactions.
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While foreign investment in China has fallen, supply-chain shift is a different story. Rather than transferring their main production away from China, manufacturers are cultivating deep regional supply chains across Asia and beyond.
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It took five years for the invoice finance specialist Accelerated Payments to advance its first €1 billion, but just nine months for the next €500 million.
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Record sustainable finance issuance will still only get you so far.
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Digital banks look to online games to help drive retention.
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It is rare that a popular, fast-growing and secure financial product is put at risk, but could the boom in FGTS loans in Brazil be under existential threat?
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Bidding $2.5 billion for the bulk of Credit Suisse’s sub-Saharan Africa ultra-high net-worth private bank book 18 months ago has been a ‘game changer’ for Barclays in the region, the UK bank’s Africa market head Amol Prabhu tells Euromoney.
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If you owe the IMF $3.6 billion, it’s your problem. But if you owe the IMF $36 billion, it is their problem.
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Even as the industry pleads its solidity, accidents keep happening.
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Deutsche Bank’s Mexico team says the country is vital for Latin American credibility and that nearshoring will drive FDI in the coming decade.
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Ahead of COP28, the sector needs to focus on lending for energy efficiency in the emerging markets before climate tech startups in developed markets, if decarbonization is the goal.
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Latin American issuance was solid, if unspectacular in the first half of this year. However, with politics, sticker price resistance and refinancing needs skewed to 2024, the next half may be more difficult.
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Transaction banks are collaborating with ERP system vendors and other fintechs to maximise corporate use cases for ISO 20022.
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Just three weeks on from the rapturous response to Arm Holdings re-listing on Nasdaq, the prospects for a revival in IPOs suddenly look dim.
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Patricio Sepúlveda, head of Chile’s public debt office, discusses how programmatic issuance demonstrates commitment to sustainability-linked bond goals and can make these structures more cost effective.
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A market-beating increase in UniCredit’s share price is just the beginning, chief executive Andrea Orcel tells Euromoney. He must now prove the many remaining sceptics wrong and show the bank can still thrive when net interest margins fall and credit costs rise.
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More banks have announced partnerships with asset managers to place loans into private debt funds that offer investors better risk-adjusted returns than bank equity.
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European corporates are finding a warm welcome from investors, pushing investment-grade volumes to a 2023 monthly record last month – their biggest total since the start of the interest-rate hiking cycle. But while investors are clearly ready to buy even the more adventurous stories, they still need the reassurance of sensible pricing.
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Digital sukuk issuance still faces the issue of uneven Shariah interpretation.
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As a relative outsider, Slawomir Krupa might have appeared better suited to the chief executive job at Societe Generale precisely because it had done so badly under an establishment insider. BNP Paribas’ good performance, by contrast, would make the traditional background of its rumoured chief-executive-in-waiting, Marguerite Bérard, less of a barrier.
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The relaxation of visa rules has turbocharged the recent flow of wealth into Dubai. The nature of these flows can, however, make them a mixed opportunity for the UAE’s private bankers.
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MUFG’s vast balance sheet has the potential to make a considerable difference to Japan’s net-zero ambitions. But the bank won’t be pulling back from polluters, arguing that money needs to flow to where emissions are, not away from them.
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Corporate treasury expectations for on-demand financial information are yet to be addressed. The difficulty of gathering data from disparate systems should not be underestimated.
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SBM Bank has undertaken several structural and strategic initiatives to enhance its offering for small and medium-sized enterprises over the last year and is Mauritius’s best bank for SMEs as a result.
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Building a consensus approach that avoids a steady stream of small fines for misreporting long and short stock positions may be a new model for joint action on regulation.
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Zenith Bank wins best bank for digital solutions in Nigeria following a period of robust growth across its digital channels.
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Rawbank is the Democratic Republic of the Congo's best bank for digital solutions this year – a challenge in a country where much of the population doesn't have access to the internet or mobile banking.
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Euromoney Foreign Exchange Awards 2023: Best bank services – best FX bank for research: State StreetMore than 80% of the world’s largest asset managers consume State Street research, as well as global sovereign wealth and pension funds and corporate treasury departments.
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360T provides a suite of technology solutions that enable corporate treasurers to enhance their FX trading operations and access liquidity from a wide range of providers from around the globe.
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Euromoney Foreign Exchange Awards 2023: FX market leader best provider – best FX exchange: CME GroupCME Group operates the largest regulated marketplace for foreign exchange globally and is a leading primary venue for price discovery. The scale of the global offering, deep liquidity, transparency and choice of execution provides clients across geographies with efficient access to global markets.
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Real-money clients are central to State Street’s franchise, so it makes sense that this is a client segment the bank has performed well in, according to Dale Haver, global head of foreign exchange sales. “We work with real-money clients as partners and are 100% focused on achieving better outcomes for them and their investors.
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SmartTrade Technologies has emerged as a leader in front-office FX technology development.
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Wells Fargo has worked to become a top-tier institutional FX provider by leveraging its robust corporate and commercial FX franchise. To accomplish this, it has been actively building its capabilities in the e-trading space.
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Societe Generale’s strong historical footprint in Central and Eastern Europe and Africa, together with its growing business in the Middle East, mean that the French bank has a combination of deep knowledge and competitive local presence in the CEEMEA region.
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UBS's single-dealer platform, UBS Neo, has benefited from a full front-to-back transformation over the last four years, enabling the bank to offer clients access to consistent liquidity provisioning in foreign exchange across products and currency pairs.
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In May 2022, CME Group completed a multi-year migration to combine two leading FX trading venues through a common technology and service offering to create a platform spanning futures and options, cash (over-the-counter) and cleared FX, providing access to price discovery, execution quality and transaction cost analysis for market participants including banks, hedge funds and asset managers.
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State Street Global Markets (SSGM) is a leading provider of liquidity, financing, and research solutions. Through its GlobalLink business it provides a suite of award-winning electronic foreign exchange trading platforms.
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UBS has invested and innovated in its liquidity offering for the last 20 years – the result is its strong reputation for quality and reliability, particularly during periods of market dislocation.
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Euromoney Foreign Exchange Awards 2023: Best bank services – best FX bank for wealth management: UBSUBS is recognised in the FX industry as a leading liquidity provider with a presence in all key trading centres around the globe. It is also the largest global wealth manager, with an unrivalled global footprint when it comes to accessing private clients. This has given UBS a unique opportunity that it has successfully capitalised on.
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D&I is recognised and promoted as one of five core values at Royal Bank of Canada (RBC), the others being Client First, Collaboration, Accountability and Integrity.
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The release of its new pricing and analytics platform for FX swaps, Neo STIR Analytics, has transformed how UBS engages with clients trading in FX swaps.
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UBS’s extended coverage across multiple time zones and consistent liquidity provision – even during challenging market conditions – has boosted its market share particularly in emerging-market options.
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UBS is a powerhouse in the FX industry with a strong reputation for liquidity provision.
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Real-money clients recognise that their FX trading desks have evolved over the last few years to require a hybrid set of skills combining voice trading with data-driven technology solutions used to create automated trading models.
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360T offers market participants multiple methods of accessing and interacting with the FX market. Its electronic communication network (ECN), 360TGTX, provides access to streaming spot FX and non-deliverable forward liquidity.
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CLS settles over $6.5 trillion of payment instructions daily across 18 currencies, protecting more than 70 settlement members and over 35,000 third-party participants from FX settlement risk. It does this by simultaneously settling payments relating to FX trades using its payment-versus-payment (PvP) system.
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360T’s execution management system (EMS) helps buy-side firms optimise their FX workflows across the entire trade life cycle, leading to increased efficiency, reduced operational risks and a comprehensive audit trail while also streamlining execution.
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The Lebanese diaspora has come home to pump fresh cash into the country’s economy, but the resulting price surge is a further blow to the lira-earning population.
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Link Real Estate Investment Trust demonstrated a commitment to growth and sustainability during the research period, while making intelligent, strategic deals in a challenging period for the sector.
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Owned by New World Development (NWD), 11 Skies is a landmark 3.8 million square-foot gross floor area space and forms an integral part of Skycity, located between Hong Kong International Airport and the Hong Kong-Zhuhai-Macao Bridge.
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Real estate has been particularly exposed to the slowdown in bank lending. Nevertheless, logistics remains a bright spot as retail sites continue to adapt and office oversupply persists.
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With a presence in 19 markets globally, including Singapore, Hong Kong, China, India and the US as well as Europe, DBS delivered a record total income of S$16.5 billion ($12 billion) in 2022, a 20% increase in net profits to S$8.19 billion, return on equity of 15% and S$20.5 billion in sustainable financing loans.
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Private foundations were once the preserve of a narrow group of the monied elite. Today, they are the fastest-growing source of private-sector philanthropy in the US and across the developed world.
