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PayPal moves to establish US bank, expanding deposits and loans

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Why is the US taking so many loans from China's state banks?

China’s state lenders have funnelled billions into US businesses for a quarter of a century, but many of the loans have been kept secret.

The Big Question

Wall Street trumps again: Why Europe still lacks financial firepower

“Member states would feel much more comfortable about ceding power to supranational European regulators if they thought they were pro-growth,” said former commissioner Lord Jonathan Hill.

Business

Russia clears Citigroup exit as Moscow keeps pressure on foreign firms

A presidential order allowing Citigroup to sell its Russian unit to Renaissance Capital underscores Moscow’s control over foreign asset sales as Western lenders continue their slow retreat.

Business

Italian government faces a high-stakes bank merger clash with Brussels

On Wednesday, Italy will face tough questions from the Eurogroup on its decision to block UniCredit's acquisition of Banco BPM in an attempt to stop infringement procedures.

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Business

UniCredit challenges Italian government veto of Banco BPM takeover

The Milanese bank lodged an appeal with Italy's top legal authority after a Lazio court validated the government's partial veto on the acquisition of Banco BPM.

Business

SoftBank ditches Nvidia in favour of deeper dive into AI

SoftBank has exited Nvidia for about €5.4bn and, after reporting a €14bn quarterly profit, said it will redirect capital into AI investments.

Business

German co-op banks close AfD accounts, party slams ‘political’ act

Two German banks have closed the accounts of regional AfD branches, the latest in a string of companies to distance themselves from the far-right party.

Business

Germany fines JPMorgan €45 million for anti-money-laundering failings

Germany’s financial watchdog BaFin has imposed a record fine on JPMorgan for systemic failings in its anti-money-laundering controls.

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

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

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.