Industrial and Commercial Bank of China Overtakes Well Fargo as World’s Most Valuable Banking Brand

Industrial and Commercial Bank of China Overtakes Well Fargo as World’s Most Valuable Banking Brand

ICBC has overtaken Wells Fargo for the first time to become the world’s most valuable banking brand. According to the Top 500 Banking Brands 2017 Ranking by UK-based The Banker magazine, the brand value grew 32% year on year to US$47.8 billion. China’s total banking brand valuation has also increased by 25% to US$259.2 billion.

“ICBC has overtaken Wells Fargo for the first time to become the world’s most valuable banking brand.”

~ South China Morning Post

The ranking of the most valuable banking brands globally, in its 11th year, determines the net present value of a bank’s trademark and associated intellectual property, or its brand value. ICBC, China Construction Bank, Bank of China and Agricultural Bank of China also made it into the top 10 global banking brands.

Related Reports: South China Morning Post, The Banker 

 

About ICBC

Through its continuous endeavor and stable development, the Bank has developed into the top large listed bank in the world, possessing an excellent customer base, a diversified business structure, strong innovation capabilities and market competitiveness. The Bank has its presence in six continents, and its overseas network has expanded to 41 countries and regions.The Bank provides comprehensive financial products and services to 5,090 thousand corporate customers and 465 million personal customers by virtue of the distribution channels consisting of 17,122 domestic institutions, 338 overseas institutions and 2,007 correspondent banks worldwide, as well as through its E-banking network comprising a range of Internet and telephone banking services and self-service banking centers, forming a diversified and internationalized operating structure focusing on commercial banking business and maintaining a leading position in the domestic market in the commercial banking sector.In 2014, the Bank was named the “Global Bank of the Year” by The Banker, ranked the first place among the Top 1000 World Banks by the Banker and the largest enterprise in the world among the Global 2000 listed by the US magazine Forbes for the second consecutive year.

Visit: ICBC

 


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Citi Sells Mortgage Servicing Arm

Citi Sells Mortgage Servicing Arm

Citigroup is pulling out of mortgage servicing, a business it has been in since 1979. It has attracted regulatory scrutiny since the financial crisis. Citi will be selling the servicing rights which includes chasing late payments and dealing with administration on 780,000 mortgages backed by Fannie Mae and Freddie Mac.

“Citigroup is pulling out of mortgage servicing, a business it has been in since 1979”

~ Financial Times

The new buyer New Residential Investment managed by an affiliate of investment group Fortress will pay about $980 million for the assets. This allows Citi to focus on the basics of mortgage banking.

Related Reports: Financial Times, Bloomberg

 

About New Residential Investment

New Residential Investment Corp. (NYSE: NRZ) is a publicly traded real estate investment trust (“REIT”) that focuses on investing in, and actively managing, investments primarily related to residential real estate. We aim to drive strong risk-adjusted returns primarily through investments in (i) Excess Mortgage Servicing Rights (“MSRs”), (ii) Servicer Advances, (iii) non-Agency residential mortgage backed securities (“RMBS”) and associated call rights.

Our objective is to leverage our proven investment expertise to deliver attractive returns that will help drive strong and growing dividends to our shareholders. We target assets that generate stable long term cash flows and employ conservative capital structures to generate returns throughout different interest rate environments.

Visit: New Residential Investment

 


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RBS Preparing for a Multi Billion Dollar Fine from US Department of Justice

RBS Preparing for a Multi Billion Dollar Fine from US Department of Justice

Royal Bank of Scotland will be taking a £3.1bn hit for the cost of a toxic bond mis selling scandal in the US. This hit is going to cost them and push the bank into its ninth consecutive annual loss. The bank has already incurred £50bn of cumulative annual losses since taxpayers pumped in £45bn to keep it afloat.

“Royal Bank of Scotland will be taking a £3.1bn hit for the cost of a toxic bond mis selling scandal in the US.”

~ The Guardian

The bank is putting aside the money for a potential settlement cost with US Department of Justice over the way mortgages were packaged and sold in the 2008 financial crisis.