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BlackRock joins Allfunds initiative to distribute new variants of private equity and credit funds to wealthy individuals.
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Euromoney talks to Jacques Levet, chief digital officer at BNP Paribas, about the competitive advantage that newly acquired FX fintech Kantox offers.
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Slawomir Krupa may yet turn around Societe Generale. But it won’t be by shock and awe.
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Farmland acquisition for transition agriculture has proved attractive to the climate-focused investment management franchises of large asset managers. Will real-asset investors follow suit?
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Despite a year of high-profile issuance, all is not well in the sustainability-linked bond market. Teething problems could soon become an existential crisis, raising the risk that investors might decide to abandon the asset class altogether.
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A Citi survey of family offices finds some unsurprising things to say about the worries of the wealthy – inflation, interest rates and geopolitics – but discovers a shocking lack of preparation for succession planning.
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Despite tweaks to improve efficiency, Societe Generale’s new strategy has received a lukewarm reception. New CEO Slawomir Krupa has lifted the capital target, but revenues will remain flat, and there is a lack of news on asset sales.
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Bankers at Lloyds say that progress in FX, fixed income and structured finance this year reflects chief executive Charlie Nunn’s strategy for targeted growth in corporate and institutional banking.
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The enormous re-listing of Arm Holdings is unrepresentative in many ways, but it still contains a valuable lesson for those coming down the pipe.
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Social bonds could help deliver the UN Sustainable Development Goals by driving private capital into essential services. But impact looks different from one place to the next, so how can issuers report it in a way that makes sense?
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Market participants have welcomed recent moves to enhance FX liquidity by increasing the efficiency of credit payments for trades.
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Borrowers that financed cheaply in 2021 will soon hit a maturity wall. Many will struggle to refinance at higher cost. Some will default. Private credit managers – still magnets for institutional capital – are set to step in and bridge some of the financing gap left by the banks.
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Beneath the Great Game geopolitics of US-Vietnam relations, there are some intriguing possibilities in the detail.
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Securities finance practitioners are taking a mix of approaches to managing cash, funding and liquidity in a shortened settlement cycle.
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With Article 6 mechanisms formalized, project-based compliance carbon markets could take over the emissions offsetting industry, leaving participants in the voluntary carbon market stranded.
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Should we take Vivek Ramaswamy literally or seriously?
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Working together, regulated banks and direct lenders may prevent the coming default cycle from turning into a full-blown credit crunch.
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Financial market practitioners might be forgiven for reflecting on a job well done now that the final Libor panel has ended its submissions. The journey has been immense, but the focus is turning to loose ends, including the argument that just won’t go away: is there a place for credit-sensitive rates in a post-Libor world?
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As other investment banks cut staff, HSBC has been hiring to build a leading bank in tech and healthcare.
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Banks and investors opposed to European Union derivatives clearing plans have made an astonishing charge: the EU is worse than the US in jealously guarding its own markets.
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A tactical retreat on crypto regulation might help SEC chair Gary Gensler to avoid being bogged down in a war of attrition for the rest of his term.
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A debate in Australia arguing for the liquidation of the sovereign wealth fund has relevance to the global fund community.
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Overall volatility in commodities markets may have dropped from the highs of last year, but uncertainty in specific sectors continues to put pressure on corporate hedging strategies.
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For decades, transaction banking was a profitable but largely ignored corner of the banking industry. Then Covid happened. Today, bank chiefs see it as critical to everything they do. Given the challenges ahead – collaborating with fintechs and embedding ESG principles in global supply chains – the revolution under way in this business is unstoppable.
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After years of easy Eurobond access and ramped-up Chinese lending, developing economies are now caught between rising interest rates and geopolitical tensions, making debt restructurings more numerous and more complicated. Despite some progress in inter-creditor talks, many debtor nations face an uncertain financial future.
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HKEx chief executive Nicolas Aguzin opened the group’s latest new office in London on Wednesday. His aim: to get more global firms to IPO in Hong Kong and convince investors to put money to work there. But against the backdrop of China’s economic situation, his team will have its work cut out.
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A handwritten note brings down the curtain on a 38-year journey for bank founder.
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The frontrunner in the Argentine presidential election campaign has said he wants to abolish the peso and replace it with the US dollar. Is it blue-sky thinking or just greenback dreaming?
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Private bankers are eyeing PE and venture capital investments as digital platforms emerge in Brazil, but personal advisory remains critical.
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After buying parts of BNP Paribas and Societe Generale, Orabank is African banking group Vista’s boldest acquisition yet. Despite coups and sovereign debt distress, Vista’s founder and chairman Simon Tiemtoré tells Euromoney how he can succeed where other higher profile ventures have failed.
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The Brazilian bank is focused on new initiatives aimed at boosting active-user rates, including a new global app and buy-now-pay-later product.
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Corporates appreciate the value of APIs when it comes to connectivity for services such as payment order transfers, cash balance updates and payment status updates. But a lack of uniform data standards continues to hinder their wider adoption.
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With a new proposal for long-term debt issuance, US banking regulators have launched the next phase of their war against the lack of confidence that shook the industry in March 2023. But it is becoming increasingly clear that the approach is less about precision strikes and more about a carpet-bombing campaign.
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Two new platforms show how India is building on top of its digital foundations.
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Despite the cross-border growth of Hungary’s OTP Bank and the regional potential of Romania’s Banca Transilvania, banking in central and eastern Europe is increasingly a national game.
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Banks are calling for greater cooperation from regulators as they address demands for cheaper and faster cross-border payments.
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China is having a shocker of a year. Growth has stalled, deflation is back and global firms are moving production elsewhere as they de-risk from China to boost supply-chain resiliency. FDI is down sharply and exports are sinking. Just as Brexit reshaped the UK’s relationship with the world, has Covid done the same for China?
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The manner of the campaign against chief executive David Solomon risks causing the lasting damage that his internal opponents presumably wish to avoid.
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Outbound Chinese M&A deal-flow has slowed to a crawl even as inbound activity remains steady. So focus in the region is moving elsewhere: to rising India, steady-and-lucrative Australia and even Japan, where once-bloated conglomerates are streamlining portfolios under intense pressure from activist shareholders.
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Good things could be in store for Libya if harmony at the central bank spreads to the government and sovereign fund.
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European corporates have been the big losers from lower overall FX market volatility in the first half of 2023 as EUR/USD normalised while the yen and yuan continued to struggle.
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After less than two years, S&P is scrapping its ESG credit indicators and America’s anti-woke politicians are thrilled. But this may not be the win they think it is.
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Despite its roots in the region, HSBC’s Asian woes have sometimes seemed endemic. It has been overly dependent on Hong Kong and too often caught in Sino-US crosshairs. But under regional co-CEOs Surendra Rosha and David Liao, the lender has regained its confidence, is more regionally diverse than ever, and is busy posting record profits.
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The second-quarter earnings season saw more detail from US banks on how they are preparing for the worst in commercial real estate exposures. We look at how the data shapes up for the super-regional sector.
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The domestic economy is flatlining while interest rates continue to rise, but the booming banking sector has helped overall UK corporate payouts keep pace with those elsewhere.
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Moody’s took a swing at US banks last night. The moves might have seemed indiscriminate, but it’s hard to argue with the conclusions. After the scares of March, the sector is far from out of the woods.
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It is no surprise to find the ACCC blocking ANZ’s takeover of Suncorp. It is eye-catching, though, to see the regulator naming a deal it would prefer to see happen.
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The investment firm founded by securitization experts in 2015 has grown to an $8 billion portfolio of 60 companies without managing any third-party funds and still sees big potential returns, notably in football clubs, from applying the discipline of structured finance to operating businesses.
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While central banks announce the latest controlled tests on blockchain-based digital money, a handful of leading commercial banks are already in full production.
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Despite suggestions that corporates in North America are keen to work with a wider variety of FX counterparties, global banks are relaxed about the potential impact of March’s banking crisis on this lucrative business line.
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With Apple set to take an even bigger bite out of UK in-person transaction volumes, rival providers of payment technology will be looking to up their game.
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Thames Water has become the highest profile example of a UK corporation that finds itself hamstrung by inflation-linked bonds issued at a time when persistent high inflation and economic stagnation seemed unlikely bedfellows.
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Accessing funds via debt capital or private placement may seem like an onerous task, but a growing number of corporates see it as an opportunity to mitigate the impact of changes to bank-capital deployment.
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Banks including NatWest and JPMorgan are struggling to put out reputational risk-management fires.
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The NatWest chief executive’s resignation ends a solid if unexciting three-and-a-half years at the helm.
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BlackRock, JPMorgan and McKinsey are working on plans for a new development finance institution focused on Ukraine’s reconstruction. The project has already had to temper some ambitions, but its advisers still hope it can propel flows of private-sector money to Ukraine in years to come.
