TOP NEWS IN GLOBAL FINANCIALS
* JPMorgan Chase & Co. shareholders are seeking more information on CEO Jamie Dimon's multibillion-dollar plan to modernize its technology and the U.S. bank's decision to enter the highly competitive U.K. retail banking market, sources told the Financial Times (London). Shareholders were reportedly concerned about a potential 30% rise in spending on new projects this year to nearly $15 billion. JPMorgan intends to give more details on its plans at an investor day scheduled for later this year, the sources added.
* Japan-based digital asset exchange Coincheck Inc., a unit of Monex Group Inc., agreed to a $1.25 billion going-public transaction with special purpose acquisition company Thunder Bridge Capital Partners IV Inc. The resulting holding company, which will be domiciled in the Netherlands, will be named Coincheck Group NV and will be listed on the Nasdaq Global Select Market under the ticker symbol CNCK.
➤ Santander sees life left in US retail bank after exodus of European peers
The Spanish lender will announce details of a plan to restructure its American operation in the second quarter following a rush by regional peers to exit the market.
➤ Thai banks face systemic risks amid uneven recovery – S&P Global Ratings
S&P Global Ratings expects the tourism sector to regain full potential only after 2024, and the Russia-Ukraine conflict could further delay the normalization of international tourist arrivals.
READ MORE about the market reaction and industry impact of the evolving situation in Russia and Ukraine in our new Issue in Focus.
US & CANADA
* A decade-old lawsuit against Bank of Montreal's U.S. unit, BMO Harris Bank NA, that is set for trial this fall could complicate BMO's deal to acquire Bank of the West, American Banker reported, citing the Canadian bank's March 1 report to stockholders. Last summer, BMO started making public disclosures about the possibility of a large financial liability related to the suit, which stemmed from a long-defunct Ponzi scheme.
* Chanute, Kan.-based Community Bancorp Inc. and unit Community National Bank & Trust agreed to acquire Warrensburg, Mo.-based Quarry City Savings & Loan Association for about $10.4 million. The deal is expected to close in the third quarter.
Click here for more of the day's essential bank and financial services news in the U.S. and Canada.
LATIN AMERICA
* Argentina's central bank hiked the 28-day Leliq rate by 200 basis points to 44.5% from 42.5% and raised the minimum amount of fixed-term interest rates to 43.5% for 30-day deposits, for up to 10 million Argentine pesos.
* South American e-commerce group MercadoLibre SRL said it will invest 17 billion reais in Brazil this year, with a significant chunk of the amount to be earmarked for expanding the operations of its financial technology business Mercado Pago, Reuters reported.
EUROPE
* Crédit Agricole SA, which had ceased new financing to Russian companies and all commercial activities in the country following its invasion of Ukraine, has suspended its activities in Russia. The France-based bank said it informed international corporate clients of its Crédit Agricole Corporate and Investment Bank unit in Russia that it would be suspending services, noting it has no retail activities in the country, where it generated €3.7 million of net income in 2021.
* Credit Suisse Group AG is expanding its wealth management business in Germany, with on-the-ground advisers based in Frankfurt focusing on entrepreneurial and ultra-high net worth clients and family offices. The Switzerland-headquartered bank appointed Sven Stephan to lead the wealth team of unit Credit Suisse (Deutschland) AG.
Click here for more of the day's essential financial news in Europe.
MIDDLE EAST & AFRICA
* South Africa's central bank will divest its 50% shareholding in African Bank Holdings Ltd. via an IPO after concluding that none of the interested investors would be "suitable" in acquiring its stake at this stage. The South African Reserve Bank decided to sell the stake given the potential conflict as the regulator, significant shareholder and lender of last resort to unit African Bank Ltd.
* Egypt intends to issue five-year Samurai bonds worth the equivalent of roughly $500 million via a private placement, marking its first yen-denominated debt, in a bid to diversify funding, Bloomberg News reported. Mohamed Hegazy, head of the finance ministry's debt management unit, told Bloomberg the bonds will target a yield of between 0.80% and 0.85% and the placement is expected to be finalized March 24.
* A judge in Lebanon charged long-running Banque du Liban Governor Riad Salamé and his brother, Raja, with illegal enrichment and money laundering, the Financial Times reported. The central bank governor, who was charged in absentia, maintains his innocence, while his brother remains in custody after being arrested March 17, according to the newspaper.
ASIA-PACIFIC
* Yes Bank Ltd. held talks with private equity giants Brookfield Asset Management Inc. and BlackRock Inc. to raise capital against 5% to 10% of its stake, sources told The Economic Times. The Indian lender is looking to raise 100 billion rupees and has been in talks with other private equity players including The Carlyle Group Inc. and Advent International Corp. Brookfield and BlackRock did not comment, and Yes Bank did not respond to the publication's queries.
* Japan's Mizuho Financial Group Inc. will launch a strategic partnership with Google Cloud Japan GK to roll out a digital platform for marketing investment trusts, mortgage loans and other financial services, Tokyo's The Nikkei reported. The move comes after a recent spate of banking system failures at the group.
Click here for more of the day's essential financial news in Asia-Pacific.
Rhema Peñaflor and Ryan Sy contributed to this report.
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This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.
