Five banks have been fined €1.07bn (£935m) by the European Commission after traders clubbed together to rig the foreign exchange market. Four banks in the Banana Split cartel - Barclays, RBS, Citigroup and JP Morgan - were fined €811m in all.Add your comment!
Citigroup Inc plans to sell several tons of gold placed as collateral by Venezuela’s central bank on a US$ 1.6 billion loan after the deadline for repurchasing them expired this month, sources said Reuters, a setback for President Nicolas Maduro’s efforts to hold onto the country’s fast-shrinking reserves.
Citigroup Inc expects to boost annual revenue in Brazil over the next years by advising potential public asset sales and through a revival in capital markets, its chief executive officer in Brazil told journalists on Monday. Marcelo Marangon said Citi expects its annual revenue in Brazil to grow to US$1.5 billion from US$1.1 billion over the next years. He did not specify a timeframe for the goal.
Ecuador’s finance ministry said it had placed about US$1 billion in 10-year sovereign bonds in the international market. Proceeds from the 10.75% bonds will be used to strengthen the country’s reserves and help fund this year’s budget which has financing needs of about US$ 8 billion, the ministry said in a statement.
Citibank has sold its Colombian consumer and small business operations to Banco Colpatria Multibanca Colpatria S.A, the Colombian subsidiary of leading Canadian financial institution Scotiabank. Citibank operations in Colombia include 500,000 customers, 47 branches, and 424 self-service access points in Colombia. The deal also includes “assumption by Banco Colpatria of Citibank’s workforce,” according to Scotiabank.
Banking giant HSBC has named John Flint, current head of retail banking and wealth management, as its new boss. Mr Flint, who takes over from outgoing chief executive Stuart Gulliver, will start his new role next February.
Five of the world's largest banks are to pay fines totaling $5.7bn for charges including manipulating the foreign exchange market. Four of the banks - JPMorgan, Barclays, Citigroup and RBS - have agreed to plead guilty to US criminal charges, while the fifth, UBS from Switzerland will plead guilty to rigging benchmark interest rates.
Clearing houses Euroclear and Clearstream have closed trading bridges on some 9.4 billion of Argentine bonds issued under the country's law. The action will prevent Euroclear customers from settling their trades with Clearstream clients and vice versa, but will not affect trading between customers belonging to the same clearing company, the same source said.
Argentina's Economy Minister Axel Kicillof said on Wednesday a deal between Citigroup Inc and U.S. judge Thomas Griesa allowing the banking giant to process two Argentine debt payments violated the country's laws.
Argentine Economy Minister Axel Kicillof has revealed the government sent a letter to Citigroup asking how the bank will react, after New York district judge Thomas Griesa decided not to kill an injunction that blocked Citi from processing interest payments on 2.3 billion dollars of Argentina bonds, under Argentine law.