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Morning Briefing

Morning Briefing

As part of its strategic plan to shed non-core assets and cuts costs, UniCredit has reached an agreement to sell Ukrsotsbank, its Ukrainian business, to Alfa Group's ABH Holdings. The Italian bank said the deal will cost it in the region of €852 million ($930.8 million) — €200 million will be booked in its fourth quarter 2015 earnings while it will also be hit by a foreign-exchange charge of around €652 million due to the depreciation of the Ukrainian currency.

The Financial Times reports today that the Financial Conduct Authority (FCA) has denied being put under pressure by the Treasury to drop its inquiry into banking culture in the UK.

In response to a freedom of information request, the FCA said it had not consulted "any external body" when considering whether to drop the review.

Nigeria's central bank has announced that it is stopping the direct sale of US dollars to bureaux de change to protect the naira and conserve foreign reserves.

"Operators in this segment of the market would now need to source their foreign exchange from [an] autonomous source," central bank governor Godwin Emefiele said. "Commercial banks will now be allowed to accept cash deposits of foreign exchange from their customers."

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