UniCredit to Internalise Back-Office Activities for Securities Services
Weekly news up to Monday, 13th of January 2025
👀 NEWS HIGHLIGHT
UBS reportedly could settle a case this week involving Credit Suisse, which UBS acquired in 2023.
The bank is set to pay hundreds of millions of dollars in the settlement of the case brought by the U.S. Department of Justice, The Wall Street Journal (WSJ) citing unnamed sources.
📰ARTICLE OF THE WEEK
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ UniCredit to internalise back-office activities for securities services.
⭐️ BNP Paribas signs a partnership with Oracle to further develop its cloud strategy.
⭐️ Banco Inter Playbook: Key Metrics Driving Banco Inter and Nubank.
⭐️ Revolut targets wealthy clients with move into private banking.
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🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Revolut eyes wealthy clients. Revolut is making a push into private banking, putting it in direct competition with big incumbents like UBS and Morgan Stanley. It is gradually expanding its offering, which now includes business banking, travel insurance and stock trading, while increasing investments in AI.
EUROPE 🇪🇺
Revolut officially launched in Ukraine. Revolut has connected to the electronic government system 'Diia' and now allows users to register through this platform. This information was published by the Ministry of Finance of Ukraine.
StanChart forms new entity for digital assets custody services. Standard Chartered, has formed a new entity in Luxembourg to offer crypto and digital asset custody services in the European Union, as the global lender looks to cash in on the growing demand for digital security.
USA 🇺🇸
JPMorgan quits Net-Zero Banking Alliance, the latest U.S. lender to the sector's biggest climate coalition amid rising U.S. political pressure. JPMorgan gave no clear reason for leaving the initiative, yet it comes after months of pressure from some Republican politicians who said membership of such coalitions could breach anti-trust rules.
ASIA
SBI acquires majority stake in Solaris. SBI’s €100 million investment will bring the total funding to €150 million. Additional financing through AT1 bonds is part of the deal. Solaris confirmed a coordinated financing concept has been submitted to shareholders for approval. The agreement is expected to be finalized this month.
Oman ATMs grow despite digital banking. The modest rise in ATMs reflects ongoing demand for accessible cash withdrawal services, especially in economically vibrant regions. However, financial institutions are keen to balance this with investments in digital banking infrastructure to cater to tech-savvy consumers.
AlRayan Bank launches AlRayan Go mobile banking app. Through the Backbase-powered offering, users will be able to make top-ups to the Hala and Shahry mobile plans provided by Qatari telecoms provider Ooredoo, as well as pay bills to Kahramaa, the General Electricity and Water Corporation of Qatar.
Grab-backed Superbank adds OVO to ecosystem. Superbank, the Indonesian digital bank, is set to expand its ecosystem by integrating with OVO. Through this collaboration, Superbank aims to broaden its financial service offerings. Read More