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Morning Briefing

Morning Briefing

In the UK, challenger banks campaigning against the eight percent tax may have a new ally in Andrew Tyrie MP, who wants to make sure small lenders can thrive. In a letter to the Prudential Regulation Authority (PRA), the influential politician said that the Bank of England should review George Osborne's latest tax raid on the banks to ensure the small challenger banks will still be able to grow and take on the big lenders. Under rules brought in by the Chancellor in the Summer Budget, banks will have to pay the new tax of eight percent as well as their corporation tax bill on profits above £25m.

Credit Suisse's new chief executive, Tidjane Thiam, is reportedly preparing to raise a substantial amount of capital, with details coming in a strategic plan to be unveiled later this month.

The major restructuring under way at the Swiss and German lenders is a reminder that Europe's big investment banks are still struggling to adapt to the post-crisis world and are being left behind by US rivals.

Deutsche Bank staff are facing lower bonuses this year after the bank posted losses of over €6bn ($6.8bn) during the third quarter. The bank is also looking at shedding a quarter of its global workforce, including 15,000 staff at Deutsche Postbank when it sells it. Deutsche Bank is one of the largest employers in London's financial district, with the bulk of its investment banking operations based there.

In India, Axis Bank has launched mobile banking apps for corporate customers that allow them to do most of their transactions such as payments, cash management, foreign exchange and trade-linked dealings. The apps are all targeted at approvers of such transactions, such as treasury heads.

Pay Connect, which is the mobile app aimed at approving rupee transactions, also has features that allow customers to view account summaries, download statements, link group accounts, check balances in real time and download and email transaction reports.

The Industrial and Commercial Bank of China (ICBC) Singapore cleared a yuan transaction on Thursday under China's long-anticipated international payment system. ICBC Singapore said it succeeded in clearing a 35 million yuan ($5.5 million) on the Crossborder Interbank Payment (CIPS). The transaction marks the first in Asia to be cleared through the newly launched CIPS, the bank said.

In India, HDFC Bank and ICICI Bank both announced initiatives on their respective digital banking platforms. HDFC Bank customers using the bank's PayZapp platform will benefit through a new cashback feature for credit and debit card purchase while ICICI Bank launched its mobile payment service mVisa, which allows customers to pay for services via smartphone using contactless payments for in-store purchases.

Finally, in Australia, the Macquarie Group said that it would buy Esanda Dealer Finance from the ANZ Banking Group for 8.2 billion Australian dollars ($5.9 billion).

Macquarie outbid several international and domestic firms including Blackstone Group, Carlyle Group, Kohlberg Kravis Roberts and TPG.

"This acquisition will represent a continuation of Macquarie's growth in annuity-style businesses," Macquarie's chief executive, Nicholas Moore, said in a news release.

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