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BBVA accepts Scotiabank offer for BBVA Chile; BMO fiscal Q4 profit slips

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BBVA accepts Scotiabank offer for BBVA Chile; BMO fiscal Q4 profit slips

Banco Bilbao Vizcaya Argentaria SA has accepted Bank of Nova Scotia's offer to acquire the Spanish lender's 68.19% ownership in Banco Bilbao Vizcaya Argentaria Chile SA, as well as its interests in certain subsidiaries, for approximately US$2.2 billion.

In other M&A news, Grand Rapids, Mich.-based Independent Bank Corp. is acquiring Traverse City, Mich.-based TCSB Bancorp Inc. in a stock deal valued at approximately $63.2 million.

In government and regulatory news, Senate Democrats criticized President Donald Trump appointment of Mick Mulvaney as acting director of the Consumer Financial Protection Bureau, saying that it "jeopardizes the agency's independence and effectiveness." They urged Trump to instead pick a director with "a track record of being tough on big banks and other financial firms that rip off consumers."

At the CFPB, Mulvaney lifted the ban on payments to victims of financial crime, a week after he imposed a 30-day freeze, The New York Times reports.

The Senate Committee on Banking, Housing and Urban Affairs will vote on whether to advance Jerome Powell's nomination as Federal Reserve chair to the Senate at a 10 a.m. executive session. Powell, who currently serves as a Fed governor, is Trump's pick to lead the U.S. central bank.

The Senate banking panel is also scheduled to vote on the bipartisan regulatory relief bill S. 2155, or the Economic Growth, Regulatory Relief and Consumer Protection Act. The bill would raise the current asset threshold for banks to be designated as systemically important and be subjected to enhanced prudential standards to $250 billion from $50 billion.

In other banking news, Goldman Sachs Group Inc. intends to increase its Poland staff, which currently totals around 525 employees, the Financial Times reports, citing Brent Watson, the company's head of Polish technology and operations office. Watson said that he expects employees in the company's Warsaw operations to number between 750 and 800 by the end of 2018.

Wells Fargo & Co. President and CEO Timothy Sloan is expected to address investors today at a Goldman Sachs conference in New York. The company continues to face regulatory scrutiny over a number of issues, including the opening of fraudulent accounts and blunders in its auto-insurance, mortgage, and foreign exchange businesses.

Morgan Stanley launched a robo-advisory service called Access Investing, The Wall Street Journal reports. Clients will need at least $5,000 to invest and the service will charge 0.35% of assets annually.

Bloomberg News calculated that the worlds largest asset managers, BlackRock Inc. and Vanguard Group Inc., will take less than a decade from managing assets of $20 trillion, an amount exceeding current U.S. GDP. According to the report, Vanguard, which currently manages $4.7 trillion in assets, is expected go past $10 trillion in managed assets by 2023; Blackrock, which currently manages $6 trillion in assets, is expected to hit the $10 trillion mark by 2025.

Nationstar Mortgage LLC reached a $9.2 million settlement agreement with the California Department of Business Oversight to resolve claims that the mortgage broker overcharged borrowers and failed to properly investigate consumer complaints.

In credit union news, the National Credit Union Administration liquidated Selma, Ala.-based Riverdale CU after determining that it was insolvent and had no prospect for restoring viable operations. Metairie, La.-based Jefferson Financial FCU assumed Riverdale CU's membership, shares, loans, and most other assets.

On digital currencies, the U.S. Securities and Exchange Commission obtained an emergency court order to freeze the assets of PlexCorps, a Quebec company that allegedly conducted a fraudulent initial coin offering where it raised up to $15 million since August. During a conference in Washington, Chairman Jay Clayton said that the agency has more to offer on how it views the use of bitcoin, and that there will be more actions against firms who ignore securities laws, The Wall Street Journal reports.

Cboe Global Markets Inc.'s futures exchange plans to offer trading in bitcoin futures beginning Dec. 10.

In Canadian earnings, Bank of Montreal's fiscal fourth-quarter net income slipped year over year to C$1.23 billion from C$1.34 billion.

In other parts of the world

Asia Pacific: Australia shelves superannuation changes; My Credit Union gets nod for merger

Europe: Portugal's Centeno to head Eurogroup; Basel rules deal seen this week

Middle East & Africa: Mashreqbank gets new Bahrain license; Access Bank eyes West Africa expansion

The day ahead

Early morning futures indicators pointed to a mixed opening for the U.S. market.

In Asia, the Hang Seng dropped 1.01% to 28,842.80 and the Nikkei 225 slid 0.37% to 22,622.38.

In Europe, around midday, the FTSE 100 gained 0.16% to 7,350.74, while the Euronext 100 fell 0.39% to 1,038.59.

On the macro front

The international trade report, the Redbook, the PMI Services Index and the ISM Non-Mfg Index are due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.