Elliot Management Sues Bank of East Asia

Elliot Management Sues Bank of East Asia

Elliot Management Corp has begun legal proceedings against Bank of East Asia over a share placement. Elliot which has a 7% stake in BEA has filed a lawsuit in Hong Kong court against the bank, majority of the bank directors, its CEO and chairman. In a statement, Elliott cited “allegations of unfairly prejudicial conduct” and “alleged serious corporate governance failings” in relation to last year’s issue of new shares to Japan’s Sumitomo Mitsui Banking Corp (SMBC).

“Elliot Management Corp has begun legal proceedings against Bank of East Asia over a share placement.”

~ Reuters

The dispute pits the $27 billion hedge fund against BEA’s chairman and former politician David Li, whose grandfather founded the bank nearly 100 years.

Related Reports: Reuters, Bloomberg

 

About Elliot Management

Elliot Management Corporation is an employee owned hedge fund sponsor. The firm primarily provides its services to pooled investment vehicles. It invests in the public equity, fixed income and alternative investment markets across the globe. The firm obtains external research to complement its in-house research. Elliot Management Corporation was founded in 1977 and is based in New York City with an additional office in London, United Kingdom.

Visit: Elliot Management

 

About Bank of East Asia

Incorporated in Hong Kong in 1918, The Bank of East Asia, Limited (“BEA”) is dedicated to providing comprehensive corporate banking, personal banking, wealth management, and investment services to its customers in Hong Kong, Mainland China, and other major markets around the world.

BEA is Hong Kong’s largest independent local bank, with total consolidated assets of HK$781.4 billion (US$100.8 billion) as of 31st December, 2015. Listed on The Stock Exchange of Hong Kong, the Bank is a constituent stock of the Hang Seng Index. BEA also operates one of the largest branch networks in Hong Kong, with 88 branches, 55 SupremeGold Centres, and 10 i-Financial Centres throughout the city.

Visit: Bank of East Asia


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DBS, Falcon & UBS face Singapore Scrutiny Over 1MDB Transactions

DBS, Falcon & UBS face Singapore Scrutiny Over 1MDB Transactions

Singapore central bank is analyzing several banks including UBS & DBS Group Holdings to see if they had broken any regulations in handling transactions linked to Malaysian state fund 1MDB. The Monetary Authority of Singapore is looking at different aspects of the banks operations. The probe could lead to fines and other penalties if lapses are found.

“Singapore central bank is analyzing several banks including UBS & DBS Group Holdings to see if they had broken any regulations in handling transactions linked to Malaysian state fund 1MDB.”

~ Bloomberg

Singapore faces pressure to show that banks in the city-state are complying with increasingly tough anti-money laundering rules around the world. While the United States has imposed hefty fines on banks for lapses related to money laundering, tax evasion and international sanctions.

Related Reports: CNBC, Business Times

 

About DBS

Headquartered and listed in Singapore, DBS is a market leader in Singapore with over four million customers and also has a growing presence in the three key Asian axes of growth, namely, Greater China, Southeast Asia and South Asia. With over 280 branches across 18 markets in Asia, we are the largest bank in Singapore and Southeast Asia.

Visit: DBS


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Singapore Bond Holders Brace for Defaults

Singapore Bond Holders Brace for Defaults

Singapore dollar bondholders face more companies struggling to meet their debt terms after 2 oil and gas companies seek to extend their maturities on debt. Singapore’s bad loan measure rose to 2.25% in 2015, highest since 2009 as an economic slowdown is starting to strain the firms.  Wealthy investors from the city who piled into higher-yielding debt, already suffering from PT Trikomsel Oke’s default, have limited options when borrowers seek to loosen covenants.

“Oil related firms face S$1.4 billion of Singapore dollar bonds maturing through 2018, with S$325 million due by year end.”

