S&P Global Market Intelligence offers our top picks of banking news stories and more published throughout the week.
* The ECB called on banks to step up their Brexit contingency plans, noting that lenders have so far transferred significantly fewer activities, critical functions and staff to euro area entities than originally expected as part of their preparations for the U.K.'s exit from the EU. U.K. Prime Minister Boris Johnson has said the country must leave the bloc by the Oct. 31 deadline "come what may," and the ECB said a no-deal Brexit is "a very real possibility and could materialize Nov. 1."
* Meanwhile, the U.K. government is preparing a bailout fund to aid businesses at risk of collapse in case of a no-deal Brexit, The Times reported.
* Royal Bank of Scotland Group PLC will appoint Alison Rose to be its next CEO, replacing Ross McEwan, multiple media outlets reported. The bank is expected to officially announce her appointment before the end of August, and Rose, who currently heads RBS' commercial and private banking business, could formally take over as CEO before 2019-end, according to the Financial Times.
* Deutsche Bank AG Chairman Paul Achleitner is looking for his potential successor, although he intends to complete his term ending in 2022, sources told Bloomberg News.
* Andrea Orcel, the former UBS Group AG investment bank head who was in the running to be CEO of Banco Santander SA, is potentially interested in becoming CEO of HSBC Holdings PLC, insiders told finews.com.
Earnings and guidance
* Netherlands-based Rabobank reported a 29% year-over-year fall in first-half net profit to €1.21 billion. CEO Wiebe Draijer also said Rabobank has been asked by the Dutch central bank to run additional checks on a group of its clients whose accounts the lender has labeled as low-risk.
* PKO Bank Polski SA reported a second-quarter attributable net profit of 1.22 billion Polish zlotys, up from 933 million zlotys a year ago.
* Dutch lender Volksbank NV, Germany's Aareal Bank AG and Turkey's Türkiye Halk Bankası AŞ also reported results for the first half.
* Bankia SA will not be able to achieve its profit target of €1.3 billion by 2020-end due to the recent communications by the ECB hinting it will adopt a loose monetary policy for a longer-than-expected period, and their negative impact on short-term interest rates.
In other news
* Banca Carige SpA said its temporary administrators and a consortium of investors have agreed on a binding framework to help rescue the struggling Italian lender. The rescue plan includes a €700 million share capital increase and an issuance of €200 million of new subordinated bonds, as well as a full-scale disposal of €3.1 billion of nonperforming loans.
* The ECB deemed AS PNB Banka as failing or likely to fail, following an onsite inspection that found significant capital shortfalls at the Latvia-based lender.
* Standard Chartered PLC intends to bolster its private banking assets by 50% to roughly $100 billion in the next three to five years, Reuters reported, citing Didier von Daeniken, the U.K.-based lender's global head for private banking and wealth management.
* The ECB has shut down its Banks' Integrated Reporting Dictionary, or BIRD, website until further notice after identifying that the portal's security measures had been breached.
Featured during the week on S&P Global Market Intelligence
Wealth management banks' H1 inflow rebound slowed by worries over trade, economy: Despite a rebound in net new money generation at the world's top wealth management banks in the first half of 2019, growth rates were still well below previous years due to continued worries over trade and the global economy, rating agency DBRS said.
Brexit turmoil awaits Alison Rose, tipped to become RBS' new chief: Alison Rose, widely expected to become RBS' new CEO, will face Brexit turmoil and a host of tail risks including the possible breakaway of Scotland from the U.K. if she steps into the top job.
With fresh elections ahead, Italian fiscal challenges will persist, says DBRS: Elections are likely in late October or early November, in the middle of Italy's presentation of its draft budget plan 2020 to the European Commission.