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June 25, 2014
06:38 EDTUNCFF, DB, CRARY, BNPQYPotential penalty against BNP Paribas worries other European banks, WSJ says
A potential penalty of $9B against BNP Paribas (BNPQY) is causing fear and worry for other European banks who are also under investigation for doing business in countries subject to U.S. sanctions, reports the Wall Street Journal. According to industry officials, some at Deutsche Bank (DB), UniCredit (UNCFF) and Credit Agricole (CRARY) are now bracing for larger than expected penalties to resolve investigations into alleged violations. Reference Link
News For BNPQY;DB;UNCFF;CRARY From The Last 14 Days
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November 30, 2015
06:13 EDTDBDeutsche Bank to suspend on-boarding of new clients during review
Deutsche Bank said its board will stop the on-boarding of new clients and the introduction of new products to existing clients until the completion of its corporate review, according to a memo from co-CEO John Cryan on the company's website Friday. "First, in certain locations that have higher risk weightings, we will suspend the on-boarding of new clients and the introduction of new products to existing clients," the memo said. "Second, across the business divisions and in all locations, we will begin to transact with new clients only after we have completed all KYC procedures and on-boarded them. In the past, we had allowed for these activities to take place concurrently." Reference Link
06:06 EDTBNPQY, DBRBS to sell Russian banking assets to Expobank, Bloomberg reports
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November 29, 2015
19:05 EDTDBDeutsche Bank devised tax avoidance strategies for corporate clients, FT says
Deutsche Bank (DB) devised international tax avoidance strategies for certain of its corporate clients, reports the Financial Times, citing several documents and sources. The bank pitched its tax saving plans -- which featured so-called profit-participating instruments -- to companies including AB InBev (BUD), Archer Daniels (ADM), Bunge (BG), and Cargill this year, according to the publication. None of the proposals were illegal, noted the Financial Times, and Deutsche commented that "these transactions were never executed." Reference Link
November 25, 2015
09:03 EDTDBGE completes sale of consumer finance business in Australia, New Zealand
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06:11 EDTDBDeutsche Bank unit to pay $31M to resolve Swiss bank probe
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November 24, 2015
06:02 EDTBNPQYBNP Paribas among companies interested in GE unit, Reuters reports
BNP Paribas (BNPQY), La Banque Postale and CM-CIC are said to be interested in buying the European factoring division of General Electric (GE), Reuters reports, citing a report from Les Echos. According to Les Echos, firms offers for the unit, which could value the business at EUR700M-EUR1B, are expected today. BNP Paribas is said to be interested in the business in France and Germany, the report says. Reference Link
November 22, 2015
18:50 EDTDBDeutsche Bank to cut 1,000 jobs in London, Sunday Times says
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November 20, 2015
05:51 EDTBNPQYBNP Paribas to pay $59.8M in Swiss bank settlement, Bloomberg reports
BNP Paribas has agreed to pay $59.8M and revealed Swiss banking secrets in detail to avoid U.S. prosecution, reports Bloomberg. Some of the secrets include assets restructured into Liechtenstein-linked insurance policies, and a banker who agreed to communicate with one U.S. client by faxes or calls to a prepaid mobile phone. KBL and Bank CIC have also joined the program, paying $18.8M and $3.3M respectively. Reference Link
05:46 EDTBNPQYBNP Paribas dedicates EUR 15B in financing for renewable energy
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November 18, 2015
06:44 EDTUNCFFUniCredit, Generali trim Bank of Italy stakes, Reuters reports
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November 17, 2015
07:50 EDTDBClearing House to hold a conference
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