TSB, the British lender owned by Spain’s Sabadell , will cut jobs and close branches to improve its efficiency, the CEO of the Spanish bank told a press conference on Thursday after TSB set aside restructuring costs of 29 million pounds.
U.S. investor Michael Calvey on Thursday said he had never pleaded guilty to embezzlement charges in Russia and never would, after a Russian cassation court said he had acknowledged his guilt in a 2.5-billion-rouble ($27.7 million) case.
Indian digital payments firm Paytm lost a fifth of its market value on Thursday after the central bank ordered its payment bank to halt its business, threatening the company’s path to profitability and the app it relies on.
One of India’s most popular payments companies, Paytm , is facing its biggest crisis after the country’s central bank ordered its banking unit to stop accepting fresh deposits from March, leading to sharp fall in its shares.
The Reserve Bank of India (RBI) has ordered the payments bank subsidiary of Paytm to stop accepting fresh deposits in its accounts or popular wallets from March, in a major blow to one of the country’s largest payments firms.
Funding of the global insurance technology (insurtech) sector dropped to $4.5 billion in 2023, down 44% from 2022 and off 72% from its 2021 peak, broker Gallagher Re said in a report on Thursday, after investors got burnt by frothy valuations.
British insurer Phoenix Group delivered about 1.5 billion pounds ($1.9 billion) of new business long-term cash generation in 2023, it said on Thursday, hitting its 2025 target two years early and driving a rally in its shares.