~ Bloomberg

Oil related firms face S$1.4 billion of Singapore dollar bonds maturing through 2018, with S$325 million due by year end, according to Bloomberg-complied data.

Related Reports: Bloomberg, Business Times

 

About PT Trikomsel Oke’s

As a company that supplies telecommunication products and services in Indonesia, PT Trikomsel Oke Tbk. “the Company” was founded in Jakarta on 7 October 1996 under the name of PT Trikomsel Citrawahana. In 2000, the Company changed its name to PT Trikomsel Multimedia, and in 2007 to PT Trikomsel Oke. In addition to providing various mobile communication products and services, the Company also acts as a distributor for wellknown operator products in Indonesia. Business activities of the Company is done through distribution and retail channels with the basis of fostering the value of life through continuous improvement.

Visit: PT Trikomsel Oke’s


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Citigroup Produced Lowest Revenues Since 2002

Citigroup Produced Lowest Revenues Since 2002

Citigroup produced its lowest second quarter revenues for the first time in at least 14 years. The bank generated revenues of $17.5 billion between April and June 2016, down 8% from the same period a year ago. This was the lowest second quarter figure since 2002, according to S&P Capital IQ data.

“The bank generated revenues of $17.5 billion between April and June, down 8% from the same period a year ago.”

~Financial Times

Citigroup chief executive has tried to make the bank narrower in focus by disposing assets around the world and cutting costs. Citigroup has slipped behind Wells Fargo in size, and it is now the fourth largest bank of assets.

Related Reports: Financial Times

 

About Citigroup Inc

Citigroup, Inc. is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. The company operates through two segments: Citicorp, consisting of Citi’s Global Consumer Banking businesses and Institutional Clients Group; and Citi Holdings, consisting of Brokerage and Asset Management, Local Consumer Lending and Special Asset Pool.

Visit: Citigroup

 

About Wells Fargo

In 1852, Henry Wells and William Fargo founded Wells, Fargo & Co. to serve the West. The new company offered banking (buying gold and selling paper bank drafts as good as gold) and express (rapid delivery of the gold and anything else valuable).

Wells Fargo opened for business in the gold rush port of San Francisco, and soon Wells Fargo’s agents opened offices in the other new cities and mining camps of the West. In the boom and bust economy of the 1850s, Wells Fargo earned a reputation of trust by dealing rapidly and responsibly with people’s money. In the 1860s, it earned everlasting fame — and its corporate symbol — with the grand adventure of the overland stagecoach line.

Visit: Wells Fargo


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Brexit May Have Cost Banks $165 Billion

Brexit May Have Cost Banks $165 Billion

UK banks are counting the costs of Brexit as pessimism takes hold. US & European banks could end up $165 billion worse off after Britian’s historic decision to leave the EU according to a model set up by economists at New York University Stern School (NYU-Stern).

“US & European banks could end up $165 billion worse off after Britian’s historic decision to leave the EU.”

~ The Independent

NYU-Stern model tests the world’s largest financial institutions by asking the stock market what it thinks about the value and riskiness of the banks’ assets. Then it uses that information to estimate what would happen to the banks in a severe crisis and how much added equity capital they would need to avoid distress.

Related Reports: Bloomberg, The Independent

 

About Bank of England

The Bank of England’s mission is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.

That mission starts with the most recognisable of the Bank’s responsibilities – maintaining public confidence in the bank notes we all carry in our pockets and wallets. The Bank designs and issues durable, high quality bank notes, containing advanced security features that are easy to check and resilient to counterfeiting.

Visit: Bank of England


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Anxiety Rises Over Italian Bank Debt

Anxiety Rises Over Italian Bank Debt

The price of bond issued by Monte dei Paschi di Siena, Italy’s third largest lender dropped more than a tenth in the latest sign of growing investor concerns over the bad debts within the country. The amount of bank loans comes up to a combined 360 billion Euros in bad debt and is more than three times the bad bank loans in US on a percentage basis at the height of the financial crisis.

