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Caixa to exercise 'tag along' option in BTG's sale of Pan Seguros stake

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Caixa to exercise 'tag along' option in BTG's sale of Pan Seguros stake

* Caixa EconômicaFederal has informed BTG Pactual Group that it will exercisea "tag along" option in BTG's sale of its stake in to France-basedCNP Assurances SA, Diario de Pernambuco reported. Theoption allows Caixa to sell its stake in Pan Seguros on the same terms as BTGsells its stake.

MEXICO ANDCENTRAL AMERICA

* is opening its fourth branch in Querétaro this year and plans to expand itspresence throughout Mexico's Bajío region, ElFinanciero reported. The bank is also planning on opening new branches inIrapuato, Aguascalientes and San Luis Potosí, said Enrique Arce González, aregional director for the group.

* Mexico'sPrincipal Financial Group SA deCV Grupo Financiero is ready to investin Fibra E, a new investment vehicle for the energy and infrastructure sectors,but is yet to receive a request for such investment, El Economista reported, citing Juan Manuel Verón, the company'schief investment officer.

* Panama andGermany have agreed to negotiatean agreement to exchange tax information and strengthen bilateral economicrelations between the two countries, CapitalFinanciero reported.

* Mexicanauthorities will investigatea trust held by Deutsche BankMéxico SA Institución de Banca Múltiple to see if they can find anyirregularities in the business dealings of bankrupt oil services firmOceanografía, El Economista reported.

BRAZIL

* A specialSenate committee in Brazil decided to supporta report that recommended impeachment proceedings against President DilmaRousseff move forward, Bloomberg News reported. The full Senate is expected tovote on the move on May 11.

* is willing to further grow itspresence in Brazil via acquisitionsand expects the South American country's insurance sector to expand 10% in2016, Bloomberg News reported, citing Philippe Jouvelot, president of theFrench insurer's Brazilian subsidiary.

* Caixa EconômicaFederal earned netincome of 838 million Brazilian reais for the first quarter, down 46%compared to the year-ago period, ValorEconômico reported. The bank rejected speculation that it needs a capitalinfusion to rebalance its accounts.

* Brazil's federalprosecutor filed complaintsagainst Banco Santander (Brasil)SA and two other companies for allegedly paying bribes to officialsof the country's administrative board of tax appeals, Valor Econômico reported. The bank has denied the allegations.

* Brazilianconsumer bureau Senacon imposeda 3.6 million Brazilian reais fine on HSBC Bank Brasil SA - Banco Múltiplo for chargingregistration fees to clients who already had accounts with the bank, Valor Econômico reported.

* Under a decisionfrom a bankruptcy court in Sao Paulo, Brazilian credit guarantee fund FGC willbe the last creditor of BancoCruzeiro do Sul SA to be considered for repayment in the bank'sbankruptcy proceedings, Valor Econômicoreported. The FGC said it plans to appeal the court decision.

* Banco Santander(Brasil) SA, Banco do BrasilSA and Itaú UnibancoHolding SA are among the Brazilian banks that have benefitedfrom a recent court ruling that prevents states and municipalities fromcharging the ISS service tax on certain banking activities, Valor Econômico reported.

* Brazilianlogistics company Log-In said it reached an agreementwith Banco Santander (Brasil) SA, Banco do Brasil SA, Itaú Unibanco Holding SAand HSBC Bank Brasil SA - Banco Múltiplo to restructure 411 million Brazilianreais of the company's debt, ValorEconômico reported.

* The low overlapbetween the businesses of BM&FBOVESPA SA – Bolsa de Valores Mercadorias eFuturos and Cetip SA– Mercados Organizados should make it easier for the two companiesto win Brazilian antitrust regulator Cade's approvalfor their planned merger, Diário ComércioIndústria & Serviços reported.

ANDEAN

* plans toopen 40 financialstores, known as Estaciones R, in the next three years to offer both electricalappliances and financial products, ElComercio reported, citing comments from CEO René Jaime. "If the boardgives its approval, we'll start an aggressive expansion of this chain [ofstores]," Jaime said.

* CFO Fernando Dasso saidduring a conference call that overall creditgrowth in Peru could reach up to 15% in 2016, El Comercio reported. The executive said he has observed a revivalin the willingness of businesses to invest in recent weeks.

SOUTHERN CONE

* Banco deChile dismissed four senior executives as part of a following EduardoEbensperger Orrego assuming the CEO position at the company. The departuresinclude Andrés Bucher, the head of Banchile Corredores de Bolsa SA, and Jorge Muñoz, thehead of Banchile Citi Global Markets, DiarioFinanciero reported, citing an internal memo. Division heads Armando Armiñoand Christian Schiessle were also dismissed.

* Inversiones LaConstrucción SA, or ILC, said it signed a with , Fondo deInversión Privado Corp Life and Corp Group Interhold SpA, to acquire thegroup's remaining shares in holding company Inversiones Confuturo for 49.27billion Chilean pesos. The deal is expected to close in June.

* Moody's withdrewall of its ratings on BanqueHeritage (Uruguay) SA for its own business reasons, including thebank's long-term global local and foreign currency deposit ratings of B3.

* S&P Global Ratings raised its long- and short-term foreign currencysovereign credit ratings on Argentina to B- and B from SD and D, respectively.The move reflects the country's curing of the default on its foreign currencybonds that started in July 2014.

* Consumer creditin Uruguay rose 0.5% year over year in March after falling 4.5% annually in theprevious month, according to ElObservador's consumer finance index.

* Credit card usage in Paraguay fell7.8% in the seven months through March after the country implemented a law inSeptember 2015 to limit the interest rates banks can charge on cards, La Nación reported, citing data fromBanco Central delParaguay.

PAN LATIN AMERICA

* The global corporate finance rating drift turned negativein 2015 as the ratio of downgrades to upgrades reached 1.5 to 1, compared witha moderate 0.9 to 1 in the previous year, according to Fitch Ratings. Theoverall stability rate for all corporate finance moved marginally lower to 74%from 77% in 2014.

IN OTHER PARTSOF THE WORLD

* President Lorenzo Tan has resigned from his position, Reuters reported. The movecomes even after the company determined he is not liable for a money launderingscandal stemming from the cyber theft of US$81 million from Bangladesh Bank'saccount at U.S. Federal Reserve Bank of New York.

* Hong Kong'sFinancial Services Developmental Council proposed the establishment ofa system connecting the bond markets of China and Hong Kong, similar to theprogram linking the stock markets of Shanghai Hong Kong, Caixin reported. The size of China's bond market was estimated 50trillion yuan at the end of March, with 320 overseas financial institutionsapproved to take part in the interbank bond market.

* plans to trimcash-equities operations in Asia and shut the business in Indonesia, BloombergNews reported, citing people with knowledge of the matter. The company may cutabout 40 jobs in the process.

* The PennsylvaniaDepartment of Banking and Securities seized King of Prussia, Pa.-based First CornerStone Bankand named the FDIC receiver in a failure estimated to cost the federal agency'sdeposit insurance fund $10.8 million.

S&P Global Ratings and Global MarketIntelligence are owned by S&P Global Inc.

Matthew Craze contributed to this article.

TheDaily Dose has an editorial deadline of 8:00 a.m. São Paulo time, and scans newssources published in English, Portuguese and Spanish. Some external links mayrequire a subscription.