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Banco Finansur lands buyer; Argentina central bank holds rate

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Banco Finansur lands buyer; Argentina central bank holds rate

* Argentina's central bank is set to give its approval for the Fiorito group to buy Banco Finansur SA, which was suspended from operating earlier in November for failing to meet a deadline for its recapitalization plan, Clarín reported. The Fiorito group has agreed to inject $10 million into the bank as part of a purchase deal worth a total of about $25 million.

* Argentina's central bank held its monetary policy rate steady at 28.75%, noting that inflation has resumed a downward trajectory. The central bank "considers the current monetary policy bias is adequate to accentuate the decrease in inflation and minimize the impact of the next increases in regulated prices," it said.

MEXICO AND CENTRAL AMERICA

* Banco Internacional de Costa Rica SA plans to offer one-year negotiable commercial bonds worth up to $3.7 million on Nov. 22. The series FH bonds will carry an annual interest rate of 3.875%.

* U.S. Trade Representative Robert Lighthizer said talks to revamp the NAFTA trade pact "will not reach a satisfactory result" unless Canada and Mexico engage on major U.S. demands. "Thus far, we have seen no evidence that Canada or Mexico are willing to seriously engage on provisions that will lead to a rebalanced agreement," Lighthizer said.

* Mexico will increase the minimum wage in the country by 10% to $4.71 per day in December, Reuters reported, citing President Enrique Pena Nieto.

BRAZIL

* B3 S.A. – Brasil Bolsa Balcão said it will pay interest on shareholders' equity in the net amount of 7.01 centavos per share. The payment will be made Dec. 7 based on the company's equity position as of Nov. 21.

* Banco Nacional de Desenvolvimento Econômico e Social CEO Paulo Rabello de Castro said he expects Brazil's GDP to expand more than 3% in 2018, possibly even close to 4%, Reuters reported.

* The speaker of Brazil's lower house said it will be difficult for the government to secure the 308 votes required to approve a proposed pension reform, while acknowledging that the key overhaul is "fundamental and urgent" for Brazil, Reuters reported.

* Gaps in the Brazilian federal government's plan to manage its fiscal recovery regime are stalling the recovery of local and regional government ratings in the short term, Fitch Ratings said.

* Brazilian Finance Minister Henrique Meirelles said the country's economic recovery should allow public banks to reduce provisions for bad loans, which will help gradually lower interest rates, Diário Comércio Indústria & Serviços reported.

* Consumer demand for credit in Brazil increased 5.3% in October from the previous month and grew 5.4% compared to a year earlier, Diário Comércio Indústria & Serviços reported, citing data from credit research firm Serasa Experian.

* The New Development Bank, an international multilateral financial institution established by the BRICS nations, plans to open a regional office in Brazil in 2018, Valor Econômico reported. The bank aims to increase financing for private companies and form partnerships with major Brazilian lenders.

* A Brazilian Senate committee has approved draft legislation that prohibits the central bank from transferring profits from its foreign exchange operations to the country's Treasury, Valor Econômico reported. The bill calls for those central bank profits to be placed in reserve for use under exceptional circumstances or to cover the central bank's losses.

* Banco Santander (Brasil) SA has hired Alberto Monteiro de Queiroz Netto to lead its private banking division, Valor Econômico reported. Monteiro de Queiroz Netto, the former vice president of financial management and investor relations at Banco do Brasil SA, will have to wait until March 2018 to assume his new role due to a quarantine period imposed by his previous employer.

ANDEAN

* Amid uncertainty over Venezuelan President Nicolas Maduro's plan to restructure $60 billion of debt, holders of the country's bonds are discussing the possibility of forming committees, Reuters reported, citing advisers and fund managers.

* S&P Global Ratings lowered its issue ratings on Venezuela's global bonds due 2025 and 2026 to D from CC, noting that the country failed to make $237 million in coupon payments for those bonds within the 30-day grace period.

SOUTHERN CONE

* Fitch Ratings revised its rating outlooks on Nación Seguros S.A., Nación Seguros de Retiro SA and Nación Reaseguros SA to positive from stable. The outlook change follows a similar action on Argentina's sovereign rating earlier in November.

* Banco Macro SA said its board has approved a leave of absence requested by Chairman Jorge Horacio Brito. Vice Chairman Delfín Jorge Ezequiel Carballo will chair the board until the bank's next general shareholders' meeting.

* Argentina's central bank will start issuing a new 1,000 pesos note in December, while taking two- and five-peso notes out of circulation, El Cronista reported.

* Banco De Desarrollo De América Latina has agreed to grant $2 billion of loans to Argentina during the next three years to finance projects in education, sanitation, transportation and energy, El Cronista reported, citing CEO Luis Carranza.

IN OTHER PARTS OF THE WORLD

* Asia-Pacific: HSBC unit fined over Lehman-linked products; Mitsubishi UFJ to cut workforce

* Middle East & Africa: Mugabe resigns; Leumi Q3 profit drops; Nigeria rate on hold

* Europe: BPCE out of G-SIB list; HSBC unit fined in Hong Kong; Equita SIM prices IPO

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.

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.