“The price of bond issued by Monte dei Paschi di Siena, Italy’s third largest lender dropped more than a tenth in the latest sign of growing investor concerns over the bad debts within the country.”

~Financial Times

Italy’s banking system is considered to be one of the most vulnerable in the euro zone with a high level of non-performing loans (NPLs) — estimated to total 360 billion euros ($400.7 billion) — overshadowing the sector. The U.K.’s Brexit referendum has injected greater uncertainty into European growth forecasts, including Italy’s. That in turn has created worries about higher loan losses at the country’s banks, coupled with falling government bond yields that further hurt financial institutions’ margins.

Related Reports: CNBC, Financial Times

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.

In 1995, by decree of the Minister of the Treasury, the banking firm was transformed into a corporation called Banca Monte dei Paschi di Siena. The Bank operates, also through its subsidiaries, in the various sectors of banking and finance, from traditional banking to special credit to asset management, insurance, and investment banking, with more than 1,900 branches all over Italy and a presence in the world’s major economic and financial centers.

Visit: Monte dei Paschi di Siena


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Abu Dhabi’s NBAD, FGB Approve to Form $175 Billion Bank

Abu Dhabi’s NBAD, FGB Approve to Form $175 Billion Bank

National Bank of Abu Dhabi PJSC is merging with First Gulf Bank PJSC in a deal that will create a bank with $175 billion worth of assets. Abu Dhabi is combining its largest banks to compete in size with rivals such as Qatar National Bank SAQ and boost its ability to lend and secure funding.

“National Bank of Abu Dhabi PJSC is merging with First Gulf Bank PJSC in a deal that will create a bank with $175 billion worth of assets.”

~Bloomberg

The combined bank will be among the largest in the Middle East and North Africa and hold about 26 percent of the U.A.E.’s outstanding loans. It will also have a presence overseas in cities including Singapore, Hong Kong, Geneva and London. The market value would be higher than Deutsche Bank.

Related Reports: Bloomberg, Wall Street Journal

 

About National Bank of Abu Dhabi PJSC

NBAD is the leading bank in the Middle East and one of the safest banks in the world. Our roots in Abu Dhabi give us a deep understanding of the dynamics of the Arab region and its connection to the world’s markets. And we aim to become the number one bank for anyone who wants to do business along the West-East Corridor.

Visit: National Bank of Abu Dhabi PJSC

 

About First Gulf Bank PJSC

FGB is a leading UAE bank with shareholder equity of AED 39.5 Billion as of December 31st 2015, making us one of the largest equity base banks in the UAE. Established in 1979 and headquartered in Abu Dhabi, UAE, we offer a full range of financial services to businesses and consumers through an extensive network of relationship managers, web based and mobile applications as well as a call centre.

Internationally, FGB has branches in Singapore and Qatar, representative offices in Hong Kong and India, Korea and the UK, as well as a subsidiary in Libya.

Visit: First Gulf Bank PJSC


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Goldman Sachs Bankers Accused of Hiring Prostitutes to Win Libyan Business

Goldman Sachs Bankers Accused of Hiring Prostitutes to Win Libyan Business

Goldman Sachs bankers have been accused of paying for prostitutes, private jets and five star hotels and held business meetings on yachts to win business from a Libyan investment fund set up under Gaddafi regime.

“The LIA lost almost all its investment through the trades, while Goldman Sachs generated profits of over more than $200million from the trades. “

~ The Guardian

The Libyan Investment Authority (LIA) was set up in 2006 to invest the country’s oil wealth as its status from a pariah state was being lifted. Lawyers for LIA are claiming for losses on nine trades that Goldman Sachs executed between January and April 2008. The LIA lost almost all its investment through the trades, while Goldman Sachs generated profits of over more than $200million from the trades.

