Co-operative Bank and its parent Co-operative Group on Friday announced that it had successfully completed raising £1 billion for its rescue plan. The British bank with raise about £500 million more from Co-op Group, its bondholders and its interest savings to complete its target fund of £1.5 billion.
KBC Bank, which received a €7 billion government bailout in 2008, will be selling the Antwerp Diamond Bank to Chinese investor Yiren Group. KBC has disposed a string of units since the Belgian government rescued it during the financial crisis.
Citigroup Inc chose to work with AIA Group in a 15-year agreement allowing the latter to sell life insurance through its branch network in 11 countries, Bloomberg reported.
Banco Sabadell, a Spain-based bank, plans to add 25 more branches to its existing 42 branches in Angola to target the growing millionaires in the country.
David Gonski, the head of the sovereign wealth fund of Australia, will be the Chairman of the Australia & New Zealand Banking Group Ltd, Bloomberg reported.
The National Audit Office, a government-spending watchdog, said taxpayers lost money in the government's share sale of Lloyds Banking Group and not a profit, Bloomberg reported.
A person familiar with the matter told Bloomberg that JPMorgan Chase & Co plans to divest its global investment unit based in Hong Kong so it can simplify its operations.
Bondholders and large depositors in a failing bank face taking losses from the start of 2016, European Union negotiators have agreed, a European Parliament lawmaker said on Wednesday.
The following bids, mergers, acquisitions and disposals were reported on Wednesday, including Fortum, National Vision, Saipem, CTT, MTS, Southern Pacific, Warrnambool, Verbund, Bakkafrost, Popular and Marathon Oil.
The $2.1 billion stake acquisition of Anbang Insurance Group in China Merchants Bank Co has added to the speculation that the insurer is no longer interested in acquiring Hong Kong-based Wing Hang Bank Ltd.
JPMorgan Chase has filed an application for a payment system that is similar in many ways to the controversial Bitcoin, according to a Financial Times report.
HSBC Holdings PLC has put up for sale its 8% stake in Bank of Shanghai Co. HSBC sold its holding in the Chinese bank to Spain's Santandar SA for an undisclosed sum.
Bankers told the Financial Times that the news of HSBC's planned spinoff of its UK unit logically follows the ringfencing requirements that will be part of the UK Banking Reform Bill about to be passed through the British parliament.
Los Angeles has filed a case against Bank of America for discriminatory mortgage lending among the minority communities in the city, Reuters reported citing a court filing.
The respect for the late politician and ex-president of South Africa Nelson Mandela was evident in the business sector, as trading and banks postponed their businesses to acknowledge Mandela's passing.
Subscribe to VCpost newsletter
- (VIDEO Review) YEPO 737A Notebook 6GB RAM
- SEP Announces Investment in Communications Technology Leader
- Banking Innovation Strikes Back
- Ollie completes $15M financing; Series A led by Aviva Investors and Employees Retirement System of Texas
- Edurance King: OUKITEL K10 starts presale at $249.99 with 11000mAh battery
- Softbank to invest 460 million euros in Germany's Auto1
- Iceland Investing $1 Billion on Increasing Airport Capacity
- Hyundai to Invest in Grab, Uber's Largest Rival in Southeast Asia