* The European Banking Authority yesterday launched its 2018 EU-wide stress test, which will incorporate "a wide range of macroeconomic risks" associated with Brexit and the newly introduced IFRS 9 accounting standards, among others. The test will involve 48 EU banks, none of which are based in Portugal, Jornal de Negócios noted.
* The ECB said the four Greek banks directly under its supervision will undergo the same stress test, but the timetable will be accelerated and their results are expected to be published in May, while the results for the other banks will be released by Nov. 2.
* Europe needs to introduce standards and labels to make the classification of green investments clearer as it seeks to boost green and sustainable finance, according to the European Commission's High-Level Expert Group on Sustainable Finance. The EU will publish an action plan on sustainable finance in March based on the group's recommendations, as part of its plans to build a capital markets union through Europe, as well as to meet its commitments under the Paris Agreement on climate change.
* EU diplomats will today discuss shortening the moratorium on withdrawals from distressed banks to two days from an earlier proposal of five days, according to Bloomberg News. A representative of the Single Resolution Board reportedly said the resolution authority would still prefer a five-day moratorium.
* Morgan Stanley President Colm Kelleher said the U.S. lender will make decisions on Brexit-related staff relocations from the U.K. "very early" in 2018, Bloomberg reported. Kelleher said Morgan Stanley will have its main legal center in Frankfurt but will incorporate a multi-centered approach that includes Paris and Dublin.
UK AND IRELAND
* A leaked U.K. government analysis document has predicted that Britain will be left worse off under all economic situations post-Brexit, with financial services, manufacturing and retail industries the most likely to be impacted, the Financial Times reported.
* HSBC Holdings Plc named Charlie Nunn CEO for retail banking and wealth management to replace John Flint, the group's incoming CEO.
* Liverpool Victoria Friendly Society Ltd. and Allianz Group disclosed plans to transfer their respective personal and commercial portfolios, beginning in the second half. The transfer plans will see about 260 jobs at LV= GI, the long-term joint venture between the two companies, at risk of redundancy, while 60 new roles will be created. Similarly, 140 employees at Allianz may potentially be let go, while 60 new jobs will be created.
* MS Amlin Plc has reportedly named John Worth CFO, replacing Chris Rash, who stepped down due to health reasons, according to The Insurance Insider.
* Allied Irish Banks Plc and Ulster Bank Ireland DAC may need to earmark more money for customer redress in Ireland's unfolding tracker mortgage scandal, while Bank of Ireland Group Plc, KBC Bank Ireland Plc and Permanent TSB Group Holdings Plc should be able to cover costs from current provisions, analysts told S&P Global Market Intelligence.
GERMANY, SWITZERLAND AND AUSTRIA
* Deutsche Börse AG CEO Theodor Weimer has suspended the group management committee set up by his predecessor, Carsten Kengeter, in an effort to reduce bureaucracy and rehabilitate the stock exchange operator's image, Handelsblatt reported.
* Swiss Re AG launched Swiss Re Asia Pte. Ltd., its Asian regional headquarters in Singapore.
FRANCE AND BENELUX
* Groupe BPCE will not create an online bank in France as initially planned and will take advantage of new European regulations on payment services to further develop its digital services, according to the French lender's chairman, François Pérol.
* Bpifrance SA expects to report a net profit of approximately €1 billion in 2017 due to asset sales, Les Echos reported.
* The Amsterdam court of appeal will hold a public hearing March 16 to decide whether to approve a €1.3 billion settlement proposed by Ageas SA/NV relating to the former Fortis group, De Tijd reported.
SPAIN AND PORTUGAL
* Banco Bilbao Vizcaya Argentaria SA
ITALY AND GREECE
* Unione di Banche Italiane SpA CEO Victor Massiah said yesterday that further consolidation in the Italian banking sector is "written in stone" in order to assist the industry with rising regulatory costs and large investments in technology.
