The EU struck a deal on Tuesday to implement internationally-agreed banking reforms intended to avert a repeat of the 2008 financial crisis. The European Commission first proposed the banking law in October 2021 but there has been a greater focus on banks following the collapse of lenders in the United States triggered market turbulence earlier … Read more
Incoming UBS Chief Executive Sergio Ermotti has sought to ease worries about the size of the new bank being created by its takeover of Credit Suisse. Critics have voiced concern about the forced deal, designed to help secure financial stability globally during a period of turmoil, which will create a new Swiss bank with $1.6 … Read more
A shock similar to one experienced by Silicon Valley Bank (SVB) is unlikely to occur in India owing to stringent regulation, supervision and accounting requirements for Indian banks, brokerage firm Anand Rathi said in a note. “Unlike in the United States, Indian banks must make provision for all unrealized marked-to-market losses outside their held-to-maturity (HTM) … Read more