JPMorgan Chase is to break into online lending through an agreement with small business online lender OnDeck Capital.
A pilot project to begin in January will see Chase offer loans of up to $250,000 to its small business customers (of whom it has about four million) through the OnDeck platform.
According to Chile's El Mercurio newspaper, a report on rethinking the structure of the country's banking authority has recommended the creation of a five-member body that would be independent of the political authorities and should be given more powers, which would mark a significant change from the current situation where regulatory powers are in the hands of one individual appointed by government.
The new body would be allocated a larger budget and more independence on how it applies it. The report also recommends moving in the direction of Basel III and increasing bank capital reserves to 10.5 percent plus a counter-cyclical buffer that could mean an additional two percent for institutions that are systemically significant. It says a transition period of six to seven years should allow for full implementation of the proposed changes.
The Wall Street Journal reports that the Bank of England effectively declared an end to years of overhauling the banking system in the wake of the financial crisis after it set capital targets for UK lenders that most of them have already achieved.
Tata Sons, the holding company for Tata Group companies, has entered into a long-term partnership with Industrial & Commercial Bank of China (ICBC) under which ICBC will become the group's strategic banking partner.
"Under the alliance, ICBC will provide the Tata group with financing products, global cash management, consulting, international trade finance business, investment banking, foreign exchange, derivatives trading and other global financial services," Tata Sons said in a statement.
Kenya: KBA unveils new guide to curb internal bank fraud
Barclays boss faces ten-year wait for bonus
Mozambique: Central bank to limit use abroad of credit and debit cards
RBI's easing of holding norms may aid fund infusion in private banks
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