MUFG taps math expert as CEO to lead digital transformation amid Japan's negative rates
Mitsubishi UFJ Financial Group Inc. named Hironori Kamezawa as chief executive officer on Friday, turning to a math expert to help Japan's biggest bank forge a path in the digital era. Kamezawa, 58, will take the top post on April 1, the Tokyo-based bank said ...
Japan's SBI Holdings and Chikuho Bank agree on capital tie-up
Major online financial company SBI Holdings Inc. and Chikuho Bank said Friday they had agreed on a capital tie-up to help boost the regional bank's business amid population decline. Under the deal, SBI will acquire a stake of up to 3 percent in the bank, ...
Jack Ma and ride-hailing firm Grab see opportunities in Singapore's digital banking battle
Singapore is opening up its banking industry to digital lenders in a reform that could shake up the sector across Southeast Asia, with Chinese billionaire Jack Ma and ride-hailer Grab among those seeking licenses. Traditional banks are being challenged by a new generation of online-only ...
Japan firms pull staff out of Iran and limit Iraq travel amid high tensions
As of Oct. 1, 2018, Japanese companies have 30 operational bases in Iran, according to the Ministry of Foreign Affairs.
Switzerland's Julius Baer among banks linked to Carlos Ghosn, report says
Carlos Ghosn has banked with Switzerland's Julius Baer Group Ltd. for years and the private lender must make a decision on whether to report the link to authorities, according to Inside Paradeplatz. The fugitive former Nissan Motor Co. boss was persuaded to become a client ...
China vows increased measures to 'win' battle against growing bank risks
China pledged to step up measures to shore up its troubled banks and small businesses while continuing a crackdown on shadow banking and property speculation, in a difficult balancing act that risks exacerbating a buildup in bad debt at its traditional lenders. As concerns mount ...
Japan, China and South Korea step up banking cooperation with ASEAN for infrastructure projects
Government-backed development banks of Japan, China and South Korea have signed an agreement with public and private financial institutions in Southeast Asia to meet increasing demand for infrastructure projects in the fast-growing region. The Japan Bank for International Cooperation, the China Development Bank and the ...
U.K.'s Lloyds Banking Group reports disruption to online services
Britain's Lloyds Banking Group suffered an outage on Wednesday that left customers of its Lloyds, Halifax and Bank of Scotland operations unable to access their accounts online. Disruption to online services is a periodic problem for Britain's banks, and last month regulators told lenders that ...
China to cut reserve requirement for banks as economy slows, freeing up $114 billion
China's central bank announced Wednesday it was cutting the reserve requirements for banks, freeing up about $114 billion to boost lending and spur the slowing economy. The People's Bank of China will cut the reserve requirement ratio (RRR) on Jan. 6 by 50 basis points, ...
China's Xi turns to financial experts to tame economic risks
As China struggles to deal with the slowdown of the world's second-largest economy, it has embarked on a new strategy of placing financial experts in provinces to manage risks and rebuild regional economies. Since 2018, President Xi Jinping has put 12 former executives at state-run ...
Deepening negative rates would do more harm than good, says Bank of Japan ex-deputy
The Bank of Japan has nearly exhausted its policy ammunition for boosting the economy, as deepening negative interest rates — seen as the most likely step if it were to expand stimulus — will do more harm than good, former BOJ Deputy Gov. Toshiro ...
Theft from online accounts and transfers in Japan soared to ¥776 million in November
A sharp rise in the number of illegal withdrawals from online bank accounts has been reported in recent months, according to the National Police Agency. In November, 573 cases of unauthorized withdrawals from internet banking accounts and money transfers, amounting to ¥776 million, were reported, ...
