Global Business Network
The acceleration in the closure of bank branches as a result of Covid-19 has been well documented, as banks step up cost-cutting drives and customers shift to digital services. More than 4000 bank and building society branches have closed in the UK over the past six years, according to consumer group Which. There remains, however, … Read more
Banks in developed Asian economies are increasingly looking to acquire stakes and broaden their franchises in emerging economies around the region, as they contend with saturated local markets, low interest rates and constrained domestic growth prospects. Leading banks in Japan, South Korea and Singapore have stepped up their offshore expansion strategies over the past few … Read more
HSBC’s $575m acquisition of insurance giant Axa’s Singapore arm, which was announced on August 16, represents a ramping up of the bank’s ambitious ‘pivot to Asia’ strategy. As part of this strategy, HSBC is also looking to expand its wealth management services across the region. The UK-based banking group plans to invest $6bn in Asia … Read more
UK chancellor Rishi Sunak has been under pressure from investment banks to scrap the cap on bankers’ bonuses amid claims it could put London at a competitive disadvantage. The cap, which sets a limit on bonuses at two times salary, was introduced across the EU in 2013 in the aftermath of the global financial crisis, … Read more
Non-performing loans (NPLs) in the Italian banking system totalled €203.3bn in April 2017, and were a cause of widespread concern in Europe. “The economic situation [after the sovereign debt crisis] and poor credit control in the banking sector caused bad loans to pile up,” says Maddalena Martini, an economist at Oxford Economics. “But there has … Read more
The Philippines is battling one of the worst Covid-19 outbreaks in Asia and the tough restrictions that have been in place over the past year have caused gross domestic product to contract for five quarters, including a 4.2% drop in the first three months of 2021. “The number of infections has remained elevated, which has … Read more
UK job vacancies in financial services have risen sharply this year as the country begins to rebound from the pandemic, with demand for compliance and IT roles helping to drive up talent acquisition. The overall number of professional vacancies in banking and asset management, excluding clerical roles, reached the highest level in more than five … Read more
At 2:37 in the morning, a message flashed across my screen: “Do you have five minutes?” It was from one of my banking clients, a relationship manager who’d attended one of my workshop sessions on change. He was one of those amazing individuals with the courage to question conservative thinking and introduce a fresh perspective. … Read more
Corporate debt to gross domestic product (GDP) in Japan is at its highest level since the 1990s and fears are growing that defaults could surge in struggling sectors, which could have an impact on smaller and regional banks. The Bank of Japan’s (BoJ’s) most recent financial stability report suggested that the probability of default at … Read more
US bank mergers and acquisitions (M&A) had a buoyant April, which saw 16 deals with a combined value of $14.9bn during the month to April 27, according to Refinitiv data. Total deal value for 2021 to April 27 has already reached $26.3bn, compared with $7.1bn during the same four-month period in 2020. Among the deals … Read more