EU puts Bulgaria, Croatia on a track to adopt the euro as early as 2023

Bulgaria and Croatia were accepted into a waiting room to the eurozone on Friday, as European Union officials agreed to put the countries on a path to adopt the euro as an official currency as early as 2023.

BBVA issues bond worth GBP 300 million to shore up capital position

Banco Bilbao Vizcaya Argentaria said Friday that it issued a GBP 300 million bond (nearly $379 million) in order to improve its capital position to meet a European Union rules change.

Legal & General urges UK to reduce building-related emissions in pandemic recovery

London-based financial and insurance firm Legal & General wants to see the U.K. implement stringent efficiency standards and emission targets for the country’s buildings during the country’s post-pandemic economic recovery.

EQT agrees to pay $854M for New Zealand retirement community firm in renewed deal

An entity owned by EQT’s infrastructure fund reached a new deal to acquire a leading New Zealand retirement village operator, agreeing to pay $854 million, after having scrapped an earlier bid due to the COVID-19 pandemic.

Admiral offers travel insurance from UK as country lifts quarantine requirements

Admiral Insurance has begun selling travel insurance with specific provisions related to COVID-19, after a four-month hiatus in the business, as the United Kingdom eases quarantine requirements, making travel abroad less cumbersome.

Amundi debuts trio of ETFs aligned with Paris climate accord targets

Amundi introduced three new exchange-traded funds aimed at the European Union’s Paris Climate Agreement-based targets, the French asset manager with EUR 1.5 trillion ($1.7 trillion) in assets under management said on Thursday.

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.

NY suit against Bitfinex over $850M in lost funds will go forward, appeals court rules

A New York appeals court ruled Thursday that cryptocurrency exchange Bitfinex must face the state’s claims the company engaged in a coverup to hide the loss of $850 million in client and corporate funds connected to one of the world’s most valuable digital currencies.

Banks’ declining interest revenue, asset quality will accelerate digitization: S&P Global

The global banking sector may see structural shifts that last beyond the COVID-19 pandemic, as declining revenues and asset quality push banks toward consolidation and digitization, according to S&P Global in a mid-year report released Thursday.

BIS recommends FDIC-like deposit insurance to manage failing European banks

An international banking institution offered reforms to better handle failing banks in the European Union in a report published Thursday, suggesting that the EU should implement deposit insurance and standardize nation-level insolvency laws.

Wirecard execs under investigation for money laundering

German prosecutors are reportedly investigating individuals at Wirecard on suspicion of money laundering, on top of ongoing probes into the company for alleged accounting fraud and market manipulation, as troubles continue to mount for the insolvent payments processor.

EU to maintain limited access to UK derivatives clearers into 2021

The European Commission will adopt new provisions allowing the EU continued access to the U.K.'s financial industry and derivatives clearing houses after the post-Brexit transition period expires at the end of 2020.

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.

Northern Trust boosts European presence with 3 new insurance clients

Wealth management company Northern Trust has taken on three new European insurance clients, it said Thursday, providing global custody services to help protect the companies’ assets.

DWS partners with Northwestern Mutual to grow private markets business

Asset manager DWS said Thursday it has entered into a strategic partnership with the private markets division of Northwestern Mutual “to identify and develop private market opportunities.”

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.

ECB was right to fine French bank but gave poor reasons, EU court rules

Europe's second-highest court ruled Wednesday that the European Central Bank gave "inadequate reasons" for imposing €4.8 million ($5.4 million) in regulatory fines on French bank Crédit Agricole and its subsidiaries in 2018.

Munich Re launches new US professional liability line despite growing claims

German insurer Munich Re has launched a new miscellaneous professional liability insurance through its U.S.-based specialty unit, despite an uptick in claims within the past year that has caused some carriers to curtail coverage.

US DOJ investigating Wirecard as part of probe into alleged bank-fraud conspiracy: WSJ

The U.S. Department of Justice is looking into whether scandal-plagued German payments processor Wirecard was involved in an alleged $100 million bank-fraud conspiracy relating to an online marijuana marketplace, The Wall Street Journal reported Wednesday.

Amundi adopts ‘temperature rating’ climate assessment to inform ESG investments

Amundi will use a model for environmentally focused investing that assigns a “temperature rating” to each holding based on its global warming impact, as the firm looks to quantify sustainability in all of its investments by 2021.

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