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BanBajío Q3 profit up 27.8%; Mifel postpones IPO; Citibanamex to lay off workers

* Mexico's Banco del Bajío SA Institución de Banca Múltiple posted a third-quarter net profit of 1.33 billion pesos, up 27.8% year over year from 1.04 billion pesos. The bank's total loan portfolio increased 14.9% annually while return on average equity reached a record high for the bank of 20.09%.

* Mexico's Grupo Financiero Mifel SA de CV indefinitely postponed a planned initial public offering through which it hoped to raise about $350 million, Reuters reported, citing three sources with knowledge of the operation. The reasons for the decision were unclear, but one of the sources cited unfavorable market conditions.

* Grupo Financiero Banamex SA de CV will lay off about 2,000 staff – equivalent to 5.5% of the total workforce – as part of an ongoing corporate shake-up aimed at simplifying its organizational structure, El Economista reported, citing sources at the lender. They said no branch closures or changes to services were included in the restructuring process. The news comes a month after BBVA Bancomer SA said it would make about 1,500 employees redundant.

MEXICO AND CENTRAL AMERICA

* The U.S. government has decided to increase the potential size of the treasury's swap line with Mexico to $9 billion from $3 billion, according to a joint statement issued by Mexican Finance Minister Jose Antonio Gonzalez Anaya and U.S. Treasury Secretary Steven Mnuchin. Both countries last updated the deal in 1994 when the former North American Free Trade Agreement took effect.

* Mexico's international reserves rose $258 million last week to reach $173.6 billion, the highest level in 15 months, according to the latest central bank data, El Financiero reported. The monetary authority said the increase was due to a higher valuation of the bank's international assets.

BRAZIL

* Consumer credit demand in Brazil rose 5.2% year over year in September, bringing credit growth in the segment to 5.2% for the first nine months of 2018, data from credit research firm Serasa Experian showed. The monthly indicator, however, decreased 4.5% as compared to the previous month. The electoral and political volatility in the country lead to a dollar rise and decline in consumer confidence.

* Brazil's central bank and the Cade competition watchdog have launched a public consultation on a proposal for a norm detailing the coordination of the two entities in analyzing bank mergers and probing possible competition violations, Valor Econômico reported.

* The Brazilian stock market could jump about 40% in the next 75 days due to fading political risks, Bloomberg News reported, citing a report by the Swiss bank UBS. The country's Ibovespa index will see a 13% increase, closing at 96,860.70 at the end of 2018.

ANDEAN

* Peruvian banks saw accelerated lending growth in September, with the total credit portfolio rising 9.06% year over year to 261.33 billion soles, Gestión reported, citing data from the Asbanc industry association. September's growth marked the second-fastest rate recorded so far this year. Corporate credit increased 8.44% compared with September 2017, while loans to households rose 10.22% year over year.

SOUTHERN CONE

* Higher capital requirements included in Chile's new banking law could cost the industry more than $6 billion, more than twice the $2.8 billion estimate given under the previous government, La Tercera reported, citing a study by the Deloitte consulting firm. However, César Vega, financial risk partner at Deloitte, said that the higher preliminary estimate "should not scare anyone, since banks are in a good condition to complete it."

* Argentina's inflation hit 6.5% in September, bringing the rate through the first nine months of 2018 to 32.4%, data from a statistics agency Indec showed. The 12-month inflation rate currently stands at 40.5%. The current inflation is far above the central bank's anticipated 15% for 2018.

* An expected 1% decline in Argentina's GDP in 2018 will cost Brazil an estimated $770 million in exports, according to an internal report by Brazil's chamber of foreign trade. The estimated export loss representing around 4.4% decrease is tied predominantly to external sales that are "highly sensitive" to variations in Argentina's economy, El Cronista reported, citing the private study.

* Banco Macro SA's board decided to resume its share repurchase program under new terms and conditions, which will allow the bank to repurchase 12,020,146 shares at up to 158.00 Argentine pesos per share for a maximum amount of around 1.89 billion pesos. The repurchase program will expire on Nov. 2.

* Fitch Ratings assigned long- and short-term national scale ratings of AA-(cl) and N1+(cl) to Credicorp Capital Chile, with a stable outlook on the long-term rating.

PAN LATIN AMERICA

* Latin America's economy is expected to expand 1.3% this year, below the previous growth forecast of 1.5%, Spanish news agency EFE reported, citing the latest forecast by the U.N. Economic Commission for Latin America and the Caribbean. The countries expected to grow fastest are the Dominican Republic at 5.6%, Panama at 4.8% and Paraguay at 4.6%. The worst performers whose figures contracted include Argentina at 2.8%, Nicaragua at 3.1% and Venezuela at 15%.

IN OTHER PARTS OF THE WORLD

* Asia-Pacific: South Korea to tighten compliance rules; Dena Bank to get 41B-rupee infusion

* Middle East & Africa: Qatar Islamic Bank Q3 profit rises YOY; Emirates NBD gets $2B loan

* Europe: US futures regulator warns on Brexit; Santander caught up in German fraud probe

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. Links are current as of publication time, and we are not responsible if those links are unavailable later.