Vietnamese bank foils $1m cyber heist

A Vietnamese bank has foiled an attempted cyber heist that involved the use of fraudulent messages, the same technique at the heart of February’s theft from theBangladesh central bank. Hanoi-based Tien Phong Bank said on Sunday that in the fourth quarter of last year it identified suspicious requests through fraudulent messages on the global interbank messaging system Swift to transfer ... Read More »

This bank account switching report is a real hassle

Considering the historic apathy of the British public when it comes to switching their bank accounts, it seems apt that those tasked with writing a competition report on the topic don’t seem in a terrible hurry to conclude. But on Tuesday the delayed investigation by the Competition and Markets Authority into retail banking reaches a critical phase with the publication ... Read More »

Banks await decision on proposals to cap overdraft charges

High street banks will learn this week whether regulators intend to press ahead with proposals to cap overdraft charges in an attempt to make it easier for customers to switch current accounts. The Competition and Markets Authority (CMA) is due to publish provisional recommendations from its delayed investigation into retail banking on Tuesday. It will be followed by a month’s ... Read More »

Chinese bank buys secret London vault which can store $80bn of gold

A secret London vault, which can store more than $80bn (£57bn) in gold bullion, is being sold by Barclays to China’s ICBC Standard bank for an undisclosed sum. The facility is located inside the M25 and has the capacity to store 2,000 tonnes of gold. And while further details about the vault are scarce, it is said to be one ... Read More »

Costs of overdrafts to fall as part of UK banks overhaul

A package of measures intended to save bank customers £1bn over five years has been widely criticised for failing to provide a robust approach to breaking the stranglehold of the “big four” on the high street. Even as the Competition and Markets Authority pledged to halve the £1.2bn customers pay in unauthorised overdraft fees each year, consumer bodies, challenger banks ... Read More »

Australian banks report lowest profitability since 2009

Australia’s banks are the least profitable they have been since the global financial crisis, with ratings agency Moody’s warning things will get worse later this year. In its summary of the big four banks’ latest profit results, analysts from UBS said adjusted return-on-equity (ROE), a key measure of profitability, was 14.9 per cent. That’s down from 15.7 per cent last ... Read More »

Former Deutsche Bank boss guilty of insider dealing

A former adviser to Sir Philip Green, along with a one-time managing director ofDeutsche Bank, have been found guilty of insider dealing in one of the UK’s most high-profile cases. Eight years after the investigation began, Andrew Hind, 56, ex-finance director at Topshop, part of Green’s Arcadia Group, and his friend Martyn Dodgson, 44, who used to work in corporate ... Read More »

RBI on-tap bank licence: Draft guidelines NBFCs, individuals, groups with finance biz can be eligible

Setting the stage for the entry of more private sector players into the banking system, the Reserve Bank of India (RBI) has allowed individual promoters, non-banking finance companies and business groups predominantly into the financial sector to apply for on-tap bank licences. However, RBI has proposed that large industrial groups in the manufacturing sector will be excluded and they will ... Read More »

ICICI Prudential Life to hire banks for up to $700 mln IPO

ICICI Prudential Life Insurance is set to hire Bank of America Merrill Lynch and ICICI Securities for its planned $600 million to $700 million initial public offering (IPO), IFR reported on Friday citing two sources close to the plans. Other banks are likely to join the syndicate for the IPO that is expected in the current financial year ending March ... Read More »

ECB lowers emergency funding cap for Greek bank to 69.1 bln euros

May 5 The European Central Bank lowered the cap on emergency liquidity assistance (ELA) Greek banks draw from the domestic central bank by 0.3 billion euros to 69.1 billion euros ($79.3 billion), the Bank of Greece said on Thursday. The move reflected improving liquidity conditions in Greece’s banking sector, helped by the stabilisation of private sector deposit flows, the Greek ... Read More »