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In This List

Banco BV plans IPO; Mexico approves 2,700 branches for Banco del Bienestar

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

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

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Banco BV plans IPO; Mexico approves 2,700 branches for Banco del Bienestar

* Banco Votorantim SA, which recently rebranded as Banco BV, plans to soon file a prospectus for an initial public offering that is expected to generate 5 billion Brazilian reais, O Estado de S.Paulo reported. The IPO will include a primary and a secondary offering, according to the report. Banco do Brasil SA holds a 49.99% stake in Banco BV.

* Mexican President Andrés Manuel López Obrador said the government has approved the construction of 2,700 branches for state-run Banco del Bienestar Sociedad Nacional de Crédito by the end of 2021, El Financiero reported. The first 1,350 branches will require an investment of 5 billion Mexican pesos and will be financed through budget savings, he said.

BRAZIL

* Tokio Marine Seguradora SA entered into a definitive agreement to establish an insurance joint venture in São Paulo with Caixa Seguridade Participações SA. Under the agreement, Tokio Marine will make a capital contribution of 1.52 billion reais to the joint venture and will own 50.01% of its voting shares, while Caixa will own 49.99% of the voting shares and 100% of the nonvoting shares.

* Argo Group International Holdings Ltd is winding up its operations in Miami, although the insurer's Brazil business will remain operational, The Insurance Insider reported. Gary Grose, Argo's U.S.-based executive vice president, will take over the Brazilian operation's leadership.

* Analysts at Credit Suisse, Goldman Sachs and UBS initiated coverage of XP Inc. with a neutral rating, saying that they see little room for the Brazilian company's shares to rise further, Bloomberg News reported. XP's stock rose 28% in its Nasdaq trading debut after it priced its initial public offering above the marketed range.

* Banco XCMG, a unit of China's XCMG Construction Machinery Co Ltd, plans to start operating in Brazil in the first quarter of 2020, the EFE news agency reported. Banco XCMG received operating approval from Brazil's central bank in October 2019 and will launch with initial capital of 100 million reais.

ANDEAN

* Most members of the Lima Group regional bloc said they support Juan Guaido's re-election as head of Venezuela's Congress, Reuters reported. The statement came after Venezuelan President Nicolas Maduro called a separate vote to install a new leader of Congress.

* Credit to Peru's private sector rose 8% year over year in November 2019, with local currency-denominated loans posting double-digit growth, El Comercio reported, citing central bank data.

* Peruvian credit union Caja Piura is considering buying part of the credit portfolio of Financiera TFC SA, Caja Piura Director Gerard Giglio told SEMANAeconómica. Banking regulator SBS suspended Financiera TFC's operations in December 2019 after the company failed to meet legal and regulatory requirements.

SOUTHERN CONE

* Scotiabank Chile said shareholders approved a capital hike of 250 billion Chilean pesos through the issuance of 735,294,118 new shares. The hike is subject to regulatory approval.

* Argentina's central bank is discussing regulations for the financial technology sector with a focus on preventing tax evasion and setting rules for third-party financing, La Nación reported. Banks in the country have been calling for a level playing field as they increasingly compete with credit fintechs, the report said.

* Banco de la República Oriental del Uruguay said it signed a long-term agreement with Mastercard to improve the state-run banks' payment services and develop a customer loyalty program, El País reported.

IN OTHER PARTS OF THE WORLD

* Middle East & Africa: Absa Group names CEO; Plus500 expects lower FY'19 revenue

* Europe: UBS revamps EMEA wealth unit, to cut 500 jobs; 2 German co-op banks in M&A talks

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. Links are current as of publication time, and we are not responsible if those links are unavailable later.