Kazakhstan’s Government Appeals to UK Courts to Unfreeze $22 Billion in Banks

Kazakhstan’s Government Appeals to UK Courts to Unfreeze $22 Billion in Banks

Kazakhstan’s government has appealed to the U.K. court to unfreeze $22 billion of assets in BNY Mellon.  The $22 billion assets represented almost 40% of Kazakhstan’s sovereign wealth fund, Kazakhstan’s National Fund.  The $22 billion assets were frozen due to a legal dispute with Moldavian businessmen Anatolie Stati and Gabriel Stati.

” Kazakhstan’s Government Appeals to UK Courts to Unfreeze $22 Billion in Banks “

In late 2017, Moldova’s businessman & tycoon Anatolie Stati and Gabriel Stati, had both won a verdict for settlement in the U.K. court against the Kazakhstan government for harassing and forcing them to sell their investments in the Kazakhstan’s oil and gas industry cheaply.

Source: Reuters, Bloomberg

 

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Vontobel Buys Swiss Private Bank Notenstein from Raiffeisen for $707 Million

Vontobel Buys Swiss Private Bank Notenstein from Raiffeisen for $707 Million

Swiss private bank Vontobel have entered into an agreement to buy 100% of Swiss private bank Notenstein La Roche from Switzerland 3rd largest bank, Raiffeisen for around $707 million (CHF 700 million).

” Vontobel Buys Swiss Private Bank Notenstein from Raiffeisen for $707 Million “

Notenstein La Roche has client assets of CHF 16 billion in its wealth management and external asset managers businesses, with most of their clients in Switzerland.  Vontobel’s assets under management in combined wealth management (Wealth Management and EAM) had reached a new record level of CHF 54.0 billion, up from CHF 46.8 billion in 2016.

XR: USDCHF 0.99

Source: Vontobel, Reuters

 

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Citigroup Fined $7.26 Million by Hong Kong Regulator for Poor Practices in IPO Transaction

Citigroup Fined $7.26 Million by Hong Kong Regulator for Poor Practices in IPO Transaction

Citigroup Global Markets in Asia has been fined $7.26 million by Hong Kong regulator for poor practices in handling the IPO application of Real Gold Mining Limited.  The Securities and Futures Commission (SFC) investigations uncovered incidents where Citi had failed to sufficiently verify Real Gold’s customers and documents were signed by the wrong responsible officer for the IPO application.

” Citigroup Fined $7.26 Million by Hong Kong Regulator for Poor Practices in IPO Transaction “

Real Gold Mining, a gold mining company was listed in Hong Kong in February 2009.  It was many times oversubscribed and market value soared to more than $2 billion a year later in 2010.  In May 2011, 2 years after its IPO, the company had been suspended due to accounting fraud.

The IPO of Real Gold Mining Limited (Real Gold) in 2009 was Citi’s first and only listing application.  In the investigation, Citi had cooperated fully to resolve the concern.

 

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Barclays CEO Jes Staley Fined $870k for Attempting to Identify Whistleblower in 2016

Barclays CEO Jes Staley Fined $870k for Attempting to Identify Whistleblower in 2016

Barclays Group CEO Jes Staley has been fined $870k (£642,430) for attempting to identify a whistleblower in 2016.  The total fine of $870k (£642,430) was imposed by 2 UK financial authorities, Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) of £321,200 and £321,230 respectively, for failing to act with due skill, care and diligence.

” Barclays CEO Jes Staley Fined $870k for Attempting to Identify Whistleblower in 2016 “

In 2016, Barclays Group CEO Jes Staley attempted to identify the author of an anonymous letter containing various allegations, including himself.  The author had claimed to be a Barclays shareholder.  Both UK authorities FCA and PRA conducted investigations and concluded that given the conflict of interest, the Barclays CEO should had distanced himself from the case.  Apart from the fine, Barclays have also clawed back £500k of his 2016 bonus.

Jes Staley was at JP Morgan for more than 30 years and became the Chief Executive of JP Morgan investment bank in 2009.  In 2015, he became Barclays Group CEO.

