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Q4 profits rise for BTG, Sul América; Itaú CorpBanca posts net loss

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Q4 profits rise for BTG, Sul América; Itaú CorpBanca posts net loss

* Banco BTG Pactual SA posted adjusted net income of 744 million Brazilian reais for the fourth quarter of 2017, rising from 680 million reais in the year-ago period, as total revenues jumped to 1.37 billion reais from 1.02 billion reais. The bank's full-year 2017 adjusted profit fell to 2.95 billion reais from 3.41 billion reais in 2016.

* Sul América SA posted net income after noncontrolling interest of 412.7 million Brazilian reais for the fourth quarter of 2017, up 31.2% from 314.7 million reais earned a year earlier. Results from the insurer's health and dental segment jumped 14.2% year over year to 3.60 billion reais.

* Itaú CorpBanca reported a recurring net loss attributable to shareholders of 17.62 billion Chilean pesos for the fourth quarter of 2017, compared to a net loss of 49.51 billion pesos in the year-ago period. The bank's full-year 2017 attributable net income reached 61.46 billion pesos, up 58.3% from 38.83 billion pesos in 2016.

MEXICO AND CENTRAL AMERICA

* Grupo Financiero Interacciones SAB de CV could be ready for integration into Grupo Financiero Banorte SAB de CV by the end of the first half since there is only a very small overlap in business between the two merging entities, El Financiero reported, citing Interacciones CEO Carlos Alberto Rojo Macedo. The banks have worked out a mapping process for their products and systems to ensure that the expertise of Interacciones is not lost in the merger, the executive said.

* HSBC México SA Institución de Banca Múltiple Grupo Financiero HSBC CEO Nuno Matos said the bank is targeting organic growth with a focus on its two key sectors of retail and corporate banking, El Economista reported. The bank invested $150 million between 2016 and 2017 to improve its digital banking products and services, the executive noted.

BRAZIL

* Banestes SA - Banco do Estado do Espírito Santo expects its expanded loan portfolio to grow between 8% and 11% in 2018, slower than the 15.7% growth recorded in the prior year. The bank posted a net profit of 51 million reais for the fourth quarter of 2017, up 18.6% year over year.

* Banco Nacional de Desenvolvimento Econômico e Social said it will repay 30 billion reais of debt to Brazil's Treasury by April 2 and a remaining 100 billion reais at the start of the second half of 2018, Reuters reported.

* Banco Nacional de Desenvolvimento Econômico e Social said its loan disbursements totaled 3.9 billion reais in January, down 18% from the same month a year earlier, Reuters reported.

* The total credit portfolio of Brazil's financial system shrank 0.8% in January from the previous month to reach about 3.066 trillion reais, Diário Comércio Indústria & Serviços reported, citing central bank data.

* Brazilian securities and exchange commission CVM has imposed fines totaling about 53.0 million reais on Banco Pan SA, holding company Silvio Santos Participações Ltda and 17 of their former directors and advisors after finding irregularities at the institutions, Valor Econômico reported.

* Brazil's central government recorded a primary budget surplus of about 31.07 billion reais in January, widening from 21.17 billion reais in December 2017, Reuters reported.

* Brazilian Finance Minister Henrique Meirelles said the country's 2018 GDP growth should exceed current forecasts of 2.8%, while 2019 economic expansion should be higher than 2.5%, Reuters reported.

ANDEAN

* Banco Internacional del Perú SAA said it issued about $284.9 million of new 3.375% senior notes due 2023 as part of an exchange offer for its outstanding 5.750% senior notes due 2020. The new notes were listed on the Luxembourg stock exchange.

* Venezuelan President Nicolas Maduro officially announced his candidacy for the April 22 presidential election, according to media outlets. A possible challenger to Maduro, former governor and retired military officer Henri Falcon, was prepared to declare his presidential run, a move his campaign consultant confirmed to The Associated Press.

* Eduardo Morón, the president of Peruvian insurance industry association Apeseg, said the industry is expected to grow more than 3% in 2018 as demand from the mining sector picks up, SEMANAeconómica reported.

SOUTHERN CONE

* Argentina's central bank maintained its monetary policy rate at 27.25%, noting that high frequency indicators suggested inflation in February, at both the general and core levels, was higher than the previous month and the last quarter of 2017.

* Banco Santander Chile said Corbo Lioi resigned as chairman, effective Feb. 27. The bank tapped CEO Claudio Melandri Hinojosa to move into the chairman role, while Deputy General Manager Miguel Mata Huerta will take over as CEO on March 1. The bank's board simultaneously agreed to eliminate the deputy general manager position.

* FCA Compañía Financiera SA said its board approved the issuance of class XV bonds for up to 500.0 million Argentine pesos. The company did not specify a date for the offering.

* Banco de Credito e Inversiones SA said it will ask shareholders to approve a proposed capital increase of 340 billion Chilean pesos through the issuance of new shares. At a March 27 shareholder meeting, the bank will also propose a dividend of 1,050 pesos per share, corresponding to 35.32% of its 2017 profit.

* Penta Vida Compañía de Seguros de Vida SA said Chairman Alfredo Moreno Charme has resigned and will be replaced by Vice Chairman Fabio Valdes Correa. The vice chairman position will be left unfilled for the time being.

* Chilean banks closed a net 95 branches between 2014 and 2017, representing 4.2% of all bank branches in the country, La Tercera reported, citing data from industry regulator SBIF. The closures come as more and more bank customers opt to conduct transactions through digital avenues.

PAN LATIN AMERICA

* Sharp falls in global stock markets this month underline the need for governments to take advantage of current economic growth by undertaking financial and economic reforms, including boosting spending on infrastructure and social safety nets, International Monetary Fund Managing Director Christine Lagarde said.

IN OTHER PARTS OF THE WORLD

* Asia-Pacific: China unveils bond issue rules; India tells banks to fix operational gaps

* Middle East & Africa: Mizrahi Tefahot to pay more dividends; FirstRand names new CEO

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.