TOP NEWS IN GLOBAL FINANCIALS
* Credit Suisse Group AG said it "strongly rejects" allegations of wrongdoing by a consortium of media organizations including The New York Times and The Guardian that pored over data on more than 18,000 bank accounts dating as far back as the 1940s that were leaked to German newspaper Süddeutsche Zeitung by an individual. The Swiss bank said the reports, which claimed it opened and maintained accounts for alleged human rights abusers and businessmen under sanctions, are "based on partial, inaccurate, or selective information taken out of context" and that approximately 90% of the reviewed accounts are closed or were in the process of closing before the reports emerged, and of those, over 60% were closed before 2015.
* The Federal Bank Ltd. unit Fedbank Financial Services Ltd. said in a draft red herring prospectus that it plans to raise 9 billion rupees in an IPO in India. Federal Bank will offer 16,497,973 shares and investor True North Fund VI LLP will sell 29,216,313 shares in the IPO.
➤ Green bond sales to surge in Asia-Pacific as region lays out path to net-zero
The Asia-Pacific region issued $185.22 billion of green debt in 2021, a 117% increase from 2020, according to Climate Bonds Initiative, a U.K.-based green debt tracker.
➤ 2022 payments industry outlook
New payment methods are proliferating, distribution channels are evolving, and payments infrastructure modernization efforts are taking shape. Amid this ongoing transformation, we examine five key trends for the payments industry in 2022.
LATIN AMERICA
* Brazilian payments company Cielo SA sold its stake in U.S. company Merchant E-Solutions Inc. to Sam I Acquisition Corp. for $290 million. The sale is part of Cielo's plans to focus on its core business in Brazil.
* The Jamaican central bank raised the overnight placement benchmark rate by 150 basis points to 4.0% per year. January inflation went beyond target at 9.7%.
EUROPE
* The U.S. outlined initial measures aimed at hitting the Russian economy if Moscow invades Ukraine, including prohibiting U.S. financial institutions from carrying out international transactions for top Russian banks, insiders told Reuters. Meanwhile, European Commission President Ursula von der Leyen said Russia would lose access to international financial markets and export goods if it moves to invade Ukraine, Reuters reported.
* Russia's central bank prepared draft legislation that would ban the circulation of cryptocurrencies in the country and introduce a fine of up to 1 million rubles for such activities, RBC reported. The finance ministry does not support a total cryptocurrency ban and is in favor of regulating the cryptocurrency market, with Minister Anton Siluanov hoping that relevant legislation could be passed by the end of 2022, news agency Prime wrote.
Click here for more of the day's essential financial news in Europe.
MIDDLE EAST & AFRICA
* The board of Al Rajhi Banking & Investment Corp. proposed to increase the Saudi Arabian bank's capital by 60% to 40 billion riyals from 25 billion riyals. The increase will be made through the capitalization of 15 billion riyals from its retained earnings by way of granting shareholders 3 shares for every 5 shares owned.
* The United Arab Emirates is working on closing more trade deals with global partners as part of its plan to bring $150 billion in foreign investment to the country, Bloomberg News reported, citing Thani al-Zeyoudi, minister of state for foreign trade. The UAE has made a trade agreement with India and is now about to strike deals with Israel and Indonesia, as well as with Colombia by March-end.
ASIA-PACIFIC
* Woori Bank and KEB Hana Bank filed 64.7 billion won and 36.4 billion won lawsuits, respectively, with the Seoul Southern District Court in January against Shinhan Investment Corp. and Lime Asset Management Co. Ltd. in connection with Lime Asset Management's alleged fund fraud case, Yonhap News Agency reported, citing financial and legal sources. The report did not include comments from Shinhan Investment or Lime Asset Management.
* China-based China Orient Asset Management Co. Ltd. became the country's first asset management firm to issue real estate bailout bonds, Caixin reported. The proceeds of 10 billion yuan will be used to resolve financial risks and asset disposals, the publication noted.
Click here for more of the day's essential financial news in Asia-Pacific.
Rhema Peñaflor and Ryan Jeffrey Sy contributed to this report.
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