California lawmakers propose state bank to assist economic recovery

California state lawmakers on Thursday introduced legislation to establish a public bank, an institution proponents argue would support the state’s push for equitable economic recovery following the coronavirus crisis.

Chinese new bank lending soars to record CNY 12.09T in first half of 2020

Chinese new bank lending soared to a record CNY 12.09 trillion ($1.72 trillion) in the first half of 2020 as China sought to recover from pandemic-related shutdowns, according to data released Friday by the country’s central bank.

Commercial mortgage security defaults loom if workers stay home long-term, Moody’s says

Corporate America’s flight from offices isn’t expected to be permanent, but if the transition to remote working becomes more entrenched, commercial-backed mortgage securities could seek a dramatic surge in default risk, Moody’s said in a new report Thursday.

Chinese central bank unloads shares in India’s Housing Development Finance Corporation

China’s central bank has sold some of its stake in India’s Housing Development Finance Corporation amid rising tensions between the world’s two most populous countries.

ING says pandemic accelerating Dutch bank branch closures as more consumers go digital

Amsterdam-based ING Group said Friday it will close about a quarter of its bank branches in the Netherlands as lockdown measures aimed at containing the coronavirus outbreak have hastened the adoption of online banking.

BTIG expects employees to work from home through 2020

Brokerage firm BTIG said Friday it expects its U.S. employees to continue working remotely for the rest of the year, joining the ranks of employers who say their staff have adjusted to the new normal and prefer to play it safe as transmission rates spike in parts of the country.

Fintech Marqeta, backed by Goldman Sachs and Visa, eyes IPO: Reuters

Marqeta, a fintech that provides a platform for card issuers and whose backers include Visa and Goldman Sachs, is exploring an initial public offering, Reuters reported on Thursday.

Another year delay proposed for new US insurance accounting rules

U.S. insurance companies could get a second extra year to come into compliance with new financial reporting rules for long-term contracts such as life and annuity, continuing a recent trend in postponements of significant new accounting standards.

Citibank, ING, VTB bid to loan €542M to Bulgarian state gas company

Citibank, ING and VTB are among the banks seeking to lend €542 million ($612 million) to Bulgaria’s state-run natural gas company as it looks to expand abroad, the firm said Thursday.

Prudential Retirement closes $1.7B in longevity reinsurance deals in first half of 2020

Despite the global pandemic’s economic impact, Prudential Retirement said Thursday that it has flourished in the first half of 2020, closing some $1.7 billion in new longevity reinsurance transactions thanks to a resilient U.K. pension market.

Global insurance premium volumes will return to pre-crisis levels in 2021: Swiss Re

Global insurance premium volumes are set to recover to pre-coronavirus pandemic levels in 2021, despite a more “protracted recovery” in the global economy, Swiss Re Institute said Thursday.

CFO Young to depart fintech Broadridge for agtech startup

New York-based Broadridge Financial Services is on the prowl for a new chief financial officer, disclosing Thursday that its CFO of six years, Jim Young, will step down, marking the latest C-suite shakeup at the global fintech.

Bank of China’s Malaysia arm adopts UnionPay QR code payments

The Bank of China’s Malaysian outpost has begun using a QR code payment option for customers around the world who use the bank’s app, reflecting the current high demand for digital services as well as the bank’s continued interest in the Southeast Asian country.

JPMorgan Chase pauses plans to open up Ohio offices as COVID-19 cases climb

JPMorgan Chase suspended plans to open its offices in Columbus, Ohio, after the Midwestern state had its highest day for new coronavirus cases on July 3, bank spokesperson Carlene Lule told Fastinform Wednesday.

DBS hires former Morgan Stanley veteran to lead greater China private bank

DBS’ Hong Kong business tapped Peter Tung, a veteran of Morgan Stanley and UBS, to head its private banking unit for greater China as financial firms compete for growth in a cooling market.

US housing market shows strength as buyers capitalize on low interest rates

The U.S. housing market continued on the path to recovery, buoyed by low interest rates and an improving job market, according to data released by the Mortgage Bankers Association this week.

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.

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.

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.

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