British financial technology firm Revolut said on Wednesday it has applied for a European banking license, as it bids to join a growing number of digital-only banks looking to win away customers from larger, traditional lenders. Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko in 2015, Revolut is an app-based banking alternative with a multi-currency card and mobile app. An account can be created in seconds, enabling users to instantly send free money transfers in 26 currencies to banks around the globe; spend fee-free in 120 currencies with a contactless Revolut card; and exchange currencies at interbank rates in the app. It also offers peer-to-peer payments.
Daniele Nouy, head of supervision at the European Central Bank, said in Frankfurt on Tuesday that license applications from about 20 banks are in some stage of assessment by supervisors on the continent, Bloomberg reported. "Some have visited us several times to discuss their plans to move," said Daniele Nouy, who heads the ECB's banking supervision.
Banking giant HSBC has reported pre-tax quarterly profits of $4.6bn (£3.5bn) for the three months to the end of September. The result marks a huge 448% increase from $843m posted in the same period a year ago. With one-off costs and currency impacts stripped out, HSBC posted a $3.8bn leap in pre-tax profits to $4.6bn for the third quarter, as it made a one-off loss on the sale of a business in Brazil last year.
Frankfurt is emerging as the frontrunner in the battle for the post-Brexit spoils, as the German city lures banks and jobs out of London amid uncertainty over divorce talks. After months of stalled negotiations in Brussels between Britain and the EU left London’s future shakier than ever, a growing number of banks are stepping up their contingency plans by leasing office space in other European cities. While rival hubs have jostled to attract London’s bankers, Frankfurt – the city known by locals as Mainhattan, indicating its dreams of financial stardom – has established a clear edge over competitors such as Paris, Dublin and Amsterdam.
Most big eurozone banks are well braced for possible future interest rate rises, the European Central Bank said Monday after running dozens of them through a stress test. On a scale running from a top mark of 1 to the lowest of 4, 60 out of 111 banks scored 1 or 2 in the test, the ECB said. For the first time, the stress test examined how sudden changes in interest rates will affect banks’ income and the value of their assets. Of the other banks, 34 received a mark of 3 and 17 scored a 4.
The BBC reported Friday banks and building societies in the UK will carry out checks from January to see if account holders are in the UK legally or not. The BBC quoted The Guardian as saying 70 million accounts will be looked at quarterly. The BBC said financial institutions will be provided with a list from anti-fraud organisation Cifas on people who are liable for removal or deportation from the UK or who have absconded from immigration control, and these organisations will then have to report anyone they discover and freeze or close the accounts.
Falcon Private Bank, a Swiss private banking boutique, has appointed Martin Keller as its chief executive officer, taking over from Walter Berchtold, effective on Wedsneday. The bank's chairman Christian Wenger has also announced that he will step down. His successor will be appointed in due course.
Wells Fargo is now saying 3.5 million customers were impacted by its fake accounts scandal, a dramatic increase from the 2.1 million accounts it originally estimated. In the weeks and months after the bank acknowledged in September 2016 that its employees opened 2.1 million accounts without getting customers' permission, the bank agreed to look for fake accounts going back an additional two years to 2009. This was because news reports showed that problems at Wells started before 2011, which is what Wells originally admitted.
Swiss banks' overall operating income fell last year for the fist time since 2012, Switzerland's banking lobby said on Thursday, as the Alpine nation's lenders grapple with negative interest rates and rising regulatory costs. Switzerland's banks, already hit by a clamp-down on tax evasion which has dampened the country's position as a tax haven, saw aggregate operating net income fall 3.2 percent in 2016 to 62.5 billion Swiss francs ($65.1 billion). "2016 was once again a difficult year for the banks in Switzerland," the Swiss Bankers Association (SBA) said while publishing its annual banking study.
A central bank rescue of Russian bank Otkritie has eased market concerns that other banks could be in trouble, prompting banking stocks to reverse three days of losses. Russia’s central bank stepped in on Tuesday to take at least a 75 per cent stake in Otkritie, the country’s biggest privately-owned bank, to plug a hole in its balance sheet. The bailout highlights problems among Russia’s banks and the challenge the authorities face in trying to clean up the sector.
Part I: Basics (“GIPS beginners”) - Part II: Recent Developments and Update from the GIPS Commit
This seminar provides both “GIPS beginners” (part I and II) and “GIPS experts” (part II) wit
Der SWISS FUND DAY ist eine Initiative, welche im Jahr 2006 von verschiedenen Vertretern der Fonds-
Am Sustainable Investments Day teilen Expertinnen und Experten ihre Erfahrung auf dem Gebiet nachhal
Learn about the latest Cryto Currency and Blockchain investment opportunities, the features that set
Updates and news from MarketPlus
|Powered by Yahoo Finance|