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Home » Daily Briefing » Morning Briefing 31 August 2016

Morning Briefing 31 August 2016

Morning Briefing

Most small banks in the United States will pay lower premiums into the deposit-insurance fund run by the Federal Deposit Insurance Corporation (FDIC) after the FDIC revealed that the fund had climbed to a post-crisis high of $77.9 billion at the end of the second quarter.

As a result, financial institutions that have less than $10 billion in assets will now have to pay less into the fund which protects consumers' deposits in US banks.

The FDIC also revealed that the number of financial institutions considered to be on its "problem list" was — at 147 — at its lowest in over seven years, according to the Wall Street Journal.

Barclays has completed the sale of its retail banking business in Italy to Mediobanca's CheBanca subsidiary for a loss of £258 million as it continues to reduce its non-core assets. "Accelerating the rundown of Barclays non-core is a key part of our strategy to close the gap between the group's returns and those in our strong core business,"Jes Staley, Barclays chief executive, said.

The deal adds 85 branches and 220,000 customers to CheBanca's existing business effectively doubling it in size.

Nigeria's central bank has licensed 11 new international money transfer operators (IMTOs) to operate in the country's foreign exchange market. A spokesperson for the central bank said this was part of a continuing effort to liberalise the market and ensure liquidity.

The newly licensed IMTOs are Trans-Fast Remittance LLC, Worldremit Limited, UAE Exchange Centre LLC, Wari Limited, Homesend SCRL, and Small World Financial Services Group Limited, Weblink International Limited, Cashpot Limited, DT&T Corporation Limited, FIEM Group LLC DBA Ping Express and CP Express Limited.

Singapore bank lending falls for 10th straight month in July on sluggish economy
Australia: ANZ offers Apple Pay to its Mastercard users
Bad loan growth slows at China banks as write-offs accelerate
Ratan Tata and Nandan Nilekani to launch microfinance company
South Africa: Net1 to invest $40 MN IN MobiKwik
South Africa: Reserve Bank authority to license banks questioned
Spendthrift Britons stop saving

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