The ECB is investigating Swedbank (Credit: AP Photo/Michael Probst)
Swedbank being investigated by ECB and US authorities
Sweden's oldest bank has announced it is fully co-operating with the European Central Bank (ECB) and several US authorities over a huge money-laundering scandal. Swedbank estimates the cost of dealing with investigations into its alleged handling of suspicious transactions could reach $103 million this year alone, but the inquiries could continue for years.
Swedbank had initially denied any involvement in the Danske Bank money-laundering case, but is now being investigated in Sweden, Estonia and the US. The belief is that it may have processed more than $100 billion in suspicious transactions. CEO Birgitte Bonnesen was fired and former Swedish prime minister Goran Persson brought in to help out.
Casino's Naouri is cutting costs (Credit: AP Photo/Michel Euler)
French retailer Casino borrows $1.66bn to aid debt refinancing
French mass-retailer Casino has raised $1.66 billion in bank loans to refinance some of its existing debt. It is the latest move by Casino's chief executive Jean-Charles Naouri to improve the finances of the group, which dates back to 1898 but has been facing a long-term price war with rivals, in addition to the rise of online outlets such as Amazon.
Casino confirmed it is on target to reduce net debt from $3 billion at the end of 2018 to $1.66 billion by the end of 2020. Naouri is leading a $5 billion asset-disposal plan and is considering selling Casino's discount chain Leader Price to German budget supermarket Aldi.
Meanwhile, shares in Casino's rival Carrefour fell 3 percent on Wednesday after a third-quarter sales slowdown. Sales of $22.5 billion represented a 2.3 percent rise, against 3.9 percent in the second quarter.
Metro Bank's opening hours have attractd customers (Credit: AP Photo/Alastair Grant)
Metro Bank founder steps down as chairman after troubled year
The entrepreneur who founded Metro Bank has stepped down as chairman with immediate effect.
Having originally intended to continue as president and non-executive director, Vernon Hill will step down as chairman now and cease to be a non-executive director on 31 December, moving to an honorary position as emeritus chairman. Metro Bank's senior independent director Sir Michael Snyder will be interim chairman until a successor is appointed.
Founded in 2010 by Hill with Anthony Thomson, Metro Bank was the UK's first new high street bank in 150 years. However, in early 2019 it hit financial difficulties with a $1.15 billion accounting error, after which investors and regulators expressed concern over Hill remaining on the board.
Peugeot posted mixed results (Credit: AP Photo/Zacharie Scheurer)
SUVs help Peugeot buck trend but sales are still down
The car-making PSA Group reported a rise in third-quarter revenue amid strong demand for its high-end SUVs – but the French group also noted an overall drop in sales, while lowering its predictions for major markets.
PSA, which includes French marques Peugeot and Citroen and which bought Opel-Vauxhall from General Motors in 2017, reported that revenue for July to September rose 1 percent to $17.35 billion, on the back of profitable models such as the Citroen C5 Aircross. However, global sales of vehicles fell 4 percent to 674,500, and PSA predicted further market shrinkage.