Discover inks deal with Saudi Arabian payment authority to expand in Middle East

Discover Financial Services has signed an agreement with Saudi Arabia’s government-controlled payment authority that will allow the use of the company’s network cards in Saudi Arabia as well as allow Saudi banks to issue cards that will be accepted on Discover’s worldwide payment network.

Basel Committee tightens international risk weight, credit valuation standards

Global banking policy leaders have finalized revisions to the Basel III financial reform, emphasizing new standards for measuring credit valuation adjustment risk, the Bank for International Settlements said Wednesday.

Alibaba affiliate Ant Financial plans $200B IPO in Hong Kong: Reuters

Ant Financial Services Group, the world’s most valuable tech startup, plans to list an initial public offering in Hong Kong as soon as this year, Reuters reported on Wednesday, sending shares of the firm’s larger affiliate Alibaba soaring.

Interactive Brokers expands Singapore presence with new local entity

Interactive Brokers said on Tuesday that it has expanded its presence in Singapore with the opening of an office and the establishment of a local operating entity, moves that come as the company reports a rising clientele in Asia.

ICICI Bank to raise 150B rupees as lenders anticipate surge in defaults

Indian lender ICICI Bank shared plans on Wednesday to bolster its financial footing by raising 150 billion rupees ($2 billion), as banks across the country brace for continuing fallout from the coronavirus pandemic.

Insurers must remain fair to consumers during pandemic, European regulator says

The European Insurance and Occupational Pensions Authority urged insurance companies to identify products that have been affected by the coronavirus pandemic and examine whether policyholders are being treated fairly in light of swiftly changing market conditions.

Signature Bank grows California presence with 15 new private client teams

New York-based Signature Bank said Wednesday that it plans to significantly increase its footprint in California, expanding into the Los Angeles area with the appointment of a new executive director and 45 banking professionals who will staff 15 private client teams.

Wirecard hit with class-action suit over missing €1.9B

U.S. shareholders of Wirecard on Tuesday hit the troubled German payments processor with what appears to be the first securities fraud class-action lawsuit against the company after it revealed a €1.9 billion (about $2.1 billion) hole in its balance sheet and filed for insolvency.

KKR to boost permanent capital with Global Atlantic purchase

Private equity firm KKR & Co. said on Wednesday that it will acquire retirement and life insurance company Global Atlantic Financial Group for around $4.4 billion, a deal that will significantly increase its permanent capital base and expand its position in the insurance industry.

Australian banks extend loan repayment deferrals to aid borrowers squeezed by pandemic

Australia’s banks will extend loan repayment deferrals for up to four months to help consumers struggling to pay off their debt through the coronavirus pandemic and to avoid a “cliff” come September, when the original relief program was set to expire, the country’s banking trade association said Wednesday.

Allstate to buy National General for $4B to expand personal lines business

Allstate said on Wednesday that it will purchase fellow insurer National General Holdings for nearly $4 billion in cash, a deal that marks an attempt to increase its personal-lines market share.

Stablecoins to face new regulatory scrutiny

The Financial Action Task Force on Tuesday identified stablecoins as akin to other virtual assets like Bitcoin and called for the implementation of revised regulatory standards for them as “a matter of priority,” in a report addressed to G-20 finance ministers and central bank governors.

American Express, Discover, Mastercard and Visa commit to global expansion of online checkout system

American Express, Discover, Mastercard and Visa said on Wednesday that they are each starting technical preparations to expand the Click to Pay online checkout system globally, offering consumers a “streamlined experience across any digital checkout environment or network” as the pandemic has accelerated the shift to digital payments.

AXA Investment Managers sets 33% gender diversity target for company boards

AXA Investment Managers plans to set a 33% target for gender diversity on listed company boards in developed markets starting next year, the company said Wednesday, building on years of efforts to increase the number of women helping to lead companies.

Quicken Loans files for IPO, changes name to Rocket Companies

Online mortgage lender Quicken Loans filed paperwork Tuesday to take itself public under the new name Rocket Companies, a move that reveals the inner workings of the Michigan-based company for the first time since founder Dan Gilbert regained control.

India’s troubled Yes Bank moves to raise funds through further public offering

As it looks to regain stability following a turbulent first half of 2020, India’s Yes Bank said Tuesday that it will be raising funds through a further public offering that local media reports say will see it seeking to rake in at least 10,000 crore (approximately $1.3 billion).

Hang Seng Bank debuts SimplyFund app to entice younger investors

In a bid to appeal to a younger generation by removing perceived obstacles, Hang Seng Bank has debuted SimplyFund, an in-app service that offers curated mutual fund choices to beginning investors, the Hong Kong-based bank said Tuesday.

Bank of America to phase U.S. employees back to offices after Labor Day

Bank of America will begin the process of bringing its 185,000 employees who have been working from home back into the office after Labor Day, Sept. 7, a spokesperson said Tuesday.

Australian Unity launches green bond fund to lower carbon emissions

Insurer Australian Unity made two executive appointments on Monday and launched a new fund that will invest in green, social and sustainable fixed interest securities, a move prompted by destruction from Australia's bushfires.

Generali completes €600 million buyback of debt, placement of new green bonds

Generali has repurchased nearly €600 million ($676 million) in conventional debt in a bid to drive down its interest expense, while furthering its green investment initiative with a new bond issuance.

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