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Credit growth is a key driver of stellar earnings from India’s banks as the country completes its recovery from Covid-19, but another driver is digital traction.
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Analysts are looking beyond China for clues as to where the main Asian currencies will go over the remainder of 2023 as they try to second-guess Japan’s monetary policy plans.
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ADIB’s almost 10-times oversubscribed additional tier-1 issuance shows interest in the product is alive and well for the right issuer, but demand won’t be the same for every bank.
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The increased corporate focus on environmental, social and governance issues is impacting treasury teams that can struggle to justify their initiatives.
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Wealth management had a tough 2022. Assets under management fell across the board, undermined by global uncertainty. But one region is not struggling. More wealth than ever is being formed in the Middle East, and more of it than ever is staying there. Private banks are hiring as fast as they can and expanding their repertoire in Shariah-compliant asset classes.
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The German lender has named Claudio de Sanctis as its new head of private bank and created a single, unified division – part of longstanding plans to generate more income from the business by rooting out inefficiencies and tapping into new global income streams.
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If banks want the positive PR associated with facilitating sustainable finance, they need to admit to facilitating dirty finance too.
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Temasek, as an equity-only sovereign wealth vehicle, had a bad year. A close look at its portfolio positioning helps us understand what it is doing about it.
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Big banks capable of competing with US players are part of Europe’s geostrategic interests, Deutsche Bank CEO tells audience at Euromoney dinner.
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Trade and currency wars have boosted Brazil’s agribusiness sector in the past couple of years. Higher prices for soft commodities have, however, accelerated a trend that has been noticeable for many years: the country’s inward focus.
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It has been a tough year for Sri Lanka and for the banks operating in the country. Just as the island was exiting the worst of the Covid crisis, Sri Lankans were faced with political upheaval, an economy on the brink of collapse and shortages of everything from food to fuel.
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For the first time in its 62-year history, the Reserve Bank of Australia has appointed a woman as governor.
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All private banks are different: in how they project their brand, build business, serve clients and generate fees. But they all seem to have two things in common. They love lending to rich people with big art collections and chatting about ocean preservation.
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The Kingdom’s government has announced that international firms – many of whom are based in Dubai – that want to work with the state will need to base their regional headquarters in Saudi.
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Providers of trade finance remain bullish despite predictions that growth in global trade will stagnate during the remainder of this year.
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UOB’s transformative initiatives have earned it the title of Singapore’s best bank once more.
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HSBC remained formidable in the Hong Kong market over the past year and is now well positioned to reap the benefits of mainland China and Hong Kong’s post-Covid reopening.
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Prudence and caution was the mantra at CIMB Bank in the past year, and it served the bank and its chief executive Abdul Rahman Ahmad well. Revenues in 2022 rose 7.6% year on year, net profits before tax rose 38.1% and loans 5.6%. The bank also gained market share in mortgages, auto loans and credit cards.
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Baiduri Bank remains the standout bank in Brunei. This is not just down to its solid financial growth but also because of its commitment to digitalization, which has enhanced its capabilities in everything from data analytics to customer service.
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Capital market transactions might be few and far between in Tanzania, but when they do happen, Stanbic Bank Tanzania is often on the deal.
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Chinese banks have not had an easy ride in recent years. Faltering economic growth, muted domestic demand, tight Covid restrictions and growing scrutiny from regulators have forced them to hunker down and work as best as they can.
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Hana Bank wins this award for not only growing at a faster rate than its competitors but also for doing so in a way that doesn’t endanger its franchise in the long run.
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BNP Paribas is the world’s best bank and Morgan Stanley is the world’s best investment bank in Euromoney’s Awards for Excellence 2023. Christian Sewing, chief executive of Deutsche Bank, is named the banker of the year.
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BNP Paribas’s sustainability strategy for Latin America continues to mature, underpinning the bank’s strong position across the continent. The bank has made considerable efforts to deepen its focus on the three most important sustainability issues in Latin America: protecting biodiversity, promoting social development and decarbonizing hard-to-abate industries.
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Geopolitical tensions in the region have provided a welcome boost to Armenian banks’ profitability. Ardshinbank stood out during the awards period for making the most of this opportunity under the leadership of chairman of the management board Artak Ananyan. Profit before tax more than quadrupled in 2022, from Dram16 billion ($42 million) to Dram77 billion.
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UOB is as committed as ever to serving small and medium-sized enterprises in its home base of Singapore – where it reckons it banks one of every two SMEs – as it is to clients in key markets across the region. From mid-sized corporates on the fringes of requiring capital markets services, to micro-enterprises, clients have come to rely on it for funding, financial advice and best-in-class banking services.
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Afghanistan International Bank (AIB) remains the most stable and reliable institution in a country facing one of the world’s worst humanitarian crises.
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Football clubs undergoing a period of transition often talk of needing a transfer window or two to get where they need to be. More often than not, this doesn’t work. Better-run teams continue to make clear-minded decisions that keep them ahead of the pack. Catching up is always hard to do.
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Advantageous financial services reforms, abundant natural resources and a young population means there is plenty of potential for long-term economic growth in Angola. The banking sector is dominated by six large lenders, with very little competition from non-bank institutions.
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BNP Paribas Fortis is Belgium’s best investment bank this year. It took the top position in the equity capital markets league table during the awards period, from second last year, with a 20% market share, having completed six transactions worth a total of €457 million.
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In a quiet year for equity capital markets, BNP Paribas worked on the two main deals that took place: the $1 billion accelerated bookbuild for Energias de Portugal in March this year and the €53 million rights offer for Greenvolt Energias Renovaveis in July 2022.
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Charlie Nunn, who has been chief executive of the UK’s best bank since 2021, announced a new strategy for Lloyds Banking Group in the first quarter of 2022. It didn’t receive much attention as it was announced on the same day that Russia invaded Ukraine. And the new strategy is really the old strategy with a slight shift in the focus beyond cost discipline and scale efficiencies towards investing in growth and doing more for the bank’s market leading 26 million customers.
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BNP Paribas has also had an excellent year in its corporate and institutional banking division, particularly in its home region. The division posted record revenues in 2022, of €16.5 billion, up 16% on the previous year. The equity and prime services, global banking and securities services units all saw new highs, while global markets had its best year since 2009.
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BGL BNP Paribas positioned itself as the strongest commercial bank in Luxembourg in 2022.
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BNP Paribas has a well-earned reputation for steadiness and stability. In the past year, its chief executive, Jean-Laurent Bonnafé, has also reinforced his strategic credentials with the bank’s well-timed exit from its US retail business. Today, the bank stands as the eurozone leader on the global stage and is ready to play a pivotal role in the continent’s financial development.
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A massive budget and a focus on in-house development have made the bank a digital innovator.
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The bank is prepared to make tough decisions to meet its sustainability targets.
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In the US, JPMorgan has 55 dedicated private banking offices, from Austin to Seattle, and Cincinnati to Fort Lauderdale. Elsewhere, it focuses heavily on serving high and ultra-high net-worth customers in Europe, where it has eight offices, including the UK and Germany, Asia, through Hong Kong and Singapore, and Latin America, with clients served out of Miami, New York and Switzerland.
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The Singapore bank has strengthened its proposition to serve under-represented communities and aligned its own lending operations to make an impact.
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Veteran Morgan Stanley investment bankers describe this as the busiest downturn they have ever seen. That is because they have worked on the biggest and most transformative deals in 12 months of shifting values and at times paralyzing uncertainty. The firm has made some cuts, but its new leaders are shaking the business up and bringing in the talent that will be in demand once markets settle.
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Christian Sewing has turned Deutsche Bank around. The firm has a resilience now that would have seemed unlikely when he was appointed chief executive five years ago. By his own admission, some of the toughest work is still to be done. But the past year and the most recent banking crisis have provided a striking validation of the strategy he set in place.
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2023 is shaping up to be the year of the pause for the region’s capital markets.
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Banks must address the nature and quality of trade finance roles to address staff longevity concerns.
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With artificial intelligence already widely used for tasks such as trend analysis, the focus has turned to how artificial general intelligence could chat with FX traders to help them fine-tune their decisions, as well as automate order execution and currency monitoring.
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At €1.9 billion, international investors would happily have bought all of Europe’s biggest IPO since Porsche – even on the illiquid Bucharest stock exchange.
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The activist shareholder highlights concerns about a former poster child for private equity ownership of banks.
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The former Credit Suisse chief is championing Africa.
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Regulators forced banks to skip dividends during Covid, but let them make up payouts later on. They should now do the same for AT1s or risk that market failing.
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The global disclosure recommendations don’t stand a chance against mandated regional regulation.
