Citi offloads Philippines branch, exiting Asia-Pacific

The Philippines’ largest foreign bank, US-based Citi, will sell its consumer branch to UnionBank for a US$908 million premium, marking part of its exit from consumer franchises in 13 markets across Asia and the EMEA.

06 January 2022

FDIC chair resigns after spat with Democratic board members

The chair of the United States’ Federal Deposit Insurance Corporation has resigned, in a move that will hand Democratic members control of the agency just weeks after a partisan spat broke out over bank merger reform.

05 January 2022

Crédit Agricole secures Australian licence, Ashurst advising

French bank Crédit Agricole has become one of the few foreign banks to operate in Australia, receiving a licence that will see the bank expand into lucrative Asian finance.

05 January 2022

Bank of England introduces West’s first shariah liquidity facility

Advised by Ashurst, the UK’s central bank has set up the first shariah-compliant liquidity facility outside of the Islamic world.

22 December 2021

ESMA to tackle exposure to non-EU CCPs

The EU’s securities regulator has called for extra powers to reduce the financial stability risks posed by the bloc’s exposure to non-EU central counterparties, naming clearing services provided by LCH and ICE Clear Europe as of “substantial systemic importance”.

22 December 2021

Wachtell Lipton and Sullivan & Cromwell advising as BNP Paribas sells US operation

Bank of Montreal has agreed to purchase BNP Paribas’ retail banking unit in the US, as the country's Justice Department announces the next phase of its analysis into whether the current framework is “sufficient to prevent harmful mergers”.

20 December 2021

New OCC climate rules could prove “too prescriptive”, practitioners say

The OCC has laid out a draft framework for major banks to address climate risk, with practitioners saying there is concern it is “not tailored to the risks” faced by a particular bank.

20 December 2021

Libor: the final countdown

With the end of most Libor tenors now only weeks away, the International Swaps and Derivatives Association, US Securities and Exchange Committee, the International Islamic Financial Market and Financial Accounting Standards Board are all announcing new measures to address the transition.

16 December 2021

Biden fills out CFTC posts as Behnam confirmed

Rostin Behnam has been confirmed as the new chair of the US Commodity Futures Trading Commission, while President Joe Biden has named a CFTC in-houser and Citi’s deputy head of global regulatory affairs to fill its two open seats.

16 December 2021

FinCEN seeks comment on updated laundering regulations

The US Treasury’s financial crimes department has made a call for information to help update its anti-money laundering regime, ahead of a potential Bank Secrecy Act overhaul, after Treasury Secretary Janet Yellen argued the US may be the “best place” to launder ill-gotten gains.

16 December 2021

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