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Why incumbents keep building neobanks
Intesa Sanpaolo’s Isybank is the latest in-house neobank to run into trouble. But the desire to migrate core-banking systems onto the cloud is still encouraging other banks to follow this strategy.
EDITOR'S PICKS
The Fed chair has made a remarkable, virtually unconditional surrender to opponents of his plan for Basel III implementation in the US. The tactical withdrawal is embarrassing, but it makes strategic sense.
After less than two years, S&P is scrapping its ESG credit indicators and America’s anti-woke politicians are thrilled. But this may not be the win they think it is.
Outbound Chinese M&A deal-flow has slowed to a crawl even as inbound activity remains steady. So focus in the region is moving elsewhere: to rising India, steady-and-lucrative Australia and even Japan, where once-bloated conglomerates are streamlining portfolios under intense pressure from activist shareholders.
Chinese fintech Ant Group has offered UBS a reported $250 million for Credit Suisse’s China joint venture, outbidding Citadel Securities. It is a timely reminder that despite its current malaise, Asia’s largest economy is still a great long-term place to invest.
Opinion
A move back up in rates is creating a PR battle among Wall Street banks. JPMorgan was punished for a cautious outlook, Goldman Sachs promoted strong fixed income trading results and Bank of America projected a Zen approach to rate moves.
China’s Project Whitelist, launched at the start of the year, exists to ensure bank funding for property development. But it is there to protect projects, not the developers behind them.
Rumours that FAB is in exploratory talks with a Turkish lender, together with hopes for a big-ticket IPO, point to optimism despite the dire outlook on inflation.
Morgan Stanley’s wealth business went from 2.5 million client relationships to 18 million over the course of a couple of years. Now, a quartet of steely US regulators is looking at how the division manages potentially risky clients. Given its rapid pace of growth, this is perhaps less of a surprise than it initially appears.
IN CONVERSATION
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Long Reads / Mag / Most Read / Ad
Private banking: India moves to centre stage
Global money is flooding into India to profit from high-performing stocks, a booming economy, and the ease of investing via Gift City, a growing financial hub in Gujarat. Local wealth is flowing the other way, notably to Dubai. It’s a gold mine for private banks, and the process has only just begun.
Isbank’s CEO on coming out of a crisis
Isbank’s chief executive Hakan Aran sees embedded finance and an innovative approach to bank branches as the future as the Turkish bank looks to rebuild on a better market environment for its 100-year anniversary.
XP: Will the tables turn on Brazil’s great disruptor?
XP has succeeded in Brazil by using its technological efficiencies to win on digital experience and price. But now the incumbents are catching up and XP chief executive Thiago Maffra is focusing on developing service beyond pure online delivery.
Megalou plans a new era of growth at Piraeus Bank
The Greek bailout fund’s exit from Piraeus Bank last month was the country’s biggest post-crisis privatization. The bank’s chief executive, Christos Megalou, tells Euromoney that this is more than a capital-return story. It’s also about growth: in the economy, in wealth and asset management, and, thanks to neobank Snappi, internationally.
What They Said
WHAT THEY SAID
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Historically, a wealthy client would have maybe 5% of their portfolio allocated to private assets. Today, it’s typically 25% to 30%
Nitin Singh, head of Barclays Private Bank Asia, explains how the wealth management dynamic in India is changing -
It’s one thing to invest, but you also need to know what you’re doing and have the right seniority on the ground
Alexander von zur Mühlen, Asia Pacific chief executive at Deutsche Bank, explains his regional strategy -
I don’t see any bank surviving without AI. It’s like living without electricity
Manuel Abat, India, Middle East and Africa practice head, digital and implementation at global consultancy Oliver Wyman, underscores the importance of AI to the future of banking
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Sponsored Content
SPONSORED CONTENT
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Sponsored by Abu Dhabi Commercial Bank ADCBTransition to net zero requires banks to incentivise clients
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