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Societe Generale’s recent African exits, and BNP Paribas’s talks with Orange Bank, highlight how closely Europe’s banks tend to follow each other. Differences are often more a question of strength than strategy.
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What African fintechs need is supportive regulation, local capital and the development of talent. Singapore wants to show them the way.
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Sinan Ozcan, senior executive officer of DP World Trade Finance – part of the company that handles around one-eighth of global trade volumes – talks to Euromoney about its plans to finance these volumes as well.
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Rising default rates will soon separate the smart private credit managers from the mediocre. This offers opportunity for the winners to scale up.
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Faster securities settlement raises the spectre of increased FX risk as brokers work through the challenges of achieving simultaneous execution of equity and currency trades.
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The ISSB has published the final version of IFRS S1 and IFRS S2, the inaugural sustainability disclosure standards. Now the real work begins – getting companies to start using them.
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Several Gulf Cooperation Council countries have bank consolidation at the core of economic visions. As governments push for national champions, pressure is building across the industry as banks jostle for position.
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Tyme Bank’s experience with grant recipients in South Africa demonstrates the need to link up banking innovation to the real-world requirements of customers.
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High interest rates and low bank appetite for risk have created the perfect conditions for a renaissance in invoice factoring.
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The green transition is boosting demand for key metals and Africa’s commodity markets are under pressure to increase extraction. But buyer awareness of Scope 3 emissions means that processes need to be cleaned up and fast.
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Issuance has barely stopped in Indonesia’s IPO market this year. Global investors have bought into the resource-led story with glee – and there are plenty of deals in the pipeline.
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Better AML controls across traditional financial systems have increased the appeal of international trade as a conduit for fraud.
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Japan is the first major market to put a regulatory environment around stablecoins into law.
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New entrants into the FX market raise the challenge for the body responsible for rules governing FX derivatives, as it mulls the possibility of future updates to how these products are documented and traded.
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Kevin Lam is to lead the Malaysian bank, becoming the second person within three years to step down as UOB’s TMRW digital head.
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Even before this year’s banking failures, the coming of Basel IV was already set to hike bank capital requirements – and so further boost SRT trades.
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The country’s economy was already weak before a serious drought hit. Now it is broke, and the question in Buenos Aires isn’t whether finance minister Sergio Massa can muddle through to the presidential election at the end of October, it is whether he can make it to the primaries in August before a full-blown financial crisis.
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Bankers are hopeful that they may soon be able to issue new AT1 deals again as the secondary market recovers from the Credit Suisse write-down.
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Indonesia is one of the world’s brighter prospects right now: growth, demographics, infrastructure momentum, inflation under control, more equity raised in the first quarter in Jakarta than New York. Banks are positioning to benefit – while keeping an eye on next year’s elections.
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Extreme FX volatility is proving a challenge for some finance directors who are struggling to minimize the impact on their bottom line.
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The standardized approach for counterparty credit risk has not yet proved to be the catalyst for greater use of clearing in the FX market that some expected.
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Could trading of US sovereign credit default swaps trigger a global systemic meltdown? Probably not, but default swap shenanigans aren’t helping to calm jittery markets.
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Most leading providers of trade finance have welcomed changes to disclosure rules despite research suggesting they could negatively impact demand.
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The bank has started the process of choosing a successor to CEO James Gorman just as it tries to settle an investigation into its equity block trading practices. This could pose a challenge for Ted Pick.
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Inflation is not beaten and rates may rise further. But high-grade bonds can still provide steady income and low risk, playing a new old role in investor portfolios.
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If the UK is to become an international crypto hub, it must focus on bringing regulatory certainty to the industry and the banks that back it.
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If Olam Agri’s planned dual-listing IPO goes ahead in June it will have a bit of everything: a Singapore-Saudi listing, geopolitics and sovereign funds jostling to defend their nations against strain in global food security.
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Few banks take the phrase 'digital transformation' more seriously than Dukhan Bank.
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Amanat Lebuhraya Rakyat Berhad's RM5.5 billion ($1.22 billion) sustainability sukuk murabahah programme.
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Jabal Omar Development Company’s SAR5.3 billion ($1.4 billion) debt conversion.
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Kuwait Finance House’s (KFH) commitment to embed sustainability into all that it does officially stems from the nation’s Vision 2035 plan. There is little doubt, however, that the bank itself is running well ahead that schedule.
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Mashreq Al Islami is proving year after year that an Islamic bank with industry-leading digital capabilities doesn’t need vast scale to disrupt the regional market.
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Over the last 24 years, InterVest Capital Partners has established more than 120 leasing and financing programmes, with committed capital topping $15 billion.
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As interest rate volatility persists, corporates are taking a hard look at their trade finance options.
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Leading firms join a new network of networks, but crypto natives see just another walled garden.
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Banks keep up on the record commentary on the rules.
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Recent developments in crypto have hardened the view that convergence between digital and fiat currency trading structures is both inevitable and desirable.
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Fears were already growing about dangers lurking in US commercial real estate even before the wave of turmoil that has hit banks in the last two months. After the pandemic and a rush of rate hikes, there is little debate that the sector is at a turning point – the question is whether something worse is on the horizon.
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The evolution of Brazil’s central bank payments programme could be good news for banks.
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As the drumbeat of bad news from the US regional banks grows steadily louder, Euromoney talks to market veterans about the lessons that can be learned from the event that started it all: Silicon Valley Bank’s collapse in March.
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As the Gulf IPO boom subsides, will better allocations for international investors, dual listings and better secondary-market liquidity be enough to ensure that the region’s equity capital markets can mature?
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UBS’s acquisition of Credit Suisse will further reduce the number of large international private banks in Brazil. Julius Baer has been quick to take advantage of this.
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The banking sector appears to be quietly confident that the European Commission will row back on new regulation that, if enacted, could notably increase the cost of some trade-finance instruments.
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The US regional banking system has just sustained its third bank collapse this year. Following an initial sharp slump in reaction to the news, bank stocks have continued to fall as short sellers target perceived weakness. Can the sector stabilize as the impact of rate rises on many of these lenders’ business models becomes apparent?
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The big transaction banks are becoming increasingly active in the B2B marketplace as they seek to cash in on corporate digital transformation.
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Jordan Kuwait Bank has issued the country’s first green bond, a key milestone for sustainability driven capital investments in the country. But getting momentum going in the sector will be an uphill battle.
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US banks have seen $1.1 trillion in deposits flee the system over the past year. Much of this wound up in money-market funds that offer higher returns and the promise of safety and stability at a time of rising uncertainty. How dangerous is this for US lenders, and what can they do to convince flighty deposits to return to the banking system?
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The collapse of Silicon Valley Bank has fuelled an abrupt end to venture-capital exuberance. There are vital implications for fintech and for the banking industry.
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JPMorgan has cleaned up in a deal that sees the regulators waive their own cap on 10% deposit ownership.
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A curious disruptive technology group proudly announced an investment by Temasek. The problem: it wasn’t true.
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JPMorgan’s AI model to interpret central bank messaging came out just as it emerged that Jerome Powell had been pranked into discussing policy with Russian provocateurs. Euromoney’s distinctly obvious heuristics model (D’Oh!) might be needed.
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Relative winners after a year of interest rate hikes include Bank of America and Citigroup. Losers are led by regional US banks, while alternative asset managers argue that higher rates present a historic opportunity.
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Pouncing on a firm with lots of corporate broking relationships at the low point for IPOs is a smart trade.
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The acquisitive fintech group reckons it can accelerate the transition from legacy FX technology by making it easier for tech firms to get their products to market.
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Growing treasury demand for advisory services from banks suggests that investment in predictive analytics applications at the latter is starting to bear fruit.
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UBS will face pressure to spin off Credit Suisse’s Swiss bank and may yet lose more private-banking assets. Coping with this will make managing down illiquid and hard-to-value markets positions look easy.
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How on earth, in this environment, did the bank deliver one of its best-ever quarters in Asia?
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The European Bank for Reconstruction and Development (EBRD) will host its 32nd annual meeting and business forum in Samarkand, Uzbekistan on 16 -18 May 2023.
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The cost of regulatory capital associated with lending will keep rising after the recent scare over deposit flight and the coming credit downturn. The solution for banks is to reduce risk-weighted assets on their balance sheets by buying protection from credit funds eager to diversify away from leveraged loans.
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Proceeds raised in the first three months of this year were 99% lower than the amount raised at the start of 2021.
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The French investment bank is taking a bet on a double-edged blockchain technology to stay ahead of both the tokenization and sustainability trends.
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The French bank joins HSBC, DBS and others in setting up a full-service wealth management offering in the stable southeast Asian country, with all transactions booked in nearby Singapore.
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Tech-related bank deals can still get away, but investors call the shots now.
