Standard Chartered (StanChart) (STAN.L), opens new tab announced a $1.5 billion share buyback, its biggest ever, and lifted its income outlook for 2024, betting on strong economic growth in its core Asian markets and on plans to rein in costs. The London-headquartered lender, which earns most of its revenue in Asia, now expects operating income to grow […]
Analysts at JPMorgan said the cuts would lead to upgrades to the company’s future earnings potential and welcomed a “very strong” set of earnings, including net inflows of 1.9 billion pounds that beat analysts’ forecasts. Its shares jumped as much as 25% in early trade to hit their highest in seven months and were up […]
Austria’s Raiffeisen Bank International (RBIV.VI), opens new tab said on Tuesday it would further decrease its extensive business in Russia in agreement with the European Central Bank. The bank has been under pressure from authorities on both sides of the Atlantic to reduce its footprint in the country following the war with Ukraine. “RBI will drastically reduce […]
Regional lender Renasant Corp (RNST.N), opens new tab has agreed to buy smaller rival The First Bancshares (FBMS.N), opens new tab in an all-stock deal valued at $1.2 billion, the Mississippi-based banks said on Monday. The deal will create a combined six-state Southeastern regional lender with about $25 billion in total assets and underscores the growing consolidation in the […]
U.S. home insurers suffered their worst underwriting loss this century in 2023, as a toxic mix of natural disasters, inflation and population growth in at-risk areas put a vital financial market under acute pressure, according to rating agency AM Best. Insurers providing policies to homeowners were hit with a $15.2 billion net underwriting loss last […]
Barclays (BARC.L), opens new tab, NatWest and Lloyds are among seven banks to share customer data with the National Crime Agency (NCA) in the largest project of its kind worldwide to tackle criminal gangs, money laundering and “dirty money” flowing through the country. Reuters revealed one year ago that more than six banks, including NatWest and Lloyds (LLOY.L), […]
NatWest (NWG.L), opens new tab has bought a 2.4 billion pound ($3.09 billion) mortgage book from Metro Bank (MTRO.L), opens new tab and upgraded its performance outlook for the year, boosting its shares even though the British bank’s first-half profit fell 16%. The transaction represents the latest in a slew of consolidation deals this year in Britain’s crowded banking […]
Bank of Nova Scotia (BNS.TO), opens new tab said on Friday that it has resolved a technical issue that impacted thousands of its clients in Canada, with several complaining about missing paychecks and other problems. “We have resolved the technical issue impacting our clients’ inbound payments. Clients will start to see their payments posted to their accounts,” […]
Spanish insurer Mapfre (MAP.MC), opens new tab said on Friday its first-half net profit jumped thanks to fewer and more benign natural disasters and a turnaround in its car insurance business in the United States. Mapfre said its net profit rose 65% to 494 million euros ($536 million), up from 300 million euros in the same period […]
Britain’s Metro Bank (MTRO.L), opens new tab is selling its portfolio of prime residential mortgages to NatWest Group (NWG.L), opens new tab for up to 2.4 billion pounds ($3.1 billion) in cash, it said on Friday. The sale is expected to reduce Metro’s risk-weighted assets by approximately 824 million pounds, leading to an improvement in the British lender’s Common […]
