Credit Suisse seeks more banking and insurance partnerships: SonntagsZeitung

August 10, 2020.
Switzerland-based investment bank Credit Suisse wants to further its connection and finalize more partnerships with Swiss insurers as COVID-19 progresses, partly to better reach a younger demographic.

Bank of Canada to phase out expanded liquidity initiative created for pandemic

August 10, 2020.
The Bank of Canada said Monday it will gradually revert its expanded credit policy back to its original levels in the next six weeks, in response to the country’s improved short-term funding conditions during the COVID-19 pandemic.

Commercial and multifamily lending slowed ‘dramatically’ in Q2, mortgage trade group says

August 10, 2020.
U.S. commercial and multifamily mortgage originations dropped off about 48% year over year in the second quarter, largely in line with a bleak 2020 forecast, but may rebound next year, the Mortgage Bankers Association said Friday.

Trump calls New York D.A.’s probe into financial practices ‘murky,’ resists subpoena

August 10, 2020.
U.S. President Donald Trump continued to fight a New York prosecutor’s attempt to seek his tax returns and sought more details about a probe which has been suggested to include bank and insurance fraud allegations as well as claims of hush-money payments.

AIG leads reinsurance underwriting for Indian plane crash: Local news reports

August 10, 2020.
American International Group will be covering most of the reinsurance costs associated with the Air India Express plane that crashed at an Indian airport and killed 18 people, according to local media reports.

Fitch puts Aviva France on negative ratings watch amid renewed focus on UK business

August 10, 2020.
Fitch Ratings put two French subsidiaries of Aviva on negative ratings watch, citing the U.K. parent company’s strategic direction, which appears to involve pulling back from doing business in some markets abroad.

Iran says European insurers should pay for jetliner shot down by Iran

August 10, 2020.
The head of Iran’s insurance regulator said Monday that the country will not pay compensation to Ukranian National Airlines related to Iran’s shooting down of a jetliner because the plane was insured by European firms.

Watchdog sees conflict of interest in CEO appointment of Norwegian sovereign wealth fund

August 10, 2020.
A Norwegian financial watchdog raised concerns about the appointment of Nicolai Tangen to lead the country’s sovereign wealth fund, reigniting controversy over Tangen’s use of tax havens and potential conflicts of interest.

Expected credit losses at major UK banks could reach GBP 28 billion in 2020: Fitch

August 10, 2020.
Banks in the U.K. are bulking up reserves for loan losses at an alarming rate, more than those in any other European region, suggesting a weakening economy could be on the horizon for the country, Fitch said.

China’s central bank pledges to continue opening finance sector despite political tensions

August 10, 2020.
Despite escalating tensions between China and the U.S., China’s central bank head pledged Sunday to “resolutely deepen” integration between the world’s two largest economies by continuing to eliminate ownership restrictions for foreign financial firms.

Fintech Interac becomes ‘critical’ payment system in Canada, meriting greater oversight

August 10, 2020.
Canadian fintech Interac’s electronic funds transfer platform was “critical” to the country’s economic activity and will be brought under increased government oversight, the country’s central bank said Monday.

Everbright to pay RMB 3.5B over acquisition of failed British media company

August 10, 2020.
The Shanghai Financial Court ruled that state-owned Everbright Capital Investment must pay a total of around RMB 3.5 billion ($502.7 million) to two partner investors over losses they incurred from the acquisition of a British sports media company that went bust.

Top Portuguese banks see sharp H1 decline amid asset deterioration worries

August 10, 2020.
Portugal’s largest banks reserved heavily for loan losses in the first half of 2020, causing a sharp drop in earnings, even as the country’s government attempts to avert a credit crisis, DBRS Morningstar said Monday.

Allianz unit hits first close for inaugural global infrastructure fund

Last modified August 10, 2020. Published August 10, 2020.
Allianz Capital Partners said on Monday that its inaugural global infrastructure fund hit its first close, reaching more than EUR 600 million ($704.19 million) worth of commitments.

Insurtech Duck Creek Technologies eyes $300M IPO

August 10, 2020.
Duck Creek Technologies, a software provider for property and casualty insurers, intends to raise $300 million in an initial public offering, becoming the latest company looking to capitalize on investor appetite for insurtech.

Pandemic pressure spurs rise in CLOs as borrowers scramble for liquidity: DBRS Morningstar

August 10, 2020.
Collateralized loan obligations, once abundant before the 2008 financial crisis, are having a resurgence as the economic slowdown compels borrowers to seek out new sources of liquidity, DBRS Morningstar said Monday.

Visa plans landmark green bond sale to finance sustainable projects

August 10, 2020.
The world’s largest retail digital payments network is poised to make an unprecedented green bond offering, a Monday filing with the U.S. Securities and Exchange Commission shows.

Interactive Brokers to pay $38M penalty for anti-money laundering lapses

August 10, 2020.
Financial services company Interactive Brokers must pay a total of $38 million to several U.S. regulatory organizations to settle claims that the company failed to properly detect and report suspicious transactions as required by federal anti-money laundering laws.

Regional Chinese banks to benefit from return of equity approvals, Moody’s says

August 10, 2020.
Non-listed regional Chinese banks will benefit from the recent resumption of equity private placement approvals, which function as an important source of capital, Moody’s Investors Service said in a new report released Monday.

Commercial insurance prices jump 19% in Q2 as they continue upward climb

August 10, 2020.
Prices in the global commercial insurance market showed a record surge over the past three months, following 10 consecutive quarters of increases, as rates continued to rise in property and financial and professional lines.