UK bank HSBC helped rich customers to funnel money in through its Swiss banking arm to avoid paying tax – but just one UK citizen on the list has been prosecuted for tax evasion.

The Royal Bank of Scotland is has unearthed a money-making ploy which sees companies taking money from customer accounts without clear warning, and is urging regulators to take action.

Funding negotiations are underway for Alibaba-owned Ant Financial Services Group, with a number of state-owned banks believed to be poised to make an offer.

Disruptive internet technology companies are threatening to undercut profits in Vietnam’s military-owned telecoms industry, sparking a government crackdown on entrepreneurs.

American banks are still the most valuable in the world, but Chinese competitors are hot on their tail, according to a new ranking of the world’s financial institutions.