banking
Several major European banks could potentially be contributing to ecosystem destruction and extinction, according to a study published by Milieudefensie (Friends of the Earth Netherlands), Greenpeace International and Harvest. The study, named "EU bankrolling ecosystem destruction", uses data from Profundo, an independent research organisation. The report is co-signed by several other non-governmental organisations (NGOs), including Oro Verde, Rainforest Action Network and the Association of Ethical Shareholders. It highlights how European banks have lent some €256 billion to entities putting ...
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Nationwide Building Society saw a number of payment delays on Friday morning, impacting payments to and from Nationwide to other banks and building societies. This was mainly due to an IT glitch, as the society’s planned overnight maintenance activities took longer than expected. Although Nationwide has reassured clients that the problem has now been fixed, it also highlighted that it may take a few more hours to process the current backlog of payments. On social media platform X, Nationwide said, “We’re sorry, payments to and from other building societies and banks are delayed at the moment. ...
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For using a method leading to underestimating the credit risk on certain loans, "the European Central Bank (ECB) has imposed two administrative penalties totalling €3.54 million on Confédération Nationale du Crédit Mutuel", said the ECB in a statement on Thursday. According to the ECB, which oversees 113 significant banks in Europe, Crédit Mutuel did not apply certain requirements, so-called "floors", set by the central bank's rulebook when the lender calculated the risk of certain loan portfolios, using its internal models, between May 2021 and April 2022. HSBC hit with £57 million fine for n...
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Four of the biggest Chinese banks sit on top of the list of the world’s 500 most valuable banking brands, leaving US and European lenders well behind, according to a new report from brand valuation consultancy Brand Finance. For the eighth consecutive year, the top spot on the world’s top 500 banking brands’ list has been awarded to the ICBC (Industrial and Commercial Bank of China). The lender increased its brand value by 3% to $71.8 billion (€65.77 billion), roughly the equivalent of the nominal GDP of Slovenia. What are shadow banks and why are they failing in China?Significance of brand va...
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Europe’s rapidly deteriorating commercial real estate crisis could potentially impact its banks as well. Back in July 2023, European banks had about €1.4 trillion tied up in loans to the commercial property sector, according to the European Banking Authority (EBA). Germany has been particularly hit, especially due to the country currently dealing with the deepest real-estate crisis in several years. This is mainly due to increased property developers seeing higher costs of borrowing, following soaring interest rates. This in turn has led to more developers facing bankruptcies, as well as sever...
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Euro area ministers on Monday (11 March) agreed a wishlist of financial reforms – led by a controversial relaunch of securitisation, the banking-sector instruments that caused the last financial crisis. Compared to other major economies like the US, the EU economy is largely dependent on bank financing – and policymakers are keen to find alternatives such as fundraising via stock issuance. Of the 13 measures proposed by finance ministers, number one was to help banks to offload risks via the complex structured products – but that isn’t without its controversy. The proposals seek to “deregulate...
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Nationwide Building Society has surprised the banking world with a agreement to buy Virgin Money for £2.9 billion, to create the UK’s second largest mortgage and savings group. Nationwide is the UK's biggest building society, with nearly 18 million customers. Virgin Money is the UK's sixth largest retail bank serving some 6.5 million customers. No plans for short-term changeNationwide says it does not plan to make any significant changes to Virgin Money's staff over the short term and will keep using the Virgin Money brand for the time being. However, it will be phased out over the next six ye...
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Thomas Jordan will hand over his title as chairman of the Swiss National Bank (SNB) in September, the institution announced on Friday. The 61-year-old, known for his unorthodox monetary policy, had been due to finish his term in 2027. The resignation is a momentous moment for the country’s financial industry given Jordan’s high-profile status. After joining the SNB in 1997, Jordan took up the role of chair in 2012, and has since steered the bank through a number of pivotal moments. He notably managed the tail end of the euro-area debt crisis, a period where several of Europe’s major financial ...
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Chinese trusts and wealth management companies have been struggling under the weight of tightening regulations and China's persistent property crisis - two phenomena that have hit the country's 'shadow banking' industry particularly hard and could have knock-on effects for Europe. Shadow banks, such as Sichuan Trust and Zhongzhi, are non-bank financial institutions, such as credit guarantee companies, hedge funds and asset management companies, that provide some of the key services of banks despite not being traditional lenders. It's a significant sector: according to the International Monetar...
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UK bank Lloyds has reported pre-tax profits of £7.5 billion (€8.8 billion) for 2023, soaring by more than 50% from the year before. The bank said on Thursday that changes in interest rates, which the Bank of England has been using to tackle persistent inflation in the UK, were one of the main reasons for the increase in its income. "The Group delivered a robust financial performance, meeting our 2023 guidance, driven by income growth, cost discipline and strong asset quality," Charlie Nunn, the Lloyds Group's chief executive, said in a statement. "This performance enabled strong capital genera...
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