Prudential considering taking full control of joint venture in China February 6, 2020 Prudential is reportedly in talks that could lead to it taking full control of its joint venture with Chinese lender Citic. Changes to foreign ownership laws in China have for the first time made it possible for the insurance giant to own all of the 50:50 joint venture, which Prudential is now working towards, a [...]
Swiss investment adviser calls on Credit Suisse chairman to quit over spying scandal February 6, 2020 The head of a prominent Swiss investment adviser has called on Credit Suisse chairman Urs Rohner to step down, as a boardroom battle sparked by the bank spying on executives escalates. Rohner has been locked in a power struggle with chief executive Tidjane Thiam since the revelation in September that the Swiss lender had hired [...]
EU markets watchdog clashes with City regulator over post-Brexit trading rules February 6, 2020 The EU’s markets watchdog has asked its British counterpart to ensure that the London Metal Exchange (LME) and ICE Futures Europe fully comply with the bloc’s rules on market transparency for commodity derivatives. In the latest in a series of spats over the future relationship between EU and UK markets post-Brexit, the European Securities and [...]
Deutsche Bank adds investment giant Capital Group as major shareholder February 6, 2020 Deutsche Bank has welcomed Capital Group as a major shareholder after the Los Angeles-based investment giant has bought a 3.1 per cent stake in the German bank. The investment, disclosed in a regulatory filing, makes Capital — which managed $1.8 trillion— one of Deutsche’s largest shareholders. It also marks the first major new shareholder in [...]
HSBC will not appoint new boss until after strategy shake-up February 6, 2020 HSBC will not name a permanent chief executive when it unveils a major strategic overhaul later this month, despite investor expectations that a new boss would be in place before the plan is announced. Noel Quinn, who was appointed interim chief executive of the bank six months ago, is preparing to announce the strategic shake-up [...]
ING profit tumbles as bad loans and regulatory costs weigh February 6, 2020 ING has reported a significant decline in net profit following a “challenging” end to the year for the Netherlands’ largest bank. The lender reported a 29 per cent drop in year-on-year net profit, which fell to €1.2bn (£1bn) amid a sharp increase in bad loans during the fourth quarter, due in part to a fraud [...]
Societe Generale courts shareholders with possible buyback February 6, 2020 Societe Generale boosted its capital in 2019 due to asset sales, and said it would introduce a new shareholder remuneration policy including the possibility of share buybacks. France’s largest bank guided that its profitability would improve in 2020, although it fell short of mentioning its previous return on tangible equity (ROTE) guidance of between nine [...]
Pension schemes slammed for ‘thin and non-committal’ climate change policies February 6, 2020 Pension scheme trustees are failing to comply with their investment duties on climate change, according to a new report. The UK Sustainable Investment and Finance Association (UKSIF) found that only a third of a sample of trustees have complied with legal transparency requirements and is calling on the Pensions Regulator to carry out a review. [...]
EU ‘could weaken’ the City after Brexit with Mifid II changes February 5, 2020 Eyebrows were raised in the City this afternoon following reports that European authorities are launching an offensive in a bid to weaken the City of London following the UK’s departure from the European Union. Officials in Brussels, Berlin and Paris are looking to amend the bloc’s Mifid II financial regulations by walking away from concessions [...]
Credit Suisse shareholders back chief executive in board battle February 5, 2020 Three top Credit Suisse investors have backed chief executive Tidjane Thiam in a power struggle with chairman Urs Rohner as the Swiss bank grapples with the aftermath of a spying scandal. Relations between the pair are understood to have come under increased strain since the revelation that the bank had hired a corporate espionage agency [...]
