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Home » Daily Briefing » Morning Briefing 05 July 2016

Morning Briefing 05 July 2016

Morning Briefing

The British government's sale of its controlling stake in Royal Bank of Scotland may be postponed at least two years due to uncertainty after Brexit, according to the bank's chief executive, Ross McEwan. Following the referendum, RBS' share price fell drastically. The referendum's outcome also sees Bank of America questioning the sale of its $9 billion credit card operations in the UK. Buyers' interest in the unit, which has around 11 percent of the UK credit cards market, has dimmed appreciably since the vote.

Deutsche Bank's chief digital officer, Markus Pertlwieser, outlined the bank's fintech-reliant digitalisation strategy for Business Insider. Calling fintechs "an opportunity" rather than a threat, Pertlwieser says that the bank is spending $836 million by 2020 on a strategy that involves collaboration with successful fintechs. "Digitalisation is forcing us, in a positive sense, to pay more attention again to our customers, the market and the competition," he notes.

Barclays Africa has chosen Peter Matlare as its deputy CEO, effective next month. Matlare was previously chief executive of Tiger Brands. Matlare's appointment will not affect the responsibilities of current deputy CEO and finance director David Hodnett.

Google is retiring its WalletCard service, which allowed customers to make payments using a physical card. The card was linked to the Wallet app, and Google intends to support the app despite discontinuing the actual card. The company intends to add new features to the app in the near future.

China's looming $8 billion IPO has risks tied to shadow banking
Three ex-Barclays traders found guilty of fraud in Libor trial
RBI may soon allow interoperability of India Post's payment bank ATMs
India's "unbanked" resist push for them to get accounts
In race to be Asia's fintech hub, Singapore leads Hong Kong
London Stock Exchange shareholders agree German deal
Global investment banks have slowest first half since 2012

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