Commercial banks

Britain's Co-operative Bank completes £1B fundraising to finance its turnaround plan

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.

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Belgian bank KBC to sell Antwerp Diamond Bank in exchange of €7 B government bailout in 2008

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.

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Citigroup Inc partners with AIA for life insurance sales in Asia-Pacific

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.

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Spain's Banco Sabadell to open more branches in Angola to target country's millionaires

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.

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David Gonski named as new Chairman of Australia & New Zealand Banking Group

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.

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UK's NAO says taxpayers lose out on Lloyds share sale

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.

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JPMorgan Chase & Co said to exit global investment unit- source

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.

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EU negotiators reach deal on early losses for bank creditors

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.

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Top deals of the day - bids, mergers and acquisitions

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.

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Anbang stake acquisition in China Merchants fuel rumors insurer has no more interest in Wing Hang- report

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.

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JPMorgan Chase applies for US patent of Bitcoin-like payment system

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.

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HSBC exits minority stake in Bank of Shanghai to Spain's Santander

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.

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Bankers says HSBC spinoff of UK operations is a logical offshoot of ringfencing requirements

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.

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LA files case against Bank of America for discrimination

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.

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JSE halts trade for five minutes to honor Mandela, banks to close on day of his funeral

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.

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