NORDIC COUNTRIES
* DNB ASA reported fourth-quarter 2017 profit attributable to shareholders of 6.13 billion Norwegian kroner, up from 5.14 billion kroner earned in the year-ago period.
* The Norwegian Consumer Council said it will appeal a court ruling that acquitted DNB of allegedly overcharging customers who invested in the bank's funds, Reuters reported. The regulator is seeking to reclaim 690 million kroner on behalf of 180,000 DNB customers.
* Ringkjøbing Landbobank A/S named Martin Pedersen and Jens Nielsen chairman and deputy chairman, respectively. The lender also dropped its strategy of opening new branches and will instead be investing in IT systems and organization, FinansWatch reported.
* Coop Bank A/S will not be profitable until 2020, Chairman Lasse Bolander told Berlingske Business. The bank has cost its owner, the Danish retailer Coop Amba, more than 400 million Danish kroner since it was established in 2013.
EASTERN EUROPE
* The Russian Finance Ministry is seeking to retrieve funds spent in 2015 on recapitalizing Otkritie Financial Corp. Bank and B&N Bank and wants them to be used to boost the capital of PAO Promsvyazbank, Vedomosti reported. Meanwhile, the Moscow Arbitration Court froze the assets of 10 offshore companies as part of a legal action initiated against them by Promsvyazbank, Vedomosti wrote.
* Baring Vostok, the controlling shareholder of Public Stock Co. Orient Express Bank, decided to postpone its search for a buyer for its stake in the lender and plans to participate in the bank's upcoming 5 billion Russian ruble recapitalization, Kommersant said.
* Bank Zachodni WBK SA CEO Michal Gajewski said the Polish lender will soon file an application to the country's financial supervisory authority to establish a mortgage bank, Warsaw Business Journal wrote.
* Janusz Wladyczak was appointed president of Poland's state export insurer Korporacja Ubezpieczen Kredytów Eksportowych Spólka Akcyjna, Puls Biznesu reported.
* Türkiye Garanti Bankasi AS
IN OTHER PARTS OF THE WORLD
Asia-Pacific: South Korea files charges against 5 banks; Chinese bank raises 2.53B yuan in IPO
Middle East & Africa: Capitec shares fall after Viceroy report; Commercial Bank sets focus on Turkey
Latin America: Santander Brasil books higher profit; bids due for Garantía de Valores
North America: Morgan Stanley removing 600 funds; BB&T sells domestic factoring portfolio
North America Insurance: MetLife's credibility dented with reserve charge; Anthem Q4'17 net income grows
NOW FEATURED ON S&P GLOBAL MARKET INTELLIGENCE
FBME: A hive of financial crime that spanned the globe: The now-shut Cypriot bank FBME was a nexus of suspicious financial activity such as fraud, money laundering and protecting politically connected customers from disclosure rules, documents obtained by S&P Global Market Intelligence show.
Santander poised to launch blockchain payments platform, executive chairman says: The bank is set to unveil a blockchain-based payments system which it hopes will widen its global reach, as well as increase revenues and cut costs, Executive Chairman Ana Botín said.
European payment rules give competitive edge to big tech, ING boss says: The one-way data exchange created by the second European payment services directive will disadvantage banks and small fintech companies while boosting the position of big technology firms such as Google and Alibaba, ING CEO Ralph Hamers said.
New Julius Bär CEO wants to sharpen strategy, intends to remain at the helm: Bernhard Hodler confirmed he wants to continue to lead the Swiss private bank in the future and implement a "sharpened" strategy, as his long-term role as CEO was questioned at the presentation of Julius Bär's full-year 2017 results.
SEB sees green shoots in corporate lending portfolio: "We are cautiously optimistic that more activity will come," the Swedish lender's CEO, Johan Torgeby, told analysts during a full-year 2017 earnings call.
Leo Magno, Ed Meza, Meike Wijers, Esben Svendsen, Beata Fojcik, Heather O'Brian, Stephanie Salti, Praxilla Trabattoni and Mariana Aldano contributed to this report.
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