This week's risk management news includes Mizuho’s censure by the FSA, BTA Bank’s bad loans off-estimate, and Australia's massive credit card cancellations following a possible security breach.
June 01, 2011 | The Asian Banker Editor
Japan's Financial Services Agency orders Mizuho to improve operationsJapan's financial regulator has ordered Mizuho Bank and Mizuho Financial Group to improve their business operations following a widespread computer-system failure earlier this year, and also raised questions over risk management and corporate governance at the bank.
BTA Bank's bad loans may top original estimate
BTA Bank, Kazakhstan’s biggest lender before its nationalization and default in 2009, may have underestimated its bad-loan total and may require more government aid. Negotiations with creditors were based on projected losses of about $14.2 billion on bad loans but the bank is currently off that estimate by 5-10% percent.
Australia banks cancel thousands of credit cards
NAB, ANZ, Westpac and St George have blocked, restricted or cancelled over 10,000 credit cards following a possible security breach involving a credit card merchant. The banks have reissued credit cards and are monitoring all transactions for potential fraud.
Re-disseminated by The Asian Banker
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Risk And Regulation Working GroupKeywords:Australia, Mizuho, BTA Bank
