Today’s need-to-know storiesTrump earns $635mn from ‘memecoin’ licensing deal
US President Donald Trump earned more than $635mn last year from a licensing deal with a cryptocurrency group specialising in so-called “memecoins” bearing his name, according to a financial disclosure filed with the US Office of Government Ethics.
A memecoin is a cryptocurrency usually built around an internet joke, personality or cultural reference. Its value is often driven more by online attention and speculation rather than underlying assets.
The income, disclosed in a 927-page filing covering 2025, helped push Trump’s total crypto holdings above $1bn. The $635mn was attributed to a group called Celebration Coins.
The form also listed more than $236mn from other crypto token sales, more than $65mn from an equity sale tied to the Trump family venture World Liberty Financial, and more than $290mn in income from cryptocurrency wallets linked to that business.
NatWest faces £250mn lawsuit over Rockfire liquidation
NatWest is facing a lawsuit worth more than £250mn over allegations that its Royal Bank of Scotland subsidiary processed unauthorised payments from Rockfire Group companies tied to a failed UK local government investment scheme involving solar farm bonds.
As reported by the FT, liquidators for Rockfire Capital and Rockfire Investment Finance, both formerly controlled by entrepreneur Liam Kavanagh, are seeking £70mn and £179mn plus interest, respectively.
Court documents allege RBS allowed payments that benefited Kavanagh personally, including purchases of luxury cars, a yacht and an aircraft, rather than the companies.
Rockfire Investment Finance claim RBS processed the payments while the company “was bordering on insolvency or was insolvent”.
NatWest declined to comment to the FT but said it would defend both cases. A spokesperson for Kavanagh said he “strenuously denies” the allegations and added: “There was no misrepresentation.”
OCBC to increase tech spend amid wealth management push
Singapore’s OCBC is to increase its annual technology spend to S$1bn ($771mn), which will include a focus on AI.
The bank is testing a new avatar banking app aimed at wealth management customers, with an aim to roll it out by the end of the year.
Chief executive Tan Teck Long said the lender is also planning to hire an additional 600 relationship managers as part of the bank’s three-year strategy to expand its services for high-net-worth clients in Hong Kong and Indonesia.
Tan took on the role in January, moving from DBS. In May, OCBC acquired HSBC’s retail and wealth assets in Indonesia.
In June, the bank expanded its gold services for its institutional and private banking customers, allowing them to buy, sell, and store gold for the first time. The gold is to be stored in Singapore with a set allocation per customer, rather than being held as pooled gold holdings.
Houlihan Lokey to buy energy sector specialist
Houlihan Lokey has agreed to acquire Intrepid Financial Partners, an independent investment bank focused on the energy sector, in a deal intended to expand its oil and gas advisory business.
The transaction was signed on June 27 and is expected to close before September 30, subject to regulatory approval.
Intrepid’s investment management arm is excluded from the deal and will continue to operate separately.
Founded in 2015 by Hugh E McGee III and Christopher Winchenbaugh, Intrepid has advised on more than 120 energy transactions worth more than $215bn.
Its team will join Houlihan Lokey’s global oil and gas group, adding 34 financial professionals and taking the group to more than 70 worldwide.
“This combination is exceptionally timely,” said Winchenbaugh. “We are currently navigating a highly compelling seller’s market, driven by volatility with stark pricing dislocations and massive pools of dedicated capital actively seeking deployment amid uncertainty in the energy markets.
Cynergy appoints new chair
UK challenger Cynergy Bank has appointed Kim Rebecchi as chair after Euan Hamilton’s retirement. Rebecchi, who has been a non-executive on the board since 2017, spent nearly 27 years at Leeds Building Society, most recently as distribution and marketing director, and has also served on the boards of Furness Building Society and stockbroker Redmayne Bentley.
Cynergy, which focuses on SME banking while offering savings accounts, posted £52mn in pre-tax profits in 2025, with a lending book of £4.3bn and deposits of £4.9bn.
Rebecchi said she was honoured to be appointed to the role. “I am passionate about building strong, ambitious businesses that deliver value for customers and colleagues alike,” she said.
She told The Banker that the biggest challenges facing UK banks are geopolitical uncertainty and the developments of AI: “[AI] will transform the way we all operate but we have our minds [made] up that the ‘people’ side of things is still important to our relationship management . . . technology is an enabler.”