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In This List

Wednesday Express: R.I., Conn. banks in deal; Morgan Stanley to lead $1.5B IPO

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

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


Wednesday Express: R.I., Conn. banks in deal; Morgan Stanley to lead $1.5B IPO

* West Warwick, R.I.-based Centreville Bank has agreed to buy Putnam, Conn.-based PB Bancorp and unit Putnam Bank in a deal worth approximately $115.5 million.

* Morgan Stanley has beaten out rivals Goldman Sachs, Citigroup, Deutsche Bank and Credit Suisse and won the lead role in ESR Cayman's relaunched $1.45 billion initial public offering in Hong Kong, Reuters reports, citing two sources involved in the transaction. The Warburg Pincus-backed company's IPO is the second largest offering in Hong Kong this year.

* Malaysian negotiators are in talks with Goldman Sachs to settle the charges in relation to the 1MDB scandal for approximately $2 billion to $3 billion, Bloomberg News reports, citing people familiar with the matter. The range is a fraction of the $7.5 billion amount that has been publicly demanded by the country.

* According to the prepared testimony of Facebook CEO Mark Zuckerberg, the social media giant is planning to distance itself from efforts to launch the Libra digital currency, American Banker reports. Zuckerberg will inform lawmakers that the Libra Association will lead the project moving forward.

* Banc of California, Nasdaq and MarketAxess Holdings have disclosed their third-quarter results.

* PayPal Holdings, Northern Trust, Popular, Morningstar and Raymond James Financial are also scheduled to release their financial results for the most recent quarter today.

* The U.S. House of Representatives passed, 249-173, a set of bills aimed at revamping the Bank Secrecy Act and the reporting of anti-money laundering activity. The slate of bills, now on its way to the Senate, would create a database for financial institutions that do not publicly report ownership structures to the SEC to file beneficial ownership information.

* The U.S. Attorney's Office for the Southern District of New York charged six individuals for their alleged involvement in a multimillion-dollar insider trading scheme. The charged individuals include London-based investment bankers Benjamin Taylor and Darina Windsor; New York-based i-banker Bryan Cohen; Telemaque Lavidas, who is the son of an ARIAD Pharmaceuticals board director; and securities trader Georgios Nikas. Joseph El-Khouri, also a securities trader, was arrested Oct. 21 in London.

* At a House Financial Services Committee hearing Oct. 22 about the administration's proposed reforms for Fannie Mae and Freddie Mac, Federal Housing Finance Agency Director Mark Calabria said he is open to wiping out the entities' shareholders as a measure to protect taxpayers, American Banker reports. Calabria further added that a decision has yet to be made.

* Canadian regulators are paying particular attention to the continued protection of customer data following the completion of Genworth Financial's pending sale of a majority interest in Genworth MI Canada to Brookfield Business Partners. Genworth Financial said it and Brookfield continue to work to assure Canadian regulators that customers' information will be appropriately protected.

* During a third-quarter earnings call, W. R. Berkley CEO Robert Berkley Jr. said the problem caused by social inflation is "finally coming into focus" throughout the insurance industry. Berkley further added that people are beginning to recognize the problem, and that higher levels of severity are especially being seen in the casualty segment.

* P&C insurer Travelers Cos. executives on a conference call cited the rising litigiousness as a reason for the increased levels of general liability and commercial auto losses, which drove the third-quarter results below expectations.

* Centene Chairman and CEO Michael Neidorff on a third-quarter conference call revealed that the company has received conditional approvals for its pending acquisition of WellCare Health Plans from every relevant state except Illinois and New Jersey.

The Daily Dose: Express Edition is updated as of 6:30 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.