Banks (Finance)
Vonnie McDaniels, a 32-year-old resident of Lexington, Kentucky, was sentenced to 27 months in federal prison on Monday by Chief U.S. District Judge Danny C. Reeves. McDaniels was found guilty of bank fraud and aggravated identity theft after obtaining a $382,500 commercial loan from Kentucky Bank in August
Banks (Finance)
Major U.S. banks are poised for success in the current market, according to Mike Mayo, a prominent Wells Fargo analyst. "It's bull-market banking," he told CNBC, attributing the favorable situation to improved technology and rising interest rates. Mayo believes that banks will benefit from increased
Banks (Finance)
The European Investment Bank (EIB) has announced that it will provide 100 million in guarantees to UniCredit Bank Slovakia, enabling the bank to offer more affordable financing to Slovak companies. The funding will be used for working capital, additional liquidity, and ongoing and new investments, as well as expansion plans.
Banks (Finance)
A whistleblower has allegedly written to the Reserve Bank of India (RBI) in July, accusing HDFC Bank of levying processing fees on customers who submitted forged or suspected documents to get loans. The private sector lender allegedly collected a fine it called "processing fee" instead of taking regulatory
Banks (Finance)
India's government has proposed the setting up of a bad bank, or National Asset Reconstruction Company Limited (NARCL), to tackle the country's non-performing assets (NPAs) held by banks. The NARCL will purchase NPAs from banks under a 15:85 structure, where it will pay up to
Banks (Finance)
The passage of the SAFE Banking Act in the U.S. House of Representatives has sparked a significant increase in the stock prices of major cannabis companies. As part of the National Defense Authorization Act for Fiscal Year 2022, the measure aims to allow banks to legally finance cannabis businesses,
Banks (Finance)
Markets in India witnessed a sharp downturn on Monday, with the benchmark BSE Sensex falling over 500 points due to a decline in metal and bank stocks. The 30-share BSE index closed at 58,491, a 0.89 per cent drop from the previous day. The NSE Nifty also settled
Banks (Finance)
The Central Bureau of Investigation (CBI) has registered a case against a private company and several of its officials for allegedly defrauding a consortium of 16 banks led by Bank of India. The company, located in Delhi with an industrial unit in Himachal Pradesh, is accused of conspiring to divert
Banks (Finance)
The Hong Kong Monetary Authority (HKMA) has alerted the public to a press release issued by Bank of China (Hong Kong) Limited regarding fraudulent websites that have been reported to the HKMA. The authority emphasizes that banks will not send SMS or emails with embedded hyperlinks to direct customers to
Banks (Finance)
Citizens Financial Group, a leading financial institution, has entered into a definitive merger agreement to acquire JMP Group, a highly regarded capital markets firm, in an all-cash transaction valued at $149 million. The acquisition is expected to deepen Citizens' expertise in healthcare, technology, financial services, and real estate sectors,
Banks (Finance)
The European Investment Bank has approved a $100 million loan to support Uzbekistan's entrepreneurs affected by the Covid-19 pandemic. The loan will be provided for a period of 15 years with a 5-year grace period and will be issued by three commercial banks in the country. The loan
Banks (Finance)
A disabled woman, Aesha, had $10,000 stolen from her bank account by her caregiver who used a forged withdrawal slip, highlighting the need for financial institutions to take extra care when dealing with vulnerable consumers. Aesha, who receives assistance with her finances from a local charity group, had a
