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Banorte's Q3 profit rises 13%; Caixa to offer fixed-rate mortgages by June 2020

S&P Global Market Intelligence presents the week's latest news and trends in Latin American banking.

From the lending front

* Brazil's state lender Caixa Econômica Federal plans to begin offering fixed-rate mortgages by June 2020, President Pedro Guimarães said.

* Disbursements by Brazilian state-owned bank Banco Nacional de Desenvolvimento Econômico e Social hit 38 billion reais in the first three quarters of 2019, down 13% from the same period last year.

* The Argentine government took out a six-month, 30 billion-peso loan from Banco de la Nación Argentina in order to pay debt maturing in 2019. The government additionally placed notes worth 2 billion pesos and US$175 million, which were directly subscribed by social security office Anses.

Public offers

* Banco do Brasil SA closed its secondary share offering, which was priced at 44.05 Brazilian reais per share and generated about 5.84 billion reais for the selling shareholders.

* Investor demand for Banco BMG SA's IPO reportedly reached 4x the offering's size. Demand for the offering was more concentrated on the lower end of the company's indicative per-share price range of 11.60 reais to 13.40 reais.

In other news

* Grupo Financiero Banorte SAB de CV's third-quarter net income rose 13% year over year to reach 8.86 billion Mexican pesos, up from the year-ago 7.82 billion pesos.

* Industrial & Commercial Bank of China Ltd. and Standard Bank Group Ltd. signed a memorandum of understanding under which Standard Bank Group will transfer its 20% stake in Industrial & Commercial Bank of China (Argentina) SA to its parent, ICBC.

* Members of Banco Central de Chile's monetary policy committee unanimously agreed to cut the benchmark interest rate by 25 basis points to 1.75% from 2.00%.

* The Panamanian government's so-called opportunity bank program is set to launch in January 2020 in an effort to help finance small-scale entrepreneurs, General Director of the Ampyme association for small enterprises Samuel Bardayán said.

* Banco de Desenvolvimento de Minas Gerais SA President Sérgio Gusmão Suchodolski signed an agreement for a €100 million credit line from the European Investment Bank.

* Thirty bank branches suffered serious damage amid violent protests over hikes in transportation fares in Chile, President of the ABIF banking association José Manuel Mena said.

Featured this week on Market Intelligence

* Hires and Fires: A weekly rundown of executive management, board and other personnel moves at Latin American financial institutions.

* Ratings Roundup: A summary of various ratings actions on Latin American financial institutions and economies.