Related Reports: The Guardian, Sky News

 

About Royal Bank of Scotland

Today’s RBS and its brands are made up of hundreds of past banks. They were all different – large and small, city and country, traditional and innovative – and grew to serve the banking needs of unique communities all over the United Kingdom. Each one has left its mark on our identity today.  The Royal Bank of Scotland was founded in Edinburgh in 1727. It went on to become one of the biggest banks in Scotland.

Visit: Royal Bank of Scotland

 


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Deutsche Bank May Hold Back 90% of Bonuses

Deutsche Bank May Hold Back 90% of Bonuses

Deutsche Bank may withhold bonuses from as many as 90% of the bankers and traders. Only the top 10% are expected to receive a bonus for 2016. The bonuses are to be paid out in instalments over the next five years.

“Only the top 10% are expected to receive a bonus for 2016.”

~Bloomberg

The bank has been exploring different ways to paying bonuses in cash. This is because it is trying to build capital buffers and increase investors confidence in the company. One of the idea proposed is replacing the cash component with Deutsche Bank stock.

Related Reports: Bloomberg, NY Post

 

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


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ANZ to Sell Stake in Shanghai Bank

ANZ to Sell Stake in Shanghai Bank

ANZ is selling its 20% stake in Shanghai Rural Commercial Bank for AUD$1.84 billion to two Chinese state owned firms, China Cosco Shipping Corporationg and Shanghai Sino Poland Enterprise Management Development Corporation. Each will acquire 10% stake in the bank. This marks the bank’s second disposal of Asian holdings over the past three months.

“ANZ is selling its 20% stake in Shanghai Rural Commercial Bank for AUD$1.84 billion to two Chinese state owned firms”

~Financial Times

ANZ is also looking at other opportunities to exit other businesses. Other than its stake in Shanghai Rural Commercial Bank, it holds stake in Malaysia’s AMMB Holdings Bhd, PT Bank Pan Indonesia and China’s Bank of Tianjin Co.

Related Reports: Wall Street Journal, Financial Times

 

About ANZ

Our history dates back over 180 years. We are committed to building lasting partnerships with our customers, shareholders and communities in 34 countries in Australia, New Zealand, throughout Asia and the Pacific, and in the Middle East, Europe and America. We provide a range of banking and financial products and services to over 9 million customers. We employ over 50,000 people worldwide.

Visit: ANZ

 

About Shanghai Rural Commercial Bank

Shanghai Rural Commercial Bank (or “SRCB”) was established on August 25th 2005, which was reincorporated from Shanghai Rural Credit Cooperatives of more than 50 years history. At present, SRCB has registered capital of RMB 3.745 billion, established a business network of more than 300 outlets, and employs more than 5,000 staff.

Visit: Shanghai Rural Commercial Bank

 


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Italy Agrees to Bailout for World’s Oldest Bank

Italy Agrees to Bailout for World’s Oldest Bank

Italy’s government has approved a bailout for Monte dei Paschi di Siena after it failed to secure any backing or rescue from private investors. The government has approved a €20 billion fund to help the country’s banking sector. Monte dei Paschi had hoped to raise €5 billion from investors to avoid being nationalised.

“The government has approved a €20 billion fund to help the country’s banking sector. Monte dei Paschi had hoped to raise €5 billion from investors to avoid being nationalised.”

~ CNBC

It was found to be the weakest of 51 European banks that went through the European Central Bank stress testing and was given end of 2016 to solve its situation. Without this capital, the bank would have faced a risk of being wound down. The bank has already lost more than 80 per cent of its value since the start of the year.

Related Reports: CNBC, CNN

 

About Monte dei Paschi di Siena

Monte dei Paschi di Siena is one of the main banks in Italy. It is the flagship of the MPS Group, which is a leader on the domestic market in terms of market share. Monte dei Paschi, familiarly called “il Monte,” was founded in 1472 under the auspices of the Republic of Siena. It became the ideal heir of Siena’s prestigious medieval mercantile and banking traditions, developing an efficacious system of credit to the advantage of the local economy.

The Monte has a strong retail vocation (families and small and medium businesses) that helps to make it the “bank of reference” in all the areas in which it is active. Since June 1999, Banca Monte dei Paschi di Siena shares are traded on the Mercato Telematico Azionario (screen-based trading market) of the Italian Stock Exchange, and since September 1999 it is listed on the market’s most representative index, FTSE MIB.

