Latest news with #privatebanking
Yahoo
an hour ago
- Business
- Yahoo
HSBC's $300 Million Scandal Resurfaces -- Swiss Probe Reopens Risk for Global Bank
Swiss and French authorities have opened a new investigation into HSBC Holdings Plc's (NYSE:HSBC) Swiss private bank, reigniting concerns over legacy compliance risks that had long been buried. The probe centers on two historical client relationships, according to the bank's latest disclosure. While the details remain limited, HSBC warned investors that the potential impact on the firm could be materialthough the timing and outcome are still anyone's guess. Warning! GuruFocus has detected 6 Warning Sign with HSBC. This isn't the first time HSBC's Swiss arm has drawn regulatory heat. Just last year, Switzerland's financial regulator, Finma, found that the bank failed to perform adequate checks on politically exposed personsclients considered higher risk under anti-money laundering (AML) frameworks. Over $300 million in questionable transactions, processed between 2002 and 2015, were flagged. As a result, HSBC was ordered to tighten its AML controls and temporarily halt onboarding any new politically exposed clients. Now, with a fresh spotlight on its pastand scrutiny from two countriesHSBC's private banking business could be looking at a longer road to reputational repair. While this doesn't change the fundamentals overnight, it reopens old questions about governance and risk oversight. Investors watching from the sidelines may want to stay alert: depending on how the investigation unfolds, this story could evolve into a much bigger headline. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
23-07-2025
- Business
- Bloomberg
Kotak Bank Targets India's Fast-Growing Affluent Customer Pool
Kotak Mahindra Bank Ltd. is extending wealth management and bespoke services to its affluent customers as competition for servicing India's rapidly-growing tribe of rich individuals heats up. The Mumbai-based private lender backed by billionaire Uday Kotak Wednesday launched 'Kotak Solitaire,' an offering targeted at salaried customers with 7.5 million rupees ($86,786) in relationship value and self-employed clients with 10 million rupees.
Zawya
23-07-2025
- Business
- Zawya
Egypt: CIB posts 21.05% YoY increase in H1 2025 consolidated profit
Arab Finance: Commercial International Bank Egypt (CIB) reported a 21.05% year-on-year (YoY) surge in consolidated net profits after tax and minority interest to EGP 33.345 billion in the first half (H1) of 2025 from EGP 27.547 billion, according to disclosure. Net interest income grew to EGP 51.335 billion in H1 2025 from EGP 41.537 billion in H1 2024. The bank earned EGP 33.409 billion in standalone net profits after tax from January through June, compared to EGP 27.683 billion in the same period last year. Meanwhile, standalone net interest income jumped to EGP 51.151 billion from EGP 41.44 billion. CIB, the leading private sector bank in Egypt, provides banking services across the country. The bank's segments include corporate banking, investment banking, retail banking, treasury and capital market services, and others. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Bloomberg
19-07-2025
- Business
- Bloomberg
ICICI Bank Beats Estimates on Lending Growth
ICICI Bank Ltd., India's second-largest private lender, beat estimates to post a net profit, driven by significant growth in its business and corporate lending divisions. Net income grew by 15.5% to 127.68 billion rupees in the three months ended June from a year earlier, according to a statement on Saturday. That beat the average estimate of 119.85 billion rupees, based on a Bloomberg survey of analysts.
Yahoo
17-07-2025
- Business
- Yahoo
Cathay United Bank, Avaloq team up for onshore private banking in Taiwan
Cathay United Bank has collaborated with Avaloq to establish the first onshore private bank within Taiwan's newly launched Asset Management Hub in Kaohsiung. This partnership utilises Avaloq's core banking technology to improve operational efficiency and client service. The Financial Supervisory Commission (FSC) introduced the hub to foster growth in Taiwan's wealth management sector. It will enable financial institutions to offer a diverse range of services, including active and passive ETFs, family office consultancy, and high-value insurance products. As the first bank to operate within the hub, the bank is establishing a new booking centre and operational base in the city, aimed at providing tailored private banking services to high-net-worth individuals throughout Taiwan. Cathay United Bank's Private Banking CEO Robert Fuh said: 'We are proud to be the first bank to establish onshore private banking operations in the new Kaohsiung Asset Management Hub, demonstrating our leadership in the Taiwanese financial sector and to serving the needs of Taiwanese investors.' Avaloq will deliver comprehensive support for Cathay United Bank's private banking operations, focusing on enhancing efficiency across various areas. The Avaloq platform will facilitate front-office automation, improving portfolio management, client relationship and lifecycle management, while ensuring compatibility with the bank's existing systems. This integration is expected to streamline operations, promote revenue growth, and enable personalised services for clients, according to Avaloq. Avaloq North Asia regional director Eliza Chang said: 'The establishment of the new Asset Management Hub in Kaohsiung marks a significant milestone for Taiwan, and we are delighted to support Cathay United Bank as a pioneer in Taiwan's new onshore private banking sector.' Headquartered in Taipei, Cathay United Bank first partnered with Avaloq in 2020 to enhance both onshore and offshore private banking capabilities. In April this year, Avaloq opened its regional office in the Dubai International Financial Centre (DIFC) to drive digital transformation in the GCC financial sector. "Cathay United Bank, Avaloq team up for onshore private banking in Taiwan" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