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The recent spate of deposit flight that spread panic through the banking systems of the US and Europe opens a chance for non-bank lenders to seize more of the core businesses that banks want to retain. Central bank emergency measures may have prevented the crisis from spreading, but a new phase of disintermediation has begun.
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The chair of Ping An Asset Management has called again for the break-up of HSBC and spin off of its Asia assets. His argument is a strong and valid one; his problem is that none of the bank’s other main shareholders seems to care.
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Standard Chartered’s new chief sustainability officer is not shying away from the reality of what the energy transition looks like in emerging markets.
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The country’s banking system seems as solid as ever, but its banks are seeing an uptick in delinquencies that could spin out of control.
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There is growing hope among banking and business leaders that the country’s next government can unlock and accelerate needed transformational development and economic reform. Without it, Kuwait risks falling further behind.
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Australian banks adore residential mortgages. But they are ignoring a cohort of people who are going to run into a lot of trouble with repayments.
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Marketplace lending providers are pinning their hopes on challenging economic conditions to persuade investors that they can disrupt the lending market.
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Disagreement over where US interest rates are going has split opinion on overall prospects for emerging market currencies.
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Turkish airline Pegasus hopes an innovative funding solution tied to sustainability targets will help it increase capacity despite challenging market conditions.
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The two bank’s investment banking franchises look enticingly well-matched. But how much business and how many bankers will still be around after the merger?
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With the advent of its strategic alliance with Japan’s Mizuho Financial, Lombard Odier now has wealth management tie-ups in seven Asia countries, with the promise of more to come.
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Central limit order book venues have done well during the past 12 months, but it would be premature to view this as a permanent shift in trading preference.
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Twinco Capital facilitates access to sustainable funding by focusing on pre-production finance.
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Commercial real-estate losses will not greatly damage big banks in Europe, but the banks themselves could inflict real damage to commercial real estate.
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Rising interest rates have driven demand for more efficient liquidity structures.
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Risk-sharing mechanisms could help drive confidence in the voluntary carbon market, but insurance products are scarce.
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As soon as the ink was dry on the agreement to take over Credit Suisse, UBS chairman Colm Kelleher rushed to bring ex-CEO Sergio Ermotti back to run the bank and the deal. Execution risk is off the charts, and the nerves of shareholders, employees and taxpayers are jangling.
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Not many new private banking mandates are won thanks to an institution’s abilities in succession planning. But many a client has been lost over a bank's poor succession planning capabilities when this becomes a touch point for clients, as it inevitably does at some stage.
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The consistent growth in both the scale and the quality of Santander’s private banking business in Latin America this year has impressed the judging panel.
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Santander’s progress in its family office business is recognised by the judging panel not because of any specific innovation or differentiated approach, but rather for the focus on service quality that sets the bank apart.
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Keep it simple: that is how Julius Baer approaches the pursuit of private banking. That is not to say that what it does is easy.
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JPMorgan Private Bank wins this year’s top award, as well as being named the world’s best private bank for ultra-high-net-worth individuals 2023, and the world’s best private bank for investment research 2023.
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Euromoney has recognized the best in private banking worldwide for the last 20 years through our Private Banking and Wealth Management survey. This year, we have built on this experience to launch our first Private Banking awards. This new awards programme examines the industry in more depth, recognizing institutional achievement across all aspects of the business. The categories include high and ultra-high net worth, family office services, wealth transfer and succession planning, digital services, discretionary portfolio management and ESG investing.
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Lots of big lenders claim to be great at serving entrepreneurs. In reality, however, most are not as good at doing this as they would have you believe. Meeting the needs of owners of thriving businesses can be complex, tricky and costly. It requires patience and a well-considered strategy, and a good many banks have neither.
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The echoes of 2014 have been loud in Brazil’s private banking industry over the past 12 months. A precipitous fall in interest rates – followed by a meteoric rise – has left the market completely the same but also very different.
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Pure-play Swiss private bank Julius Baer has had to reconfigure its business model for the 2020s. Chief executive Philipp Rickenbacher talks to Euromoney about why scale and nurturing talent are key to the long-term success of a firm that does just one thing and one thing well: serving wealthy private clients.
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Citi’s Wealth at Work, which delivers wealth services to white-collar professionals in sectors from law and asset management to private equity, is less than two years old. Its founder and global head Naz Vahid talks to Euromoney about the concept and where the division can go from here.
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Private banks that fled India in the 2010s are returning in force. Those that never left are frantically hiring. With a fast-growing economy creating a lot of new wealth across every sector, India is once again the toast of wealth managers.
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A few years ago, some big banks didn’t have a chief investment officer. Today, CIOs oversee a vast network of experts churning out reports, podcasts and webinars to help corporates plan ahead and families grow their wealth. How is all this content created? And how much does it all cost?
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Pakistan has been trying to improve financial inclusion for the last 20 years with little success. Are new digital licences the answer?
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The Credit Suisse deal may have merely accelerated Hamers’ anticipated departure.
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The failure of venture capital’s favourite bank is bad news for a sector reliant on new injections of cheap capital to sustain loss-making growth.
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What will UBS’s post-merger sustainable finance strategy look like?
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First Abu Dhabi Bank’s recent interest in a bid for Standard Chartered and an ill-fated investment in Credit Suisse by Saudi National Bank have put the spotlight on Middle East banks as potential acquirers of international firms.
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It has been over a decade and a half since a Chinese financial institution bought or invested in a Western counterpart. Beijing sees the West’s banking system as incomprehensibly chaotic and messy, and its own – albeit flawed – as a bastion of stability.
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Business-to-business buy-now-pay-later providers are optimistic that economic uncertainty and higher interest rates will drive corporates to pay suppliers sooner and secure inventory more rapidly.
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Hong Kong conference moves along. Nothing to see here.
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As well as higher capital requirements for regional US banks, the policy response to the Silicon Valley Bank collapse will likely include increasing the Deposit Insurance Fund, which bigger banks will have to pay for.
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Recent events call into question most of the core assumptions behind the rules designed to keep banks safe through a liquidity squeeze.
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Will the fall of Credit Suisse be a seismic moment for private banking? Probably not – the reality is that wealthy clients need their financial advisers too much. Wealth is flighty for sure, but it usually alights nearby at a more stable lender.
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UBS’s integration of Credit Suisse will be a long and uncertain process, but keeping the latter’s Swiss universal bank may mean the deal eventually comes good.
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Bankers have been at pains to stress how different the world is today from the dark days of 2008: higher capital; more liquidity; lower credit risk and all that. But while individual banks may be safer than they were, collectively they arguably now face a worse existential crisis. Societies face awkward questions about how they value the utility of the banking sector – and how they should pay for it.
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UBS shareholders might find plenty not to like in what seems at first glance like a great deal. The bank is making itself more complex at a time when creditors and investors put a premium on simplicity and focus.
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Big foreign-exchange banks are focussing on enhanced functionality to promote greater use of single-dealer platforms.
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HSBC’s global head of trade finance talks about how the bank has built 'the trade finance platform for the future'.
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Short-term government bonds have re-emerged as a viable option for corporate treasurers seeking returns on their cash, but recent events in the US banking sector highlight the risks of long-dated exposures.
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Michael Klein can’t be expected to ‘devote significant time and attention’ to the unlikely prospect that UBS will allow a CS First Boston spin-off without being paid. Greensill-style invoices for Klein’s theoretical future services could be the answer.
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Solar thermal technology could offer cheap carbon-free heat for manufacturers. But tech developers are stuck in a financing gap between venture capital and project finance that will be harder to fill after recent bank failures.
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Credit Suisse came out of the global financial crisis in better shape than many peers. But fragility was never far away – in the years that followed its fortunes would swing back and forth, sometimes violently. Here is the bank’s route to 2023, explained through Euromoney’s own coverage.
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Unfortunately, while the SNB can provide ample liquidity that Credit Suisse doesn’t really need, it cannot provide the trust and credibility it sorely lacks.
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The decision by its Japanese owners to relist ARM, the UK’s great technology success story, in the US instead of London was inevitable after years of decline and the hammer blow of Brexit. Deregulation might further accelerate its collapse, even as the City wins a boost from new technology bringing the vast pool of retail money into equity capital markets.
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It is not clear how the SVB collapse will change banking; but it is clear that the lack of supervision of smaller banks allowed systemic risk to spread worryingly fast.
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Banks like Santander, BNP Paribas and SocGen see auto finance and the future of mobility as critical pieces of their overall group strategies. But as mobility becomes an increasingly fractured business, what does the auto finance bank of the future look like?
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HSBC runs towards the storm as others are fleeing it.
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Inflation has returned to the country for the first time in 30 years. As it does so, there is a new face at the helm of the Bank of Japan. What does it mean for the megabanks?
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The collapsing share price of Silicon Valley Bank, triggered by the realization of a loss on a portfolio sale, puts pressure on other US banks that have built up similar books of investments.
