FDIC and First-Citizens Bank & Trust Company also agreed on a “loss-share transaction” for commercial loans that were acquired from the former Silicon Valley Bridge Bank. Under this agreement, any losses or recoveries on loans covered by the loss-share agreement will be shared between the two parties. The purpose of this arrangement is to ensure…
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Equals stated: Oonex’s ability to issue local IBANs within the Eurozone will significantly expand the addressable market for the Group’s platform and products and fits with Equals’ strategy to enable its customers to ‘Collect globally, deliver locally, control centrally.’ The latest acquisition complements the completion of Roqqett Limited’s acquisition, earlier in January. The terms of…
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Mohamed Ghosheh, CEO of Noor Capital, said: This strategic investment to acquire the multi-asset House of Borse comes within the company's plans to expand in the European market and the United Kingdom, which are considered among the most important markets, with the United Kingdom being the largest financial centre in the world. In addition, the…
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State Street’s Global Head of Portfolio, Dan Morgan, said: Market volatility , margin compression, increased regulation, and cost pressures have presented multiple challenges for investment managers. Survival and growth depend on the ability to streamline processes, reduce costs and integrate infrastructure to allow more focus on core competencies of investment selection and alpha generation. With…
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Regulators elsewhere are attempting to minimize the damage, and the European Banking Authority, The Single Resolution Board, and the ECB Banking Supervision committee issued a joint statement. They said: The resolution framework implementing in the European Union the reforms recommended by the Financial Stability Board after the Great Financial Crisis has established, among others, the…
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UBS Chairman Colm Kelleher said: This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue. We have structured a transaction which will preserve the value left in the business while limiting our downside exposure. Acquiring Credit Suisse’s capabilities in wealth, asset…
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Noel Quinn, the CEO of HSBC Group, commented: This acquisition makes excellent strategic sense for our business in the UK. It strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing firms, including in the technology and life-science sectors, in the UK and internationally. The UK Financial Conduct Authority issued a…
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Brian Armstrong, the CEO of Coinbase, said: We're thrilled to integrate One River's investing expertise into Coinbase. One River has pioneered institutional digital asset investing and we're looking forward to continuing their tradition of innovation. One River Digital Asset Management’s acquisition by Coinbase comes at a time when institutional interest in cryptocurrencies is growing, with…
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Nick Wiles, Chief Executive Officer of PayPoint, commented: Work on integration is already underway, with an immediate focus on organisational alignment, building on the strong momentum in both businesses and unlocking commercial revenue enhancements. The acquisition is expected to be immediately earnings enhancing in FY24 and the Board believes it will deliver attractive returns for…
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Under the terms of the deal, Equals had to make an initial £1.0 million cash payment, which as now been paid. This will be followed by three deferred payments one of up to £0.25 million in cash and two of £0.5 million, one in cash and the other in ordinary shares in Equals. According to…
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