ABN AMRO is pulling out of its trade and commodity financing, while cutting its natural resources and transportation and logistics work to European clients only.
Singapore oil trader Hin Leong Trading (Pte.) Ltd. has appointed advisers to help in talks with banks as some of them freeze credit lines to the firm, according to people with knowledge of the matter.
The crisis in Nigeria is throwing up opportunities for Africa’s largest bank.
Saudi Arabia’s central bank offered lenders short-term loans in late June to help ease liquidity constraints, according to five people familiar with the matter.
The watchdog overseeing banks in western Europe’s biggest oil exporter says Norway’s financial industry may still be underestimating the risk of losses, even after a 70 percent recovery in crude prices since January.
DNB ASA expects loan losses to grow more than analysts estimated as Norway’s biggest bank adapts to the fallout of lower oil prices.
The Norwegian central bank reduced its key interest rate by 0.25 percentage point, to 0.5 percent, and said it may act again later this year to spur the economy from its oil-led downturn.
US hedge fund FrontFour Capital Group has sent a letter to oil and gas producer Rock Energy Inc requesting a special meeting where it plans to replace three members of the board. The changes are necessary “in order to effect immediate and significant changes to the board in order to preserve and enhance shareholder value,” FrontFour said in a statement Thursday.
Russia has bailed out a mid-sized bank to save it from bankruptcy - a clear sign that the slide in the value of the rouble in the wake of falling oil prices is straining the banking system. The Central Bank said it will give Trust Bank 30 billion roubles (£350 million) that will allow it to continue operating as normal. It will also place Trust Bank under its own supervision until it finds an investor. Major Russian banks said they had no interest in acquiring Trust, a top 30 Russian bank with about £3.2 billion in assets.
Norwegian Energy Company (Noreco) will request a deferral of bond instalments and bond interest due in December, the company has said. The bond instalment, worth NOK 560.8million, and the bond interest NOK 84.6million, will be delayed while the company explores available alternatives. The company said the deferral will allow it time to pursue any solutions which could create more values for its stakeholders.