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Posts published in “Banking”

Japan’s top bank MUFG forecasts lower credit costs, beats profit view

Japan‘s top lender Mitsubishi UFJ Financial Group Inc (MUFG) (8306.T) posted on Monday a better than expected 47% jump in annual profit and forecast its credit costs will fall this year on expectations of a recovery from the COVID-19 pandemic.

MUFG’s credit costs prediction follows those of Sumitomo Mitsui Financial Group Inc (8316.T) and Mizuho Financial Group Inc (8411.T) which last week forecast a similar drop in credit-related costs this year, believing the economy will recover as vaccination proceeds. read more

Wells Fargo launches 10-year plan to boost banking inclusion for underserved communities

Wells Fargo (WFC.N) has launched a 10-year commitment to help unbanked individuals in the United States gain access to affordable, mainstream bank accounts, the company said on Monday.

The initiative aims to help Black and African Americans, Hispanics, and Native Americans, who account for more than half of the country’s 7 million unbanked households, have easier access to low-cost banking, Wells Fargo said.

How GTBank, Heritage Bank withhold customer’s N1m for weeks

Guaranty Trust Bank Plc and Heritage Bank have allegedly withheld the sum of N1m belonging one Kamo Sende for two weeks.

Sende stated that on April 29, 2021 he tried to transfer money from his GTBank account to his account in Heritage Bank using the former’s mobile banking application.

Banks place limits on domiciliary accounts transfers

Banks have begun to place new limits on transfers domiciliary accounts holders can make from cash their cash lodgements.

The limits range from $5,000 to $10,000, according to findings by our correspondents.

A circular from one of the banks obtained by one of our correspondents on Friday said,

“The maximum limit for foreign currency transfers by cash deposits is now $5,000 per month.

Japanese megabanks see credit costs falling as vaccination proceeds

Two of Japan’s megabanks, Mizuho Financial Group Inc and Sumitomo Mitsui Financial Group Inc (SMFG), on Friday forecast a drop in credit-related costs this year on expectations the economy will recover as vaccination proceeds.

Mizuho (8411.T) is predicting credit-related costs of 100 billion yen ($914.6 million) this year, while SMFG’s sees costs at 300 billion yen. Both figures were smaller than those of the last financial year.

DBS private bank offers wealth succession planning for cryptocurrencies

DBS Group (DBSM.SI) said on Friday its private banking arm has started offering trust services for cryptocurrencies, helping rich clients include the emerging asset class in their succession plans.

This is the latest move into cryptocurrencies by Southeast Asia’s largest bank, which late last year launched a cryptoexchange for institutional and other accredited investors.

Morgan Stanley cautions against Chinese ADRs as delisting looms

Morgan Stanley (MS.N) cautioned on Friday against exposure to U.S.-listed Chinese tech firms after the U.S. accounting watchdog moved a step closer to removing non-compliant Chinese companies from American exchanges.

The Public Company Accounting Oversight Board (PCAOB) on Thursday proposed a new rule that signals steady implementation of steps to delist U.S.-listed Chinese companies whose audit work paper cannot be accessed by the PCAOB.

Bank of America reaches $75 mln settlement over excessive fees

Bank of America Corp (BAC.N) agreed to pay $75 million to settle a lawsuit accusing the second-largest U.S. bank of extracting overdraft fees it didn’t earn from customers with savings and checking accounts, court papers showed.

A preliminary settlement of the proposed class action was filed on Wednesday with the federal court in Charlotte, North Carolina, where the bank is based, and requires a judge’s approval.

UK targets Gupta’s GFG Alliance in fraud probe linked to Greensill

Tycoon Sanjeev Gupta’s commodities empire is being investigated by Britain’s Serious Fraud Office in a probe that encompasses the conglomerate’s links to collapsed lender Greensill Capital, the SFO said on Friday.

The probe piles pressure on Gupta, who has been scrambling to refinance his international web of businesses in steel, aluminium and energy after supply chain finance firm Greensill filed for insolvency in March.

Heritage Bank, firm to boost N344tn gold market

Heritage Bank Plc has said for being part of private sector collaboration with Dukia Gold & Precious Metals Refining Co. Limited, it is set to unlock the over N344tn market worth of gold investible instruments in the solid minerals sector with the concluded plans of being listed on the Lagos Commodities and Futures Exchange.

It said this in a statement titled ‘Listing on LCFE: Heritage Bank-Dukia Gold set to unlock N344tn market worth of gold’ on Saturday.