trending Market Intelligence /marketintelligence/en/news-insights/trending/abm9mlhxfyhgkw0zk7dviw2 content esgSubNav
In This List

KeyCorp to close 40 branches in 2018; 2 Illinois banks ink $70.4M deal


Technology & Automation Insights: Elevating KYC and onboarding efficiency


Data Insights: Enhancing regulatory compliance and client lifecycle management.


Banking Essentials Newsletter: 17th April Edition


Japan M&A By the Numbers: Q4 2023

KeyCorp to close 40 branches in 2018; 2 Illinois banks ink $70.4M deal

The union-backed Committee for Better Banks is pushing Wells Fargo & Co. to add an employee to the bank's recently formed stakeholder advisory council, Reuters reports. In the annual shareholders' meeting in April, CEO Tim Sloan said the idea of adding an employee to the advisory council was "a fair one," but the committee has not received any response from the company's management.

KeyCorp CFO Donald Kimble said the bank will close 40 branches in 2018 in an effort to reduce costs. The company is looking to lower its cash efficiency ratio to a range of 54% to 56% by the end of 2018.

First Mid-Illinois Bancshares Inc. is acquiring SCB Bancorp Inc. in a stock-and-cash deal valued at approximately $70.4 million. The deal is expected to close late in 2018.

Southern Missouri Bancorp Inc. is buying Dexter, Mo.-based Gideon Bancshares Co. in a cash-and-stock deal valued at about $22.7 million.

Wichita, Kan.-based Equity Bancshares Inc. agreed to acquire Guymon, Okla.-based City Bank and Trust Co. from parent company Docking Bancshares Inc. for about $18.9 million. The deal is expected to close in the fourth quarter.

Goldman Sachs & Co. LLC is planning to expand the scope of its depository coverage to reach the goal of adding 1,000 new investment banking clients across various sectors.

Asset manager Blackstone Group LP raised an aggregate of $9.4 billion in two Asia-focused funds. Blackstone Real Estate Partners Asia II, which closed at $7.1 billion worth of capital commitments, will focus on property investment opportunities in Australia, China, India and the larger Southeast Asian region. Blackstone Capital Partners Asia private equity fund increased its cash reserve for investments in the region to about $3.8 billion after raising $2.3 billion in capital commitments.

Foreshore Exploration Partners Corp., which operates as a capital pool company, is buying cryptocurrency payment company POSaBIT Inc. Foreshore expects to be listed on the TSX Venture Exchange as a tier-2 technology issuer once the deal closes.

On Capitol Hill today, the House Financial Services Committee will hold a hearing entitled, "Financial Industry Regulation: the Office of the Comptroller of the Currency" at 10 a.m. ET.

And the Subcommittee on Capital Markets, Securities and Investment will hold a hearing entitled, "Ensuring Effectiveness, Fairness and Transparency in Securities Law Enforcement" at 2 p.m. ET.

In other parts of the world

Asia Pacific: China eases foreign investment rules; Malaysia to review insurer ownership rules

Europe: SocGen could sell Belgian, Polish units; Czech banks face tougher capital rules

Middle East & Africa: Abraaj to file for provisional liquidation; Swiss Re snaps up stake in Britam

The day ahead

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

In Asia, the Hang Seng lost 1.22% to 30,725.15, while the Nikkei 225 rose 0.38% to 22,966.38.

In Europe, around midday, the FTSE 100 gained 0.45% to 7,738.39, and the Euronext 100 increased 0.43% to 1,066.63.

On the macro front

The MBA Mortgage Applications, Atlanta Fed Business Inflation Expectations, EIA Petroleum Status report, FOMC meeting announcement, FOMC forecasts and Federal Reserve Chair press conference are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

The Daily Dose has an editorial deadline of 7:30 a.m. ET. 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.