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In This List

Peru president survives vote; Gentera to buy minority stake in lender

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

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

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory


Peru president survives vote; Gentera to buy minority stake in lender

* Peruvian President Pedro Pablo Kuczynski will remain in office after the opposition failed to secure enough votes in Congress to force him out of power, according to media reports. Lawmakers voted 78 to 19 in favor of Kuczynski's impeachment, but the votes fell short of the 87 required to oust him. His removal was sought after allegations surfaced that he received bribes from scandal-plagued construction firm Odebrecht.

* Mexico's Gentera SAB de CV said it is acquiring a minority stake in local credit provider ConCrédito, El Economista reported. The deal, worth about 2.61 billion Mexican pesos, involves the purchase of 36.8% of the company's capital and 500 million pesos in convertible debt.

MEXICO AND CENTRAL AMERICA

* S&P Global Ratings removed Consubanco SA Institución de Banca Múltiple's ratings from CreditWatch with negative implications. With the CreditWatch removal, the outlook is now stable, reflecting S&P's view that the bank has eased its refinancing and liquidity risks.

CARIBBEAN

* Cuba's government announced stricter regulations for the country's private sector, Reuters reported. The new rules will restrict private cooperatives to the province where they are located, while income levels for their leaders will also be capped.

* Cuba's National Assembly extended the term of President Raul Castro by two months to April 2018, saying that damage resulting from Hurricane Irma has delayed the beginning of the political cycle, Reuters reported.

BRAZIL

* Banco do Estado do Rio Grande do Sul SA has partnered with Icatu Seguros SA to establish a company that will have 20-year exclusivity in the marketing of the bank's capitalization products. The new firm will become a subsidiary of Banrisul Icatu Participações SA, a holding company in which Banrisul and Icatu Seguros own 49.99% and 50.01% of the shares, respectively.

* Fitch Ratings assigned BB-(bra) long-term and B(bra) short-term national ratings on Banco Luso Brasileiro SA, with a stable outlook. The ratings reflect the bank's stable financial profile and its success in maintaining the development of its current business model.

* Brazil's central bank lowered its inflation forecast for 2017 to 2.8% from 2.9% previously, Reuters reported. The change could prompt more calls for further cuts to the bank's benchmark interest rate early in 2018.

* Brazil's National Monetary Council approved setting a maximum limit of 1 million reais per investor for amounts that are covered by credit guarantee fund FGC, Reuters reported.

* Banco Santander (Brasil) SA has obtained a $150 million loan from the International Finance Corp. to boost lending to micro, small and medium-sized businesses, Valor Econômico reported.

* Brazilian arms maker Rossi has reached an agreement to restructure around 1.66 billion reais of debt owed to its three largest creditor banks, including Banco do Brasil SA, Banco Bradesco SA and Caixa Econômica Federal, Valor Econômico reported.

* Brazil's National Monetary Council has reduced the long-term TJLP interest rate, at which loans from state-run Banco Nacional de Desenvolvimento Econômico e Social are pegged, to 6.75% per year from 7.0%, Valor Econômico reported. The new rate will apply through the first quarter of 2018.

ANDEAN

* Ecuador's modest economic recovery has benefited the country's largest banks through a positive trend in their asset quality, Fitch Ratings said. The rating agency expects Ecuadorian banks' capitalization to remain stable and their liquidity position to remain better than banks operating in similarly rated countries.

* Venezuela's government said the country's economy contracted 16.5% in 2016, with the oil sector shrinking 9.9% and the non-oil economy contracting 16.1%, Reuters reported.

* Credit to the private sector in Peru increased 6.6% year over year in November, a higher growth rate than the 0.9% expansion seen in October, El Comercio reported, citing central bank data.

* Colombia's government reduced its 2018 GDP growth forecast to 2.7% from a prior estimate of 3.0%, El Tiempo reported. Finance Minister Mauricio Cárdenas said the government is targeting a budget deficit of 3.1% of GDP in 2018, compared to an estimated 3.6% this year.

* A new functionality in Bancolombia SA's digital platform will allow users to conduct international transactions such as remittance payments online and in only 30 seconds, Portafolio reported.

* Colombia's Banco de Comercio Exterior de Colombia SA – BANCÓLDEX will start operating under a new structure from Jan. 1, 2018, La República reported, citing CEO Mario Suárez Melo. The bank and its Fiducóldex, Leasing Bancóldex and Segurexpo units will start operating as Grupo Bancóldex.

SOUTHERN CONE

* Banco CMF SA said it raised 316.5 million Argentine pesos from an auction of class 10 negotiable obligations, with total demand reaching 371.5 million pesos.

* GPAT Compañía Financiera SA's board approved the issuance of series XXXI notes for up to 500.0 million Argentine pesos. The company did not specify the terms of the offering.

* Paraguay's central bank decided to hold its benchmark interest rate at 5.25%. In announcing the unanimous decision, the central bank said short-term indicators point toward increased economic activity at the end of 2017.

* Members of Uruguay's AEBU banking union voted to end a long-running occupation of Banco de la República Oriental del Uruguay's Mercado Modelo branch, El Observador reported. The sit-in was in protest of a restructuring plan that called for the partial closure of some of the bank's branches.

* Chile's State Defense Council has asked the country's Constitutional Tribunal to throw out a complaint filed by Banco de Credito e Inversiones SA, which argued that it was unconstitutional to exclude the bank from state contracts just because it was previously convicted of anti-union practices, Diario Financiero reported.

IN OTHER PARTS OF THE WORLD

* Middle East & Africa: Sanlam details Steinhoff exposure; SARB rebuffs nationalization demands

* Europe: FINMA raps JPMorgan unit; BPCE gets new finance chief; BPI sells card biz

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

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.