The Authority Financial Markets (AFM) in The
administered a penalty to ING Bank. The bank should pay a total of €130,000 for being careless in providing mortgages. Netherlands
This was announced by the AFM today. The supervisor for the financial sector guards private customers for overcrediting by their bank.
ING was careless in three separate cases, according to the AFM. ING states that in the meantime it adjusted the credit acceptance policy at the points where the AFM considered it irresponsible.[…]
ABN AMRO is planning to double the number of private bankers in
The bank announced this on a press conference in Singaport, according to Bloomberg.
With this extension the bank will anticipate on the rising prosperity in the region.
Currently ABN AMRO’s private banking department in
Asiacounts 90 employees. This number will double in the coming five years, according to Hans Diederen, responsible for asset management of ABN AMRO in Asia.
Taiwanand Hongkong dominate the market as it comes to the growing of private wealth, but Singaporeand are fastgrowing markets”, according to Diederen. ABN AMRO called private banking one of the center areas for growth. In The Indonesia NetherlandsABN is market leader in this market after the merger with Fortis Bank The . The bank also owns large private banks in Netherlands Franceand . Germany
Volkswagen purchased the car dealer division from Porsche (PHS) for €3.3 bln. Both companies announced that the incorporation of Porsche by the Volkswagen group is one step closer now.
PHS distributes and sells sportscars from Porsche. The €3.3 bln go to the owners of Porsche Holding, the families Porsche and Piech. They use a part of the yields to put new capital into Porsche.
Volkswagen already has an interest of 49.9% in the car plant of Porsche and wants to take over the remainder of the shares. Earlier Porsche tried to take over the much larger Volkswagen group. The German department of Justice is investigating currently whether Porsche tried to manipulate the exchange rates of Volkswagen at the time
Italian banks, which by a quirk of law are shareholders in the country’s central bank, are lobbying to have their stakes in the Bank of Italy marked-to-market on the back of surging gold prices in an attempt to ease regulatory pressure on them to raise capital in advance of this summer’s stress tests.
The move comes as Mario Draghi, Bank of Italy governor, over the weekend stepped up pressure on Italian banks, which are some of the lowest capitalised in Europe, to increase their core capital ratios or make clear to the market any plans to do so.
The Bank of Italy currently has a nominal value of just €156,000 ($215,000) divided into 300,000 shares which are distributed among Italy’s retail and savings banks according to their size.
Senior bankers say taking into account the surge in gold prices the Bank of
Italycould have a mark-to-market value of about €30bn. Analysts estimate the Italian banking sector has combined recapitalisation needs of much the same amount to comply with new III capital rules. Basel