Latest global banking news

In international news this week, BNP Paribas extends a credit line with green incentives to Ant Group; four NatWest bank units were penalized for overcharges on interchange fees; Experian agreed to buy a stake in a Brazilian fintech; and more.

Here's what's happening around the world.

BancTrust Investment Bank in London launches U.S. affiliate

The British emerging-markets investment bank has established a New York-based broker-dealer affiliate — BancTrust Securities USA — to represent the bank in interactions with institutional investors in the United States. "I am thrilled to announce the expansion of the BancTrust group in the U.S. … Our New York presence will enable us to better serve and grow our current U.S. client base as we aim to be their trusted partner in emerging markets," Carlos Fuenmayor, chief executive of BancTrust, said in a May 13 press release. —Frank Gargano

Four NatWest bank units penalized for overcharges on interchange fees

Inspectors with the Payments System Regulators in the U.K. have fined four bank subsidiaries of the NatWest Group a collective 1.82 million pounds ($2.2 million) after a four-year investigation concluded the units failed to properly categorize certain credit cards, leading to overcollection of interchange fees. Those included in the settlement include National Westminster Bank in London, Royal Bank of Scotland in Edinburgh, Ulster Bank in Dublin and Coutts in London. — Frank Gargano and John Adams

Experian slated to purchase majority stake in Brazilian fintech

The credit bureau Experian has agreed to purchase a 51% ownership share of MOVA Sociedade de Empréstimo entre Pessoas S.A., a financial technology firm that specializes in offering tools for conducting credit assessments of small to midsize enterprises. Experian’s purchase of the stake from Roberto Tesch, founder and chief executive of MOVA, and investor Érico Sodre Quirino is valued at 40 million real ($8.3 million as of May 18); the valuation includes a capital investment into MOVA and an earnout for both sellers determined by the fintech’s 2024 net revenues. — Frank Gargano and John Adams

BNP Paribas to offer Ant Group green line of credit

The French bank BNP Paribas has agreed to provide Ant Group, parent company of the Chinese payments firm Alipay, access to a revolving credit line that incorporates an adjustable interest rate feature based on the company’s adherence to its sustainability performance targets. If Ant meets benchmarks such as reaching carbon neutrality and using renewable energy, the bank will lower the interest rate. Failing to meet the targets will result in a rate increase. BNP Paribas will use Ant’s enterprise carbon management software-as-a-service product Carbon Matrix to securely verify whether the performance targets are met each year. — Frank Gargano and John Adams

Co-founder of British fintech Revolut to launch venture capital fund

Nik Storonsky, pictured, who helped to found the London-based challenger bank Revolut in 2015, is utilizing artificial intelligence to bolster the start of Quantum Light Capital Fund as it currently navigates the investment stage. “QuantumLight is the first truly systematic venture capital and growth equity firm. … We are built as a technology company by a team of tech unicorn founders, quant traders, AI scientists and engineers,” according to a statement on the fund’s website. The fund plans to raise nearly $200 million from Storonsky and other investors in its first-ever round. — Frank Gargano and John Adams

Back to the office? Almost 9 in 10 U.K. professionals say no thanks

A YouGov survey of more than 500 finance executives from across the U.K. commissioned by Bloomberg News last month found that more than 85% of finance workers in the country no longer view the office as their main place of work, highlighting the challenge the industry faces if it tries to persuade bankers to return to prepandemic norms. Bridging that disconnect between the corner office and rank-and-file workers will be vital for talent retention. Banks have already spent the past couple of years struggling to stem an exodus of workers leaving for tech firms, crypto or simply the beach. — Tom Metcalf, Bloomberg News

First Metro Investment Corp. in the Philippines appoints new chairperson

The investment banking arm of the Philippines-based Metropolitan Bank and Trust has named Mary Mylene Caparas as the next chairperson of its board of directors effective April 28. Caparas, who has been vice chairman of First Metro since 2020, succeeded Francisco Sebastian, who now chairs the board of GT Capital Holdings, also in the Philippines. In addition to her new role, Caparas will continue to lead the institutional banking division of Metrobank, where she oversees corporate banking, investment banking and other services. — Frank Gargano