Tag: banking

SVB Financial nears approval to sell its investment banking business

NEW YORK, June 29 (Reuters) – A U.S. bankruptcy judge said Thursday that he would allow SVB Financial Group to sell its investment banking division, once the company has ensured that it is not releasing any liabilities related to the collapse of its Silicon Valley Bank unit.

U.S. Bankruptcy Judge Martin Glenn in Manhattan said during a Thursday court hearing that he could not approve the sale of SVB Securities to a group led by the subsidiary’s former CEO Jeff Leerink and backed by funds managed by The Baupost Group, as initially proposed.

Glenn said he was unsure if Leerink and other executives had any actual liability, but he could not grant them sweeping legal protections without more evidence.

James Bromley, an attorney for SVB Financial, told Glenn that it would remove the liability releases from the deal by Friday. Glenn said he would likely approve the sale once he reviews the revised deal.

At the court hearing, Glenn chastised SVB Financial for not clearly explaining or justifying a provision in the deal that would have released Leerink and other insiders from any liability associated with Silicon Valley Bank’s collapse.

“You’re releasing them from everything,” Glenn told SVB Financial’s attorneys. “I can’t believe you’d even try to sneak this by me.”

SVB Financial owned Silicon Valley Bank before it was seized by the U.S. Federal Deposit Insurance Corporation (FDIC) in March, and it is attempting to sell its remaining assets in bankruptcy.

Glenn also criticized the FDIC during the court hearing, saying he would not allow the agency to block SVB Financial from getting information about its seizure of about $2 billion from SVB Financial’ s bank accounts.

“I’m not going to put up with a lot of nonsense from the FDIC,” Glenn said. “They’re either going to play by

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Actionable Business Insights via upSWOT Now Standard on the Alkami Digital Banking Platform

Fintech partnership empowers financial institutions to level up small business financial wellness

PLANO, Texas, May 31, 2023 /PRNewswire/ — Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for banks and credit unions in the U.S., and upSWOT, a leading fintech platform that connects business applications for integrated data analysis and insight, have expanded their partnership by making upSWOT’s business insights from Alkami digital banking data a standard feature available to all Alkami business banking clients.

Alkami Logo (PRNewsfoto/Alkami Technology, Inc.)

Alkami Logo (PRNewsfoto/Alkami Technology, Inc.)

The dashboard is designed to empower businesses and financial institution relationship managers with real-time, actionable insights to:

  • build loyalty and increase engagement opportunities.

  • deliver more personalized and relevant offers to business users to increase cross-sell and upsell revenue rates.

  • gain visibility into business health based on assets, debt load, short and long-term liabilities, and revenue pipelines.

“Businesses need to quickly ascertain their performance and partner with a financial institution that can be their trusted advisor to ensure they thrive,” said Jeff Chen, vice president, product management at Alkami. “Making upSWOT a standard part of Alkami’s business banking solution allows our clients—regional banks and credit unions—to better serve the financial wellness of their business account holders by providing them with the data aggregation, visualization, and analytics they need to grow their revenue.”  The data-driven insights from upSWOT also identify opportunities for timely recommendations related to business operations.

“We believe that small businesses are the heartbeat of our communities. This philosophy drives our commitment to providing financial institutions with the innovative tools they need to not only help their business account holders grow but also build loyalty and drive engagement,” said Adam Dolby, senior vice president of partnerships at upSWOT.

For more information on business banking solutions, visit Alkami’s website.

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Japan says G7 to discuss strengthening global banking system

  • Policymakers must respond to changes in financial environment
  • Japan to invite Ukraine to G7 session on aid to the country
  • U.S. debt ceiling, Russia sanctions among topics of debate
  • Japan hopes to issue G7 joint statement, may mention bank woes

TOKYO, May 9 (Reuters) – Finance leaders of the Group of Seven (G7) advanced economies will discuss this week ways to strengthen the global financial system, Japan’s finance minister said on Tuesday, as recent U.S. bank failures bring the risk of digital bank runs into focus.

“The environment surrounding finance has changed dramatically with the emergence of social media and Internet banking,” said Finance Minister Shunichi Suzuki, who will chair the G7 finance leaders’ gathering to be held May 11-13 in the Japanese city of Niigata.

“Responding to such changes have become a common challenge for countries across the world, including Japan,” he said, adding that the topic will be among many issues to be discussed at this week’s G7 meeting.

The G7 finance chiefs may also discuss the U.S. debt ceiling woes and steps to prevent Russia from circumventing sanctions, Japan’s top financial diplomat Masato Kanda told reporters on Tuesday.

Japan will invite Ukraine’s finance minister to participate in a session on Thursday that will discuss aid to the war-struck country, Kanda said.

The recent collapse of First Republic Bank has exacerbated investor worries about the U.S. banking sector, and raised calls for better global oversight by regulators to new risks such as digital bank runs.

