banking
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Credit Suisse continues to help ultra-wealthy Americans evade taxes and had concealed more than $700 million from tax authorities in violation of a 2014 plea agreement, the U.S. Senate Finance Committee said Wednesday. After concluding a two-year investigation into Credit Suisse, the committee said it had uncovered “major violations” of the 2014 agreement between the…
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The White House is readying plans to push federal banking regulators to impose new rules on midsize banks after the collapse of Silicon Valley Bank (SVB) earlier this month, The Washington Post reported Wednesday, citing two people familiar with the preparations. The planned recommendations for Democrat President Joe Biden would push for rules to be reinstated for…
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The US central bank has raised interest rates again, despite fears that the move could add to financial turmoil after a string of bank failures. The Federal Reserve increased its key rate by 0.25 percentage points, calling the banking system “sound and resilient”. But it also warned that fallout from the bank failures may hurt…
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Silicon Valley Bank (SVB) Financial Group said on Friday it filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. regulators. The move to commence bankruptcy proceedings comes as emergency measures to shore up confidence have…
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The European Central Bank on Thursday confirmed expectations of a 50 basis point interest rate increase, taking its key rate to 2.5%. In a statement, it pledged to “stay the course in raising interest rates significantly at a steady pace” and, in unusually firm language, said it intended to hike by another 50 basis points…
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Zenith Bank has suspended international transactions on its Automated Teller Machine (ATM) cards. Zenith Bank, in a notice addressed to its customers and cited by MEZIESBLOG.com, said its new development would take effect from Monday, January 9. “Please be informed that you will be unable to use your Zenith Bank Naira cards for International Automated…
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Strategic Capital Investment Limited (SCIL) has completed the acquisition of Polaris Bank Limited on an upfront payment of N50 billion to acquire 100 per cent of its equity. The bank also agreed to repay N1.305 trillion injected into it by the Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON). After…
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The Swiss financial markets watchdog said Friday that Sberbank, one of Russia’s largest banks, is selling its Swiss subsidiary, which had come under pressure because of international sanctions on Russian interests over the invasion of Ukraine. Sberbank (Switzerland) AG, which focuses on trade finance in commodities, was already facing liquidity problems after the first round…
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Leading financial institution, Fidelity Bank Plc, has intimated the public of its proposed acquisition of Union Bank UK as part of its expansion plans. In a regulatory filing issued on the Nigeria Exchange (NGX) on Tuesday, 30 August 2022, the bank stated that it has entered into a binding agreement for the acquisition of 100%…
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The Bank of England (BoE) said on Thursday, August 5, it could see a modest reduction ahead in the huge support it has provided to Britain’s economy during the COVID-19 pandemic and set out how it could gradually tighten monetary policy. For now, the central bank decided to keep its stimulus at full speed, even though it expects inflation to jump…
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The Bank of England voiced cautious optimism Thursday about the U.K.’s economic outlook in the wake of a sharp fall in coronavirus infections and the rapid rollout of the nation’s COVID-19 vaccination program. The Bank of England voiced cautious optimism Thursday about the U.K.’s economic outlook in the wake of a sharp fall in coronavirus…
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Mobile Money Operators (MMOs) are to maintain a minimum of N2 billion capital base, the Central Bank of Nigeria (CBN) has directed in a circular signed by its Director, Payments System Management Department, Musa Jimoh. They have also been authorised by the apex bank to hold customers’ funds under its new licencing framework. According to…
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Literature Review Corporate governance refers to the processes, structures and information used for directing and overseeing the management of an institution (Duncan and Cameron, 2005). A good corporate governance framework establishes the mechanism for achieving accountability between the board, senior management and shareholders, while protecting the interests of relevant stakeholders and they also set structure…
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“Must do better” was the IMF’s recent verdict on the Nigerian banking system. Many reforms were “highly commendable”, it said, but more still needs to be done to strengthen the central bank’s oversight. Image: Alex Otti Dr Alex Otti, CEO of Nigeria’s Diamond Bank, discusses the challenges for Nigeria’s banking sector, the impact of the country’s dependence…
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It’s reasonable to argue that the greatest banker in the United States today isn’t a banker at all—he’s an insurance guy. You might have heard of him. His name is Warren Buffett! As the chairman and CEO of Berkshire Hathaway, an insurance-focused conglomerate based in Omaha, Nebraska, Buffett oversees one of the largest portfolios of…
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The Central Bank of Nigeria, CBN, yesterday, disclosed that commercial banks have refunded N6.8 billion excess charges to their customers in the first half of 2018 (H1’18), the Vanguard reports. The apex bank disclosed this in its half year, 2018 economic review report. The CBN report showed that the N6.8 billion excess charges refunded…
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