Thomas Backteman News
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The response to the Moody’s Investors Service downgrade of the biggest Nordic banks was rising bond and share prices.
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Sweden’s biggest banks will need to target tougher capital standards than those set by international regulators in a move the government says will protect taxpayers in the largest Nordic economy from future losses.
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Barclays Plc and Banco Santander SA are among western lenders abandoning retail operations in Russia as state companies gain market share and expand into investment banking.
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Nordic banks are being penalized by European rules that assign tougher risk weights to mortgage assets than local regulators, forcing lenders to scrap payouts for shareholders to fulfill capital rules.
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Swedish policy makers rushed to ease concerns the nation’s banking industry was at danger from a loss of international funding after shares plunged yesterday.
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Sweden’s biggest banks will probably be allowed to use contingent convertible bonds to help them meet capital requirements by 2013 that policy makers say will be among the world’s strictest.
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Swedish banks may follow Nordea Bank AB, the country’s biggest lender, in shedding jobs to lower costs as a slowing economy and stricter capital rules curb profit growth.
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