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.
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.
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.
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.
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.
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.”
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.
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.
Bank of New York Mellon and Deutsche Bank developed a foreign-exchange tool to expedite currency trades in restricted emerging markets, the banks said Wednesday, aiming to reduce the pre-trade life cycle “to seconds from hours.”
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.
Wirecard’s administrator reportedly said Tuesday more than 100 investors were interested in acquiring parts of the German payments firm, which filed for insolvency last month after a sprawling accounting scandal was revealed.
German exchange and market technology network Deutsche Boerse rolled out a new analytics platform, A7, to provide investors and algorithm designers with “nanosecond-precise” data on its Xetra and Eurex trading platforms.
Russia-based VTB Bank said Tuesday that it appointed a new chairman of its European branch’s board and a new chief executive officer of its Russia-focused investment management division as the bank continues to expand despite tensions abroad.
Deutsche Bank has agreed to pay $150 million in penalties to a New York State financial regulator for compliance lapses that included the lender’s dealings with convicted sex offender Jeffrey Epstein and its relationship with Danske Bank and FBME Bank, two institutions deeply mired in money laundering scandals.
Allianz Global Investors said Tuesday that it has agreed to a strategic partnership with Virtus Investment Partners that will “focus on enhancing both firms’ growth opportunities” as the latter provides investment strategies on the U.S. retail market.
Deutsche Bank said Tuesday that it has signed on to a partnership with Google Cloud that will not only provide new technology for the bank to use but also envisions a collaboration to develop “the next generation of financial technology” products for its clients.
The CEO and supervisory board chairman of Germany’s Commerzbank have both tendered their resignations, the bank said Friday, as the pressure from agitated shareholders mounted amid large losses.
The U.K.’s recent decision to allow electric scooters onto public roads demonstrates a “significant opportunity” for insurers looking to enter a new market with limited coverage, according to research firm GlobalData.
Fiserv has replaced distressed fintech Wirecard as grocery chain ALDI Nord’s in-store card payments facilitator in Germany.
Munich prosecutors on Monday arrested a second Wirecard executive as part of an investigation into a €1.9 billion ($2.1 billion) accounting scandal that has authorities probing the company’s partners and subsidiaries globally.