Allianz names technology leader, former AIG executive to management board

3 hours ago.
Munich-based insurance and asset management firm Allianz said Friday that it appointed two new members to its management board, one of whom is moving into a position that was held by the company’s retiring chief operating officer.

Ant Group partners with banks to roll out blockchain-based cross-border trade platform

5 hours ago.
Ant Group on Friday unveiled a new cross-border trade finance platform powered by its Blockchain-based unit AntChain in partnership with major global banks as the Chinese fintech readies for its blockbuster initial public offering.

Zurich, QBE among insurers who won’t deduct COVID-19 grants from UK BI payments

Last modified 2 hours ago. Published 7 hours ago.
Zurich Insurance, QBE Insurance and Hiscox are among a dozen insurers who pledged not to deduct UK recovery grants from business interruption payouts, as the industry faces pressure to cover more pandemic-related losses.

SocGen CEO says bank is on the road to recovery after challenging first half

September 24, 2020.
Societe Generale made progress toward recovery in the third quarter after suffering a heavy blow to earnings earlier in the year due to the pandemic, the CEO of France’s third-largest bank said Thursday.

Fashion house Chanel issues industry’s first sustainability-linked bonds

September 24, 2020.
French luxury brand Chanel on Thursday raised EUR 600 million ($700 million) from bonds tied to climate targets for the company, with Paris-based bank BNP Paribas structuring and issuing the securities.

France probes BNP Paribas over alleged complicity in genocide, torture in Sudan

September 24, 2020.
French authorities are investigating whether BNP Paribas was complicit in genocide, torture and crimes against humanity in Sudan, a leading human rights advocacy organization representing a group of alleged victims said Thursday.

Swedbank Robur debuts novel Paris Agreement-aligned funds

September 24, 2020.
The asset management arm of Sweden’s third-largest bank on Thursday unveiled an apparently unique class of five funds whose investments formally align with climate targets in the Paris Agreement.

UK banks urged to crack down on remote employee conduct violations

September 24, 2020.
A U.K. financial watchdog reportedly urged banks and investment managers to more closely supervise employees working from home as financial firms scale back return-to-office plans amid a resurgence of COVID-19 in the country.

Banks in US, Europe, Japan will not recover to pre-pandemic strength until 2023: S&P

September 24, 2020.
Banks in the U.S., Europe and parts of Asia will not return to pre-pandemic levels of credit strength until 2023, S&P ratings said Wednesday, warning the sector may take years to recover after the launch of a successful vaccine.

SocGen ponders merger of French banking units in push to regain profitability

Last modified September 23, 2020. Published September 23, 2020.
Société Générale Group is considering a consolidation of two key subsidiary banks, a merger that could boost the firm’s retail lending business as it seeks to rebound from surprise losses in the first half of the year.

BNP Paribas to shut down commodity trade financing operations in Switzerland

September 23, 2020.
BNP Paribas is discontinuing its commodity trade financing activities in Switzerland, a move that could affect 120 Geneva-based employees, the bank’s Swiss group said Wednesday.

PayPal, Mastercard expand business debit option into new European markets

September 23, 2020.
PayPal and Mastercard have expanded their PayPal Business Debit Mastercard into new major European markets, seeking to provide instant access to funds for small businesses and new cash back options for customers.

Ex-Trump top staffer Mulvaney joins crypto lobbying group along with Goldman Sachs, Visa

Last modified September 23, 2020. Published September 23, 2020.
Mick Mulvaney, who has held several high-profile Trump administration roles including acting chief of staff, will join the board of advisors for a U.S. blockchain lobbying group which counts several major banks as members.

‘Lower for longer’ rates could lead to overvalued banks, EU regulators warn

September 22, 2020.
Europe’s top banking regulators cautioned banks Tuesday that sustained low interest rates will contribute to growing valuation risks at banks in the European Union and challenge their profits and solvency in the near term.

Major European banks urge peers to adopt PACTA method for climate alignment

September 21, 2020.
Several large international financial institutions, including Société Générale, BNP Paribas and Standard Chartered, said Monday that they have successfully applied the PACTA methodology in order to better align their credit portfolios with the Paris Climate Agreement and are now encouraging other banks to do the same.

Berkshire Hathaway expands specialty insurance lines into France

September 21, 2020.
Berkshire Hathaway moved to expand its specialty insurance arm into France on Monday, appointing two financial industry veterans to take the helm of the company’s introduction of its executive and professional lines in the new market.

Hong Kong eyes ‘risk-based approach’ for new anti-money laundering guidelines

September 18, 2020.
Hong Kong’s Securities and Futures Commission is considering adopting what it called a “risk-based approach” as part of a series of changes for the global banking hub’s anti-money laundering and counter-financing of terrorism guidelines.

Euronext, CDP Equity in exclusive talks with LSEG to acquire Borsa Italiana

September 18, 2020.
Euronext and CDP Equity revealed Friday that they are now in exclusive talks with the London Stock Exchange Group to acquire Borsa Italiana, Italy’s only major stock exchange, which was sought after by two other bidders.

AI fraud detection ‘arms race’ poses ethical dilemma for insurers

September 18, 2020.
An Israel-based company promises insurers state-of-the-art weaponry in the fight against fraud: artificial intelligence that reveals the “genuine emotional state of a person” when they file a claim.

European insurance group calls for light touch on AI regulation

September 18, 2020.
European insurers called for an industry-driven approach to regulating the use of artificial intelligence, asking that government intervention be used only in the highest-risk situations involving the new technology.