Monthly Top 5 ORX News Losses – July 2019

  • 7 August 2019

1.   Punjab National Bank, India – $555.6m

PNB defrauded of INR 38.05 billion by steel manufacturer who manipulated account books.

Business Line: BL0401 Commercial Banking

Event Type: EL0201 External Theft & Fraud

2.  The Abraaj Group, United Arab Emirates – $314.6m

Abraaj Group fined USD 314.6 million for deceiving investors and misappropriating funds.

Business Line: BL0703 Fund Management

Event Type: EL0402 Improper Business or Market Practices

3.  Allahabad Bank, India – $258.9m

Allahabad Bank defrauded of INR 17.75 billion by manufacturer who manipulated account books.

Business Line: BL0401 Commercial Banking

Event Type: EL0201 External Theft & Fraud

4.  Deutsche Bank, Netherlands – $197.1m

Deutsche Bank pays EUR 175 million to settle bribery allegations over derivatives trades.

Business Line: BL0401 Commercial Banking

Event Type: EL0402 Improper Business or Market Practices

5.  Capital One, United States – $150.0m

Capital One suffers data breach in which hacker steals information of 106 million individuals.

Business Line: BL0302 Card Services

Event Type: EL0202 System Security External – Wilful Damage

The operational risk year to date

Summary of distribution, frequency and severity of ORX News event digests.

Top 5 July 2019

Download July's Top 5

ORX News top five

Each month, the ORX News team publish a round-up of the five largest operational risk loss events recorded in the ORX News database.

ORX News is an industry-leading provider of publicly reported operational risk loss events.

Find out more about the service