Visit: Monte dei Paschi di Siena

 


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Credit Suisse to Pay $5.3 Billion in US Mortgage Settlement

Credit Suisse to Pay $5.3 Billion in US Mortgage Settlement 

Credit Suisse has agreed to pay $5.28 billion to resolve a US investigation into its mortgage backed securities as officials go through the post crisis bank cases.  The lender will pay a $2.48 billion civil penalty and $2.8 billion in relief for people who were affected by the collapse in home prices.

“Credit Suisse has agreed to pay $5.28 billion to resolve a US investigation into its mortgage backed securities as officials go through the post crisis bank cases.”

~Bloomberg

This follows a $7.2 billion settlement in a related case from Deutsche Bank AG. The Justice Department has also sued Barclays for fraud over its sale of mortgage bonds after it hesitated at paying the penalty amount the government sought.

Related Reports: Bloomberg, CNBC

 

About Credit Suisse

Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.

Visit: Credit Suisse

 


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Russia Central Bank Alleges Deutsche Banker Manipulated Markets

Russia Central Bank Alleges Deutsche Banker Manipulated Markets

Russia’s central bank alleged that a banker at Deutsche Bank’s Russian branch had manipulated markets by conducting 300 billion rubles ($4.87 billion) of trades with relatives over the span of two and a half years. The trades which were done during Jan 2013 & July 2015 generated a profit of 255 million rubles for the employee Yuri Khilov and three relatives.

“Russia’s central bank alleged that a banker at Deutsche Bank’s Russian branch had manipulated markets by conducting 300 billion rubles ($4.87 billion) of trades with relatives.”

~ Reuters

The central bank has alleged that Khilov and relatives had manipulated trading on eight securities on Moscow Exchange. The findings are going to be an issue for the bank which recently cut back its investment banking in Russia.

Related Reports: Reuters, Wall Street Journal

 


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Barclays Ready to Cut Ties with Up to 7,000 Business Clients

Barclays Ready to Cut Ties with Up to 7,000 Business Clients

Barclays is prepared to tell up to 7000 clients to trade more or find another bank. A new computer system called Flight Deck ranks every customer by the return they generate. Since 2014, Barclays has already cut 17,000 clients due to the tougher capital rules and the new system has now spotted 7,000 clients which have to go.

“Barclays is prepared to tell up to 7000 clients to trade more or find another bank.”

~Bloomberg

As a general rule, Barclays wants at least a 10 percent return on capital. Customers that don’t  meet this rule will be given the option to do more business with the bank; if they can’t or won’t, they will have to leave in what the bank terms a managed transition. Barclays is embarking on its second round of cutting as the industry follows suit.

Related Reports: Bloomberg, The Telegraph

 

About Barclays

Barclays UK is a personal and business banking franchise with true scale, built around our customers’ needs with innovation at its core. It comprises our UK retail banking operations, our UK consumer credit cards business, our UK-based wealth offering, and corporate banking for smaller businesses. With around 22 million retail customers, and almost one million business banking clients, we are a pre-eminent UK financial services provider. This division will become our UK ring-fenced bank by 2019.

Visit: Barclays

 


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Goldman Sachs to Settle U.S. Rate Rigging Lawsuit

Goldman Sachs to Settle U.S. Rate Rigging Lawsuit

Goldman Sachs will be paying $56.5 million to settle a U.S class action lawsuit which accused it and other banks of rigging an interest rate benchmark in a $553 trillion derivatives market. Goldman has also agreed to provide lawyers for the plaintiffs evidence including transaction data, documents and witness interviews, which could be used in litigations against the remaining banks.

“Goldman Sachs will be paying $56.5 million to settle a U.S class action lawsuit which accused it and other banks of rigging an interest rate benchmark in a $553 trillion derivatives market.”

~ Reuters

This case is one of the pending cases in Manhattan federal court accusing banks of planning to rig rate benchmarks, securities prices or commodities prices. In the lawsuit, several pension funds and municipalities accused 14 banks of conspiring to rig the “ISDAfix” benchmark for their own gain from 2009 to 2012.

Related Reports: Reuters, International Business Times

 

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Visit: Goldman Sachs

 


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