* European Union lawmakers and governments have reached an agreement on new rules determining the provisions banks will be required to set aside against potential losses from bad loans, Reuters reported. The rules, which will come into effect following approval by the EU parliament and EU states, are aimed at avoiding a future buildup of bad loans at banks.
* Global insured losses in 2018 are estimated to be around $79 billion, down from $150 billion in 2017 but higher than the previous 10-year annual average of $71 billion, according to preliminary estimates from Swiss Re AG.
UK AND IRELAND
* Several British members of Parliament called for the resignation of Lloyds Banking Group PLC CEO António Horta-Osório over the lender's handling of fraud that affected a large number of small business customers, the Financial Times reported.
* The New York State Department of Financial Services fined London-based Barclays Bank PLC and its New York branch $15 million for violations of New York banking law after the authority found "shortcomings in governance, controls and corporate culture relating to Barclays' whistleblowing function."
* Royal Bank of Scotland Group PLC appointed Katie Murray an executive director and CFO, effective Jan. 1, 2019. Murray has served as interim CFO of the British lender since Ewen Stevenson stepped down Sept. 30.
* The Bank of England has set out a framework designed to ensure lenders are accountable for their own resolvability. Under the framework, the BoE's Prudential Regulation Authority proposed requiring U.K. banks with at least £50 billion in retail deposits to assess their preparations for resolution, identify implementation risks and outline their plans on the matter, among other proposals.
* U.K.-based BrightSphere Investment Group PLC appointed Guang Yang CEO, replacing Steve Belgrad.
* A spokesman for Credit Suisse Group AG said the Swiss lender's position is not to advise clients to move assets out of the U.K. ahead of Brexit, Reuters noted, following a Financial Times report that said the bank's London wealth managers had instructed customers to do so.
GERMANY, SWITZERLAND AND AUSTRIA
* German lender Norddeutsche Landesbank Girozentrale is in discussions to sell its last portfolio of nonperforming shipping loans to U.S. private equity firm Cerberus Capital Management LP and is also in talks with rival Centerbridge Partners LP about a potential sale of a stake in the bank, insiders told Reuters. NordLB's owners reportedly intend to sell only a minority stake, but have guaranteed that a buyer will have a say on the bank's strategy.
* Deutsche Bank AG, Commerzbank AG and several other banks recently tested a service that could move trillions of dollars of derivatives from London to Frankfurt, insiders told Bloomberg News.
FRANCE AND BENELUX
* French bank Natixis expects fourth-quarter net revenues from its businesses to drop year over year to €2 billion from €2.25 billion due to the deterioration of market conditions in Asia. Natixis also announced that it will pay a €1.5 billion special dividend, in addition to its ordinary dividend, stemming from the sale of the company's retail banking activities to parent BPCE.
* Dutch bankers who are paid part of their salary in stock options will not be allowed to sell them for at least five years, Het Financieele Dagblad reported, citing proposals by finance minister Wopke Hoekstra.
* A BNP Paribas SA unit, Shanghai-based BNP Paribas Overseas Investment Fund Management, is considering applying for a private fund management license in China, which will be a first for a foreign-owned entity, Les Echos noted.
* Deutsche Börse AG unit Clearstream is to cut 212 jobs by the end of 2021, from its Clearstream Banking SA and Clearstream International SA units in Luxembourg, L'Echo reported.
SPAIN AND PORTUGAL
* Spain's Ibercaja Banco SA is pushing forward with its plans to go public, with a board meeting scheduled to take place before the end of the year to resolve on which entity will guide the bank through the process, Expansión reported. Bank of America Merrill Lynch is expected to be involved.
* Spanish lender Banco Santander SA has acquired book-keeping fintech firm Albert, which operates an invoicing and expenses app for freelancers and small businesses, for an undisclosed sum.
ITALY AND GREECE
The Italian government has reached an agreement with the European Commission over its contentious 2019 budget, Reuters reported, citing a government spokeswoman. Another source urged caution, however, as the deal has not been formalized.
* Sergio Albarelli has resigned as CEO and managing director of Italian asset manager Azimut Holding SpA, effective Jan. 25, 2019. The company expects to appoint a new CEO at its April 2019 annual general meeting.
* Denmark's Sydbank A/S downgraded its expectations for after-tax profit in 2018 to between 1.150 million Danish kroner and 1.225 million kroner, due to continued turmoil in financial markets, Berlingske Business reported.
* Danish financial regulator Finanstilsynet has found deficiencies in Danish banks' reporting of their capital base, Finanswatch reported.
* Swedish financial group Catella AB (publ) is divesting its card issuance business in Luxembourg to Advanzia Bank SA, Realtid reported.
* Former Danske Bank A/S CEO Thomas Borgen has set up a management consultancy firm in Denmark, Reuters reported, citing public records.
* Norwegian insurer Protector Forsikring ASA is withdrawing from the house purchase insurance market, Dagens Næringsliv reported. The reason is a weak technical result from the product in recent years, and uncertainty about future premium volume and profitability, the company said.
* Romanian Finance Minister Eugen Teodorovici said the ministry is looking to introduce a tax on banking assets beginning 2019 in a bid to cap the Romanian interbank offered rate at a reference level of 1.50%, Reuters reported.
* Bulgarian online lender Credissimo AD-Sofia has begun operations in the Latin American market with a hub in Colombia, La República reported.
* The Russian Insurance Deposit Agency launched court proceedings to retrieve 219 billion Russian rubles from the former managers and shareholders of Foreign Economic Industrial Bank Ltd., which lost its license in 2016, Vedomosti said. The DIA claims the lender's management withdrew money from the bank by approving dubious loans, illegally wrote off funds from customer accounts and did not take measures to prevent the bankruptcy of the lender.
* The Ukrainian deposit guarantee fund did not select a winner in a tender to withdraw VTB Bank PJSC's insolvent unit JSC VTB BANK from the market, which means that the Ukrainian lender will be liquidated by the fund itself, and customers will receive compensations for deposits held at the bank, Kommersant said.
* Russia-based Absolut Bank (PAO) has sold mortgage portfolios worth 10 billion Russian rubles since the beginning of 2018, and is in the process of completing a similar deal worth further 10 billion rubles, Kommersant reported.
* Poland-based ING Bank Śląski SA signed an initial agreement to acquire a 45% stake in asset manager NN Investment Partners TFI from NN Investment Partners International Holdings B.V.
IN OTHER PARTS OF THE WORLD
Asia-Pacific: IDFC Bank, Capital First close merger; Bank of China names employee supervisors
Middle East & Africa: Ecobank says unaware of probe; Fitch downgrades Oman; Morocco holds key rate
Latin America: Banco BMG confirms IPO postponement; Mexican sofipo Coincidir to be liquidated
North America: Goldman says previous Malaysia government lied; BNY Mellon to pay $54M
Global Insurance: Epic Integro deal; PartnerRe quitting Dubai; Centene boosts enrollment
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Ben Meggeson, Ed Meza, Danielle Rossingh, Esben Svendsen, Beata Fojcik, Heather O'Brian, Brian McCulloch, PraxillaTrabattoni and Mariana Aldano contributed to this report.
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