Monzo valuation jumps to $4.5 BLN
British digital bank Monzo has completed a fresh funding round valuing the company at $4.5 billion. This is in a vote of confidence from investors in the loss-making lender. The high-profile neobank was founded in 2015. It has received the funding from investors in a round led by Abu Dhabi Growth Fund. The bank has closed the first $475 […]
From laggard to leapfrog
According to research by Cornerstone Advisers, many banks still have a long way to go, for reaching their digital transformation ambitions. A recent study found that just around one quarter of banks and credit unions had launched a digital transformation strategy prior to 2019. 45% hadn’t started on the journey before 2021. This is not great news […]
Credit Suisse chairman warns temporary inflation talk
Credit Suisse Chairman Antonio Horta-Osorio said that the talking down of speeding inflation as a temporary phenomenon by many central banks poses risks of a more intense monetary adjustment. In Lisbon, he told a banking conference that the markets have been giving a lot of credit to central banks, but the latest indicators are that the temporary […]
BoE’s Pill sees growing case for December rate rise
Bank of England chief economist Huw Pill said that the weight of evidence was shifting towards a rise in interest rates next month. But he had not made a decision. Markets would do better to focus on the longer term. At an economics conference in Bristol, Pill also cautioned against the widespread assumption that the […]
Britain’s metro bank shares slide
U.S. private equity firm Carlyle said that the talks about a possible takeover offer for Metro Bank have ended. This is by sending shares in the British lender tumbling 16%. Metro Bank had announced the takeover approach from Carlyle. For this announcement from Carlyle, the lender responded that the board continues to strongly believe in the standalone strategy and […]
Swedbank profit tops forecast
Swedish bank Swedbank reported better-than-expected net profit for the third quarter on the back of continued strong growth for mortgages and record commission income. Nordic economies have rebounded sharply this year. This is because of the Sweden back above pre-pandemic levels, by stoking consumer spending and demand for financial services and lifting shares in the region’s banking stocks. […]
$475 MLN to resolve Mozambican scandal by Credit Suisse
Credit Suisse Group AG will pay about $475 million to American and British authorities for resolving the bribery and fraud charges relating to a $2 billion Mozambican corruption scandal. Its subsidiary pleaded guilty to a conspiracy charge in New York, U.S. and UK agencies. The settlement with the U.S. Securities and Exchange Commission (SEC), the […]
Mediobanca, top investor Del Vecchio reach truce on bylaws changes
Mediobanca endorsed a request by its top shareholder Leonardo Del Vecchio to ditch a rule reserving up to three board seats to managers of the Italian merchant bank. The decision was welcomed with deep satisfaction. Del Vecchio in turn withdrew a second proposal to amend the company’s bylaws, which had been criticised by Mediobanca’s board. Mediobanca […]
Asian development bank boosts 2019-2030 climate financing goal to $100 BLN
The Asian Development Bank‘s will boost its climate financing goals by $20 billion to a new target of $100 billion for the 2019-2030 period. They are aiming to launch its concept for retiring coal-fired power plants at the COP26 climate conference in Scotland. The plans, disclosed by ADB President Masatsugu Asakawa, increases a previous $80 billion […]
SocGen to cut 3700 jobs
French bank Societe Generale said that it will cut 3,700 jobs between 2023 and 2025. This is as it merges its retail network with that of its unit Credit du Nord. Also, it added that there would be no forced redundancies. The new retail bank targets a headcount of 25,000 employees. The job cuts will […]