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In This List

Big banks post losses; SocGen sells Nordic unit; Permanent TSB CEO to depart

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

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Street Talk Episode 66 - Community banks tap the debt markets while the getting is good


Big banks post losses; SocGen sells Nordic unit; Permanent TSB CEO to depart

S&P Global Market Intelligence offers our top picks of banking news stories and more published throughout the week.

Earnings misses

* Barclays PLC reported a third-quarter attributable loss of £292 million, compared to a profit of £1.05 billion in the same period a year ago. Loss per share for the quarter was 1.7 pence, compared to EPS of 6.1 pence in the third quarter of 2018.

* Royal Bank of Scotland Group PLC reported an unaudited third-quarter loss attributable to ordinary shareholders of £315 million, compared to a restated profit of £448 million in the same period a year ago.

* Metro Bank PLC's underlying profit before tax at Metro Bank in the nine months to Sept. 30 fell 71% year over year to £11.3 million from £39.2 million.

* Swedbank AB (publ)'s third-quarter profit attributable to shareholders fell 16% year over year to 4.66 billion Swedish kronor from 5.53 billion kronor. EPS for the period was 4.16 kronor, down from 4.93 kronor in the third quarter of 2018.

* UBS Group AG's third-quarter net profit attributable to shareholders fell to $1.05 billion from the year-ago $1.25 billion. Quarterly EPS was 28 cents, compared with 33 cents a year ago.

* Nordea Bank Abp reported third-quarter group net loss attributable to shareholders of €332 million, compared to a profit of €724 million a year ago.

* Sweden-based Svenska Handelsbanken AB (publ) reported a third-quarter profit attributable to shareholders dropped 13% year over year to 3.57 billion Swedish kronor from 4.11 billion kronor.

Profit beats

* Spain's Banco de Sabadell SA booked a yearly increase in third-quarter profit as it saw a drop in provisions for nonperforming loans to €124 million from €203 million a year earlier. The bank reported third-quarter attributable group net profit of €251 million, up from €127 million a year earlier.

* Norway-based DNB ASA reported third-quarter profit attributable to shareholders totaled 5.75 billion Norwegian kroner, up from 5.44 billion kroner in the same period of 2018. EPS for the quarter came in at 3.64 kroner, compared to 3.41 kroner year over year.

* Italy's Mediobanca - Banca di Credito Finanziario SpA reported net profit of €270.6 million for the three months ended Sept. 30, up from €245.4 million in the same period in 2018.

* Skandinaviska Enskilda Banken AB's attributable net profit for the quarter came in at 4.77 billion Swedish kronor, up from 4.54 billion kronor a year ago. EPS rose over the same period to 2.20 kronor from 2.09 kronor.

Deals old and new

* Société Générale SA will sell its Norwegian leasing subsidiary SG Finans AS as part of plans to boost its capital ratios and to exit nonstrategic businesses, Reuters reported, citing two sources familiar with the matter.

* UniCredit SpA sold a €6.06 billion portfolio of nonperforming loans to securitization vehicle Prisma, according to a release from Scope Ratings.

* PKO Bank Polski SA CEO Zbigniew Jagiełło said the Polish lender will consider the possibility of purchasing mBank SA if Germany's Commerzbank AG officially puts it on the market, Reuters reported.

* French investment bank Rothschild & Co. SCA, through its global advisory team, agreed to acquire the U.K. business of U.S.-based Livingstone Partners LLC for an undisclosed sum, subject to regulatory approval.

* VTB Bank PJSC and its partners plan to sell a 20% stake in Banco VTB Africa SA to the Angolan unit's management, news agency Prime reported.

* BNP Paribas SA will take a strategic stake in wealth management platform Allfunds Bank SAU as part of a partnership agreement to develop a platform for fund distribution services. BNP Paribas Securities Services and Bnp Paribas Asset Management Services Grouping will together hold a 22.5% stake in Allfunds, subject to regulatory approvals and consultations, according to a statement.

Rates, rates and more rates

* The Hungarian central bank left its key rates unchanged amid an expected slower economic growth.

* The National Bank of Ukraine, or NBU, lowered its key policy rate for the fourth time in 2019 to 15.5% from 16.5%, saying inflation is nearing the central bank's target.

* The Swedish central bank maintained its repo rate at negative 0.25% but said it "will most probably" raise the rate to zero percent in December despite a slowing economy.

* Norges Bank kept its policy rate unchanged at 1.50% as economic growth and inflation conditions remained largely within expectations.

* The National Bank of Georgia increased its refinancing rate by 1.0 percentage point to 8.5%, the third consecutive hike since September, when inflation overshot the central bank's target.

Opening and closing

* Deutsche Bank AG could reportedly let go of about 10% of the workforce in its division that trades interest-rate securities, and is planning to close 12 branches in Spain and lay off 49 people at its retail division in the country, a union representing the bank's Spanish employees said.

* AO Gazprombank plans to open around 100 new branches in 2020 in various cities across the country, Vedomosti reported Oct. 18.

Lawsuits and probes

* A second group of investors filed a lawsuit against Danske Bank A/S, bringing the total claims against the bank over its ties to a money-laundering scandal to nearly $800 million.

* The board of CashEuroNet UK LLC, which trades under the brand name QuickQuid, could place the British payday lender under administration in the coming days, Sky News reported, citing sources.

* Two former Deutsche Bank AG employees will face prosecution under the wire fraud statute over alleged fraudulent and manipulative precious-metals trading, Bloomberg News reported.

Executive moves

* Permanent TSB Group Holdings PLC CEO Jeremy Masding will leave the bank in 2020 after eight years in the role.

* Royal Bank of Scotland Group PLC's CEO for personal banking, Les Matheson, told colleagues that he plans to quit in the coming months, Sky News reported.

* Richard Pym intends to step down as nonexecutive chairman of AIB Group PLC and unit Allied Irish Banks PLC following the release of the group's annual results in March 2020.

Featured during the week on S&P Global Market Intelligence

Polish banks face drawn-out saga to resolve forex mortgages problems: Polish banks may not face a previously-predicted doomsday scenario regarding their exposure to foreign exchange home loans, but the issue will continue to be a cloud over the sector for several years to come, analysts say.

Commerzbank's sale of mBank set to attract 'huge interest' in Poland and beyond: As the German company prepares to put its profitable Polish subsidiary on the market for an estimated €2.1 billion, analysts expect strong interest from Polish and international lenders, despite the bank's exposure to controversial forex mortgages.

Question mark over NatWest Markets' future as it helps drag parent RBS to loss: The state-owned bank's troubled investment banking business was hit hard by volatile foreign exchange markets in the summer and is far behind performance targets with incoming CEO Alison Rose likely to put it under intense scrutiny.