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For one of the most considerate men in capital markets, nothing was ever too much trouble.
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The former Barclays chief executive is set to scale up the core banking-technology provider that aims to do banking 10 times better.
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Santander executive chairman Ana Botín has stepped back from the M&A-based restructuring many assumed former CEO candidate Andrea Orcel would oversee. Euromoney asks Botín and her new chief executive, Héctor Grisi, how they plan to make this international retail bank succeed.
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The EU green bond standard is understandably broad. But because of this, the limits between sustainable and transition finance remain unclear.
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Patents are a high-profile demonstration of a bank’s commitment to innovation, but they are not the only option for those looking to encourage new ways of thinking.
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Droit helps traders decide in milliseconds if deals comply with the ever-changing rules and aims to do the same for wealth managers.
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The COO of Deutsche Bank’s International Private Bank, Sandra Wirfs, tells Euromoney how it has been able not just to slash costs but also to make its wealth management business more cost-efficient than the core bank.
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The notion that different businesses can produce healthy results by being under the same roof underpins Goldman Sachs’ diversification strategy. After failing to make that work at the first time of asking, its second attempt looks more derivative – but is perhaps likelier to succeed.
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Some of Goldman’s top brass had an easier time of it than others at its latest investor day.
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Don’t expect a flood of IPOs, but there are still placements across Asia Pacific.
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The IMF will have its work cut out generating support for its proposal for a multilateral platform for cross-border payments and related foreign-exchange transactions.
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Goldman Sachs likes to mix it up when it comes to choosing peer banks for market share comparisons.
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Tokenization is spreading fast. Regulated finance is finally embracing blockchain technology just as most cryptocurrencies stand revealed as overleveraged Ponzi schemes. The institutional herd is moving, but can the blockchains they are shifting onto bear the load?
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Banks’ digital-transformation ambitions continue to be checked by difficulties in combining customer data from disparate systems and sharing information across the industry.
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Commodity trading could deliver further hefty profits for banks, led by Goldman Sachs, but there are multiple risks as well as opportunities for dealers.
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From small beginnings as the offshoot of a British merchant bank in 1969, Macquarie has become the world’s largest infrastructure asset manager, a powerful investment bank, a global commodities player and several other things besides. It has built all of this through a distinct culture built on risk management, individual empowerment and a capacity for constant reinvention – but it hasn’t always been popular along the way. A new book by Euromoney’s senior editor in Asia Chris Wright and Joyce Moullakis examines the journey.
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After its DAX return, Commerzbank now has a clear – if uncertain – path to achieving its profit target, according to CFO Bettina Orlopp.
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The former CEO of Cazenove has written an intriguing reflection on his 23-year career at the storied London institution. It captures his view from the heart of the turmoil, but mostly steers clear of score-settling.
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More blue blood than bad blood at former chief executive’s book launch.
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Restrictions on upstream oil and gas financing aren’t the silver bullet that the sector needs to achieve its climate goals.
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Firms betting on interest-rate declines will be hoping that inflation does not force central banks to raise the cost of borrowing again.
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The whereabouts of investment banker Bao Fan are unknown just when China wants to attract foreign talent and capital, not deter it.
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Higher interest rates will weigh heavily on the property development lending that makes up the bulk of OakNorth’s loan book. But chief executive and co-founder Rishi Khosla tells Euromoney the bank can maintain its ultra-low loan losses and keep growing.
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A day-by-day account of Adani’s stunning collapse in value.
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A two-week period saw Adani Group attacked by a short seller, abandon a $2.5 billion share offer and lose $100 billion in market value. What next? And what does it mean for Modi’s India?
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EU banks have been lobbying regulators to ease up on capital rules, warning that they will become permanently uncompetitive with US peers. Investors may be set to close that valuation gap for them.
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As the EU prepares to vote on its Markets in Crypto Assets Regulation in April, the UK government is hoping to steal a march as a location for cryptoasset businesses.
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The volume of FX trading where there is a possibility of one or more parties failing to deliver on the terms of the trade has prompted various initiatives to find better options for settlement – but the talk is still more about potential than delivery.
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SLLs offer more flexibility for borrowers targeting sustainability, but the structure is coming under scrutiny around the world for potential greenwashing concerns.
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The impact of the supply chain disruption that was such a notable feature of last year’s trade finance survey continues to be felt as banks widen the range of services designed to improve corporate resilience.
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Four years ago, Christian Sewing set out to give the German bank new direction. His plan, based on income-rich services like private banking, continues to surprise and succeed. Euromoney caught up with the head of International Private Bank, Claudio de Sanctis, to discuss last year’s financials and his plans in Asia and the Middle East.
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Sustainability is now fundamental to all bank operations. Restructuring to make sure that the right people are in the right sustainability roles has been a challenge for some firms. Euromoney looks at what is needed to become a credible ESG leader.
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A month ago, First Abu Dhabi Bank said it had looked at Standard Chartered but decided against a bid. Now, it is believed to have changed its mind. What has changed?
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While the bank plans to spin off its troubled investment bank, the new worry is whether and how soon it can repair the wealth management business.
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Big transaction banks are responding to corporate customer demand for sustainability linked supplier-finance programmes by extending the geographical availability and range of the products they offer.
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New platform acts as central account keeper under Luxembourg law for first ever sterling bond deal on blockchain.
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Gains written on banks’ equity book values from long dollar positions could be quickly wiped out if borrowers prove unable to service debt at a higher exchange rate.
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For the past few years, Goldman Sachs has dangled the promise of something new – a diversification in its business mix that would give shareholders a reason to finally re-rate the stock. But while the firm still has the glint of Goldman on the surface, disappointing earnings are revealing something less valuable underneath. Can its second investor day now fix the legacy of the first?
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While no one is willing to bet the farm on anything other than dollar depreciation in 2023, mixed messages from the Fed, and economic and political uncertainty elsewhere mean the greenback could yet defy expectations.
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Banks and corporates are taking a variety of approaches to mitigating the impact of rising interest rates, quantitative tightening and economic uncertainty on the availability of liquidity.
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The UK broadcaster’s chair Richard Sharp is familiar with accusations of conflicts of interest from his time at Goldman Sachs.
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Just back from Davos, the bank’s new head of sustainable finance says the industry needs to do more, and Barclays needs to do more on transition.
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Private credit funds are committing more to specialist non-bank lenders such as iwoca, seeing big potential in small business credits, even if NPLs are set to climb.
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The bank’s chief financial officer says Inter is moving into an expansion phase, following an ambitious and aspirational ‘north star’.
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A report by a US short-seller hammered the stock of India’s Adani Group companies just as one of them tried to raise $2.5 billion in a follow-on. It was not just Adani under attack here, but Modi’s vision of corporate India.
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Some leading FX banks have struggled to stay competitive in forwards, swaps and swaptions thanks to SA-CCR rules, but compressing portfolios helps.
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While big US banks edge slowly towards exchange-like trading of loans, a group of market veterans have tested a system in Asia and will soon launch in Europe.
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Goldman Sachs might wonder if the time is coming to rebrand from being Wall Street’s Bank of Dave (Solomon).
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A decade ago, the bank opted to go long on more durable sources of income – notably wealth management. Its standout 2022 financials are a clear sign of the benefits of long-term planning.
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Appetite for corporate issuance remains robust as investors dismiss recession fears and take on credit exposure.
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Strong collective-action campaigns might hurt some banks' reputations, but they will do little to convince those institutions to change their energy policies.
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Going all out to keep the sell side sweet seems a sensible strategy for success in the difficult P2P FX market.
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The recent update to the green taxonomy and implementation of the SFDR RTS have received a mixed reception in parts of the EU.
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With little likelihood of currency volatility subsiding any time soon, corporates continue to face difficult decisions when it comes to how best to mitigate FX risk.
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Last year, a connected cluster of village banks in the central province of Henan suffered one of China’s worst financial scandals in years. Beijing’s reaction: to create a new state bank that will take stakes in rural financial and credit institutions with the aim of spotting and weeding out corruption and improving financial governance.
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The southern Chinese city has set out ambitious plans to become one of the world’s top wealth-management centres. With one of China’s largest onshore pools of private wealth, there is everything to play for.
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Some issuers are grabbing the opportunities offered by a new capital markets year. Others would do well to face reality sooner rather than later.
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Macroeconomic disruptions and regulatory scrutiny will drive market participants to adopt a practical environmental, social and governance strategy in the year ahead – one that is less about narrative and more about materiality.
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It seems difficult to convince investors that higher bank profits are sustainable.
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The billionaire Winklevoss twins and DCG CEO Barry Silbert have been squabbling over $900 million of frozen customer assets. The SEC has just banged their heads together.
