The European Banking Authority has made a small concession to anxious bankers, eager to know how their bonuses are going to be affected by proposed legislation to cap the payments.
Business Times reports that the European Banking Authority issued a consultation document on Wednesday detailing aspects of a “discount rate” that banks can apply under the European Union’s new bonus rules.
European bankers could be paid bonuses of up to 250 per cent of their fixed pay under a slight relaxation of tough new pay rules due to come in next year…but the small print says that much of the sum must be deferred for at least five years.
The EU plans to cap bonuses of senior staff to 100 per cent of their fixed pay, or 200 per cent if shareholders approve a higher payout.
The newly proposed discount rate would allow banks to pay up to another 50 per cent in instruments that are deferred for at least five years.
Asia Insurance Review says that Singapore has bolstered its stance as a regional re/insurance hub by developing its offshore insurance fund business.
The country continues to draw increasing numbers of reinsurers and underwriters to write risks across the region.
Yue Xiu Group, a trading arm of China’s Guangzhou city government, is nearing an agreement to acquire Hong Kong lender Chong Hing Bank, according to.Bloomberg.
Foreign direct investment in Indonesia has fallen for the first time in two years as southeast Asia’s biggest economy faces growing challenges from a widening current account deficit to rising economic nationalism ahead of next year’s elections, says the Financial Times.
The bank has signed a deal with an unnamed local partner and is applying for a local banking license, Finance Asia reports. The bank is also looking at putting analysts in various countries in Asia to coordinate sector coverage across borders.
Pepper Group said it has completed the acquisition of Evergreen Mutual Savings Bank in Korea. says Asian Banking and Finance.
This acquisition is Pepper’s first foray into the Asian financial services market.
Hong Kong will host a special live musical event on November 21 when a number of banking professionals take the stage to rock it out for charity.
Finance Live, an event organised for charity, will see performances by bankers-turned-musos from Goldman Sachs, Morgan Stanley, JP Morgan, Barclays, UBS, Nomura and Wells Fargo