, China
Photo courtesy of HSBC.

Weekly Global News Wrap: Depositors hit by China’s banking fiasco to be repaid; HSBC pays £1500 to staff to help with living costs

And India’s Yes Bank is selling up to a 10% stake for $1.1b.

From Reuters:
HSBC will pay some of its British workforce a one-off payment of £1500 ($1,830) to help them deal with the cost of living, according to a memo seen by Reuters.

The one-off payment will apply to certain low pay grade jobs, the memo said, adding it was needed to help ensure staff "avoid financial hardship".

ALSO READ: HSBC profit after tax rose to $9.2b in H1

From Bloomberg:
Chinese authorities have announced a new round of repayments to depositors affected by a rural banking scandal in the Henan province.

Starting 1 August, clients of four rural banks with deposits of between 100,000 yuan ($14,787) and 150,000 yuan.

Deposits worth at least $1.5b at a handful of small lenders have been frozen since April in what authorities have said was a complex scam.

The frozen assets have sparked protests as depositors called for authorities to release their deposits and amidst reports of alleged misuse of the COVID-19 tracing app

From Reuters:
India's Yes Bank Ltd is selling up to 10% stake to US private equity firms Carlyle Group Inc (CG.O) and Advent International for $1.1b.

Yes Bank plans to raise the funds through a combination of about $640m in shares and about $475m in share warrants, the private lender said in a statement.

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