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Some people think that international climate conferences are nothing more than a talking shop. The Secretary General of the UN wants to change all that – with another conference.
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Initial public offerings by Chinese firms are Hong Kong’s lifeblood, yet they were rarer than hen’s teeth in 2022. For deal flow to return, China must open up. Buckle up: things could get bumpy.
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It’s the time of year for feng shui market predictions.
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The regulated US bank lost 70% of its deposits in a few weeks. But while that run shows the risks of banking the crypto industry, the key lesson is how it is still standing.
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Across the Middle East and North Africa, Egypt and its banks boast august credentials when it comes to climate and sustainability. But frameworks and agreements are one thing, creating substantive change across an entire financial sector is quite another.
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As Europe’s economic mood sours, a sharp rise in interest rates is putting commercial real estate through its first big cyclical turn since 2008. The non-bank sector, which has become a vital enabler of funding at higher leverage, now faces a test of its resilience.
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After years at zero, rapid Fed hikes last year led to sharp increases in NII and NIM. But it is not all good news.
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First Abu Dhabi Bank looked long and hard at Standard Chartered, and others will do the same so long as it’s cheap. But any suitor must win the approval of Temasek.
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The bank’s new head must withstand political pressure to extend subsidized credit and lower underwriting standards.
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FX dealer trading with financial customers may have stagnated over the last few years, but the effects have not been felt evenly across all markets and the impact on price discovery is far from clear.
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A new study attempts to quantify the damage of 2022 for sovereign wealth funds. Beneath the numbers are tumultuous levels of deal activity, as funds tried to take advantage and position for the long term.
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Crypto promoters now want traditional financial market regulators to save them; those regulators would rather deliver the final blow.
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A persuasive case can be made for nearshoring, but so far in Latin America there has been little direct evidence that it is happening. In Mexico, things are about to change.
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The US Securities and Exchange Commission has lifted the lid on some eye-popping charges against the former CFO of a special purpose acquisition company.
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The European Commission has mandated instant payments across the eurozone, and banks must urgently ensure that their payment systems are fit for purpose.
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With broadly syndicated markets largely shut and CLOs facing formidable challenges, leveraged finance has had a tough year. It has been a story of big hung deals and a market that is even more reliant on credit funds than before. With little clarity over when interest rates will peak, let alone start to fall, how will participants manage their way through the turmoil?
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Nearshoring has been seen to drive credit growth among the country’s smaller regional banks.
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As the treasury sector reflects on another eventful year, Euromoney looks at likely developments for the next 12 months.
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Sovereign wealth and pension funds have poured into private and illiquid asset classes over the last 10 years.
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The region’s advantage is likely to be short-lived and could fade by 2024, according to JPMorgan's private bank head.
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The ECB is barely half way through raising rates. Quantitative tightening will further raise the cost of debt in 2023, and is set to test bond market capacity.
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COP27 placed green hydrogen production at the top of the global net-zero agenda. Banks want to fund this technology, but energy supply, cost and regulatory uncertainty are jeopardizing its future as the decarbonization solution for hard-to-abate sectors.
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Despite dire warnings by the Bank for International Settlements, market participants are not wholly convinced that US dollar obligations from FX swaps and forwards pose a threat to the stability of the forex market.
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As the crypto edifice teeters, there is still one last chance for decentralized finance. If it can encode regulatory compliance into real-world financial assets issued in tokenized form and then trade, clear and settle in seconds at negligible cost and low risk, it might just survive.
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FTX founder Sam Bankman-Fried faces the full wrath of US authorities, as rival agencies compete to make the most hyperbolic charges against the former crypto exchange head. Death by metaphor could be his provisional sentence.
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Account-to-account payments have become a priority area for regulators, but industry participants argue that rule makers need to do more to support wider use of pay-by-bank services.
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The Middle East’s capital markets were awash with plus-sized IPOs in 2022, with a growing belief in its future.
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The Greater China CEO represents a loss of seniority, experience and gravitas. And his is not the only exit from the Swiss bank’s Asia operations.
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AT1s rallied on news that UBS will redeem a key deal in January. But with refinancing costs higher than coupon re-sets, the pressure now passes to other big banks.
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The gating of Blackstone’s $69 billion private real estate fund Breit highlights the risks in semi-liquid investment vehicles, even ones that perform strongly. Pitching US private market exposure to European and Asian retail investors may be slowed by the setback.
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The death of Teh Hong Piow, the founder of Malaysia’s Public Bank, marks the end of a distinguished banking life.
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The UK government has launched a sprawling range of measures to reform the country’s financial sector and markets. But the moves were mostly already under way – it is really all about the optics.
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Local flows to fixed income and equity redemptions limit ECM liquidity.
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Restrictions on redundancies force out larger banks in Mexico from bidding for business.
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The Australian Securities Exchange took a leap of faith in commissioning Digital Asset to build a blockchain replacement for its clearing and settlement engine five years ago – perhaps too big a leap. Here, Digital Asset’s CEO explains what went wrong and what was learned.
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Noor Sweid, founder of Global Ventures – a young Dubai-based venture capital fund with $200 million of AuM – sees company founders with great businesses starved of finance.
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While there are some entertaining items – one country banning meat, the UK voting to UnBrexit – Saxo sees recession failing to halt inflation with the world economy on a war footing.
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On December 1, EU member states agreed on a general approach for the Corporate Sustainability Due Diligence Directive. The final text shields banks from their full responsibility to prevent environmental harm, thanks in part to France’s post-Brexit ambitions.
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Three years ago, LTS Ventures was tasked with building a simple microfinance platform for Laos’s army of village banks and savings unions. It took off like a rocket, boosting financial inclusion, cutting fraud. Now the firm is eyeing fresh external funding and expansion across southeast Asia.
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The leading transaction banks are taking a proactive approach to balancing the conflicting demands of chief financial officers – who are prioritizing cost reduction – and treasurers, who are focused on increasing operational efficiency.
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As a long recession looms for the UK, past successes may be a sign of future problems.
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Strategies and financing need to be radically reassessed to achieve sustainability in a rapidly changing world.
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Concerns about the wider economy and its impact on disposable income have eroded individuals’ appetite for FX trading, despite attractive levels of volatility.
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Qatari banks are eager to demonstrate their commitment to sustainable banking amid growing public scrutiny of the environmental cost of hosting the World Cup.
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Maharlika Investments Fund looks like it will be a development vehicle that takes Indonesia for inspiration.
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While other economic blocs aren’t so convinced of the merits of issuing retail central bank digital currency, the eurozone is ploughing ahead. In doing so, however, it is having to water down the project to such an extent that its usefulness will be limited.
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The climate circus has packed up and left, with everyone disappointed and no one surprised. Some thoughts from a COP first-timer.
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Beijing recently ordered its state banks, including ICBC and Bank of China, to plough $162 billion worth of fresh credit into the country’s troubled property sector. In doing so, they look not proactive but panicky. A negative hit on lenders’ profits is inevitable.
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China is stuck. It has spent three years trying to keep Covid at bay, but now irate citizens have spilled onto the streets, questioning the competency of president Xi Jinping, and calling for an end to restrictions – just as transmission rates spike.
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China Investment Corporation’s annual reviews are always out of date, but they provide clues to what is happening now.
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Shareholders will be keenly watching two market levels for Credit Suisse shares in the weeks ahead: the theoretical ex-rights price and the subscription price for the capital increase that is under way.
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Euromoney’s Mystic Maca looks into what’s in store next year and sees some big Wall Street reshuffles.
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Societe Generale and AllianceBernstein may look like an equities odd couple. Leveraging Societe Generale’s derivatives franchise is key to the new joint venture, as is maintaining AllianceBernstein’s reputation for independence.
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The dominance of embedded finance and BaaS by fintechs is now being challenged by established financial institutions.
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The purchase of Home Credit’s businesses in the Philippines and Indonesia fits with a trend to seek growth outside Japan.
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Uruguay reignites the debate on transition finance with its sovereign sustainability-linked bond.
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Credit Suisse directors may sigh with relief that shareholders have approved the latest capital raise, but they are already guiding to yet another big loss.
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The bank is focusing on organic growth by acquiring retail clients and launching a private bank.
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Most governments would have been delighted to do what Iceland managed with its sale of Íslandsbanki shares earlier this year. But an audit of the deal has triggered a war of words with the body responsible for it, as well as some very odd conclusions from an Excel spreadsheet.
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Proactive risk tightening in 2021 sees surging return on equity as scale brings operational leverage.
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The DAC space is crowded. Nevertheless, BNY Mellon has gone further than most of its peers in embracing crypto.
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Sovereign wealth funds have swamped private markets over the last decade, but there are questions whether the pace of investment can continue.
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A groundbreaking repo facility for African sovereign Eurobonds was completed in time for a debut trade as COP27 took place. The road to closing the deal was far from simple.
