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Weekly Global News Wrap Up: Wells Fargo sells 52 branches in Midwest exit; Societe Generale to pay $1.3b fine to end Libyan and US probe
And here’s why the British government sold 7.7% stake in Royal Bank of Scotland. From Reuters: Wells Fargo & Co is pulling back from retail banking in the U.S. Midwest, selling all of its branches in three states, as the bank embarks on a broader review of branch profitability across the country. Flagstar Bancorp Inc would acquire 52 Wells Fargo branches in Indiana, Michigan, Ohio and Wisconsin for an undisclosed amount.
Weekly Global News Wrap Up: Wells Fargo sells 52 branches in Midwest exit; Societe Generale to pay $1.3b fine to end Libyan and US probe
And here’s why the British government sold 7.7% stake in Royal Bank of Scotland. From Reuters: Wells Fargo & Co is pulling back from retail banking in the U.S. Midwest, selling all of its branches in three states, as the bank embarks on a broader review of branch profitability across the country. Flagstar Bancorp Inc would acquire 52 Wells Fargo branches in Indiana, Michigan, Ohio and Wisconsin for an undisclosed amount.
Chart of the Week: Check out how loans are picking up pace in Malaysia
Industry loan growth clocked in at 4.8% YoY in April.
Losses mount for Japanese banks as foreign bonds weaken
Lenders are running out of options to combat the ultra-low interest rate environment.
China state banks embrace home rental financing at risk of profit loss
The government-encouraged pivot comes at a risk of low returns for the lenders.
Indian banks hammered by rising credit costs amidst portfolio cleanup
Credit costs rose from 2.5% to 4.3% of loans on average at state banks.
Chinese banks spin off asset management arms as oversight mounts
Bank of Communications is investing $1.25b for such unit in Shanghai.
India's $210b bad debt burden is luring profit-hungry offshore investors
Foreign funds Oaktree and Varde Partners are hoping to cash in on the trend.
Blockbuster IPOs buoy Hong Kong loans 17.1% in April
The city is hosting the back-to-back flotations of Xiaomi and China Tower.
Philippine bank lending surges 20% to $141.95b in April
Loans to wholesale and retail trade rose 22.7% to $19.43b.
2018 Retail Banking Forum concludes 4-city road show in Bangkok
More than 90 delegates from Thailand's major banks graced the event.
Thai bank loans up 4.7% in Q1 as SME lending strengthens
The monthly growth was led by lending to the food and energy sectors.
Asia's private banking scene heats up as European players enter fray
European private banks are heavily investing in Asian footholds.
Myanmar to grant license to 4 private banks
The move is the latest in the government’s push to liberalise the financial sector.
Thai banks urged to rein in mortgages amidst eager market takeup
Some banks have been reportedly offering loans with steeper loan-to-value ratios.
New accounting standards pose risks to Singapore banks' profitability
Lenders face higher credit reserve requirement under the FRS109.
Indian banks forced to a halt as employees go on strike
Employees slammed what they called “meagre” 2% pay hike.
New Zealand regulator sees no need for Australia-style banking inquiry
Even though the country’s four biggest banks are units of Australian lenders.
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Why Philippine banks, insurers embrace hyper-personalized services
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Industry experts push for the rapid progress of unified customer data as a starting point.
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