Swedbank to acquire Vilnius’ Barclays Operations Centre in Lithuania – FinTech Futures – Banks, Insurance Article

Swedbank has agreed with Barclays Operations Centre in Lithuania (BGOL) to acquire the financial technology centre Rise Vilnius. Banks are planning to complete this transaction by 1 July 2019. According to Dovilė Grigienė, chairman of the board of Swedbank in Lithuania, this transaction shows that Lithuania is committed to maintain high technology incubating leadership positions. “We are ready to ensure the continuity and further development of the successful Rise Vilnius business. Swedbank’s ambitions in Lithuania are long-term, and we want…

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UK banks fined €1bn by EU for rigging foreign exchange market | Money – Banks, Insurance Article

Five banks including Barclays and Royal Bank of Scotland have been fined a total of more than €1bn (£875m) by the European Union for rigging the multi-trillion dollar foreign exchange market. The European commission said the banks, which also include Citigroup, JP Morgan and MUFG (Mitsubishi UFJ Financial Group), formed two cartels to manipulate the spot foreign exchange market for 11 currencies, including the US dollar, the euro and the pound. The financial industry has been hit with billions of…

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Barclays to move £170bn to Dublin over no-deal Brexit fears | Business – Banks, Insurance Article

Barclays is to move €190bn (£166bn) worth of assets from the UK to Ireland as the bank readies itself for a possible no-deal Brexit. The high court on Wednesday approved the lender’s Brexit contingency plans that include transferring the assets linked to about 5,000 of its clients to a Dublin-based unit. “Barclays will use our existing licensed EU-based bank subsidiary to continue to serve our clients within the EU beyond 29 March 2019 regardless of the outcome of Brexit,” the…

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