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Category: Finance

Retail Asia27/07/2021
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Finance

UBS and Credit Suisse’s Intertwined Destinies

4min0
It would be premature to draw any conclusions from the large gap that has opened up between UBS and Credit Suisse. Doing so has often proved wrong in the past. Credit Suisse will publish second-quarter results this Thursday. It won’t be easy for the bank to exceed UBS’s strong showing, particularly given it still faces enormous problems from […]
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Retail Asia26/07/2021
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Finance

US gets its way as Vietnam agrees not to devalue currency

2min0
The U.S. Trade Representative’s office has determined that no tariff action is warranted against Vietnam after its central bank agreed to refrain from “competitive devaluation” of the dong. “I commend Vietnam for its commitment to addressing U.S. concerns with its currency practices,” U.S. Trade Representative Katherine Tai said in a statement. The recent agreement between […]
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Retail Asia26/07/2021
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Finance

BNP Paribas Nets Ex-Credit Suisse NRI Banker

1min0
BNP Paribas Wealth Management has hired an ex-Credit Suisse banker to oversee the non-resident Indian market. Aditya Chauhan will join BNP Paribas Wealth Management as a market head for non-resident Indians (NRI), sources said, and he is expected to be accompanied by a team of bankers. Based in Singapore, Chauhan will oversee all NRI bankers […]
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Retail Asia26/07/2021
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Finance

J.P. Morgan Opens Crypto Fund Access to All Wealth Clients

1min0
J.P. Morgan has reportedly allowed all of its wealth management clients to access cryptocurrencies via funds. J.P. Morgan’s wealth management clients gained access to five crypto products, effective July 19. Four of the products are from Grayscale Investments and one is from Osprey funds. According to the memo, J.P Morgan advisors will only execute unsolicited […]
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Retail Asia22/07/2021
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Finance

UBS Plans to Up Pay for Junior Bankers and Directors

1min0
UBS Group is reportedly planning to raise the salaries of global banking analysts, associates, and directors, marking the latest global bank to increase pay for talent. In their first year, analysts will earn about $100,000 annually, according to a «Reuters» report citing unnamed sources, followed by $105,000 in the second year and $110,000 in the […]
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Retail Asia20/07/2021
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Finance

UBS Reports Strong Second Quarter Performance

1min0
Swiss bank UBS reports second-quarter 2021 net profit attributable to shareholders of $2 billion, up 66 percent from a year earlier. Operating Income was up 21 percent while expenses rose 10 percent, helping the cost/income ratio to fall 4.1 percentage points year-on-year. The bank saw continued momentum in investment flows and volume growth in conjunction […]
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Retail Asia19/07/2021
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Finance

Big Gap Opens Up Between UBS, Credit Suisse

7min0
A big gap has opened up not only between UBS and Credit Suisse’s share prices but also between expectations for their second-quarter earnings. Ahead of the publication of their second-quarter results there really is no comparison. Looking at the share prices of the two big Swiss banks, UBS, whose results are due out on Tuesday, […]
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Retail Asia16/07/2021
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Finance

HSBC sees challenges to Vietnam economy in H2

2min0
HSBC expects Vietnam’s economy to face challenges related to foreign exchange and interest rates in the second half of this year. Ngo Dang Khoa, head of global markets at HSBC Vietnam, said recent outbreaks of Covid-19 have sparked worries about production being interrupted for a long time, which would affect the country’s recovery. “With many […]
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Retail Asia15/07/2021
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Finance

Reduced Loan Provisions Boost Citi Profits

2min0
Citigroup’s profits in the second quarter comfortably beat market estimates in part due to significantly reduced loan provisions driven by an outperforming global economic recovery. Citi posted $6.19 billion in net income for the second quarter, according to its latest results, marking a nearly six-fold increase compared to last year. Profits in the quarter exceeded […]
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Retail Asia15/07/2021
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Finance

NAB in Talks to Buy Citi’s Australia Consumer Unit

1min0
The National Bank of Australia is the latest to join the hunt for Citi’s retail assets after it announced plans for a major consumer downsizing earlier this year. NAB is in talks to potentially but Citi’s consumer business in Australia, according to an exchange filing. Discussions are ongoing and no deal has been concluded. Numerous […]
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Retail Asia15/07/2021
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Finance

StanChart Names Global Head of Transaction Banking FX

1min0
Standard Chartered appoints its global head of transaction banking FX to further collaboration between transaction banking and markets. Jocelyn Tan has been named to the Singapore-based role, according to a report by efinancialcareers, which noted that she was an internal appointee though the role was advertised externally. Tan will be tasked with driving FX cross-selling […]
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Retail Asia15/07/2021
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Finance

HSBC Snags UBS Investment Management Specialist

1min0
He will lead HSBC’s investments and wealth solutions team in Asia, which covers global private banking and wealth and personal banking. HSBC has appointed Stefan Lecher as regional head of investments and wealth solutions (IWS), Asia Pacific, with effect from 3 October 2021, according to an announcement on Thursday. He will be based in Hong Kong, reporting […]
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Retail Asia14/07/2021
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Finance

16 banks to lower loan interests amid Covid-19

2min0
Sixteen commercial banks have agreed to reduce interests on existing loans of Covid-hit businesses from now until the end of the year. The banks include Vietcombank, Vietinbank, BIDV, Agribank, Techcombank, MB, VPBank, TPBank and Sacombank. Lowering interests is difficult, but this is the time when banks need to share the burden with businesses, said Nguyen […]
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Retail Asia14/07/2021
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Finance

Fintech Finder to Pursue Regional Growth Opportunities

2min0
The company, which purchased Singapore-based financial comparison platform GoBear earlier this year, has appointed a chief growth officer, who will play a critical role in its global expansion. Australia-headquartered Finder has appointed strategic business executive Jinnee Lim to the role of chief growth officer – Southeast Asia, effective immediately, the fintech announced on Tuesday. Lim brings over 15 years […]
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Retail Asia13/07/2021
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Finance

Vietcombank H1 profit surges 35 pct

2min0
State-owned lender Vietcombank reported a VND14.8 trillion (nearly $643.5 million) profit in the first half of the year, up more than 35 percent year-on-year. A senior Vietcombank official who did not want to be named said Monday that the rise in profit can be attributed to a 60 percent year-on-year increase in non-interest income, mainly […]
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Retail Asia13/07/2021
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Finance

Malaysia Targets KPMG Partners for 1MDB Damages

2min0
The Malaysian government is seeking billions of dollars in damages from KPMG partners as part of an ongoing pursuit to recover 1MDB-linked funds. Malaysia is seeking over $5.6 billion from 44 current and former KPMG partners over alleged breaches and negligence relating to the 1MDB scandal, according to a  report citing court documents. This is equivalent […]
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