Credit Suisse looks to halve its mainland China investment banking unit: Caixin

Credit Suisse is preparing to lay off half of its mainland China investment banking team, according to Chinese business publication Caixin, after saying earlier this week it is looking to fully acquire its Chinese securities joint venture and expand its presence in the market.

Itaú CorpBanca Chile hit with CLP 764B goodwill write-down, likely wiping out 2020 profit

Itaú CorpBanca Chile, Chile’s fifth-largest private-sector bank, on Thursday revealed an impairment charge of about CLP 764 billion ($964 million), a sum likely to scrap the lender’s 2020 profit.

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.

US Treasury proposes letting grandfathered health plans under ACA stay that way

Group health plans given grandfather status under the Affordable Care Act will have new options to preserve their exemptions, even if they pass along more costs to consumers, under a new rule proposed by federal regulators on Friday.

China looks poised to claim ‘first mover advantage’ on digital currency: HSBC

HSBC said Thursday that a digital version of the Chinese yuan, which it suspects will launch soon, could improve China’s payment systems and put the nation at the forefront of digital currency development.

State Auto extends CEO’s contract amid pandemic, citing need for continuity

Ohio-based insurer State Auto Financial on Thursday extended CEO Mike LaRocco’s employment agreement for an extra year, as the superregional carrier seeks a return to stability and profitability amid pandemic-related disruption.

Erie Insurance Group put on negative outlook by AM Best as weather-related claims grow

AM Best has placed Pennsylvania-based Erie Insurance Group and its subsidiaries on a negative credit outlook, citing lagging underwriting performance due to weather-related losses, the ratings agency said Friday.

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.

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.

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.

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.

T. Rowe Price leads $2.5B investment round for Tesla rival Rivian

Funds and accounts managed by T. Rowe Price led a $2.5 billion investment round for Tesla rival Rivian, the startup said Friday, as investors chase the electric car hype.

Australian Securities Exchange extends emergency capital-raising relief measures

The Australian Securities Exchange said Thursday that it will be extending its temporary emergency relief measures through the end of November in order to continue to support the Australian economy during the ongoing COVID-19 pandemic.

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.

Franklin Templeton to close Canadian version of senior loan ETF

Franklin Templeton’s Canadian arm said on Friday that it will shutter the Canadian dollar hedged version of Franklin Liberty Senior Loan ETF (the ticker symbol is FLSL), with the closure set to be completed in September.

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.

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