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Business

HSBC sees 14% profit drop after provision hit from Madoff lawsuit

The earnings come after the bank said on Monday it would set aside $1.1 billion to cover litigation by investors who lost money in the Madoff fraud scandal.

Markets

Italy's UniCredit sees record profits as Commerzbank advance drags on

UniCredit shareholders prepare for a bumper payout as the bank forecasts profits of more than €10 billion this year.

Economy

David Lindberg to lead HSBC UK as bank sharpens customer focus

HSBC has named former NatWest executive David Lindberg as CEO of its UK ring-fenced bank, part of a sweeping restructuring aimed at streamlining operations and sharpening its customer focus.

Partner content

Scaling impact: AIIB partners with Sri Lanka to advance sustainable development

Partner content presented by AIIB

Over the past decade the Asian Infrastructure Investment Bank has channelled over USD 500 million into Sri Lanka — from landslide mitigation to green energy.

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The Big Question

Revolut Western Europe CEO: “Not specifically in a hurry” for licences

Béatrice Cossa-Dumurgier said that while additional European licences would support Revolut’s business operations, the focus is on meeting customer needs through innovation.

Business

BBVA fails in €17bn takeover battle for smaller Spanish rival Sabadell

The bid only convinced shareholders representing 25.47% of Sabadell voting rights. That was far short of the 50% BBVA needed for the deal to pass outright.

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EBRD chief: Bank ‘even more important’ amid global tensions, aid cuts

Odile Renaud-Basso dismisses decline of multilateralism as a threat to the mission of the European Bank for Reconstruction and Development (EBRD) and foresees a role in post-war Ukraine and Gaza’s post-war recovery.

Europe News

Austrian bank takes centre stage as EU pushes new sanctions on Russia

Raiffeisen is seeking to offset €2.1 billion in damages imposed by a Russian court. As a solution, Austria has proposed to unfreeze the assets of a sanctioned Russian company. But the plan has proven controversial.

Economy

Poland's banking sector - still too small to meet economic ambitions?

While Poland boasts one of the most technologically advanced banking systems in Europe, experts say its capital potential remains insufficient to support the development of an economy with growing investment needs.

Business

BBVA's improved takeover bid for Banco Sabadell approved by regulator

The Spanish regulator has authorised the 10% raise in BBVA's takeover bid for Banco Sabadell and the elimination of the cash component. Shareholders have until 10 October to agree to the offer.

Business

Spanish BBVA receives greenlight for Banco Sabadell takeover

Spain's Banco Sabadell has been fighting off unsolicited interest from financial giant Banco Bilbao Vizcaya Argentaria (BBVA) since last year.

Business

MPS offer for Mediobanca hits minimum take-up threshold

As a requirement for the takeover, MPS needed investors to offer up at least 35% of Mediobanca shares. This goal has been surpassed, with MPS securing 38.5% of Mediobanca.

Business

MPS relaunches bid for Mediobanca takeover

Monte dei Paschi raises its offer for the acquisition of Mediobanca, adding €0.9 in cash per share and lowered the threshold for the validity of the takeover bid to 35%. The offer is now worth a total of €13.5 billion. Piazza Affari reacts with falls for both stocks.

Business

Klarna IPO is back: Fintech firm to go public in New York

The Swedish financial technology company announced on Tuesday the launch of its initial public offering, months after the firm paused its planned listing.

Economy

Fed independence ‘hangs by a thread’ as Trump moves to oust Lisa Cook

Efforts to oust Federal Reserve board member Lisa Cook and install allies could erode the bank’s autonomy, with consequences for inflation, market confidence and everyday borrowing.

Business

Here's what to do if your money has been burned in the Spanish fires

Thousands of people in Spain have lost their homes and belongings to the wildfires that have ravaged much of the Iberian Peninsula. PM Pedro Sánchez has declared the burnt areas to be catastrophic. The Bank of Spain has drawn up a protocol on how to recover burnt money.

Business

Mediobanca shareholders reject bid to acquire Banca Generali

The rejection could threaten Mediobanca’s independence as the Milanese lender seeks to fend off a takeover by Italian competitor MPS.

Europe News

ING bank probed for role in Didier Reynders money laundering case

The former EU Justice Commissioner came under investigation in December 2024.

Economy

What is de-banking? How EU, US & UK banks screen their risky customers

What began as technical risk management is now a political battlefield as governments wrestle with how far banks can go in choosing, or refusing, their customers.

Business

EU urges China to drop sanctions on two Lithuanian banks

The EU has demanded Beijing revoke "unjustified" sanctions on two Lithuanian banks in a dispute also rooted in long-standing tensions over Taiwan.