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Credit Suisse proposes crisis manager Meddings for board seat

ZURICH (Reuters) – Credit Suisse (CSGN.S) proposed on Monday Richard Meddings, a British banker with long experience of crisis management, for election to its board in its first non-executive nomination since the Swiss bank was rocked by a spying scandal.

Two incidents of spying on some of Credit Suisse’s top executives have drawn scrutiny of both the executive and non-executive management of Switzerland’s second-biggest bank.

Meddings, chairman of Britain’s TSB Bank, has wide experience helping lenders navigate challenging times, including previously at Deutsche Bank DBGKn.DE and Standard Chartered (STAN.L).

His appointment will need to be approved by shareholders at an annual general meeting on April 30.

Switzerland’s market supervisor FINMA is examining Credit Suisse’s oversight of Chief Executive Tidjane Thiam and his top lieutenants, as well as possible control failures at the bank’s board of directors.

Credit Suisse Chairman Urs Rohner, in a statement announcing Meddings’ nomination, highlighted the Briton’s record in the financial industry and managing risk.

“Through his wealth of knowledge and experience in the financial industry and his expertise in audit and risk management, Richard will make a valuable contribution as a new member of our board of directors,” Rohner said.

As chairman of Britain’s TSB Bank, Meddings assumed executive responsibility after the lender’s chief executive was forced out following a botched migration of customer data which locked out nearly 2 million customers and wiped millions off parent Sabadell’s (SABE.MC) 2018 profits.

Meddings also served on the board of Deutsche Bank when it paid more than $7 billion to settle U.S. allegations of mis-selling mortgage-backed securities.

He was finance director of Standard Chartered when it faced pressure from U.S. authorities over $250 billion worth of transactions tied to Iran.

Reporting by Brenna Hughes Neghaiwi and Silke Koltrowitz, editing by John Revill and Susan Fenton

Our Standards:The Thomson Reuters Trust Principles.

Source: Reuters.com

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Bloomberg ranks cedi as best performing currency in the world against the dollar by

Bloomberg ranks cedi as best performing currency in the world against the dollar

Bloomberg has adjudged the Ghana cedi as the best performing currency against the US dollar among the 140 currencies it currently tracks.

According to Bloomberg, the local cedi has so far appreciated by 3.4 percent against the dollar as at Monday, February 3, 2020.

The fortunes of the cedi look even brighter considering the country is on the verge of issuing a US$3 billion Eurobond which is expected to provide more dollar inflows that would further cushion the cedi from volatilities.

The local currency’s performance is a stark contrast to the 2019 performance where the cedi cumulatively depreciated by about 13 percent.

The cedi’s strong performance comes on the back of a number of measures put in place by the central bank as well as the Finance Ministry to resolve the cedi’s perennial struggles against its major trading partners.

The central bank, among other things, announced the commencement of forward fx auctions which basically allows banks and other dealers to make advance purchases of foreign currency to be supplied at an agreed rate later on.

The Bank of Ghana adopted this to help in regulating the supply of foreign currency and to stabilize the cedi for some time.

The central bank’s auction committee in a statement issued last week said it accepted less than fifty percent of the total amount of bids submitted by banks in the forex forward sales for Tuesday, January 28, 2019.

The forty million dollars accepted by the central bank is about 38 million dollars less than the amount the banks bid for.

source: citibusinessnews.com