RETAIL BANKING | Staff Reporter, Singapore

Global Weekly News Wrap Up: Credit Suisse sued for alleged $2b loan arrangement fraud; StanChart marks recovery in $1b share buyback plan

And 300,000 users signed up for HSBC's new money management app.

From Reuters:

Credit Suisse was sued by Public Eye, a Swiss anti-corruption lobby group, over alleged fraud in the arrangement of $2b of loans to Mozambique.

Three former Credit Suisse bankers were arrested in London in January on US charges of conspiring to violate anti-bribery law and to commit money laundering and securities fraud, while former Mozambique finance minister Manuel Chang was arrested in South Africa as part of the same case.

From CNBC:

Standard Chartered unveiled plans for an up to $1b share buyback, its first such in at least 20 years.

The buyback announcement sent Hong Kong-listed shares of the bank up more than 7 percent in afternoon trade on Tuesday, while the broader market was down 0.5%. The stock was trading 4.8% higher by 0607 GMT.

From CNBC:

HSBC has signed up more than 300,000 users to its new money management app in the U.K., an executive at the bank told CNBC.

Connected Money, which was launched last year, is an attempt by the 154-year-old institution to simplify expense tracking and budgeting for its customers. It shows a user their bank accounts from HSBC as well as rivals including Barclays and Lloyds. 

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