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After 12 years of near continuous restructuring and capital raising at Credit Suisse, the longest-serving chief financial officer of any G-Sib bank offers a few parting lessons.
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DeFi is touted as a solution to the multi-trillion dollar global trade-finance gap, despite tech concerns.
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State Street’s Chip Lowry, a board member and former chair of the Foreign Exchange Professionals Association, talks to Euromoney about his new role on the Commodity Futures Trading Commission’s market risk advisory committee.
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In a highly unusual step, Singapore’s sovereign wealth vehicle has spelled out how and why it bought into the FTX story.
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Euromoney meets Damian Payiatakis, Barclays Private Bank’s head of sustainable and impact investing, to talk about how quiet private wealth has been so far at the UN Climate Change Conference.
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The country has one of the world’s best-performing economies with one of the few emerging market currencies to be appreciating against the dollar. It also has large numbers of highly skilled Russians fleeing across the border to avoid conscription. National Bank of Georgia governor Koba Gvenetadze speaks to Euromoney.
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The market reaction to the third-quarter results from Brazil’s second-largest private bank has revealed investor sensitivity to banks’ deteriorating asset quality.
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NatWest digital SME bank Mettle has broken new ground in its partnership with Polish fintech firm Vodeno.
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Saving the planet requires shutting down coal plants while also ensuring the livelihood of the people who depend on them. The ADB has a plan.
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HSBC’s outgoing CFO, Ewen Stevenson, has mounted a robust case for the bank’s cost performance in an intriguing call with analysts that also featured an appearance by his replacement, Georges Elhedery. As he prepares to leave the bank, Stevenson defended his legacy by taking on the firm’s arch-critic, Ping An.
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Capgemini’s world payments report highlights dissatisfaction among smaller clients with the services offered.
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Reports published at COP27 suggest slow but steady progress by banks on interim sector targets for net zero. But political reality, particularly in the US, requires a delicate approach.
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Bank’s ESG head urges competitors and regulators to respond more quickly to emissions accounting challenge.
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The chief executive of JPMorgan’s Onyx blockchain business explains why it has been a long slog, and where the interest lies today after the crypto collapse.
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Words fail Euromoney at the mighty event.
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Daniel Zelikow, chairman of JPMorgan Development Finance Institution’s governing board, on private-sector development finance, EM policy risk and funding bankable assets.
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New opportunities in oil and gas as supply is reoriented away from Russia highlight the question of how quickly cuts to financed emissions will match banks’ enthusiasm for growth in clean energy.
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While its larger rival, Binance, may yet prop up FTX, the failure of the exchange that spent the summer rescuing other failed crypto organizations suggests that none are safe.
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Climate-smart innovations and regenerative agriculture are attracting tech-savvy equity investors to the farming sector. Access to affordable financing will determine how fast those companies can grow to scale and provide an exit.
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Announced on Tuesday at COP27, the Transition Plan Taskforce document responds to market demand for more uniformity on corporate plans.
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With anti-ESG sentiment on the rise amid a global financial tightening, is it time for investors to listen to the anti-woke agenda or double down on social responsibility?
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As the private sector demands more guidelines, COP27 should promote the development of a global framework on innovative finance.
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Last week’s financial summit aimed to show investors Hong Kong is open for business. While well attended, it also served as a reminder of how closed off the financial hub has become and how much of its lustre has been lost.
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As the industry digests the results of the latest BIS triennial FX survey, Euromoney canvasses opinion on the implications of the key findings.
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While fintechs have been thriving in Brazil and throughout Latin America, the region’s local stock exchanges have failed to attract IPOs.
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The German bank’s strong third-quarter earnings are a partial result of forming a new international private bank division two years ago, honing it and continuing to invest in the strategy.
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Three-quarters of a century ago, the state of Israel didn’t exist. Today, it is a leader in technologies ranging from plant-based meat to cybersecurity. Huge sums of new wealth are being created by ambitious entrepreneurs, much of it recycled into new ideas by risk-taking investors.
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Brazil’s agribusiness sector is booming on the back of sky-high commodity prices. The public banks that have long financed the sector now face a wave of new private-sector competitors.
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Qatar has spent 12 years and more than $200 billion preparing for the World Cup, which kicks off on November 20. What happens when the games end and the tourists leave?
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The Brazilian world of digital banks has it all: billionaire unicorns, sub-brands created by the incumbents and completely new disruptors. But one player has been quietly growing under the radar to become the country’s second-largest digital player.
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Market experts fear that continued inflation and poor growth mean that many currencies are vulnerable to the pressure that the UK has seen recently.
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DBS, JPMorgan and Japan’s SBI combined to launch a groundbreaking decentralized finance trade stewarded by the Monetary Authority of Singapore. It was a great deal of work, but to what end?
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The new administration is expected to be less receptive to bank privatization as the result boosts ‘Lula portfolio’ stocks.
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The first nine months of 2022 have seen investment banking revenues plummet globally.
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Vocal members of the US political right are not happy, creating new laws that ban state investors from backing companies with an ESG agenda. Several fund managers have been quick to take up their cause.
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European banks have raced far ahead of their US peers on sustainability. But the continent is now facing an energy emergency, creating pressure from some corners to reverse investment declines in oil and gas. Can Europe’s banks remain frontrunners in sustainable finance in today’s fragile geopolitical environment?
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The biggest IPO in Europe for a decade has not generated the kind of excitement that might have been expected in calmer times. Porsche’s flotation was solid enough, but its structure and unusual nature make it a poor proxy for the broader equity capital markets business, which is on its knees.
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The World Cup is set to kick off in Doha on November 20 against the backdrop of recession, war, inflation and rising interest rates elsewhere.
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Geopolitical and economic turmoil has taken its toll on cash management strategies during 2022. Leading transaction banks emphasize the value of investment in technology as they navigate a choppy market environment.
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As spreads widen for credit, Macquarie is rushing in.
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Elon Musk is full of praise for his bankers at Morgan Stanley. It’s a shame his $44 billion Twitter deal is set to cost the bank money rather than earning a tip for good service.
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The great and the good of global finance gather in Hong Kong this week for a summit that aims to remind the world of the city’s status as an international financial centre.
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Bankers are sending mixed messages about market strains. Dire warnings about year-end pressures, pleas for regulatory help and assurances that banks can sort this out are being deployed simultaneously.
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This year has seen banks report markdowns on leveraged finance commitments and related exposures, something that is hardly surprising given what has happened to yields. But even with syndicates struggling to offload some high-profile big deals, the troubles seem oddly muted so far.
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Credit Suisse has finally lifted the lid on its reorganization. But for all the frenzy of deal making it now plans, questions still remain over whether recasting the investment bank as a nostalgic partnership with a throwback name is the answer to the bank's strategic problems.
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Both HSBC and JPMorgan have recently boosted their digital trade finance offerings, as the ICC Centre for Digital Trade and Innovation commenced testing of digital trade systems between Singapore and the UK.
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The UK politician’s recent rapid departure from the Caribbean attracted both local and international attention.
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Georges Elhedery’s move to the CFO role at HSBC has raised eyebrows among observers seeking to decode it. What does it mean for Elhedery, what happened to incumbent Ewen Stevenson, and what does it say about CEO Noel Quinn?
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The UK’s humiliation after bond investors rejected its mini-budget and sparked a liquidity crisis threatening the country’s pension funds holds two lessons for the rest of the global financial system. First, more markets will break down thanks to rising rates. Second, the battle everywhere between central banks fighting inflation and governments seeking to sustain economies and manage the cost of vast stocks of public debt will define finance for years to come.
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Islamic finance remains a federation of country-level success stories with no comparable global narrative. Does it matter if that’s where it stays?
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As rates on government bonds rise and economies shrink, the vast stocks of developed market government debt look unsustainable.
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Asia’s central banks have fought hard to protect the value of their currencies this year as the dollar has soared. But each of them has a limit to their appetite for that defence.
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China, the US, Australia and Japan are all conducting a curious courtship with Pacific nations, hoping to build trade relationships, climate resilience and security agreements.
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Growthfund was formed six years ago as a steward for Greek state-owned enterprises in the hope of improving and extracting value from them. As chief executive Gregory Dimitriadis explains, its ambitions now include investment, emission reduction and enabling the flow of capital from the Middle East.
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The weakness of the pound and strength of the dollar has implications for companies on both sides of the Atlantic.
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The market for remittances is expected to grow by almost 10% in 2022, driven by diaspora-linked savings.
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Boutique investment bank DAI Magister suggests donor funds could catalyse private equity and debt investment in climate tech, the big theme of COP27.
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UK pension fund hedges have failed the first real stress test in a new era of rising interest rates. Bankers are surprisingly relaxed about the implications for other threats to global systemic stability.