Company Overview and News
Mitsubishi UFJ Financial Group’s (MTU - Free Report) efforts to replace supervision of New York state Department of Financial Servicesfor a less grinding one is being resisted by the regulator, per an article by Financial Times. (14-0)
Mitsubishi UFJ Financial Group (MTU - Free Report) has recruited about 180 employees to date for its investment banking offices in Europe, the Middle East and Africa, with a view to expand operations and boost income outside the domestic market. (25-0)
Mitsubishi UFJ Financial Group Inc. (MTU - Free Report) sued New York’s banking regulator to prevent it from supervising the company. Starting this week, it has switched to federal oversight for its state branches. The news was first reported by Reuters. On Nov 8, New York regulator announced that the bank and its New York branch will continue to be under its supervisory. The Japan-based lender has filed a complaint in the Manhattan federal court to stop the enforcement of the order passed by the regulator. (2-0)
The following slide deck was published by Shinhan Financial Group in conjunction with their 2017 Q3 earnings call.
The foreign banking space is heating up with economic growth gaining momentum across most advanced nations, which have been laggards in the global marketplace for a long time. While accommodative monetary policy and fiscal stimulus are propelling growth, an improving labor market scenario and strengthening global trade are ensuring sustainability.
Brazil-based, Itau Unibanco Holding S.A. (ITUB - Free Report) received Brazil's antitrust authority Cade’s approval for the acquisition of U.S. bank, Citigroup Inc.’s (C - Free Report) consumer banking business in Brazil, announced in October 2016. The deal was inked for around $220 million (710 million reais). The sale constitutes around $2.8 billion in assets for Citigroup in Brazil and includes credit cards, personal loans and deposit accounts, and Citi Brazil's retail brokerage business as well.
Itau Unibanco Holding S.A.’s (ITUB - Free Report) organic and inorganic growth strategies are likely to bolster its performance. However, higher expenses remain a concern.
The Royal Bank of Scotland Group plc (RBS - Free Report) is scheduled to report second-quarter 2017 results on Aug 4. The company reported improved earnings in the first quarter. Results were driven by higher revenues, partially offset by elevated expenses. With the impressive results, RBS’ shares jumped nearly 7.6% on the NYSE for the three-month period ended Jun 30, 2017. This increase was largely driven by gradual improvement in the macroeconomic backdrop and a positive implication of the bank’s restructuring activities.
HSBC Holdings plc (HSBC - Free Report) is scheduled to announce second-quarter 2017 results on Jul 31, before the market opens. Last quarter, this major foreign bank’s profits were down, reflecting the absence of Brazil business results, which were divested in Jul 2016. However, decrease in loan impairment charges and a modest improvement in revenues acted as tailwinds. Looking at the price performance, HSBC stock has gained 22.
Citibank recently announced plans to shut down nearly 75% of its 133 branches in South Korea as weak earnings continue to pressure top-line margins.
Chicago, IL – June 07, 2017 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include CEMEX, S.A.B. de C.V. (NYSE: (CX - Free Report) – Free Report ), Telefonica Brasil S.A. (NYSE: (VIV - Free Report) – Free Report ), Shinhan Financial Group Co Ltd (NYSE: (SHG - Free Report) – Free Report ), Huaneng Power International, Inc.
Adding to the already decent start to the year (improving growth prospects globally, pick up in manufacturing and stabilizing oil prices), the new report from the World Bank projected global economic growth of 2.7% for 2017 and 2.9% for next two years. Specifically, advanced economies (the U.S., Eurozone and Japan) are anticipated to grow at the rate of 1.9% this year, then decline to 1.8% and 1.7% for 2018 and 2019, respectively.
Korean banking stocks' recent corrections have to do with their exposure to the ailing Daewoo Shipbuilding and Marine Engineering (DSME) and intensifying geographical risks. To see if the shares can stage a meaningful rebound, we must first address the three major issues facing Korean banks: the possibility of an earnings peak-out, household debt burden, and potential sell-off by foreign investors.
The year started well for foreign banks, as evident from the impressive January-March quarter financial performance by the mega players that have reported so far. Profits were primarily driven by strong capital market results as global economic data held up well. Stability in the financial markets and optimism over global economic growth led to increased investor appetite for trading activity as well.
Mitsubishi UFJ Financial Group, Inc. (MTU - Free Report) is scheduled to report fourth-quarter and fiscal 2017 (ended Mar 31) results on May 15. The Japanese banking giant – Mitsubishi UFJ – had reported profits attributable to owners of parent of ¥786.9 billion ($7.4 billion) for the nine-month period (ended Dec 31) of fiscal year ended Mar 31, 2017, down 7.7% year over year. Results were affected by decreased gross profits and fall in net interest income.
2017-10-28 - Wilton
2017-10-25 - Wilton
2017-10-10 - Wilton
2017-10-09 - Wilton
2017-08-25 - Wilton