Source: Barclays, Bank of England, Bloomberg, The Guardian

 

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Goldman Sachs to Pay $109.5 Million for Sharing Clients FX Order Details

Goldman Sachs to Pay $109.5 Million for Sharing Clients FX Order Details

Goldman Sachs has agreed to pay $109.5 million to US Federal and New York state authorities for sharing foreign exchange order information of clients with other banks using electronic chat rooms.  Currency traders in the investment bank had shared order information of clients with other banks using electronic chat rooms to gain advantage in currency trades and in pricing the foreign exchange rates.

“Goldman Sachs to Pay  $109.5 Million for Sharing Clients FX Order Details”

In the settlement, Goldman Sachs will pay $54.75 million to the New York State Department of Financial Services  and $54.75 million to the Federal Reserve.  The US investment bank will also implement compliance and internal controls to prevent future occurrences.

Source: Reuters, The New York Times

 

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Ping An Good Doctor Raised $1.12 Billion for IPO in Hong Kong

Ping An Good Doctor Raised $1.12 Billion for IPO in Hong Kong

Ping An Good Doctor, China’s largest online healthcare platform and a business unit of Ping An Insurance, has raised $1.1 billion (HK$ 8.77 billion) for an IPO in Hong Kong.  It is expected to be priced at the top end of the HK$50.8 – HK$54.8 price range and to begin trading on the   Hong Kong stock exchange on the 4th of May 2018.

” Ping An Good Doctor Raised $1.12 Billion for IPO in Hong Kong “

Ping An Healthcare and Technology, known as Ping An Good Doctor in China, operates the largest internet healthcare platform in China, providing on-demand healthcare through its mobile platform.  In 2017, it has 192.8 million registered users, 888 in-house medical personnel and 370,000 daily consultations.  The healthcare platform have also established a nationwide network of healthcare service providers with 3,100 hospitals, 1,100 health check-up centers, 500 dental clinics and 7,500 pharmacy outlets.

The IPO of Ping An Good Doctor is one of the hottest in recent years, with brokers extending an unprecedented $20.3 billion (HK$160 billion) to retail clients in margin loans. The IPO is the biggest by an internet-based business since ZhongAn Online P&C Insurance’s HK$11.9 billion IPO in Hong Kong in September 2017. The capital raised is expected to fund acquisitions, strategic alliances and for research and development.

The key investors are global asset managers, BlackRock and Capital Group, Singapore and Malaysia’s sovereign wealth fund GIC and Khazanah Nasional, Canada Pension Plan Investment Board and a subsidiary of Thailand’s billionaire Charoen’s CP Group.  Citigroup Inc and JP Morgan Chase are the joint sponsors.

Source: HKSE, Reuters, SCMP

 

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Heir of Rothschild Bank Replaces Father as New Executive Chairman

Heir of Rothschild Bank Replaces Father as New Executive Chairman

The heir of Rothschild & Co., Alexandre de Rothschild, will be replacing his father David de Rothschild as the new Executive Chairman of Rothschild & Co Gestion, Rothschild & Co’s Managing Partner at the upcoming Annual General Meeting (AGM) in May 2018.

” Heir of Rothschild Bank Replaces Father as New Executive Chairman ”

Rothschild & Co. was founded over 200 years ago by Mayer Amschel Rothschild. It is one of the most famous banking dynasty, with Austrian noble family roots, and have worked on the biggest financing deals in history, including financing Britain’s war against French military leader Napoleon.  Rothschild & Co. is the financial holding company for all the family’s banking interests, covering investment banking, corporate banking, private equity, asset management, and private banking.

Alexandre de Rothschild had joined Rothschild investment banking in 2008. Prior to Rothschild, he was in investment banking in Bear Stearns in New York and private equity in Bank of America in London

Source: Rothschild, Reuters, Business Insider

 

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Billionaire & Descendent of Mellon Family Matthew Mellon has Died at the Age of 54

Billionaire & Descendent of Mellon Family Matthew Mellon has Died at the Age of 54

Billionaire Matthew Taylor Mellon and descendent of founder the now BNY Mellon, has died at the age of 54 in a hotel room in Mexico.  He was due to check in at a rehabilitation centre for drug addiction in Cancun, Mexico.  He had been reported to be addicted to the painkiller, OxyContin.

” Billionaire & Descendent of Mellon Family Matthew Mellon has Died at the Age of 54 “

Matthew Mellon is a descendent of founder of Mellon Financial Corporation (BNY Mellon) and founder of the now defunct investment bank, Drexel Burnham Lambert.  A billionaire, businessman & investor, he had also made a fortune in the digital currency company, Ripple Labs. His investment of $2 million investment is valued at more than $1 billion.  He had also served as the Chairman of the New York Republican Party’s finance committee.

