trending Market Intelligence /marketintelligence/en/news-insights/trending/iRH4vMpLIOoGMMayx0J8Xg2 content esgSubNav
In This List

HSBC México gets capital injection; BNDES suspends loans for firms under corruption probe


Insight Weekly: US inflation soars; real estate faces slowdown; megadeals drive tech M&A


Commercial Banking: June 22nd Edition


Insight Weekly: Path to net-zero; US manufacturing momentum; China's lithium M&A frenzy


Commercial Banking Newsletter June Edition - 2022

HSBC México gets capital injection; BNDES suspends loans for firms under corruption probe

* Banco Nacional de DesenvolvimentoEconômico e Social has temporarily suspended$4.7 billion in loan disbursements for large engineering companies that have beenimplicated in a wide-ranging corruption probe centered on oil firm Petrobras, Reutersreported. The loans were frozen in May, but the move was only announced publiclyon Oct. 11 by Ricardo Ramos, director of the company's exports division.

* HSBC México SA Instituciónde Banca Múltiple Grupo Financiero HSBC said it received a capital totaling 5.55 billion Mexicanpesos from its parent, HSBC HoldingsPlc. HSBC México CEO Nuno Matos said the funds will allow the bank tocontinue with its "positive growth" demonstrated in recent quarters.


* XL Catlinhas opened its second officein Mexico, located in Monterrey, and appointed Carlos Matthey client distributionleader in that location. XL Catlin is the global brand used by 's insurance and reinsurancecompanies.

* Fitch Ratingsassigned BB+(gtm) long-and B(gtm) short-term national ratings to Financierade Occidente SA, with a stable outlook. The ratings are based on theentity's pressured capital, high portfolio concentration and low historical profitability,but also take into account certain advantages provided by synergies with the firm'sgroup.

* Panama's is readying toissue a possible senior unsecurednote alongside a tender offer for its outstanding covered bonds due 2017, IFRreported. Meanwhile, Mexico's NacionalFinanciera SNC Institución de Banca de Desarrollo has finished marketingefforts for a possible U.S. dollar bond offering.

* Salvador Sanchez,the president of El Salvador, urged legislators to endorse a $1.2 billion bond salethat would help the government escape a liquiditycrisis, Bloomberg News reported. The "lack of liquidity" must be addressedin 2016 to "avoid negative consequences of greater dimension," the presidentsaid in a televised address.

* will sign anagreementin the coming days with health care startups Clínicas Cuídate and 1DOC3 to launcha free online medical assessment service for clients, El Economista reported, citing Santiago Fernández, executive vice presidentof health insurance at AXA.

* Representativesfrom Mexico's banking sector agree that an interest rate increase by in September hasresulted in some forms of loansbecoming more expensive, El Economistareported. Banca Mifel SA Instituciónde Banca Múltiple Grupo Financiero Mifel CEO Daniel Becker said thecentral bank could hike its benchmark rate again before the end of 2016.

* Nicaragua-basedbank Grupo BAC Credomatic, which is owned by Grupo Aval Acciones y Valores SA, has dismissed45 employees in a restructuring process aimed at improving operational efficiency,El Financiero reported, citing regionalcorporate relations manager Mónica Nágel.


* Consumerdelinquencies in Brazilincreased 4.7% in September from the prior month and 0.5% in the year-to-date periodcompared to a year earlier, according to data from credit research firm Boa VistaSCPC. When comparing the September default rate alone with the same month a yearago, the index dropped 3.4%.

* Rodrigo Maia,the speaker of Brazil's lower house of Congress, said he threw out a bill that wouldhave granted financially troubled states a larger slice of the proceedsfrom an amnesty program for undeclared foreign assets, Reuters reported. Maia saidhe scrapped the bill due to disapproval from opposition parties.

* A federalcourt in Brazil closedcriminal proceedings against former executives of local banks FonteCindan and Marka,as well as former directors of BancoCentral do Brasil, without issuing any penalties, Folha de S. Paulo reported. The former bankexecutives had been accused of receiving privileged central bank information aboutthe fixed exchange rate between the U.S. dollar and the real in 1999.

* announced a majorrevampfor its executive leadership, promoting 10 staff members to director positions andrelocating five other executives to different positons, O Estado de S. Paulo reported. The bank also created new director positionsfor marketing and communications, as well as legal affairs.

* The governmentsof Brazil and China signeda memorandum of understanding to set up a $20 billion fund to finance infrastructureprojects in Brazil, with China contributing $15 billion of the total and Brazil$5 billion.


* GrupoAval Acciones y Valores SA said it has received loans totaling about 100.50 billion Colombian pesos fromaffiliate Banco de Bogotá SAsince early July. The two-year loans were obtained through several transactions.

* Sara Sorianode Teresa has resignedas the board chairman of Banco AztecaSA Institución de Banca Múltiple's Peruvian unit, Banco Azteca del Peru.Soriano de Teresa was replaced by Jose Alberto Balbuena Balbuena, who started inthe position Oct. 10.

* Colombia'sfinancial regulator is investigating BancolombiaSA over recent failuresin its online platform. The bank's technology platform experienced 15 failures inthe last three months and the regulator is investigating to see if fines may beapplicable, Portafolio reported.

* Colombia'sFARC rebel group still wants to end violence in the country despite Colombians recentlyvoting to reject a peace deal the government had reached with the rebels, The Wall Street Journal reported."The news that the world should know is that the war is over and we are goingto find — I have no doubt — alternatives to the problems we have now," saida member of FARC's ruling secretariat.

* Peru's attorneygeneral has launched a probe intoformer president Ollanta Humala and his wife for potential money laundering connectedto campaign donations, Reuters reported.

* More than19,000 pensioners in Peru have signed up to use 25% of their retirement savingsto payoff their mortgage loans, a move that was made possible by new rules introducedearlier in 2016, La República reported,citing financial regulator SBS.


* Banco Central de laRepública Argentina and other financial authorities in Argentina areworking on a newrule that will prohibit banks from requesting tax returns from people who wantto open an account or access other banking services, La Nación reported.

* Chilean authorities interrogated Mauricio Peña, a former manager at investmentfund Aurus, for more than five hours over an alleged fraud that resulted in lossesof $25 million for clients, Diario Financieroreported.

* Uruguay's association of private banks signed an 18-month salary agreementwith labor union AEBU for wages that reflect increases in inflation, El Observador reported.


* Moody's said its global speculative-grade default rate closed at 4.5%for the trailing 12-month period through September, downslightly from 4.6% as of June. The rating agency expects the rate to finish2016 at 4.4% before easing off to 3.3% a year from now.


* Asia-Pacific:Shenzhen-HK trading link established;India to merge 2 state-run banks

Matthew Crazecontributed 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.