The European Central Bank (ECB) and the national central banks (NCBs) of European Union member states using the euro face “prolonged losses” brought on by higher borrowing costs, Fitch Ratings said in a new report on Monday (Sept. 9). The credit rating agency estimated that the aggregate losses of the Eurosystem will amount to over EUR160 billion (averaging 0.2% of GDP per
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Shares in Raiffeisen Bank International (AT:RBI), listed on the Wiener Börse AG, closed down 7.12% on Friday (Sept. 6) following Russia’s court ruling to block the sale of the Austrian financier’s Russian subsidiary. RBI, the largest western bank still operating in Russia, shared the day before that a Russian court had issued a preliminary injunction imposing an immediate transfer ban on its
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Both deposits and loans in the Cypriot banking system experienced a decrease last month, according to the August 2023 edition of ‘Monetary and Financial Statistics,’ published this week by the Central Bank of Cyprus (CBC). Total deposits in July 2023 witnessed a net decrease of €301.1 million, compared with a net increase of €399.2 million in June 2023. This shift was primarily
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UK bank Standard Chartered chief executive Bill Winters said on Monday (April 25) that the banking sector may face new problems even as the immediate risks from last month’s market turmoil have faded. “I think we can put the crisis behind us. I don’t think we can put the issue behind us,” he told CNBC’s Joumanna Bercetche. Winters also said other issues
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Swiss lawmakers rejected on Wednesday the government’s 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse’s merger with UBS. The government invoked Swiss emergency law to sign it off to the ire of the almost 250 lawmakers left without a say. A shotgun marriage that saw banking giant Credit Suisse taken over by Zurich-based rival UBS for 3 billion Swiss francs
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Waves of bad news keep hitting the banking sector. Following the failure of Silicon Valley Bank in the US and the forced takeover of Credit Suisse, shares in Deutsche Bank fell sharply Friday (March 24) after a jump in default insurance costs. Deutsche Bank shares, which have lost more than a fifth of their value so far this month, closed down 8.5% on Frankfurt’s
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US stocks were slightly lower at the open on Thursday (July 28) but reversed course to gain in early afternoon trading, as a contraction in the U.S. economy for the second straight quarter raised expectations of a less aggressive monetary policy by the Federal Reserve. The Dow Jones was up 0.64% or 201 points at 12:18 pm ET. The Nasdaq 100 gained
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Almost two years after the Warsaw Stock Exchange (GPW) Management Board signed an agreement with the Central Bank of Armenia (CBoA) to negotiate the acquisition of a majority stake representing 65% of the shares in the Armenia Securities Exchange (AMX), the deal was finally inked. On 28 June 2022, during a ceremony in Yerevan, Marek Dietl, President of the Management Board of the GPW, signed
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