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Venezuela ups reserve requirements for banks; merger of 2 Panama banks completed


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Venezuela ups reserve requirements for banks; merger of 2 Panama banks completed

* Venezuelan banks will be asked to deposit 100% of their legal reserve requirements to the central bank, instead of the previous 30%, according to a Bloomberg report carried by El Comercio, citing the president of the monetary authority, Calixto Ortega. The initiative, which seeks to combat inflation and stabilize prices, will apply to all deposits that enter after Sept. 1.

* Grupo Financiero BCT has completed the operations merger of Panama-based Balboa Bank & Trust Corp. and BCT Bank International SA, with the products of Balboa Bank & Trust migrating to BCT Bank International, El Capital Financiero reported. BCT acquired Baloba Bank & Trust back in 2017.


* Suramericana SA said Mexico's federal economic competition commission Cofece has given unit Sura Asset Management SA approval to transfer 100% of Seguros de Vida Sura Mexico SA de CV's shares to Suramericana. The transfer is still subject to approval from the Governing Board of the National Insurance and Securities Commission of Mexico.

* Mexico's insurance commission, the CNSF, authorized the acquisition of QBE De México Compañía De Seguros SA De CV by Zurich Cia. de Seguros SA The deal is part of the Australian insurer's sale of its Latin American operations to the Swiss insurer, which was announced in February.

* Crédito Real SAB de CV Sociedad Financiera de Objeto Múltiple ER will be the first entity to issue debt in Mexico's new stock exchange, the Bolsa Institucional de Valores SA de CV, El Economista reported. Crédito Real said that they plan to offer stock certificates on Sept. 13 for up to 700 million pesos.


* Banco do Estado de Sergipe SA made a capital contribution of about 22.0 million reais into its card unit Sergipe Administradora de Cartões e Serviços Ltda, increasing its stake to 49.75%. The bank subscribed 178,137 shares at a nominal value of 123.50 reais each, issued by the subsidiary, which will remain as a limited liability company.

* Brazilian credit bureau Boa Vista SCPC opened an investigation into a possible hacker intrusion in its system on Sept. 2, Folha de São Paulo reported. Boa Vista did not confirm the attack, but hacking group Fatal Error published a message on a site addressed by cybersecurity experts claiming they had gained access to Boa Vista's database. "We do not post any information from any Brazilian, because we cherish their privacy. However, I suggest changing all your passwords soon," the hacking group's post reportedly said.

* Banco Bradesco SA and Sebrae, the Brazilian office in charge of supporting micro and small-sized companies, have signed an agreement to promote better access to credit for the sector by providing better financial guidance and tailored financing lines for such companies, Diário Comércio Indústria & Serviços reported.


* The Argentine government will make changes to export taxes of grains, oilseeds and their by-products as part of a raft of fiscal measures aimed at calming investors amid a sharp slide in the peso, Reuters reported, citing a resolution published in the official gazette. The government did not say whether the taxes would be raised or expanded, or when the changes would be implemented.

* S&P Global Ratings placed the issuer credit ratings of Banco Patagonia SA, Banco de Galicia y Buenos Aires SA, Banco Hipotecario SA and Banco de la Provincia de Buenos Aires on CreditWatch with negative implications, following a similar action on Argentina's sovereign credit ratings.

* New cybersecurity regulations set by Chile will be credit positive for banks, as they will strengthen security for financial transactions and bring back customer confidence in light of recent hacking attempts on several of the country's banks, Moody's said. The rating agency expects that Chilean banks to continue investing in cybersecurity, including internal training.

* The Chilean Senate will reactivate a bill aimed at strengthening transparency and liability in the national financial industry, Diario Financiero reported. The bill, which was first introduced in 2015, seeks to strengthen corporate governance and avoid pyramid schemes and fraud in the securities markets.

* Chilean Finance Minister Felipe Larraín appointed Paulina Yazigi as a new member of the government's financial committee on sovereign funds, La Tercera reported.

* Banco Macro SA reacquired 41,435 common book-entry class B shares at an average acquisition price of 156.865 Argentine pesos per share. The bank paid about 6.5 million pesos in total.


* Asia-Pacific: Shinhan Financial nears ING Life stake buy; Australia's FinClear eyes 2019 IPO

* Middle East & Africa: 3 UAE lenders in merger talks; Tel Aviv bourse plans IPO by 2018-end

* Europe: Danske Estonia handled $30B; SocGen's $1.1B penalty; London bank chief arrested

* North America: Wells probing gender bias claims in wealth division; NCUA liquidates Melrose CU

* Global Markets: Rand slides as South Africa faces recession; Bank of England chief in limelight

Pablo Jiménez Arandia contributed to this article.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.

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