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Generali selling Guatemalan business; no agreement in Brazilian banking labor strike

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Generali selling Guatemalan business; no agreement in Brazilian banking labor strike

* Italian insurer Generalisaid it has agreed to sellits entire 51% stake in Guatemalan unit Aseguradora Generali SA, which is primarilyactive in the P&C segment, to its local partners. Generali did not disclosethe names of the buyers or the terms of the deal, which is subject to regulatoryapproval.

* Banking labor unions in Brazil remained on strike after rejectingthe latest wage proposal from banking federation Fenaban, Folha de S. Paulo reported. In its latest proposal, Fenaban increasedits offer for a bonus payment to 3,500 reais from 3,300 reais previously, but keptits pay raise offer unchanged at 7%. The strike enters its 24th day on Sept. 29.

MEXICO ANDCENTRAL AMERICA

* S&PGlobal Ratings affirmedPanama's long- and short-term sovereign credit ratings at BBB and A-2, respectively,with a stable outlook. The country's economy is expected to continue growing at5.5% in 2016 and 2017, followed by growth of 6% in the next two years. However,the ratings are weighed down by Panama's vulnerability to sharp swings in globaleconomic conditions, among other factors.

* Mexican bankNacional Financiera SNC Instituciónde Banca de Desarrollo finished marketing a potential U.S. dollar bondsale, while Banco Mercantil del NorteSA Institución de Banca Múltiple also closed roadshows for a Tier 2Basel III compliant bond for global investors, IFR reported.

* said Deutsche BankSecurities Inc. plans to launch a tenderoffer to purchase for cash all of the outstanding 4.750% notes due 2017issued by Global Bank under its $500 million covered bond program. Deutsche Bankplans to sell the notes it acquires in the tender offer to Global Bank.

* José OriolBosch, the head of Mexican stock exchange BMV, said the bourse has observed a favorableclimate for publicofferings despite political and economic volatility in both the U.S. and Mexico,El Financiero reported. The BMV is currentlyreviewing four applications for such offerings.

* Fitch Ratingssaid global banking giants that have units in Mexico would provide strong supportfor those subsidiaries if needed, El Economistareported. Providing this support would have a minimal impact on the parent's financialprofile, Fitch said, arguing that support would be forthcoming given that Mexicois a strategically important market.

BRAZIL

* Theratio of loans more than 90 days pastdue in Brazil's banking sector held at 5.7% in August, unchanged fromthe prior month, according to data from BancoCentral do Brasil. Total credit operations came to about 3.12 trillionreais at the end of August, little changed from the prior month but down about 0.6%from a year earlier. The central bank expects loan operations from commercial banksto decline 2% in 2016, compared to a previous forecast for a 1% expansion, Reutersreported.

* S&P GlobalRatings raised its long-termglobal scale issuer credit rating on BancoBTG Pactual SA to BB- from B+ and its national scale issuer credit ratingsto brA-/brA-2 from brBBB-/brA-3. S&P also removed all the ratings from CreditWatchnegative, noting that the bank has been able to shore up its liquidity since thearrest of former CEO André Esteves and is now in a sound position to meet its short-termobligations.

* Small- andmedium-sized banks in Brazil have had to adopt new business models in order to thrive in a difficult operatingenvironment, Fitch Ratings said. To deal with challenges that include low domesticdemand, some banks have resorted to delisting their shares, while others have establishedpartnerships with top-tier banks.

* Analysts atFitch Ratings said Brazilian state-run banks Banco do Brasil SA and Caixa Econômica Federal may require capital injectionsfrom the government by 2018 unless they can boost their capital buffers before then,Reuters reported.

* Rafael Guedes,an executive director at Fitch Ratings, said the agency expects to reviewits sovereign ratings on Brazil within the next 12 to 18 months, Valor Econômico reported. Following a periodof rapid deterioration, Fitch now sees signs of improvement in the country's economy,Guedes said.

* João AlbinoWinkelmann, the head of Brazilian financial and capital markets association Anbima'sprivate banking committee, said the rules for the country's asset repatriation programshould be relaxedso that holders of public office can also bring back their undeclared foreign assets,Valor Econômico reported.

* said minority shareholderswho opted to receive equity interest in Engelhart, a new Luxembourg-based firm createdfor the purpose of separating BTG's commodities trading business, represent only0.4% of the new company's capital, Valor Econômicoreported. As a result, BTG Pactual's stake in Engelhart will be diluted to 36.1%from 91.9%, the bank said.

ANDEAN

* Peruinitiated an 806.8 million Peruvian soles bondsale carrying a yield of 6.375%, IFR reported, citing a bank working on the transaction.The country also announced a tenderoffer to purchase for cash its sovereign bonds due in 2017, 2020, 2023 and 2026,as well as its global bonds due 2019, 2025, 2033 and 2037.

SOUTHERNCONE

* Banchile Compañía deSeguros de Vida SA said its board appointed director Gonzalo Menéndez Duque to serve as itsnew vice chairman, replacing Jorge Ergas Heymann.

* Argentina's Banco de Galiciay Buenos Aires SA is expected to receive nonbinding offersfor its "Efectivo Sí" financial services business in the first week ofOctober, El Cronista reported. The businessis reportedly worth between $100 million and $120 million.

* Chilean banking association Abif supports the idea that card payment processorTransbank SA should developa system to process transactions related to prepaid debit cards issued by nonbankentities in the country, Diario Financieroreported, citing Abif President Segismundo Schulin-Zeuthen.

PAN LATINAMERICA

* Faced with low interest rates, more regulations and cybersecuritythreats, banks have no choice but to deploy artificialintelligence in order to stay profitable, according to CEO Sergio Ermotti. One ofthe main reasons banks have struggled to attract investors in recent years is thegrowing cost of back-office staff, the executive said at a conference in Geneva.

* Thomas Curry, head of the U.S. Office of the Comptroller of the Currency,said his agency will advise banks on how they can meet anti-money laundering regulationswithout terminatingrelationships they see as being risky, Reuters reported.

IN OTHERPARTS OF THE WORLD

* Asia-Pacific:ING to sell Kotak Mahindra stake;China, Europe to extend currency swap

* Middle East& Africa: Saudi Arabia's bondissue; Ghana's e-fraud worries

* Europe:

* North America:Senators not done with Stumpf; ScottradeFinancial said to be for sale

S&P GlobalRatings and S&P Global Market Intelligence are owned by S&P Global Inc.

Paula Mejiacontributed to this article.

The DailyDose has an editorial deadline of 8:00 a.m. São Paulo time, and scans news sourcespublished in English, Portuguese and Spanish. Some external links may require asubscription.