Mediobanca will acquire Arma to create a leading Digital Economy franchise
Key Insights and Signals – Banking & Financial Services
Centre Setup and Expansion Mastercard opens a permanent representative office in Uzbekistan MasterCard’s official representative office will allow the company to study local needs for future technology proposals and achieve its long-term digital economy goals. Read More>> CIBC debuts new full-service financial center on Royal Palm Way This office serves as a prime example of CIBC’s concerted efforts to integrate a wide range of client products and services, backed by the strength of U.S. capital markets and capabilities. Read More>> Barclays to open Barclays Local in Prudhoe and Haltwhistle Barclays Local is a pop-up cashless banking site where customers can meet a Barclays employee and receive face-to-face banking support as they would in a branch. Read More>>Deals IMF Staff, Kenya reach an agreement on over USD 1 Bn of new financing The agreement could help relieve pressure on government finances in East Africa’s largest economy. Read More>> Upbound Group, Inc. announces agreement with Genesis Financial Solutions The company announced the agreement to provide credit solutions to qualified customers from Upbound’s platform of consumer leasing brands Rent-A-Center and Acima. The agreement will include general-purpose and private-label credit cards serviced by Genesis and an integrated near-prime credit and lease-to-own solution to retail partners. Read More>>Mergers and Acquisitions Mediobanca acquires Tech Boutique Arma partners The company has signed a strategic agreement with the partners of Arma Partners LLP and U.S. Arma Partners L.P. to join forces in the Digital Economy space. Under the terms of the agreement, Mediobanca will acquire Arma to create a leading Digital Economy franchise within the CIB Division. Read More>> UBS to acquire Credit Suisse in USD 3.4 Bn deal As part of the deal, UBS has agreed to assume up to USD 5.5 Bn in losses. The Swiss authorities and UBS Group have been working tirelessly to close the takeover as soon as possible to retain the lender’s clients and employees. Read More>>Partnership Airwallex and TrueLayer team up to enhance payment infrastructure The partnership will enable TrueLayer to deliver enhanced real-time payments and treasury operations to maximize ROI for merchants. Together they are simplifying cross-border, multi-currency open banking payments, reconciliation, and related back-office processes. Read More>>Executive Movements Starling Bank founder Anne Boden steps down as CEO Anne Boden is set to step down as CEO after almost ten years. The decision comes as the U.K. lender reported a record pre-tax profit of USD 241 million. She announced after the company, which offers both personal and business banking services, posted record-breaking profits for the year to the end of March. Read More>> Atom Bank appoints Rochford as chair Atom will appoint Lee Rochford as its new chair, replacing Bridget Rosewell in September. Rochford was chief executive at financial services business Arrow Global Group for almost five years, leaving in 2021. Read More>>Layoff First Citizens Bank cutting jobs at failed Silicon Valley Bank The Bank acquired remnants of SVB and will be cutting about 500 jobs, or about 3% of its workforce. The move would only affect “select” corporate Silicon Valley Bank positions. Employees in customer-facing jobs will not be involved. Read More>> Morgan Stanley to cut 7% jobs in Asia-Pacific Region amid worsening economic condition The global investment bank may reportedly communicate to almost 40 affected bankers this week itself, especially those in the capital markets unit. Read More>>
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Latest Industry Insights from Draup Braindesk
Company – Mooncard Total Funding – USD 75.72 Mn
Mooncard was created with an ambition: to put the new payment technologies to the service of the day-to-day management of all companies to enable them to gain simplicity, efficiency, and, therefore, profitability. Read More>>
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