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China regulator fines Citi $1.6M; CenterState buys 2 banks


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Banking Essentials Newsletter: 7th February Edition

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China regulator fines Citi $1.6M; CenterState buys 2 banks

The China Banking Regulatory Commission slapped Citigroup Inc. with a fine of approximately $1.6 million, claiming that the bank breached mortgage lending rules and demonstrated insufficient care when issuing credit cards, the South China Morning Post reports.

The Securities and Exchange Commission is looking to hire a new chairman for the Public Company Accounting Oversight Board to succeed James Doty, The Wall Street Journal reports. The role according to WSJ, is one of the highest-paying jobs in regulating Wall Street, with a salary of more than $670,000 a year. The nonprofit regulator oversees the largest accounting firms in the U.S., as well as their audits of public companies and broker/dealers, the report adds.

JP Morgan Asset Management will shoulder the costs to be paid to brokers for investment research instead of passing the charges to clients when the European Union's Markets in Financial Instruments Directive, or MiFID II, takes effect Jan. 3, 2018, Reuters reports.

In Florida, Winter Haven-based CenterState Banks Inc. is buying HCBF Holding Co. Inc. of Fort Pierce and Sunshine Bancorp Inc. of Plant City in deals valued at $416.7 million and $176.7 million, respectively. The two acquisitions will see CenterState Banks cross the $10 billion asset threshold.

S&P Global Ratings revised its outlook on UMB Financial Corp. and unit UMB Bank NA to negative from stable, noting that the outlook reflects "accelerated growth in commercial real estate and construction lending in the past several years, which has led to a higher credit risk profile."

During the second quarter, Third Point LLC, Dan Loeb's hedge fund, acquired 1.55 million shares in BlackRock Inc., according to regulatory filings and a Financial Times report. It also sold all of its stake in Snap Inc. and raised its stake in Facebook Inc. by half a million shares.

The board of Canada Safeway Ltd. Employees Savings & Credit Union, also known as Safeway Credit Union, has selected Edmonton, Alberta-based Servus Credit Union Ltd. as a potential merger partner.

In other parts of the world

Asia Pacific: Mitsubishi UFJ Financial expands Saudi Arabia ops; Bank of Baroda profit slips

Europe: L&G circles Pru annuity biz; Monte dei Paschi posts loss; Talanx raises guidance

Middle East & Africa: Kenya's incumbent president wins new term; Old Mutual unit names CFO

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng was up 1.36% to 27,250.23. The Nikkei 225 slipped 0.98% to 19,537.10.

In Europe as of midday, the FTSE 100 was up 0.62% to 7,354.97, and the Euronext 100 was up 0.80% to 994.03.

On the macro front

There are no notable reports due out today.

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