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Aberdeen Standard sues Provident Financial; BoE to update Brexit approach

* Portuguese digital bank Banco BNI Europa and Germany's Varengold Bank AG have agreed to provide £90 million and £45 million, respectively, in funding to U.K.-based online lender MarketInvoice Ltd., Bloomberg News reported.

UK AND IRELAND

* A spokesman for the Bank of England told the Financial Times that the central bank will provide an update this week to financial institutions on its regulatory approach to Brexit, after a transition deal was recently agreed between the U.K. and the EU.

* Standard Life Aberdeen PLC's Aberdeen Standard Investments, a shareholder in Provident Financial Plc, is seeking compensation from the embattled British subprime lender for losses it incurred due to the latter's failure to disclose details of a U.K. Financial Conduct Authority probe into subsidiary Vanquis Bank Ltd., The Times reported.

* Aon UK Ltd, the insurance subsidiary of Aon Plc, named Nathan Shanaghy COO, effective April 1. Shanaghy, who is COO of Aon Risk Solutions UK and the London Global Broking Centre, will succeed David Ledger.

* JPMorgan Chase & Co.'s male employees in the U.K. are paid salaries that are 26% higher than female colleagues and bonuses that are 41% higher on a median basis, the Financial Times reported, citing the U.S. lender.

* Barclays PLC's bosses have devised contingency plans for potential hostilities that may arise from activist investor Edward Bramson, who has a roughly 5% stake in the lender, The Daily Telegraph reported. Bramson has reportedly been planning to spin out Barclays' investment bank or sell its U.S. cards business.

GERMANY, SWITZERLAND AND AUSTRIA

* Japan-based Daiwa Securities Group Inc. is set to name Manabu Takahashi CEO of its new Frankfurt unit, insiders told Bloomberg News.

* UBS Group AG CEO Sergio Ermotti told Bloomberg Television that the Swiss lender is looking at "small acquisitions" to complement its focus on organic growth, adding that the buys would be "nothing extraordinary" compared to what the bank did in the last few years.

* Meanwhile, UBS has hired five managing directors from JPMorgan Chase & Co.'s private bank, where they previously managed $30 billion, Reuters reported, citing a memo.

* Credit Suisse Group AG will pay its top 12 executives about CHF115 million in 2018 under its revised incentive plan, up 5.5% compared to the aborted scheme in 2017, the Financial Times wrote. The bank paid CEO Tidjane Thiam CHF9.7 million last year, 5% less than in 2016, while raising the annual salary of Chairman Urs Rohner by 7.5% to CHF4.23 million, Finews.com reported.

* Wolfgang Fink, Goldman Sachs Group Inc.'s head of Germany and Austria, said the company is increasing personnel in nearly all areas amid growth in Germany, Handelsblatt reported.

* Norddeutsche Landesbank Girozentrale shareholders are weighing a partial sale of the lender to private investors in an effort to strengthen its equity, Handelsblatt wrote.

FRANCE AND BENELUX

* Dutch asset managers Ambassador and Antaurus have decided to merge due to an increase in regulatory costs, Het Financieele Dagblad reported. The merged company will be called Ambassador Vermogensbeheer and will manage €350 million.

* KBC Bank NV is set to close eight offices and also plans to cut staff from 66 other offices, De Tijd reported.

* ABN AMRO Group NV has sacked two traders who tried to cover up a loss of €1.3 million in 2016, Het Financieele Dagblad reported.

* Natixis CEO Laurent Mignon saw his bonus rise 75% last year to about €1.7 million, while his total remuneration climbed 49.5% to €2.6 million, according to l’Agefi.

SPAIN AND PORTUGAL

* German police have taken former Catalan leader Carles Puigdemont into custody under a European arrest warrant, BBC News reported. Puigdemont, who was detained while crossing from Denmark on his way to Belgium, is wanted in Spain for sedition and rebellion and will appear before a German judge today.

* As part of a brand renewal strategy, Santander Totta SGPS SA will change its name to Banco Santander Portugal, Economia Online reported.

* S&P Global Ratings raised the unsolicited long-term sovereign credit ratings on Spain to A- from BBB+, with a positive outlook, citing the country's strong economic performance and continuing budgetary consolidation.

* Banco Santander SA Executive Chairman Ana Botín said the bank's board will propose a dividend of 23 cents per share from its 2018 profit, 4.5% higher than the 22 cents per share for 2017.

* Silicon Valley startup Denizen, which is backed by Banco Bilbao Vizcaya Argentaria SA, is preparing to launch a global bank account that will enable clients to receive cash in one country and pay it out in another without incurring payment fees, the Financial Times reported.

ITALY AND GREECE

* Zhao Changpeng, CEO of Hong Kong cryptocurrency exchange operator Binance, said the company is looking to establish an office in Malta and is close to finalizing a partnership deal with the country's banks, Bloomberg News reported.

* Intesa Sanpaolo SpA Carlo Messina said the Italian lender is in discussions with various groups who are interested in acquiring part of its nonperforming loan portfolio, Reuters reported.

* Banca Popolare di Sondrio SCpA said it will comply in a "complete and timely" manner with its legal obligation to transform into a joint stock company, Reuters reported. Meanwhile, Il Messaggero wrote that Banco BPM SpA, among other parties, could be interested in a deal with Banco Popolare.

NORDIC COUNTRIES

* Nordea Bank AB (publ) has appointed Paul Bari to head its group technology division, effective April 1, wrote Dagens Industri. Bari joined Nordea from Singapore-based Standard Chartered Bank in February 2017.

* Danske Bank A/S is advising customers against investing in cryptocurrencies and in publicly traded companies that are investing, either directly or indirectly, in cryptocurrencies, wrote Børsen.

* Norwegian debt management firm Axactor AB (publ) plans to relocate its registered office to Norway from Sweden in a bid to cut administrative costs and improve the efficiency of its group structure. The company also signed a new portfolio transaction with a large Spanish financial institution.

EASTERN EUROPE

* The Russian central bank lowered its key interest rate by 25 basis points to 7.25% per annum and signaled more rate cuts ahead as inflation remains low.

* S&P Global Ratings upgraded Croatia's long-term foreign- and local-currency sovereign credit ratings to BB+ from BB, with a stable outlook, citing the country's improved external position.

* Polish debt collector Kruk won a tender to acquire a 400 million Polish zloty nonperforming loan portfolio from Bank BGZ BNP Paribas SA, Parkiet said.

* Polish businessman Leszek Czarnecki's investment vehicle, LC Corp BV, sold a roughly 10% stake in Getin Holding SA and a 3.88% stake in Idea Bank SA for around 128 million Polish zlotys, Parkiet reported.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: China adds role at central bank; Mongolia cuts rates; CBA insurer lures buyers

Latin America: Peru's new president set to take oath; BNDES returns 30B reais to Treasury

North America: JPMorgan mulls Quorum spinoff; BOLC in Tenn. merging with Alabama bank

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Aviva made 'right decision' with preference shares U-turn, analyst says: Aviva's decision to drop a controversial plan to cancel preference shares at par could result in a larger share buyback, said Macquarie's Andy Hughes.

Fintech could fix lagging productivity in financial services, BoE says: Financial technology could spark competition and an uptick in productivity in the U.K. financial services sector, according to David Ramsden, Bank of England deputy governor for markets and banking.

Atif Hussain, Ed Meza, Meike Wijers, Gerard O'Dwyer, Beata Fojcik, Heather O'Brian, Stephanie Salti, Praxilla Trabattoni and Mariana Aldano contributed to this report.

The Daily Dose has an editorial deadline of 7 a.m. London time. Some external links may require a subscription.

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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