RETAIL BANKING | Staff Reporter, Singapore

Weekly Global News Wrap Up: EU Banking scandal intensifies; BoA to open 500 new branches

And Greek banks urged to put more effort to cut NPLs.

From Bloomberg: Even for a country long accused of funneling dirty Russian funds into the European Union, Latvia’s latest banking scandal is a doozy. Just days after the U.S. threatened to penalize Latvia’s third-biggest lender for having “institutionalized money laundering,” including for clients linked to North Korea’s nuclear-weapons program, authorities in Riga detained veteran central bank Governor Ilmars Rimsevics on suspicion of bribe-taking.

From Reuters: Bank of America Corp (BAC.N) on Monday said it plans to open more than 500 new branches across the United States over the next four years, as the bank continues to invest in physical and digital enhancements. The Charlotte, North Carolina-based lender said the latest push includes a move into three Ohio cities - Cincinnati, Cleveland and Columbus. 

From Reuters via CNBC: Greek banks need to do more to reduce their very high stock of non-performing loans (NPLs), the European Central Bank's chief supervisor Daniele Nouy was reported as saying in an interview published by To Vima newspaper on Saturday. Non-performing exposures (NPEs), which comprise NPLs - past credit due for more than 90 days - and restructured loans likely to turn sour, are the biggest challenge facing the banking sector in the country which is set to exit its third international bailout in August.

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