Provident Financial Shares Plunged 74%, £1.8 Billion Value Lost Overnight

Provident Financial Shares Plunged 74%, £1.8 Billion Value Lost Overnight

Provident Financial Group shares fell 74% or £1.8 Billion overnight as the company issued profit warning alongside the immediate resignation of their CEO, Peter Crook.  It is also being investigated by the Financial Conduct Authority into the sale of a product that allowed people to freeze their credit card debt.

” Provident Financial Group shares plunged 74%, £1.8 Billion Lost Overnight “

Established in 1880, the group provides non-standard lending to customers.   The group is based in UK, is a component of the FTSE 100 listed on the London Stock Exchange.

Source: Daily Mail, BBC, Provident Financial Group

 

About Provident Financial Group

Established in 1880, PFG is one of the UK’s leading suppliers of personal credit products to the non-standard lending market. We are a FTSE 100 company listed on the London Stock Exchange, with 3,712 employees serving 2.5 million customers. Through our network of branches, call-centres and websites, we provide a portfolio of products designed to meet the particular needs of those who want credit products. The group delivers non-standard lending through our businesses – Vanquis Bank, Provident home credit, Satsuma Loans and Moneybarn.

Visit: www.providentfinancial.com

 


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CITIC Bank and Baidu Received Regulatory Approval for New Intelligent Bank

CITIC Bank and Baidu Received Regulatory Approval for New Intelligent Bank

CITIC aiBank, a new online bank that will be powered by Baidu’s artificial intelligence,  has received regulatory approvals to start operations in China.  The new bank is a joint venture between China CITIC Bank (70%) and Baidu (30%).

” CITIC Bank and Baidu starts New Online Bank “

Without any physical branches, the new bank will focused on individuals and small & micro businesses, cards, bancassurance and interbank business. In 2014, China’s tech giant Tencent had entered in to banking with the setup of Webank while in 2015, Alibaba commenced operations of MYbank (Zhejiang E-Commerce Bank).

Source: South China Morning Post, China Daily

 

About Baidu

Baidu was co-founded in 2000 by Internet pioneer Robin Li, creator of visionary search technology Rankdex, a method of hyperlink analysis. We provide our users with many channels to connect to information and services. In addition to our core web search product, we power several popular community-based products. These include Baidu PostBar, the world’s first and largest Chinese-language query-based searchable online community platform; Baidu Knows, the world’s largest Chinese-language interactive knowledge-sharing platform; and Baidu Encyclopedia, the world’s largest user-generated Chinese-language encyclopedia.

Visit: www.baidu.com

 

About China CITIC Bank

CITIC Bank is the largest subsidiary of CITIC Group. Founded in 1987, CITIC Group is one of the earliest emerging commercial banks established in China’s reform and opening up. It is one of the earliest commercial banks to participate in financial market financing both at home and abroad. In the history of China’s modern finance Many first and renowned at home and abroad, for China’s economic construction has made a positive contribution.

CITIC Bank and its subsidiaries offer banking services to customers in China and overseas and is listed in Hong Kong (SEHK: 998) and Shanghai (SSE: 601998).  CITIC Limited (SEHK: 00267) is China’s largest conglomerate and a constituent of the Hang Seng Index.

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China’s Banking Asset Management Business to Hit $9 Trillion by 2021

China’s Banking Asset Management Business to Hit $9 Trillion by 2021

China’s banking asset management will double by 2021 to almost $9 trillion or 60 trillion yuan, according to a report release by Mckinsey.  The growth is supported by strong demand for investment products and banks’ drive to increase fee-based income.
” Asset Management in Banking to double by 2021 to $9 Trillion “
In 2016, banks held almost 25% of 114 trillion yuan (assets).  Other than the banks, major players in the asset management industry includes fund management firms, insurers and trust firms.

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Top 5 Investment Banks Reported $2.55 Billion in M&A Fees in Q2 2017

Top 5 Investment Banks Reported $2.55 Billion in M&A Fees in Q2 2017

America’s top 5 largest Investment banks reported $2.55 billion in M&A advisory fees in Q2 2017, according to a report by Forbes with data from Thomson Reuters.  It is the best quarter since Q4 2015.

