Banks rush to buy cyber security cover as digital payments rise

Representative image MUMBAI: At a time when cyber threats are on the rise for banks for increasing cashless transactions and effects of demonetization, insurers see rise in demand for cyber insurance and cyber liability insurance, in particular. This is despite the fact that the industry base for cyber insurance is currently as low as Rs … Read more

Sensex ends lower post RBI policy review, banks hit hard

(Representative image) MUMBAI: RBI’s decision to keep rates unchanged caught the stock markets off-guard on Wednesday with a sharp plunge in the Sensex within minutes of the policy announcement amid a heavy pounding of bank stocks, but a quick recovery saw the index limiting its losses at just 45 points. NSE’s Nifty index fared better … Read more

Ancient Silk Road revival plans could be the new risk to Chinese banks

China’s expansive overseas infrastructure lending through the One Belt One Road (OBOR) initiative could create new asset-quality risks for its banking system, Fitch Ratings warned. Launched in 2013, the Xi Jinping-backed initiative aims to revive the ancient Silk Road and strengthen Chinese ties with more than 60 countries across Asia, Europe and East Africa through … Read more

China cuts reserve ratios for big 5 banks temporarily amid cash crunch: Sources

Zhang Peng | LightRocket | Getty Images People withdraw money from an ICBC branch in Beijing. China has allowed its five biggest banks to temporarily lower the amount of money that they must hold as reserves to relieve pressure in its financial system as demand for cash surges ahead of the Lunar New Year holiday, … Read more

Italy’s UBI plans 400 million euros share issue to buy three rescued banks

Italy’s fifth-largest bank UBI Banca said on Thursday it would launch a share issue for up to 400 million euros (347.17 million pounds) to strengthen its capital after offering to take over three small rescued banks. UBI approved a binding offer worth 1 euro to buy Banca Marche, Banca Etruria and CariChieti, which Italy rescued … Read more

New Italy PM Gentiloni says ready to intervene to support banks

Italy’s new prime minister, Paolo Gentiloni, said on Tuesday that his government would be ready to take action to support the country’s troubled banking sector. Camilla Morandi – Corbis | Corbis Entertainment | Getty Images Paolo Gentiloni Sworn In As Italian Prime Minister “I want to say very clearly that the government … is ready … Read more

Italy’s pain has turned into even more gains for US banks

For how tumultuous of a year it’s been for business and politics, it’s somehow fitting that 2016 should end with Americans banks sitting pretty as an oasis of stability. After an explosive move higher during November, U.S. banks got another boost Monday from the “no” vote in the weekend’s Italian referendum. One of the net … Read more

Italian banks hold nearly a third of euro zone’s bad loans: ECB

Italian banks are holding nearly a third of the 990 billion euros ($1.05 trillion) of unpaid loans at top euro zone lenders, European Central Bank data showed on Tuesday, underscoring the challenge facing Italy at a time of political and market upheaval. High levels of bad loans, a legacy of the financial crisis, are curbing … Read more