All articles by Verdict Staff
Verdict Staff
Global banks queue to foray into Myanmar banking business
Many foreign lenders are competing to launch licensed operations in Myanmar, following completion of a recent bid round related to the entry of foreign banks in the country.
ACE Cash ordered to pay $10m over illegal debt collection tactics
The US Consumer Financial Protection Bureau (CFPB) has imposed a monetary penalty of $10m against a payday lender ACE Cash Express, over illegal debt collection tactics.
European Central Bank to give 48-hour heads-up to banks for health checks
The European Central Bank (ECB) is considering the option of providing just 48-hour notice to banks to review the results of a balance sheet health check to avoid data leaks.
Traditional banks may vanish by 2025, says PwC report
Traditional banks might vanish from financial landscape by 2025- 2030, a new report from PwC has revealed.
Commerzbank may face up to $800m in penalty over US sanctions violation
Germany-based Commerzbank may need to cough up major fine between $600m and $800m to resolve investigation into its dealings with Iran and other countries under the US sanctions.
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EU regulators set out guidelines for winding up failed banks
The European Banking Authority (EBA) has launched a set of new regulations which dictates the terms and conditions for closing an unsound or failed bank.
Lloyds to slash another 500 jobs in finance and retail divisions
British financial behemoth Lloyds Banking Group (LBG) is reportedly culling additional 500 jobs in its finance and retail operations, as part of the group’s restructuring strategy announced in June 2011.
New Zealand’s FMA grants first license for peer-to-peer lending services
The New Zealand Financial Markets Authority (FMA) has granted its first peer-to-peer (P2P) lending service license to Auckland-based Harmoney under the provisions of the Financial Markets Conduct Act 2013.
RHB Capital, CIMB Group and MBSB plans merger to create Malaysia’s mega bank
Three Malaysian financial institutions – RHB Capital, Malaysia Building Society and CIMB Group – have devised a merger plan to create a mega bank in the country.
European Commission approves restructuring of Greece’s Alpha Bank
European Union state aid regulators have approved the overhaul of Greece’s Alpha Bank by reducing its overseas operations, which will ensure the lender’s viability.