” Top 5 US Investment Banks reported $2.55 billion in M&A fees or 26.7% of Market Share “

The top 5 Investment Banks in United States captured 26.7% of market share revenue, $2.55 billion of $9.57 billion.  Goldman Sachs leads the pack at 7.8% or $749 million revenue.

  1. Goldman Sachs – $749 Million (7.8%)
  2. Bank of America – $504 Million (5.3%)
  3. Morgan Stanley – $503 Million (5.3%)
  4. JP Morgan – $483 Million (5.0%)
  5. Citigroup – $314 Million (3.3%)

Data: Thomson Reuters

Source: Forbes

 


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China’s Fintech Alipay & Tenpay Overpower Goldman Sachs, JP Morgan & Visa

China’s Fintech Alipay & Tenpay Overpower Goldman Sachs, JP Morgan & Visa

China Fintech on the rise as ” Tencent in five days processed 25,000 payments per second, 800 million payments per hour over Chinese New Year,” Jing Ulrich, vice chairman Asia Pacific at JPMorgan Chase said at the Rise Conference in Hong Kong last month.  While “JPMorgan every year processes QuickPay 94 million payments.  Visa has a maximum capacity of processing (25,000), but Alipay can process 50,000 payments, twice as much, per second.”

” JP Morgan processes 94 million payments annually.  Tencent do 8.5 times more in 1 hour over Chinese New Year “

A Goldman Sachs’ report revealed an estimated 3.4 billion third-party payment accounts in China in 2016.  Tenpay (Tencent) managed around 600 million payment accounts (Dec 2016) while Alipay (Alibaba) had reached 520 million payment accounts (March 2016). Both numbers dwarf the 197 million users Paypal has globally.

Source: South China Morning Post

 

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Commonwealth Bank of Australia Charged for AML & CTF Offences

Commonwealth Bank of Australia Charged for AML & CTF Offences

Australia’s financial intelligence and regulatory agency (AUSTRAC) had initiated civil penalty proceedings in the Federal Court against the Commonwealth Bank of Australia (CBA) for serious and systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

AUSTRAC’s action alleges over 53,700 contraventions of the AML/CTF Act.

Source: Official Press Release

 

About Australia’s financial intelligence and regulatory agency (AUSTRAC)

AUSTRAC is Australia’s financial intelligence agency with regulatory responsibility for anti-money laundering and counter-terrorism financing.  We identify threats and criminal abuse of the financial system, and act to protect Australia’s economy.  We also work in partnership with industry and government agencies in Australia and overseas to

  • help keep Australia safe from financial and other serious crime
  • build and maintain trust in Australia’s financial system as part of the global community.

Visit: Australia’s financial intelligence and regulatory agency (AUSTRAC)

 


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Deutsche Bank and JP Morgan to Pay $148 million for Libor Rigging

Deutsche Bank and JP Morgan to Pay $148 million for Libor Rigging

According to Reuters, Deutsche Bank AG and JP Morgan Chase & Co have agreed to pay a combined $148 million to end private U.S. antitrust litigation claiming they conspired with other banks to manipulate the yen Libor and Euroyen Tibor benchmark interest rates.

” $77 million for Deutsche Bank and $71 million for JP Morgan “

The preliminary settlements, totaling $77 million for Deutsche Bank and $71 million for JP Morgan, were detailed in filings late Friday in the U.S. District Court in Manhattan, and require a judge’s approval.  Deutsche Bank and JP Morgan did not admit wrongdoing or liability in agreeing to settle, court papers show.

Related Reports: Reuters, NY Times, Business Insider

 

About JP Morgan 

JP Morgan Chase (NYSE: JPM) is one of the oldest financial institutions in the United States. With a history dating back over 200 years, here’s where we stand today:

  • We are a leading global financial services firm with assets of $2.4 trillion.
  • We operate in more than 100 countries.
  • We have over 235,000 employees.
  • We serve millions of consumers, small businesses and many of the world’s most prominent corporate, institutional and government clients.
  • We are a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management.
  • Our stock is a component of the Dow Jones Industrial Average.

