Banking

The United States warned on Thursday that Israel’s recent one-month extension on banking cooperation with Palestinian banks is too short and risks triggering “another looming crisis” by November 30.

China’s central bank lowered the interest rate on its medium-term loans to banks on Wednesday, aligning with broader policy easing measures announced the day before to support the struggling economy.

Russia’s largest bank, Sberbank, reports that its business in India is thriving, with trade between the two countries progressing smoothly, despite the Western sanctions impacting other international trade relations.  

Russian companies are encountering increased payment delays and rising transaction costs with Chinese partners, with tens of billions of yuan stuck in limbo, according to sources familiar with the issue.

Bank of Montreal (BMO) on Tuesday issued a warning that it will likely need to continue setting aside funds to cover potential loan losses after reporting its sixth consecutive quarter of lower-than-expected profits.  

British digital bank Monzo has announced its first annual profit on Monday, a key achievement ahead of its planned IPO.

Today’s News  India’s central bank has taken stringent action against Kotak Mahindra Bank, prohibiting the institution from issuing credit cards and onboarding new digital and mobile banking customers. This move signals a significant escalation in regulatory enforcement within India’s consumer finance sector.  The Reserve Bank of India (RBI) cited “serious deficiencies” in IT risk management […]

Today’s News  Goldman Sachs has recently transferred its top investment banker for European financial companies from London to Paris as part of its ongoing post-Brexit reorganization efforts.   Dirk Lievens, head of Goldman’s financial institutions group for Europe, the Middle East, and Africa, relocated to Paris last month to better serve the bank’s continental European […]

Today’s News  The Bank of Korea is considering a significant overhaul in how it communicates future interest rate trajectories, aiming to enhance transparency by extending the timeframe and introducing visual estimates, according to sources familiar with the matter. Governor Rhee Chang-yong, inspired by a proposal initially mentioned at the Federal Reserve’s Jackson Hole symposium in […]

Today’s News  SWIFT, the global bank messaging network, has disclosed its plans to introduce a new platform within the next one to two years. This platform aims to integrate the emerging wave of central bank digital currencies (CBDCs) with the existing financial system, marking a significant development in the evolving CBDC ecosystem.   With approximately […]