-Royal Bank of Canada on Friday appointed two women, already in senior roles at the country’s largest lender, to its executive team, joining other banks at home and globally that are increasing diversity in their top ranks. Investor relations head Nadine Ahn will become Royal Bank’s new finance chief starting Nov. 1, taking over from Rod Bolger, who will leave after a decade-long stint at the lender, RBC said in a statement. General Counsel Maria…"Royal Bank of Canada names Nadine Ahn CFO, Maria Douvas chief legal officer"
LONDON -JPMorgan is set to launch its big assault on British high street banks and online lenders from next week, with the launch of its long-planned digital retail bank Chase. The venture – JPMorgan’s first overseas retail bank – is set to launch its smartphone app initially offering current accounts on Tuesday, a JPMorgan spokesperson confirmed. Sanoke Viswanathan, head of the online venture, told the Times and Financial Times newspapers on Friday the bank planned…"JPMorgan to launch digital bank Chase in Britain next week"
-Commonwealth Bank of Australia, the country’s top lender, said on Thursday it would plead guilty to 30 charges brought against it in the federal court for mis-selling consumer credit insurance (CCI) to its customers. Scrutiny of Australian lenders and financial institutions has ramped up significantly since a Royal Commission inquiry in 2018 found widespread shortcomings in the sector, forcing companies and regulators to take swift action. The development follows criminal prosecution for alleged false and…"Australia’s CBA to plead guilty to consumer credit insurance mis-selling charges"
MADRID -A court hearing of a case brought by Italian banker Andrea Orcel against Santander over the bank’s withdrawal of an offer to make him CEO is expected to resume on October 20, a statement from the Madrid court said on Tuesday. Santander and Orcel ended up in the Madrid court after Spain’s largest bank dropped plans in January 2019 to make UBS investment banker Orcel its CEO after a dispute over his pay package.…"Court hearing on Orcel’s Santander job offer set for October 20"
SHANGHAI – Bank of China (BoC), a top global investor in coal power plants, must end the financing of such projects outside China and support clean and renewable energy instead, an alliance of 35 non-governmental organisations said on Tuesday. The comments, made in an open letter to state-controlled BoC’s chairman Liu Liange and signed by groups from 13 countries in Asia, Africa and Europe, add to the growing criticism of China for financing coal-fired power…"Stop funding coal overseas, NGO group tells top investor Bank of China"
SINGAPORE – Singapore’s DBS Group expects to double the number of members on its new platform for cryptocurrency trading to 1,000 by end-December and grow this by 20-30% annually for the next three years as digital tokens gain acceptability. In an interview, DBS’s senior executives said DBS Digital Exchange, set up in December as a members-only bourse, is seeing robust demand from corporate investors, accredited individuals and investment firms that manage the fortunes of wealthy…"Singapore bank DBS charts ambitious plans for digital exchange"
SYDNEY – Two of Australia’s largest lenders, National Australia Bank (NAB) and Westpac, on Thursday rejected criticism that they are stymieing competition by refusing to do business with cryptocurrency providers. Many of Australia’s top financial institutions have not engaged with the sector, despite its huge growth in the past year, due to its high risks. The stock exchange ASX Ltd, similarly has not allowed cryptocurrency-related listings, forcing some firms to seek public listings overseas, including…"Australian banks reject pressure to deal with cryptocurrency firms"
BEIJING -China will maintain prudent monetary policy and not resort to flood-like stimulus, said Pan Gongsheng, vice governor of the People’s Bank of China (PBOC). But he also told a news conference on Tuesday that the space for monetary policy is still relatively big. Signs that China’s economy is losing steam and small firms are struggling have stoked market expectations of policy support sooner rather than later. The PBOC last delivered a cut to banks’…"China will maintain prudent monetary policy, says central bank official"
– Chinese dissident and artist Ai Weiwei has said Credit Suisse told him it was closing his foundation’s bank account in Switzerland earlier this year citing his “criminal record” in China, despite the activist never being convicted of a crime. One of China’s most high-profile artists and political activists, Ai, who now lives in Portugal, wrote in an opinion piece for website Artnet how he was first told by the Swiss bank that it would…"Chinese activist Ai Weiwei says Credit Suisse closing his foundation’s bank account"
ZURICH – A first insurance claim has been filed and more are being prepared in Credit Suisse’s efforts to recover funds from its insolvent supply chain finance linked to Greensill, the Swiss bank said on Tuesday. The collapse of Credit Suisse’s $10 billion worth of supply chain finance funds in March kicked off a tumultuous period for the bank, which together with a multi-billion dollar loss related to family office Archegos prompted a raft of…"Credit Suisse preparing further insurance claims for Greensill-linked funds"