Japan would aim to issue a G7 joint statement after the finance leaders’ meeting, which may stress the need for authorities to remain vigilant to banking

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Britain’s digital finance firms under pressure after banking turmoil, execs say

LONDON, April 17 (Reuters) – Digital finance firms in Britain will find it tougher to raise funds due to higher interest rates and investor caution after the collapse of U.S.-based technology lender Silicon Valley Bank (SVB), executives told an industry event on Monday.

The Bank of England has raised interest rates 11 times since December 2021 in a bid to curb soaring inflation, which has squeezed living standards. However, the hikes have also led to higher funding costs for companies.

“The bar on capital has been raised, from an era where there was (effectively) 0% interest rates and relatively easy access to cash and capital,” said TS Anil, CEO of British digital bank Monzo, speaking at the Innovate Finance conference in London.

Anil said last month’s banking sector turmoil, sparked by the failure of SVB which spooked investors, could contribute to a broad shake-up in the digital finance sector.

Britain’s digital banks will need support over the next few months to help them cope with the market fallout from SVB’s demise, trade body Innovate Finance warned last month.

Tim Levene, CEO of fintech-focused investment company Augmentum, told the event there was likely more pain to come and start-ups would take further hits to their valuations.

“We’re going to see stories over the next 12 months of businesses that have failed, but that’s part of venture (capital),” he added.

The Bank of England is considering an overhaul of its deposit guarantee scheme, which could include boosting the amount covered for businesses if lenders hit trouble, The Financial Times reported on Sunday.

“The Bank of England looking at the regulations… is the sensible course to do,” Sam Everington, senior executive at British digital bank Starling, told the event in London.

Digital finance company bosses said they were confident the sector could weather

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Signature Lender will become upcoming casualty of banking turmoil immediately after SVB

March 12 (Reuters) – Condition regulators shut New York-dependent Signature Financial institution (SBNY.O) on Sunday, the third biggest failure in U.S. banking record, two times soon after authorities shuttered Silicon Valley Lender (SIVB.O) in a collapse that stranded billions in deposits.

The Federal Deposit Coverage Company (FDIC) took management of Signature, which had $110.36 billion in assets and $88.59 billion in deposits at the conclusion of previous year, according to New York state’s Office of Fiscal Solutions.

All of the depositors of Signature Lender and Silicon Valley Financial institution will be created complete, and “no losses will be borne by the taxpayer,” the U.S. Treasury Section and other financial institution regulators reported in a joint assertion.

Workforce appeared to obtain at the firm’s Manhattan headquarters for conferences on Sunday, purchasing catering from Carmine’s, an Italian restaurant, and Starbucks coffee, in accordance to a Reuters reporter on the scene. Persons trickled out of the developing right after the news of the closure was declared.

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Reps for the lender did not quickly react to a ask for for remark.

Signature’s failure followed Silicon Valley Bank’s Friday shutdown, the next greatest in U.S. record guiding Washington Mutual, which collapsed through the 2008 financial disaster.

Buyers had been unnerved by the pace at which startup-centered SVB, the 16th greatest loan company in the U.S., was toppled by shopper withdrawals. The episode very last 7 days erased more than $100 billion in industry worth from U.S. banks, prompting swift action from govt officials above the weekend to consider and restore assurance in the monetary method.

The FDIC recognized a “bridge” successor bank on Sunday which will help customers to entry their money on Monday. Signature Bank’s depositors and debtors will instantly become customers of the bridge financial

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After SVB failure, US acts to shore up banking system confidence

WASHINGTON/SINGAPORE, March 13 (Reuters) – U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank (SIVB.O) threatened to trigger a broader financial crisis.

After a dramatic weekend, regulators said the failed bank’s customers will have access to all their deposits starting Monday and set up a new facility to give banks access to emergency funds. The Federal Reserve also made it easier for banks to borrow from it in emergencies.

While the measures provided some relief for Silicon Valley firms and global markets on Monday, worries about broader banking risks remain and have cast doubts over whether the Fed will stick with its plan for aggressive interest rate hikes.

“We think the steps taken by the Fed, Treasury and (the Federal Deposit Insurance Corp) will decisively break the psychological ‘doom loop’ across the regional banking sector,” said Karl Schamotta, chief market strategist at Corpay in Toronto.

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“But, fairly or not, the episode will contribute to higher levels of background volatility, with investors watching warily for other cracks to emerge as the Fed’s policy tightening continues.”

Regulators also moved swiftly to close New York’s Signature Bank , which had come under pressure in recent days.

The wider efforts to avert a crisis lifted Wall Street stock futures in Asian trade on Monday, helping broader markets.

Lingering concerns about the financial sector weighed on bank shares in Asia, with Japan’s Mitsubishi UFJ (8306.T) hitting a two-month low and Singapore’s DBS (DBSM.SI) a four-month low. Hong Kong shares of HSBC and Standard Chartered pared early losses to trade near-flat.

European stock markets fell 0.6% in early trade (.STOXX), while banking stocks fell just over 1%. U.S. stock futures were higher. Asian shares outside Japan climbed

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Business Banking Solutions And Business News L Chase For Business

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Business Banking Solutions And Business News L Chase For Business

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