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Stock Market & Financial Investment News

News Breaks
March 25, 2014
07:27 EDTSMFG, MTU, RBSMitsubishi UFJ also mulls offer for RBS' Citizens, Reuters says
Royal Bank of Scotland (RBS) has had contact regarding the possible sale of its U.S. retail business Citizens with Sumitomo Mitsui (SMFG) while Mitsubishi UFJ (MTU) has also considered an offer, according to Reuters, citing people with knowledge of the matter. Both MUFG and SMFG have signaled an openness to consider a bid for Citizens, but the sources say that there are "significant hurdles" in both cases. Reference Link
News For RBS;MTU;SMFG From The Last 14 Days
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December 25, 2014
07:22 EDTSMFGCiti sells Japan retail banking business to Sumitomo Mitsui
Citi (C) announced that it has reached a definitive agreement to sell its retail banking business in Japan to Sumitomo Mitsui Banking (SMFG). The entire retail banking operations of Citibank Japan Ltd., including its Japan-wide network of retail branches and ATMs, will be transferred to a trust bank subsidiary of SMBC as part of the transaction, together with approximately 1,600 Citi Japan employees, about 740,000 customer accounts and approximately $21B of yen and foreign currency deposits as of November 30. Citi said the financial terms of the transaction are not material. The transaction is expected to close in late 2015. "The sale represents another step in Citi's strategy of further streamlining its Global Consumer Bank as announced on October 14, 2014. Citi continues to pursue the possible sale of its credit card business in Japan, which is conducted through Citi Cards Japan, Inc., and the aforementioned transaction does not include the cards business," the statement read.
December 24, 2014
06:00 EDTSMFGCitigroup to sell Japan retail business to Sumitomo, WSJ reports
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December 23, 2014
11:09 EDTRBSRBS says investigating over 50 current, former traders in forex investigation
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07:26 EDTRBSBank use of rating agencies to measure risk to be restricted, FT reports
The Basel Committee on Banking Supervision is seeking to sharply reduce the scope to which banks will be allowed to rely on external ratings from credit agencies like McGraw Hill Financial's (MHFI) S&P Ratings and Moody's (MCO) to assess the risks in their portfolios, reported Financial Times. Another Basel initiative aims to limit banks’ ability to game the system using internal models to calculate capital, said FT. A spokesperson for Moody’s told the FT: “We have long advocated reducing mechanistic reliance by regulators on any single risk indicator, including credit ratings. We believe our ratings will continue to serve market participants as a valuable source of insight on credit risk.” Publicly traded large European banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Reference Link
December 16, 2014
09:02 EDTMTUU.S. Bancorp's Elavon, Union Bank extend multi-year alliance
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06:56 EDTRBSRoyal Bank of Scotland, Lloyds fail stress test, NY Times says
The Royal Bank of Scotland (RBS) and Lloyds (LYG) failed a stress test performed by the Bank of England, according to The New York Times. The central bank found that Royal Bank and Lloyds would not have had enough capital to withstand a severe financial shock at the end of last year, the newspaper stated. However, Lloyds has raised enough capital this year to survive the stress test scenario, the newspaper quoted the Bank of England as saying. Reference Link
06:35 EDTRBSBank of England says seven of eight banks pass stress test
The Bank of England said that all but one of the eight banks passed its stress test. The one bank, Co-operative, needs to submit a revised plan to strengthen its balance sheet. Royal Bank of Scotland (RBS), Lloyds (LYG) and Co-operative were found to be the most susceptible to a housing crash and spike in unemployment. RBS and Lloyds passed the stress test, however. Both banks need improved capital positions, but have already put in place plans to do so, the central bank's Prudential Regulation Authority stated. Reference Link
06:07 EDTRBSRBS to sell portfolio of Irish real estate loans to Cerberus for GBP 1.1B
The Royal Bank of Scotland Group announced the agreement to sell a portfolio of Irish real estate loans to an entity controlled by Cerberus. At completion, RBS will receive cash consideration of up to GBP 1.1B at current exchange rates. Completion is expected in 1Q15. The sale proceeds will be used for general corporate purposes. The transaction, which represents RWA equivalent of cGBP 1.22B as at September 30, is part of the continued reduction of assets in its RBS Capital Resolution division and is in line with the bank's plan to strengthen its capital position and reduce higher risk exposures. The carrying value of the loans is cGBP 1B, the gross assets are cGBP 4.8B and generated a loss of GBP 0.8B, principally impairment provisions, in the year to December 31, 2013.
December 11, 2014
13:40 EDTRBSEuro zone banks accepted $160B in low interest loans, NY Times says
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