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Barclays denies deferred prosecution offer from Britain's SFO LONDON: British bank Barclays has denied receiving an offer of a deferred prosecution agreement (DPA) from the UK Serious Fraud Office (SFO), relating to a probe into its multi-billion pound fundraisings during the 2008 financial crisis. Sky News reported earlier on Tuesday that the agency wrote to Barclays several weeks ago to propose a deal.The SFO gained powers to agree DPAs in February last year but has yet to agree such a deal. "We are not in a position to comment on an ongoing legal matter, save to clarify that there has been no offer made of a DPA," the bank said in a statement.It made no further comment.Unlike rivals RBS and Lloyds, Barclays avoided a state bailout during the 2007-9 financial crisis by securing almost 12 billion pounds ($19 billion) from two emergency cash injections, mostly from Middle East investors. But the deals came at a cost and the ...

Greek bank NBG turns down role in bond, citing capital controls, sources say LONDON: National Bank of Greece declined to buy bonds from the euro zone's bailout fund in a sale on Tuesday because of Greece's capital controls, bankers said, a sign of the country's financial isolation.NBG is one of 39 dealer banks the European Stability Mechanism routinely uses to help distribute its bonds. The banks, called the Market Group, underwrite the bonds and sell them on to investors in a process known as syndication.Banks earn a flat ...
Greece's Eurobank to buy Alpha Bank branches in Bulgaria: source ATHENS: Greece's Eurobank will buy out the Bulgarian branches of another top Greek lender Alpha Bank for the symbolic price of one euro, a Eurobank source said Friday."The agreement is all drawn up," the source said, adding that the boards of Eurobank, Greece's number three lender, and number four Alpha Bank would separately meet later on Friday to approve it.Around 80 Alpha branches will be absorbed by Eurobank's Bulgarian subsidiary Postbank."Postbank currently has 180 branches. ...
UK interest rates could rise at turn of year: BoE boss LONDON: Bank of England governor Mark Carney has indicated that Britain's record-low interest rates could start to rise at the turn of the year.The BoE chief, speaking at Lincoln Cathedral late Thursday, said he expected the key rate to climb over the next three years from its current level of 0.50 percent -- where it has stood for more than six years to stimulate growth after the global financial crisis.Carney cautioned that rates would rise ...
Bank of Cyprus offloads Russian subsidiary NICOSIA: Bank of Cyprus, the EU member's largest lender, announced Friday it has sold off its Russian subsidiary Uniastrum as part of what it called a "de-risk strategy".BoC said the sale follows a similar deal in Ukraine and completes the disposal of the group's overseas banking subsidiaries identified for sale.It reached agreement to sell 80 percent of its 120 Uniastrum branches and other Russian loan exposures to Artem Avetisyan, the majority shareholder in Bank Regional ...
Kenya central bank taking steps to stem shilling weakness NAIROBI: Kenya's central bank said on Thursday it was taking measures to eliminate "disorderly market developments" in the foreign exchange market after the shilling weakened to new 3 1/2-year lows. The shilling sunk to 103.85/95 on Monday, its lowest level since October 2011, before the bank pumped dollars into the market, helping to lift it to around 102.00 per dollar. The bank said in a statement it had adequate foreign exchange reserves to deal with ...
Citigroup earnings surge on lower legal costs NEW YORK: Citigroup reported a big jump in second-quarter earnings Thursday on much lower legal costs and slightly higher revenues.Earnings for the quarter ending June 30 were for $4.8 billion, up from just $181 million in the year-ago period. The 2014 quarter was marred by a $3.7 billion legal charge to settle mortgage securities litigation.Adjusted earnings translated into $1.51 per share, better than the $1.34 projected by Wall Street analysts.Revenues rose 0.2 percent to $19.47 ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln