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Credit Suisse unveils US tax law impact; Natixis sells stake in CACEIS


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Credit Suisse unveils US tax law impact; Natixis sells stake in CACEIS


* Royal Bank of Scotland Group Plc reached a $125 million settlement over residential mortgage-backed securities missold to California's public employee and teacher pension funds, California Attorney General Xavier Becerra said.


* Credit Suisse Group AG expects the new U.S. Tax Cuts and Jobs Act, implemented Dec. 22, to lead to a one-time value reduction of approximately CHF2.3 billion to its deferred tax assets for the fourth quarter of 2017. Chubb Ltd. estimates a one-time benefit in excess of $250 million in the fourth quarter of 2017 as a result of the new U.S. tax law.

* U.S. prosecutors are seeking information from Deutsche Bank AG over a $285 million loan it granted to U.S. President Donald Trump's son-in-law and White House senior adviser Jared Kushner, The Wall Street Journal wrote.

* Allianz Group is offering €122 per share for the remaining 24.2% stake of Euler Hermes Group SA it does not already own. The tender offer is expected to begin in early 2018 and close in the first quarter of the year.

* UBS Group AG launched a new wealth management and investment advisory service in Singapore, Japan and Hong Kong that particularly targets high-net-worth female individuals in those countries and, in general, wealthy Asian women, South China Morning Post wrote.

* The former CEO of Raiffeisen Gruppe Switzerland, Pierin Vincenz, who stepped down amid allegations of conflicts of interest, told Blick that this was not an admission of guilt but "a move in the interest of Raiffeisen."


* Natixis finalized the sale of its 15% stake in CACEIS SA to Crédit Agricole SA, bringing Crédit Agricole's stake in the company to 100%. Natixis will recognize a €74 million pretax capital gain in its fourth-quarter financial statements.

* Axa agreed to sell Axa Wealth Management (HK) Ltd., its Swiss Privilege franchise in Hong Kong, to Hong Kong-based Jeneration Holdings Ltd for HK$2.2 billion, or €237 million.

* Gita Salden has succeeded Carel van Eykelenburg as CEO of NV Bank Nederlandse Gemeenten, Het Financieele Dagblad reported.


* The result of the regional elections held in Catalonia on Dec. 21 is the "worst-case scenario" for investors because it spells uncertainty for Spanish stocks and shares, a Europa Press report said, citing a poll of analysts. Catalonia's three pro-independence parties, JuntxCat, ERC and CUP, declared victory in the election last week.

* Portugal's Parparticipadas SGPS SA, the state-owned vehicle entrusted with managing the remaining assets of Banco Português de Negócios, plans to launch a new sale attempt for the failed lender's investment banking arm, Banco Efisa SA, in January 2018, Jornal de Negócios reported, saying the operation should be concluded within three or four months. A previous deal to sell Efisa collapsed due to a lack of regulatory approval from the European Central Bank.


* Crédit Agricole Cariparma SpA approved a €320 million capital increase after closing the acquisition of troubled lenders Cassa di Risparmio di Cesena SpA, Cassa di Risparmio di San Miniato SpA and Cassa di Risparmio di Rimini SpA, MF reported.

* Banco BPM SpA categorically excludes the need for a capital increase and says that it plans to sell a further €3 billion in nonperforming loans, in addition to the €8 billion already announced, thereby widely exceeding the targets of the industrial plan, CEO Giuseppe Castagna told Il Sole 24 Ore.

* Banca Carige SpA completed its cash call, raising about €544 million.

* Banca Monte dei Paschi di Siena SpA signed an agreement last Friday with Quaestio Capital SGR SpA, which manages Italian bank rescue fund Atlante, for the disposal of 95% of a mezzanine tranche related to the lender's bad loan securitization, effective Jan. 9, 2018.


* The Russian Finance Ministry said it supports the merger of the three bailed-out banks — Otkritie Financial Corp. Bank, B&N Bank and PAO Promsvyazbank — Reuters reported, citing RIA Novosti.

* Yapi ve Kredi Bankasi AS CEO Faik Açikalin will retire from his post, effective Friday, with Niccolo Ubertalli to serve as acting CEO until Gökhan Erün replaces Açikalin permanently, as of Jan. 15, 2018.


Asia-Pacific: MUFG to buy stake in Bank Danamon; Australia pushes for banks' 'living wills'

Middle East & Africa: Sudan eyes currency devaluation; Liberians head to polls; Mozambique cuts rates

Latin America: Regulator takes control of Bancrédito; Banco do Nordeste in lending probe

North America: TPG settles SEC case for $12.8M; Dyal Capital buys minority stake in credit biz

North America Insurance: S&P says tax bill may lower insurers capital adequacy; CMS renews Texas program

David Hutter, Arno Maierbrugger, Danielle Rossingh, Esben Svendsen, Yael Schrage, Brian McCulloch, Sophie Davies and Helen Popper contributed to this report.

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