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Banco do Brasil share offering raises 5.8B reais; HSBC Argentina CEO resigning

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Banco do Brasil share offering raises 5.8B reais; HSBC Argentina CEO resigning

* Banco do Brasil SA priced a secondary share offering at 44.05 reais apiece, resulting in total proceeds of 5.8 billion reais for the bank and Brazilian workers' severance fund FI-FGTS, two sources with knowledge of the matter told Reuters. The bank and the fund sold 132.5 million Banco do Brasil shares, people familiar with the transaction told Bloomberg News.

* Gabriel Martino is stepping down as CEO and board president of HSBC Bank Argentina SA to assume a different role in London. El Cronista reported. Sources told the publication that Juan Marotta, currently HSBC's head of commercial banking in Mexico, will replace Martino.

BRAZIL

* BB Seguridade Participações SA said Marcelo Augusto Dutra Labuto stepped down as chairman. Vice Chairman Carlos Motta dos Santos will take over Labuto's role.

* Most of the board members at Banco Nacional de Desenvolvimento Econômico e Social voted to fire director Andre Laloni, who was in charge of divestments at the state-owned development bank, Reuters reported, citing two people with knowledge of the matter. Laloni recently asked for a leave of absence after facing internal pushback against his asset sale plans.

* Brazil's central bank published a study into market concentration and competition in the local banking sector, Valor Econômico reported. The study found that mergers and acquisitions result in less credit and larger bank spreads in regions that have only a few financial institutions.

* Brazilian central bank chief Roberto Campos Neto said the domestic economy could have grown 1.54% in 2019, significantly higher than the 0.87% growth projected in the bank's latest Focus survey, had it not suffered major shocks including spillover from the Argentine economic crisis and the collapse of a large dam earlier in the year, Valor Econômico reported.

ANDEAN

* The revocation of Colombia's 2018 financing law is not expected to have a marked negative impact on the country's growth and fiscal deficit over the medium term, according to Fitch Ratings. Although the corporate tax rate cuts and incentives under the law would have boosted investment, the revocation does not fundamentally change the country's fiscal and economic trajectory or policy credibility, the rating agency said.

* Banco Interamericano de Finanzas SA said it will place up to 100.0 million Peruvian soles of 10-year subordinated bonds on Oct. 22. The bonds represent the first tranche of a 240 million soles offering.

* Peruvian President Martín Vizcarra announced a 1 billion soles stimulus package to boost investment and job creation, El Comercio reported. He said the local economy has improved from the first half of the year and pledged to maintain that growth in the fourth quarter.

SOUTHERN CONE

* The International Monetary Fund is "fully committed to work with Argentina" as the country navigates an economic crisis, Reuters reported, citing Managing Director Kristalina Georgieva. The IMF is waiting "to see what policy framework will be put in place" before it can continue the conversation on its $57 billion credit facility for the country, she said.

* Argentine bankers said credit conditions were tight in the third quarter and are expected to remain so through the end of 2019, El Cronista reported, citing the central bank's latest credit conditions survey. Loan origination is under pressure from an economy in recession, rising default risk and lower purchasing power.

* Argentina's central bank issued some exemptions to ease currency controls, making it cheaper for companies involved in foreign trade to make payments, El Cronista reported. The monetary authority also issued guidelines making it easier for companies to pay foreign currency debts.

* Visa Inc. has reached a deal with Chilean banks to lower the rate it charges for certain transactions, Diario Financiero reported. Visa said "it continues to work in Chile closely with the entire payment ecosystem to increase the acceptance and use of electronic payment methods."

IN OTHER PARTS OF THE WORLD

* Asia-Pacific: Bank of China leads M&A race for Irish broker; IPOs in South Korea, India

* Middle East & Africa: Emirates NBD launches rights issue; Morocco's BCP buys 71% of Madagascar bank

* Europe: LSE reports Q3; HSBC may trim equities biz; Credit Suisse negative rates

Helen Popper contributed to this article.

The Daily Dose has an editorial deadline of 8:00 a.m. São Paulo time, and scans news sources published in English, Portuguese and Spanish. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.