warned<\/a> that a windfall tax could damage London\u2019s competitiveness and drive investment towards rival financial centres.<\/p>\nSwiss lawmakers delay vote on tougher UBS capital rules<\/p>\n
Swiss lawmakers on Tuesday delayed an initial vote on tougher capital rules for UBS, because some committee members argued for softer measures than those proposed by the government in response to Credit Suisse\u2019s collapse.<\/p>\n
The government\u2019s plan could force UBS to hold around $20bn more in additional common equity Tier 1 capital. At the centre of the proposal is a requirement for UBS to raise the capitalisation of its foreign subsidiaries to 100 per cent from 60 per cent, using CET1 capital alone.\u00a0<\/p>\n
However, the upper house committee is considering amendments that would allow UBS to meet part of the increase using cheaper additional Tier 1 bonds.<\/p>\n
UBS, which acquired Credit Suisse after its 2023 collapse, has argued that the proposed requirement is excessive and would weaken its competitiveness and Switzerland\u2019s position as a financial centre.<\/p>\n
The upper house\u2019s Economic Affairs and Taxation Committee will resume discussions on August 31, with a vote in the chamber still targeted for September.<\/p>\n
Revolut scales down partnership with WeWork<\/p>\n
Revolut has scaled back its WeWork partnership across Europe following a disagreement over an increase in the\u00a0workspace provider\u2019s fees.<\/p>\n
As reported by the FT, customers on Revolut\u2019s Metal and Ultra plans have lost access to several prime WeWork locations in cities including Paris, Brussels, Milan, London, Edinburgh, Dublin and Prague.<\/p>\n
Revolut renegotiated the partnership to avoid \u201cwithdrawing the benefit or passing increased costs\u201d on to premium members, one person familiar with the matter told the newspaper.\u00a0<\/p>\n
WeWork said the fee increases were due to \u201ceconomic factors\u201d alongside \u201cincreased occupancy levels and demand\u201d at certain locations.<\/p>\n
The WeWork partnership is a key benefit of Revolut\u2019s premium plans, which generated more than \u00a3700mn in subscription revenue for the digital lender in 2025, up nearly 70 per cent on the previous year.\u00a0<\/p>\n
Under the new agreement, Revolut customers can access around 265 WeWork sites, more than half of which are in the US.\u00a0\u00a0<\/p>\n
Revolut said it remained committed to offering members \u201cpremium workspace solutions and other global lifestyle benefits\u201d.<\/p>\n
PBoC appoints Deutsche as first foreign renminbi clearing bank<\/p>\n
Deutsche Bank has been appointed by the People\u2019s Bank of China as Europe\u2019s first foreign renminbi clearing bank.<\/p>\n
Operating in Frankfurt, the bank will provide clearing and settlement services for cross-border renminbi transactions, giving European financial institutions and companies greater access to China\u2019s payment systems and offshore renminbi liquidity.<\/p>\n
\u201cBy connecting onshore and offshore renminbi ecosystems and expanding renminbi use cases across Europe and key trade corridors, we aim to help clients capture new opportunities arising from the evolving renminbi landscape,\u201d said Leo Yin, president of Deutsche Bank China.<\/p>\n
Deutsche Bank has been involved in efforts to expand the renminbi\u2019s international use for more than a decade, joining the Cross-Border Interbank Payment System, China\u2019s alternative to Swift, as a direct participant in 2015.<\/p>\n
HSBC\u2019s insurance CEO departs bank\u00a0<\/p>\n
HSBC\u2019s global chief executive for insurance business is to leave the bank after more than 20 years.\u00a0<\/p>\n
Edward Moncreiffe is stepping down two years after he took over the role, according to Reuters. He is said to be leaving in September for external opportunities.\u00a0<\/p>\n
HSBC plans to appoint two executives to replace Moncreiffe, splitting the role in two, according to one of the sources.\u00a0<\/p>\n
Moncreiffe\u2019s departure is the latest high-profile exit from the bank, with head of banking for Europe and the Americas Gerry Keefe resigning in April, and cash equities trading heads James Grafton and Steve Jobber departing in February.\u00a0<\/p>\n
Prior to taking on the global insurance role, Moncreiffe had spent seven years as CEO of HSBC Life Hong Kong and Macau. Last month, the bank agreed to sell the HSBC Life business in Singapore to Allianz in a deal worth S$2.7bn ($2.1bn). The acquisition is expected to close in the first half of 2027.\u00a0<\/p>\n
China Everbright executive director steps down\u00a0<\/p>\n
China Everbright Bank\u2019s executive director Yang Bingbing has stepped down from the bank halfway through his term.<\/p>\n
Yang, who also served as vice-president, submitted his resignation to the bank on August 11 with immediate effect. His term as director at the joint-stock commercial bank had been due to run until November 2028.\u00a0<\/p>\n
In an announcement released by the Beijing-based bank, it stated his departure was due to \u201cwork adjustment\u201d and that he will not hold any position at the bank or its controlled subsidiaries.\u00a0<\/p>\n
\u201cYang Bingbing confirmed that he has no disagreements with the bank\u2019s board of directors, nor are there any matters related to his departure that need to be notified to the bank\u2019s shareholders,\u201d the bank said in a statement.\u00a0<\/p>\n
Yang joined Everbright Bank in 2005, before being appointed vice-president in July 2020 and executive director in June 2024.\u00a0<\/p>\n
Everbright Bank is the 12th largest bank in China by asset size.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Today\u2019s need-to-know storiesItaly\u2019s deputy prime minister calls for windfall tax on banks Italy\u2019s deputy prime minister Matteo Salvini…\n","protected":false},"author":2,"featured_media":39780,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[5,26123],"class_list":["post-39779","post","type-post","status-publish","format-standard","has-post-thumbnail","category-italy","tag-italy","tag-need-to-know"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/italy\/wp-json\/wp\/v2\/posts\/39779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/italy\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/italy\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/italy\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/italy\/wp-json\/wp\/v2\/comments?post=39779"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/italy\/wp-json\/wp\/v2\/posts\/39779\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/italy\/wp-json\/wp\/v2\/media\/39780"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/italy\/wp-json\/wp\/v2\/media?parent=39779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/italy\/wp-json\/wp\/v2\/categories?post=39779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/italy\/wp-json\/wp\/v2\/tags?post=39779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}