Visit:JP Morgan Chase & Co

 

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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China Company in Talks to Buy Stake in Banque Internationale a Luxembourg (BIL)

China Company in Talks to Buy Stake in Banque Internationale a Luxembourg (BIL)

China’s Legend Holdings Corp is in talks to invest in Banque Internationale a Luxembourg (BIL). Legend, owner of computer group Lenovo Group Ltd, has been in discussions to buy around 90 percent of the private bank from Precision Capital, an investment vehicle of Qatar royal family. BIL is expected to fetch a price of 1-1.5 billion euros.

“BIL is expected to fetch a price of 1-1.5 billion euros.”

~ Reuters

The deal will most likely be finalised in the coming weeks and Legend is not looking to buy the remaining 10 percent of BIL which is owned by the Luxembourg government.

Related Reports: Reuters, CNBC

 

About Legend Holdings 

Legend Holdings Corporation (hereinafter referred to as “Legend Holdings”) was founded in 1984 by Liu Chuanzhi and 10 other researchers with funding from the Computing Institute of the Chinese Academy of Sciences. Starting from the IT industry, Legend Holdings has gone through the development of over three decades, and now it is a leading diversified investment group in China. It builds up a unique business model of “strategic investments + financial investments” with synergy between the two-wheel-drive businesses. Through value creation and value discovery, the Company cultivates and manages an outstanding investment portfolio with growth potential, driving sustainable value growth.

Visit: Legend Holdings


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Top Banks in China Lose $15 Billion in One Week

Top Banks in China Lose $15 Billion in One Week

Industrial & Commercial Bank of China Ltd., Agricultural Bank of China Ltd. and Bank of China Ltd. had their worst performance in the stock market since at least June 2016, while China Construction Bank Corp. declined for a fifth straight week. The banks were among the biggest decliners on a gauge of Chinese shares traded in Hong Kong, losing a total of $15 billion.

“Industrial & Commercial Bank of China Ltd., Agricultural Bank of China Ltd. and Bank of China Ltd. had their worst performance in the stock market since at least June 2016, while China Construction Bank Corp. declined for a fifth straight week.”

~ Bloomberg

The big losses are a turnaround for the banks which had risen along with the Hong Kong market earlier this year optimism over improving economic growth and corporate profits dominated concerns over bad debt.

Related Report: Bloomberg


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Italy to Bail Out 2 Banks for Up to US$19 Billion

Italy to Bail Out 2 Banks for Up to US$19 Billion

Italy will commit as much as 17 billion euros (US$19 billion) to bail out two failed banks. The bailout at Banca Popolare di Vicenza SpA and Veneto Banca SpA will ensure the failed banks good assets are in the hands of Italy’s largest retail bank, Intesa Sanpaolo.

“The government will pay 5.2 billion euros to Intesa Sanpaolo and give it guarantees of up 12 billion euros so that it will take over the remains of Popolare di Vicenza and Veneto Banca.”

~ Fortune

The government will pay 5.2 billion euros to Intesa Sanpaolo and give it guarantees of up 12 billion euros, so that it will take over the remains of Popolare di Vicenza and Veneto Banca. The two banks were forced to seek government aid after they failed to raise capital from investors in 2016.

Related Reports: Bloomberg, Fortune

 

About Intesa Sanpaolo

Intesa Sanpaolo is the banking group which was formed by the merger of Banca Intesa and Sanpaolo IMI. The merger brought together two major Italian banks with shared values so as to increase their opportunities for growth, enhance service for retail customers, significantly support the development of businesses and make an important contribution to the country’s growth. Intesa Sanpaolo is among the top banking groups in the euro zone, with a market capitalisation of 42.7 billion euros.

Visit: Intesa Sanpaolo


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