Global Banking Monitor

Friday, March 31, 2023

Headline Feature

Apple Financing: It’s actually happening

This is an opinion post by our Analyst team. First, let's have a stream of consciousness from the banking market: For years now, every technology presentation to the executive team or board of a bank has included some sort of mention of GAFA, NAFA, MAFNA, MAAA -- letters equating to something like "Google Alphabet Apple Facebook Meta Amazon Netflix...

Latest News

Biden urges restoration of bank regulations weakened under Trump

Weeks after the failure of two banks, President Joe Biden called Thursday for independent regulatory agencies to impose tighter rules on the financial system, telling them that they can act under current law...

Economists predict one more rate hike from the Fed before easing pressure in 2024

It seems that Jerome Powell's work isn't yet done, with economists expecting the Fed to stay true to its word and raise rates one more time in order to reach the "point of...

Egypt Implements Massive Interest Rate Hike to Combat Inflation Caused by Currency Devaluations

Egypt resumed a cycle of monetary tightening as the central bank tries to tackle inflation that’s been stoked by currency devaluations. The Monetary Policy Committee raised the deposit rate by 200 basis points to 18.25% and...

Featured Articles

Bryan Carroll steps down as CEO of Vietnam’s TNEX...

Bryan Carroll today announced that he is stepping down as CEO of Vietnam's TNEX digital bank. He posted the news directly on his LinkedIn feed earlier today and indicated he will resign his position...

The Banking Run: Can’t we all just relax a...

This is an opinion piece by our Analyst Team. So after the on-going Silicon Valley Bank debacle - something we've all been obsessing over during the last week or so - we've also been having...

US banking crisis can be solved, says Blackstone’s Schwarzman

Blackstone Inc.’s Steve Schwarzman expects most US banks to withstand the current industry turmoil, blaming it on the after-effects of the pandemic and technology rather than a wave of bad loans. The billionaire chief executive officer of the New York-based alternative asset manager said mobile phone apps that have enabled people to communicate and move their money quickly, coupled with a massive increase in deposits after the global coronavirus health crisis, led to the current tumult. “The banking system is not in any type of conventional crisis,” Schwarzman said in an interview in Tokyo on Thursday. “We have just an interim issue with interest rates being up and we have a...

Events & Conferences Spotlight

Dubai Fintech Summit 2023

http://www.dubaifintechsummit.com The Dubai FinTech Summit 2023 will set a global benchmark for the way enterprises...

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First Republic Bank denies rumors of seeking a buyer

Embattled First Republic Bank is no longer searching for a buyer as investment advisors and company executives seek to repair the company’s balance sheet before any sale might take place, FOX Business has learned. The decision to pull it off the market, which was first...

Banking crisis shakes US markets and poses surprise risk to economy

In the weeks since Silicon Valley Bank's collapse and associated crisis in the global banking world, the U.S. Treasury market has been ground zero for dramatic price moves shaping investor sentiment. And the standout within this volatility has been the swing in the yield on...

Philippines’ Central Bank Chief: Rate Hike Pause Too Early to Consider

It may be too soon for the Philippine central bank to pause from raising interest rates at its next policy meeting in May, Governor Felipe Medalla said, signaling its most aggressive tightening cycle...

Fed official Collins: Further tightening needed, but banks in good shape

Federal Reserve Bank of Boston President Susan Collins said the banking system is sound and more interest-rate increases are...

Global Financial Markets at Risk from Japan’s $3 Trillion Problem

Bank of Japan Governor Haruhiko Kuroda changed the course of global markets when he unleashed a $3.4 trillion firehose...

Turmoil in banking sector leads to rare bond buying opportunity

Global credit investors are jumping back into bank bonds following a sector-wide rout — though concerns about additional tier...

Latest Awards from Global Banking Monitor

National Bank of Kuwait: Best App Update, 2023

29th March 2023, Dubai: We've been closely following the...

Alizz Islamic Bank: Best Digital UX, 2023

29th March 2023, Dubai: We return to Oman this...

QNB: Best New Mobile Banking Experience, 2023

29th March 2023, Dubai: Earlier this month the team...

RAKBANK: Best Digital SME onboarding, 2023

16th March 2023, Dubai: We are continuing our awards...

More News

Fed officials defend March rate hike citing high inflation and strong banks

Two Federal Reserve officials said Thursday the Federal Reserve's...

Qatar Central Bank’s FinTech Strategy

There was a lot of buzz across the GCC...

Credit Suisse Accused by Senate Panel of Aiding Ultra-Wealthy Americans in Tax Evasion

Credit Suisse is complicit in ongoing tax evasion by ultra-wealthy Americans, including a potentially criminal conspiracy involving the failure to disclose nearly $100 million...

JPMorgan and Goldman Sachs to Begin Trading Private Credit Loans

Wall Street banks are looking to start trading private credit loans as they seek to make inroads into the lucrative world of direct lending,...

Banks Do Balance-Sheet Shuffle in Response to Rising Interest Rates

As the Federal Reserve’s interest-rate hikes sent bond prices plunging last year, some of the country’s largest banks used a simple accounting maneuver to...

Newmark Group Hired by FDIC to Sell Billions in Signature Bank Debt, Says Source

The Federal Deposit Insurance Corp (FDIC) has hired Newmark Group Inc to sell about $60 billion of failed lender Signature Bank's loans, a person...

Investors Concerned About Deutsche Bank’s Fate Look to Gold as a Safe Haven

After Silicon Valley Bank became the second-largest bank of all time to fail, investors and analysts across the world have been sounding alarm bells....

UBS Predicts Fallout from U.S. Banks Will Exacerbate Margin Headwinds for Aussie Lenders

Australian banks are well-positioned to deal with the pressures emanating from the recent bank runs in the United States, but their margins could be...

Australian February Inflation Slows to 8-Month Low, Reinforcing Case for Rate Pause

Australian inflation slowed to an eight-month low in February, due in part to a sharp retreat in prices for holiday travel and accommodation, bolstering...

Kenya’s Central Bank Raises Benchmark Rate to Five-Year High

Kenya’s central bank surprised financial markets by raising borrowing costs to an almost five-year high because of sustained inflationary pressures. Bonds gained. The monetary policy...

Recession Fears Re-emerge as Banking Turmoil Continues

The failures of U.S. lenders Silicon Valley Bank (SVB) and Signature Bank, followed by Credit Suisse's rescue, and the ensuing turmoil in world markets...

Sergio Ermotti appointed as new CEO of UBS to spearhead Credit Suisse turnaround

UBS is bringing back its former chief executive, Sergio Ermotti, to manage the hugely complex and risky task of completing the bank’s emergency takeover...

Top Nigerian Bank Allocates $267 Million in Response to Ghana’s Debt Restructuring

Zenith Bank Plc, Nigeria’s biggest lender by market value, said it set aside 123.4 billion naira ($267 million) in part to account for its...

UBS’s Kelleher Claims Credit Suisse Integration More Complex Than 2008 Crisis Deals

UBS Group AG Chairman Colm Kelleher said that the task of integrating Credit Suisse Group AG is bigger than any deal that was executed...

Canada’s Dividend Tax Change Aims to Collect Billions from Banks

Finance Minister Chrystia Freeland is planning to raise billions of dollars from banks and insurance companies by changing the tax rules for dividends they...

National Bank of Kuwait: Best App Update, 2023

29th March 2023, Dubai: We've been closely following the mobile banking launches in Kuwait recently and this week we wanted to call attention to...

Alizz Islamic Bank: Best Digital UX, 2023

29th March 2023, Dubai: We return to Oman this week for another digital award. This time our analysts have been looking hard at the...

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