In 2007, BNY Mellon was formed with the merger Mellon Financial Corporation and The Bank of New York, to form one of the largest bank in United States.  Mellon Financial Corporation is founded as T. Mellon & Sons’ Bank in 1869 by Thomas Mellon and his 2 sons, Andrew W. Mellon and Richard B. Mellon.  The Bank of New York is one of United States’ oldest bank, was founded in 1784 by a group that includes American Founding Fathers Aaron Burr and Alexander Hamilton.  Drexel Burnham Lambert was one the largest investment bank in United States until its closure in 1990.

Born in New York City in 1964, Matthew Mellon had graduated Wharton School of the University of Pennsylvania and married his first wife Tamara Mellon, co-founder of Jimmy Choo.  He is survived by his second wife, Nicole Hanley, and 4 children, Force, Olympia, Minty and a daughter from his first marriage.

Source: Bloomberg, BBC, The Guardian

 

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Commonwealth Bank Refunds More than A$100 Million for Charging Fees without Financial Advisory Services 

Commonwealth Bank Refunds More than A$100 Million for Charging Fees without Financial Advisory Services

One of Australia’s largest bank, Commonwealth Bank (CBA), has been charging clients for no financial advisory services.  The bank has since refunded more than A$100 million to its clients that who were charged fees for no services between 2007 to 2015.

” Commonwealth Bank Refunds More than A$100 Million for Charging Fees without Financial Advisory Services  “

Commonwealth Bank did not report the illegal behaviour under the Corporations Act to the industry regulator, the Australian Securities and Investments Commission (ASIC) only until 2014.  The bank

reported clients of its’ business subsidiaries, Commonwealth Financial Planning Limited (CFPL) and BW Financial Advice Limited (BWFA), did not receive annual reviews as part of the financial advice service package they paid for.  In one inquiry, one financial advisor in its subsidiary, Count Financial, knew the bank was charging A$1,000 in service fees in 2015, despite the client having died in 2004.

After the self-reporting, the bank worked with Deloitte and EY, to develop and implement a comprehensive Advice Fee Refund program covering the period 2007 to 2015, which involved reviewing approximately 62,000 customer files and making payments of approximately $88 million (plus interest) to affected customers. In November 2017, the Australian government had commenced inquiries into banking, pension and financial services industries, after a series of scandals.

Source: CBA, ABC, CTV News, The Guardian

 

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About Commonwealth Bank of Australia

Commonwealth Bank of Australia is Australia’s leading provider of integrated financial services, including retail, premium, business and institutional banking, funds management, superannuation, insurance, investment and share-broking products and services.

Visit: Commonwealth Bank

 

 


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Ant Financial to Raise at Least $10 Billion at $150 Billion Valuation

Ant Financial to Raise at Least $10 Billion at $150 Billion Valuation

Ant financial, one of China’s leading financial services technology company and an affiliate company of Alibaba Group, is raising at least $10 billion in capital, valuing the company at more than $150 billion.  Temasek Holdings, Singapore’s Sovereign Wealth Fund, is believed to be a lead investor among other leading institutional investors.

“ Alibaba Group Ant Financial to Raise at Least $10 Billion at $150 Billion Valuation “

Ant financial was officially founded in 2014, and was originally founded by Alibaba Group in 2004 as Alipay.  In 2007, Alipay had over 50 million users, while China only had 30 million credit card users.  In 2016, Ant Financial completed its Series B fundraising, raising $4.5 billion in funding.  Ant financial has 3 key businesses in payments, wealth management and lending.  In recent times, the company have invested into Paytm (India) and Ascend Money (Thailand).

Sources: Bloomberg, SCMP

 

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About Ant Financial

Ant Financial Services Group is focused on serving small and micro enterprises as well as consumers. With the vision “bring small and beautiful changes to the world,” Ant Financial is dedicated to building an open ecosystem of Internet thinking and technologies while working with other financial institutions to support the future financial needs of society. Businesses operated by Ant Financial Services Group include Alipay, Yu’e Bao, Zhao Cai Bao, Ant Fortune, Ant Check Later, Ant Financial Cloud, Sesame Credit and MYbank.

Visit: Ant Financial

 


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