Foreign investment updates about the financial services industry
Update (Divestment)
According to Reuters, Swiss bank UBS is reducing its presence in China's private funds market, shutting down a significant portion of its existing funds and laying off staff. The move comes amid cost pressures, fierce competition, and sluggish returns in the Chinese market. * Fund Closures and Staff Reductions:
Update
According to Bloomberg, Standard Bank Group Ltd., Africa's largest lender, is expanding its reach into North Africa with a new representative office planned for Egypt by the year-end of 2024. This move capitalizes on the growing trade between Africa and the Middle East. "We have been looking
Update
BNP Paribas, a major global financial group headquartered in Paris, has secured approval from the China Securities Regulatory Commission (CSRC) to establish a fully owned securities brokerage unit in China. This marks a significant step for BNP Paribas as it expands its presence in the world's second-largest economy.
Update (Divestment)
The Central Bank of Kenya (CBK) announced on 5 April 2024 that the Bank of Kigali (BoK) Representative Office in Kenya will close effective 2 April 2024. This closure comes as BoK's parent company, Bank of Kigali Group Plc, has made a strategic decision to prioritize digital service
Update (Divestment)
HSBC Holdings plc (HSBC) announced that it has entered into a definitive agreement to sell its banking operations in Argentina to Grupo Financiero Galicia, the largest private financial group in Argentina. The deal: * Value: US$550 million, subject to adjustments. * Completion: Expected within the next 12 months. Financial impact for
Update
Leading Germany insurance and assistance company, Allianz Partners, has become the first foreign reinsurer to establish operations in the International Financial Services Centre (IFSC) GIFT City in Gandhinagar. This expansion marks a significant milestone for Allianz Partners and India's insurance sector. The company's IFSC Insurance Office