Related Reports: The Guardian, Daily Mail

 

About Libyan Investment Authority

The Libyan Investment Authority (LIA) is the sovereign wealth fund of Libya. It was established in 2006 and, in accordance with law No (13) of 2010, aims to develop and maximise state revenue surpluses to achieve three goals:

Create a diversified source of wealth for Libya’s future generations by investing internationally with a sustainable, long-term view.

  • Stimulate Libya’s economy through major, transformational private sector projects
  • engaging international expertise through joint ventures and knowledge transfer.
  • Provide stability against volatile oil revenues and government budget shortfalls.

Visit: Libyan Investment Authority


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HSBC Launches Britain’s First Fixed Rate Mortgage Below 1%

HSBC Launches Britain’s First Fixed Rate Mortgage Below 1%

HSBC has launched Britain’s first fixed rate mortgage with interest rate below 1%. The bank is now offering customers to chance to lock in for two years at an interest rate of 0.99%, but they would need a deposit of at least 35% and will pay a product fee of 1,499.

“HSBC has launched Britain’s first fixed rate mortgage with interest rate below 1%.”

~The Guardian

This is the cheapest fixed rate on the market and the lowest ever recorded by the financial information firm Moneyfacts. The maximum amount made available to borrowers who take out HSBC’s new mortgage is $500,000.

Related Reports: The Guardian, Financial Times

 

About Moneyfacts

Moneyfacts started life in 1988 as a six page financial fact-sheet with a revolutionary idea: to bring the best financial products together in a way that allowed for comparison. Since then much has changed at Moneyfacts, but we are still committed to our founding company values of accuracy and independence.

Visit: Moneyfacts


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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The Latest Threat to Online Lenders

The Latest Threat to Online Lenders

Many online lenders have not detected the “stacking” of multiple loans of borrowers who slip through their automated underwriting systems. Online lenders sometimes have hurried, algorithmic underwriting, usage of “soft” credit inquiries and patchy reporting of resulting loans to credit bureaus. The practice is currently proliferating in the sector – led by LendingClub, OnDeck and Prosper Marketplace

“The marketplace lending industry – which last year hit $18 billion in annual loan originations.”

~Reuters

New revelations of loose lending could make it harder for the sector to win back trust from  concerned investors. The marketplace lending industry – which last year hit $18 billion in annual loan originations – has seen plummeting share prices and the retreat of some major backers, including BlackRock and Citigroup.

Related Reports: Reuters

 

About Lending Club 

We are the world’s largest online credit marketplace, facilitating personal loans, business loans, and financing for elective medical procedures. Borrowers access lower interest rate loans through a fast and easy online or mobile interface. Investors provide the capital to enable many of the loans in exchange for earning interest. We operate fully online with no branch infrastructure, and use technology to lower cost and deliver an amazing experience. We pass the cost savings to borrowers in the form of lower rates and investors in the form of attractive returns. We’re transforming the banking system into a frictionless, transparent and highly efficient online marketplace, helping people achieve their financial goals everyday

Visit: Lending Club

 

About OnDeck

We’re 100% focused on small business.  We launched OnDeck in 2007 to solve a major issue facing small businesses: financing. We combined our passion for Main Street with cutting-edge technology to evaluate businesses based on their actual performance, not personal credit.  That’s enabled us to say “yes” more often and faster than traditional lenders. And that lets owners spend their time where it should be—on growing their business, not seeking financing.

Visit: OnDeck

 

About Prosper Marketplace

Prosper is America’s first peer-to-peer lending marketplace, with more than 2 million members and over $6 billion in funded loans.  Prosper allows people to invest in each other in a way that is financially and socially rewarding. On Prosper, borrowers list loan requests between $2,000 and $35,000 and individual lenders invest as little as $25 in each loan listing they select. Prosper handles the servicing of the loan on behalf of the matched borrowers and investors.  Prosper Funding LLC is a wholly-owned subsidiary of Prosper Marketplace, Inc.

Visit: Prosper Marketplace


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