Failed Banking

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S'pore branch of Swiss bank fined $1m for failing to comply with anti-money laundering and ...

Straits Times 14 Apr 2021

SINGAPORE - The Singapore branch of a Swiss-based private bank has been fined $1 million for failing to comply with measures to counter money-laundering and terrorist financing. The penalty was imposed on Bank J ... These included failing to establish the source of its customers' funds by appropriate and reasonable means.

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Traders say Credit Suisse offloading Discovery shares

Hong Kong Standard 14 Apr 2021

The investment bank was shopping blocks of different classes of Discovery stock on Tuesday, Faber reported ... Hwang failed to meet its margin call ... When the stock declines and the fund fails to meet its obligations, the bank can be stuck with the losses on the shares.

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Irvine Man Agrees to Plead Guilty to Tax Evasion

The Epoch Times 14 Apr 2021

SANTA ANA—An Irvine, Calif., man has agreed to plead guilty to tax evasion for failing to report interest income from his bank accounts in Hong Kong and Singapore, federal prosecutors announced April 13.

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Does deposit insurance pay you directly for bank failure?

Live Mint 14 Apr 2021

However, in the case of liquidation, does deposit insurance directly deal with the depositors of failed banks? In this piece, we take a look at when is deposit insurance liable to pay the claim amount and to whom ... However, the DICGC may cancel the registration of an insured bank if it fails to pay the premium for three consecutive periods.

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Bank of Ireland wins appeal over quashing of possession order for woman’s home

The Irish Times 14 Apr 2021

Mr Justice Simons had found the bank was not entitled to the possession order because it had failed to prove Ms Cody was indebted to it under two loan agreements, said to have been entered into by the Codys in October 2005, with repayment secured against the Kilmurray property by ...

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Turkish Police Tear Down Opposition Posters Questioning Bank Reserves

Balkan Insight 14 Apr 2021

Turkish police deployed cranes, riot police and water cannons to tear down opposition posters asking what had happened to the country's central bank reserves – misspent in a failed bid to slow the fall of the national currency ... the fall in value of the lira, but the action failed.

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Russia's Sberbank to expand its logistics business

The Times of India 14 Apr 2021

Russia's biggest bank Sberbank plans to expand its logistic business across the world's largest country as it seeks to capitalise on a booming e-commerce market, Chief Financial Officer Alexandra Buriko told Reuters. As banking margins shrink, Sberbank is expanding in areas ...

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JPMorgan 1Q profit up sharply, helped by improving economy

Springfield News-Sun 14 Apr 2021

The nation's largest bank by assets said Wednesday that it earned $14.3 billion, or $4.50 per share, in the year's first three months ... economy, those loans are no longer considered at risk of failing and banks have become confident they can return these loans to the “good” side of their balance sheets.

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Over $500K sitting idly in Bank of Canada, waiting to be claimed by government for over a decade

Canada Dot Com 14 Apr 2021

... bank accounts and deposits that have remained unclaimed for at least a decade ... We apologize, but this video has failed to load.

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Exclusive: Russia’s Sberbank to expand in logistics in e-commerce push

Metro USA 14 Apr 2021

MOSCOW (Reuters) – Russia’s biggest bank Sberbank plans to expand its logistic business across the world’s largest country as it seeks to capitalise on a booming e-commerce market, Chief Financial Officer Alexandra Buriko told Reuters. As banking margins shrink, ...

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Credit Suisse Sells $2 Billion of Archegos-Linked Stocks

Yahoo Daily News 14 Apr 2021

(Bloomberg) -- Credit Suisse Group AG unloaded about $2 billion of stocks tied to the Archegos Capital Management blowup in the second such block sale since the bank wrote down the bulk of its exposure in the first quarter ... A spokesperson for Credit Suisse declined to comment on the sale and whether the bank plans more such transactions.

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Credit Suisse offers big blocks of Discovery, iQIYI shares related to Archegos - sources

Canada Dot Com 14 Apr 2021

The bank has taken a $4.7 billion hit from dealings with Archegos Capital, prompting it to overhaul the leadership of its investment bank and risk divisions.

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Glass Lewis opposes re-electing Credit Suisse board's risk chairman

Yahoo Daily News 14 Apr 2021

Switzerland's second-biggest bank has been reeling from the collapses of Greensill Capital and Archegos Capital Management, with a 4.4 billion Swiss franc ($4.75 billion) charge hitting its balance sheet after Archegos failed to meet margin commitments.

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EU punts chance to override China’s BRI in the Balkans

Asiatimes 14 Apr 2021

“If there is no skill in planning, it is difficult to achieve, and if there is no skill in planning, it will fail.” ... Against EU advice, the former Montenegrin government also provided state guarantees to China’s EXIM bank as collateral for the loan, which means Chinese entities could claim Montenegrin land in lieu of failed repayments.

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Blockchain could add $1bn to Nigeria’s economy, deepen financial inclusion – EFINA

Business Day Online 14 Apr 2021

The March 2021 data from the Nigeria Inter-bank Settlement System Plc (NIBSS) shows that Nigeria may have failed to meet its 80 percent financial inclusion target of 2020 (Enhancing Financial Innovation and AccessEFINA, the organization responsible for Nigeria’s biennial financial inclusion report is due to release the 2020 figures in April).