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Morning Briefing

A financial regulator in the US has voiced concern about growth in personal loans backed by securities as market vulnerability increases the risks of forced sales.

"It is most important that customers availing themselves of [securities-backed lines of credit] understand how these loans work and how changing market conditions can affect their account and can impact these programmes," Susan Axelrod, head of regulatory operations at the Financial Industry Regulatory Authority, said, according to a report in the Financial Times.

United Bank for Africa (UBA), the pan-African financial services group, has posted strong growth in earnings and profits in its half year financial results.

UBA's earnings grew by 21 per cent to 166.9 billion nairas ($825 million), compared to 138.2 billion for the same period last year.

Profit before tax rose by 35.1 per cent to 39 billion nairas, while profit after tax was up 40 per cent to 32 billion nairas.

In Pakistan, Warid Telecom and Bank Alfalah have signed an agreement with the central bank to jointly develop the country's digital financial ecosystem, citing the collaboration of large banks and telcos as key to building financial inclusion for the unbanked and underserved.

Meanwhile in the UK, a former employee of Lloyds Banking Group, who was sacked in the wake of the Libor rate-rigging scandal, is suing the company for unfair dismissal.

The case taken by Andrew Reed, who held responsibility for entering Lloyds' yen Libor submissions, will be heard by an employment tribunal in London on 16 September.

Finally, HSBC, the bank that has made such a fuss about the possibility of moving its headquarters from the UK in recent times, has decided to call its ring-fenced retail banking entity in the country HSBC UK.

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