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Banco Pan, Banrisul launch share offerings

* Banco Pan SA will launch a restricted follow-on offering of up to 138,000,000 preferred shares. The bank and its shareholder, Caixa Participações SA, plan to initially sell up to 115,000,000 preferred shares, which will be equally divided between a primary and secondary distribution. The initial offering can be increased by up to 23,000,000 preferred shares. A primary issue reportedly will allow Banco Pan to raise resources while a secondary issue will enable a partial exit by Caixa Participações parent Caixa Econômica Federal, which holds a 41.7% stake in Banco Pan.

* Brazilian state-owned bank Banco do Estado do Rio Grande do Sul SA will issue 96,323,426 common shares owned by the bank's controlling shareholder, the state of Rio Grande do Sul, in a secondary offering. The price per share will be fixed after consultation with the market.

MEXICO AND CENTRAL AMERICA

* Panama-based Mercantil Servicios Financieros Internacional SA has bought Switzerland's Mercantil Bank (Schweiz) AG from Venezuela-based parent Mercantil Servicios Financieros CA. The Panamanian entity acquired 100% of the Swiss unit's shares through its Mercantil Holding Financiero Internacional SA subsidiary.

* Banco Santander SA will increase its stake in Banco Santander México SA to 91.65% from 74.96%, following the expiration of a tender offer. Banco Santander originally intended to acquire a roughly 25% stake in Santander México to give it full control of the unit. However, following the result of the offer, the remaining 8.35% of shares in Santander México will be held by minority stakeholders or as treasury stock.

* Inflation in Mexico slowed to nearly its lowest in three years, at 3.16% in August, Reuters reported, citing data from the country's statistics institute. In July, inflation was at 3.78%.

* The optimism of the macroeconomic scenario presented in the Mexican government's 2020 budget could lead to an overestimation of revenues, while projected fiscal austerity will hamper economic recovery, El Financiero reported, citing Moody's analyst Ariane Ortiz-Bollín.

* The draft budget for 2020 presented by the Mexican government includes a 16.3% cut in the budget of the CNBV banking and securities commission and a 2% decrease in the budget of the Condusef financial users defense commission, El Economista reported.

CARIBBEAN

* Insured losses from Hurricane Dorian in the Caribbean will be between $3.5 billion and $6.5 billion, covering factors like property damage and business interruption, according to catastrophe risk modeling firm Risk Management Solutions Ltd. Nearly all of the estimated losses will come from the Bahamas, particularly the two most heavily impacted islands, Grand Bahama and Abaco.

BRAZIL

* Brazil's GDP growth estimate for 2020 fell to 2.07% from 2.10%, Valor Econômico reported, citing the central bank's weekly Focus survey.

* The board at state-owned Banco Nacional de Desenvolvimento Econômico e Social approved a change in the schedule of dividend payments to quarterly from semiannually, Valor Econômico reported.

SOUTHERN CONE

* Argentine polling firms are seeing opposition presidential candidate Alberto Fernandez winning the first round of elections, Reuters reported. Pollster Ricardo Rouvier & Asociados says Fernandez will win the first round with 51.5% of votes, while incumbent President Mauricio Macri will receive 34.9%. Consultancy Trespuntozero also gave Fernandez 51.9%, while Macri got 34%.

* Chilean Finance Minister Felipe Larraín estimated the country's economic growth to be between 3% and 3.5% in 2020, La Tercera reported.

PAN LATIN AMERICA

* Brazilian and Mexican economy officials say both countries have started free trade talks, Reuters reported. Brazil's deputy economy minister Marcos Troyjo said his country would then be able to export more agricultural products to Mexico once a deal is in place.

IN OTHER PARTS OF THE WORLD

* Asia-Pacific: Home Credit HK IPO may list this month; Suncorp CEO denies sales plan

* Middle East & Africa: Kenya's Equity targets Congo lender; Standard Bank Namibia takes Mobipay stake

* Europe: Barclays sees up to £1.6B PPI hit; Dexia H1 loss widens; Portugal fines banks

Pablo Jimenez Arandia 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. Links are current as of publication time, and we are not responsible if those links are unavailable later.