You have a bank account. You visit your bank branch every month and deposit money or take out cash. You know the mechanics of being a customer at the bank but you have never really understood how banks work. Not to worry, the answer is very simple and is right here in this article. A...
JP Morgan’s co-president Daniel Pinto still hopes its new China securities venture will be approved next year, and insists the US giant’s aspirations in the world’s second largest economy will not be “derailed” by any setbacks. The biggest bank in the US by total assets, JP Morgan applied to the China Securities Regulatory Commission last...
The Big Four Chinese state-owned banks will soon have to issue billions of dollars of offshore bonds, out of an urgent need to meet an international financial standard, the Total Loss Absorbing Capacity TLAC. The People’s Bank of China PBOC recently said that the Big Four banks probably need to implement TLAC ahead of schedule,...
The first criminal charges announced by the US Department of Justice DOJ in the scandal surrounding a defunct Malaysian state fund is a cautionary tale for banks operating in Asia. The frequent allusions to Goldman Sachs in the latest DOJ documents on this fund – 1MDB – should be seen as a warning to banks...
Universal banking is past its sell-by date. That’s according to one of Australia’s biggest banks. In the digital age banks should hive off services others can do better, said Shayne Elliott, chief executive officer of Australia and New Zealand Banking Group Limited ANZ. The universal banking model, which brings together a wide variety of financial services...
It is recording the highest growth rate in Asia, but Bangladesh’s boom is fuelling the same kind of banking bust that precipitated the Asian Financial Crisis say fund managers and local analysts. On the surface, Bangladesh is doing well. The International Monetary Fund IMF forecasts that it will hit a growth rate of 7% in...
The global outcry over the imprisonment of two Reuters reporters isn’t the only challenge facing Myanmar foreign investment has started to sag, having ramped up from a low base barely a few years ago when the reclusive country finally opened its doors to the outside world. Not that all foreign investors are being put off for some,...
Malaysia has had a tumultuous summer and the Southeast Asian nation shows no signs of catching its breath. Following a general election that saw the first change of governing party in the nation’s history, the new administration of Prime Minister Mohamad Mahathir has torn up a host of Chinese-backed investment plans, most recently dismissing the...
Infrastructure spending is ramping up fast across Asia, and multilateral lenders are playing a crucial role. Loans from institutions including the Asian Development Bank and the China-backed Asian Infrastructure Investment Bank are helping drive a $1.7 trillion per year infrastructure boom in the region. But the ADB estimates this still leaves a shortfall of $900...
Hong Kong’s Securities and Futures Commission flexed its muscles for a second time this week on Tuesday as it fined Citigroup HK$4 million $500,000 over regulatory breaches in the management of its alternative liquidity pool. Having also reprimanded the investment banking arm of China Construction Bank on Monday for its shoddy due diligence on the initial public...