SEB in Estonia has in a specific case decided to compensate investors to the tune of €11.3m, due to an omission to fulfil its information obligations. As collateral agent for the Estonian company OU TR Majad’ s private placement of its corporate bond in June 2007 to institutional investors, SEB in Estonia should have informed investors of any material event within 10 days. Such a material event was the company’s disposal of assets that formed part of the collateral for the bond. SEB in Estonia informed the investors four weeks too late. Nine months later the company was bankrupt.
“Our customers and counterparties should know that we always strive for the highest professional standards. When we discover any faults we have made, we act,” said Annika Falkengren, chief executive officer (CEO) and president of SEB. As it has been hard to define the exact impact of the bank’s omission for the investors, SEB has decided to compensate the investors in full.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more