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SAO PAULO: The days of marquee global investment banks being shoo-ins for stock market listings could be coming to an end, in Brazil at least. The Brazilian market for initial public offerings is booming this year despite the pandemic. Yet among the five banks leading managers' rankings in terms of deal volumes, four are domestic, according to Refinitiv data: Itau Unibanco Holding SA , Banco Bradesco SA , XP Inc and Banco BTG Pactual SA . The other is Bank of America . That's a marked reversal from the same period last year, when four of the top five were major global players - Bank of America, Credit Suisse , Citi and HSBC - with just one Brazilian outfit, Banco do Brasil . Still, industry experts caution that, despite the shifting trends in 2020, it is too early to call a structural change in a market for IPOs that has been dominated by global banks for years. Key factors behind the shift, according to industry experts, include the increasing importance of reaching … [Read more...] about Global banks left on the sidelines in Brazil’s IPO boom

NEW YORK: When Jane Fraser takes the helm of Citigroup Inc in February, she will have some big tasks ahead of her. Citigroup, the third-largest U.S. lender, has struggled for years to convince Wall Street that management's vision of a global bank with a hodgepodge of profitable, if unrelated, businesses will work. Profit targets set years ago by CEO Mike Corbat proved hard to reach even after revisions and major cost cuts. And although Citigroup is a much different bank than the one that required a US$45 billion bailout to survive the 2007-2009 financial crisis, it still carries a stigma from failures that led it there. Citigroup's legal battles with hedge funds after mistakenly sending them US$900 million of its own funds suggests that it has ongoing technology issues, analysts, investors and insiders said. Those problems have been a sticking point with regulators, which have pushed Citi to fix them in order to pass annual stress tests. Although Fraser's promotion was … [Read more...] about Citigroup’s next CEO has Herculean task: turning the bank around for real

REUTERS: Citigroup Inc on Thursday named consumer banking head Jane Fraser to succeed Michael Corbat next year as the bank's chief executive officer, making her the first woman to lead a major Wall Street bank. Fraser, 53, has been a rising star in the financial industry, with a career that spans investment banking, wealth management, troubled mortgage workouts and strategy in Latin America – a key business for Citigroup. Her promotion to CEO was widely expected since she was elevated to Citigroup president last year, and was celebrated as a step in the right direction for an industry that has few women or diverse executives in its top ranks. "Great news for the company and for women everywhere!” tweeted Bank of America Corp operations and technology chief Cathy Bessant. “A big and fantastic moment.” "Jane will become our first female CEO, a point of pride for all of us and groundbreaking for our industry," Corbat said in an internal memo that was seen by Reuters. Fraser … [Read more...] about Citigroup’s Jane Fraser to become first woman to head a Wall St. bank

SINGAPORE: The Monetary Authority of Singapore (MAS) announced new measures on Thursday (Sep 3) to enhance the banking system's access to Singapore dollar and US dollar funding to bolster the sector's resilience during the COVID-19 pandemic. These include the establishment of a new term facility to provide banks and finance companies an additional channel to borrow SGD funds at longer tenors and with more forms of collateral. The MAS SGD Term Facility, to be launched in the week of Sep 28, will offer SGD funds in one- and three-month tenors. Pricing will be set above prevailing market rates, in line with the facility’s objective to serve as a liquidity backstop, the central bank said. Domestic systemically important banks – designated as such because they have a significant impact on the stability of the country's financial system – that are incorporated in Singapore can pledge eligible residential property loans as collateral at the MAS SGD Term Facility. READ: MAS urges … [Read more...] about MAS enhancing banking system’s liquidity during COVID-19 pandemic

MANILA: The Philippine central bank said on Thursday (Sep 3) that no account holder funds had been lost at the United Coconut Planters Bank (UCPB) after the state-lender reported it had suffered a "cyber incident" earlier this year. The central bank would ensure the safety and integrity of the financial system, and the protection of financial consumers, central bank Governor Benjamin Diokno told reporters. "The Bangko Sentral ng Pilipinas is well-aware of the reported UCPB incident and has been in close coordination with the bank since the early part of its investigation," Diokno said. UCPB, the country's 13th largest bank in asset terms, said it was reviewing and strengthening its information technology and security controls following the June incident. "UCPB remains ... a strong and profitable institution," the bank said in a statement on Thursday. The bank did not comment on any losses sustained, but the Philippine Daily Inquirer reported that UCPB lost 167 million pesos … [Read more...] about Philippine lender did not lose depositor funds in ‘cyber incident’: Central bank