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Banking Essentials Newsletter: 8th March Edition

2 Bradesco EVPs emerge as leading candidates to succeed CEO

* Following the death of former chief executiveMarco Antonio Rossi in November 2015, two of Banco Bradesco SA's executive vice presidents are nowconsidered to be the leading candidatesto succeed Luiz Carlos Trabuco Cappi as the bank's CEO when he reaches the agelimit of 65 years, Valor Econômico reported.One of the candidates is Alexandre da Silva Glüher, who is responsible forlegal matters and internal controls, and the other is Maurício Machado deMinas, who is in charge of information technology.


* Analysts say Banco de México could raise its benchmark interest rate further in the comingmonths if the Mexican peso experiences further devaluation, El Financiero reported. The central bankhas already raised the rate twice in 2016, with the most recent hike of 50basis points coming on June 30.

* The Mexican Congress is still evaluating two proposalsthat were submitted over a year ago to improve regulations for communityfinancial institutions, or Sofipos, and savings and loan cooperatives, orSocaps, El Economista reported. Oneof the proposals seeks to hold federations that oversee Sofipos moreaccountable in cases where a Sofipo fails, while the other aims to allowmunicipalities to issue operating permits for Socaps.

* The entry of new players in Mexico's banking sector inrecent years has not had much of an impacton market share distribution, as the country's seven largest banks continue todominate the sector with 79% of the total assets, El Economista reported, citing data from local banking andsecurities commission CNBV.

* Executives from Mexican pension fund managers Sura,Principal and Coppel agree that they must diversifytheir investments in order to provide better returns amid periods of highvolatility, El Economista reported.


* Bancodo Brasil SA said it has disbursed 455 million Brazilian reaisthrough a credit lineit launched in March that anticipates income tax refunds for individuals. Thecredit line is expected to reach 520 million reais before it closes inSeptember.

* Brazilian banks are intensifying their on payroll-backed loans due tolower default risks by aligning with banking promoters and correspondents togarner interest, Reuters reported.

* EFGInternational AG has agreed to buy the business of BSI Bank(Singapore) Ltd. in an accelerated asset deal signed with . The price will correspondto the asset's tangible book value and the asset purchase agreement willcontain a price adjustment mechanism.

* BancoNacional de Desenvolvimento Econômico e Social, , BancoBradesco SA and Banco do Brasil SA, all creditors of steelmaker Usiminas, havegranted the company a 60-day extension to a standstill agreement, Reuters reported,citing a statement from BNDES.

* Brazil's economic activity declined0.51% in May from the previous month, Reuters reported, citing data from BancoCentral do Brasil.

* Ivan Claudio Marx, a Brazilian federal prosecutor, said ina report that the accountingtricks used by suspended President Dilma Rousseff, which formed part of thebasis for impeachment proceedings against her, were not illegal but didconstitute an "abuse of power," Bloomberg News reported.

* Brazil's government anticipates collectingan additional 8 billion Brazilian reais in revenue in 2017 as a result of taxhikes and new duties, Reuters reported, citing a planning ministry document.The government is thinking about a 60 billion reais debt securitizationto generate funds and lower its budget deficit, the newswire reportedseparately, citing acting Planning Minister Dyogo Oliveira.

* A Brazilian congressional budget committee approvedinterim President Michel Temer's 2017 primary budget deficit target of 139billion Brazilian reais, Reuters reported.

* Banco BTGPactual SA said its board approved the cancellation of 18,820,908common shares and 37,641,816 preferred shares issued by the bank, as well as18,820,908 class A preferred shares and 37,641,816 class B preferred shares ofBTG Pactual Participations Ltd. The bank's board also approved the repurchaseof up to 15 million BBTG11 units.

* Spain's CaixaBank SA said it opened a new representativeoffice in Brazil tosupport business projects in the South American country.


* The International Finance Corp. granted a $55 millionloan to , which willuse the funds to increase its lending to small and medium-sized enterprises inEcuador by about 50%.

* BancoCentral de Reserva del Perú kept its benchmark interest rate unchangedat 4.25% for the fifth consecutive month, Reuters reported. The decision cameas annual inflation in Peru declined to 3.34% in June from 3.54% in theprevious month.

* Banco Central de Reserva del Perú said recent changes topension rules and external demand for Peruvian debt will probably continue to weighon the local currency, Reuters reported.

* Overall profits for Colombia's banking sector declined3.15% in May compared to the same month a year ago, while the sector's totalloan portfolio grew 11.39% in real terms during the same period, La República reported, citing regulatorydata.


* Argentine President Mauricio Macri said thecountry's proposed new stock exchange, Bolsas y Mercados Argentinos, will giveinvestors more options and promote economic development, Cronista reported. The creation of the new bourse, which will mergeexisting exchange Bolsa de Comercio de Buenos Aires with the Buenos Airessecurities market as well as the Mercado de Valores de Córdoba and otherprovincial markets, is pending regulatory approval.

* BancoCentral de Chile maintainedits benchmark interest rate at 3.5% for the seventh straight month, BloombergNews reported. "Second-quarter output and demand data confirm limitedgrowth," the central bank said in a statement, adding that"confidence indicators are still in pessimistic territory."

* Sharemoney, the online money transfer service of OmnexGroup, said it has expandedits services to include Uruguay as one of its transfer options.

* BancoConsorcio said its shareholders approved a capitalincrease of 47 billion Chilean pesos through the issuance of 22,523 shares,Diario Financiero reported.

* Credit to the private sector in Argentina denominated inU.S. dollars increased35.1% between January and May, Cronistareported, citing Banco Central dela República Argentina.

* GrupoFinanciero Galicia SA unit Banco de Galicia y Buenos Aires SA issued 10-year bondsworth $250 million, Cronistareported. The bank plans to use the proceeds to boost lending to the privatesector.


* Divergence in global monetary policy, the slowdownin China, weak commodity prices and volatile risk appetite are creatingexchange rate pressuresfor countries caught in the crosswinds, Fitch Ratings said. Commodity producerswith U.S. dollar pegs are among those most at risk of currency misalignment.


* Asia-Pacific: FDIC may have covered up hacking attempts; Moody's keeps Taiwan'srating

* Middle East & Africa:

* Europe: BoEsignals August stimulus; Erste Group Q2 profit guidance; more UniCredit capitalraising likely

Paula Mejiacontributed to this article.

The Daily Dose has aneditorial deadline of 8 a.m. São Paulo time, and scans news sources publishedin English, Portuguese and Spanish. Some external links may require asubscription.