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...The attack prevented ICBC FS from settling Treasury trades on behalf of other market participants, according to traders and banks, with some equity trades also affected....
...The cyber attack on ICBC FS is a costly reminder of the pitfalls of independent systems, and how the detachment from central command can impede swift action and crisis management....
...While breaches are more common at smaller organisations, the attack at a bank the size of ICBC FS is worrying. Many financial institutions and jurisdictions have insufficient measures in place....
...ICBC, ICBC FS and China’s National Administration of Financial Regulation, which supervises commercial banks, did not immediately respond to requests for comment....
...“Starling isn’t a lender with all of the revenue coming from one profit line, the brand is very well known,” said David Brear, chief executive of fintech consultancy 11:FS....
...David Brier, chief executive of consultancy 11:FS, said Starling having most of its loan book in emergency government loans “is highly concentrating their risk especially given the profile of [bounce back...
...Venture capitalists like to see monthly recurring revenues, notes Adam Davis at fintech consultancy 11:FS. Revolut’s subscription fees, for example, provide some recurring revenues....
...Sarah Kocianski, head of analysis at fintech consultancy 11: FS, said: “The company had restructured . . . which will almost certainly mean slower growth — largely through no fault of its own....
...Yes Bank may be just the first of India’s private lenders the RBI has to rescue this year. Its loan book looks particularly hair-raising. IL&FS was among Yes Bank’s borrowers....
...So far most of the casualties of the sector-wide squeeze have been non-banks such as IL&FS, which found itself unable to roll over the short-term funding on which it had depended to run its operations....
...The late-night action mirrored other recent interventions, such as the late 2018 takeover of shadow bank IL&FS....
...Mizrahi-Tefahot, Israel’s third-largest bank, has agreed to pay $195m to the US after admitting it helped American taxpayers hide their wealth from the tax authorities....
...Loans from the sector have fallen as much as a third in the wake of the collapse of infrastructure lending company IL&FS in late 2018....
...A major non-bank lender, IL&FS, collapsed last year, sparking concern that banks were vulnerable to contagion....
...That led to a squeeze on funding for many other non-banks, several of which, like IL&FS, had enjoyed high credit ratings....
...Stock prices of both the mortgage company and bank have risen around a fifth from the depths of the crisis after IL&FS defaulted, outpacing the equity market....
...year’s collapse of the AAA-rated infrastructure lender IL&FS put the squeeze on the shadow banks that had provided much of the consumer credit powering the economy....
...After several bond defaults by IL&FS, a big infrastructure group, India’s debt market underwent a sudden crunch, with mutual funds suffering withdrawals from skittish retail investors....
...Infrastructure Leasing & Financial Services Ltd (ILFS). recently defaulted on some of its debt....
...Mr Miller served as US head of asset and wealth management for Deutsche Bank until last year....
...The biggest listed BDCs — such as Prospect Capital, Ares Capital, American Capital, FS Investments — have market caps of just a few billion dollars....
...Sasja Beslik, head of responsible investment at the Nordic fund house, said that Mizrahi Tefahot and Hapoalim have effective “systems in place to manage their risks”....
...Tefahot Bank....
...Bank of Israel, Israel Discount Bank and Mizrahi Tefahot....
...The Dutch pension fund had been in talks with Bank Hapoalim, Bank Leumi and Mizrahi Tefahot Bank for over a year due to concerns that they were financing illegal Israeli settlements in Palestinian-occupied...
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