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In This List

Banco Pan prepares for follow-on offer; Banrisul stops guidance

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Banco Pan prepares for follow-on offer; Banrisul stops guidance

* Banco Pan SA has begun preparations for a follow-on public offer of shares, valued at around 2 billion reais, which would be executed in September, Valor Econômico reported. The operation is expected to be divided into a first issue to raise resources for the institution and a second one that would allow the partial exit of the shareholders of Caixa Econômica Federal.

* Banco do Estado do Rio Grande do Sul SA will discontinue its guidance disclosures due to a possible public offering of its shares by the state of Rio Grande do Sul, its controlling shareholder. The bank's announcement seemingly contradicts an earlier report from InfoMoney that quoted Rio Grande do Sul Governor Eduardo Leite as saying that he intends to keep Banrisul a public institution.

BRAZIL

* The president of Banco Inter SA, Joao Vitor Menin, said SoftBank Group Corp. will have a seat on the board of directors of the bank after the Japanese company bought a stake in the Brazilian bank, Valor Econômico reported, citing comments during an earnings conference call.

* Banco Inter SA plans to offer a new service for legal entities that allows payment with cards using the near-field communication, or NFC, technology of the phone as a reader, Infomoney reported. The service, which is still under development, would be available between the last quarter of 2019 or the first quarter of 2020, a bank official said.

* Brazilian securities commission CVM cleared the brokerage firm XP Investimentos Corretora de Câmbio Títulos e Valores Mobiliários SA and its founder Guilherme Benchimol of alleged violation of the rules and procedures in stock market operations, Valor Econômico reported. The case stemmed from an audit the CVM conducted on the firm back in 2016, wherein prosecutors alleged that the brokerage failed to formalize the records of some investment orders.

ANDEAN

* S&P Global Ratings revised its outlook on Peru-based Corporación Financiera de Desarrollo SA to stable from negative after the development bank contained the deterioration of its asset quality. Cofide had seen its credit fundamentals erode as the Lava Jato corruption probe in Brazil impacted Peru and its infrastructure-related sectors. However, timely government projections helped it write off most of its problem loans.

* Peru-focused Intercorp Financial Services Inc. maintained its own 2019 loan growth guidance at a "low-double digit level," and also held asset quality guidance at a range of between 2.5% and 3.0%. However, it dropped lending expectations for the Peruvian banking sector as a whole to between 6% and 8% from a previous 8%-to-10% range.

* Venezuela's opposition-led Congress is planning to set up a commission for debt renegotiation with the country's creditors, Reuters reported. Opposition leader Juan Guaido said he wanted to stop creditors from getting U.S.-based oil refinery Citgo as partial repayment for debt.

* Fitch Ratings assigned to Ecuador's Banco Guayaquil SA a long-term issuer default rating of B- with a negative outlook. Fitch notes the bank's ratio of operating profit to risk-weighted assets stood at 3.26% as of March 2019, which is higher than that of the largest Ecuadorian banks and its international peers.

SOUTHERN CONE

* The market reaction to the wider-than-expected margin of victory by Peronist opposition candidate Alberto Fernández over incumbent President Mauricio Macri in the Aug. 11 primary elections in Argentina is credit negative for the country's banks, Moody's said. However, Moody's adds the country's financial system is well prepared to face a potential run on deposits, citing the system's loan-to-deposit ratio fall to 50% in July 2019, the lowest in the region.

* An executive at Grupo Financiero Galicia SA warned political uncertainty in Argentina following the surprise win of the opposition in the Aug. 11 primaries would lead to volatility in the foreign exchange market and somewhat pressure inflation. However, institutional relations manager Pablo Eduardo Firvida said that the financial group is "very liquid [and] very well capitalized" as it prepares to face the ongoing volatility in the markets, such as by tempering its holdings in short-term Leliq notes.

* Chile's FNE antitrust regulator has filed charges against Banco de Credito e Inversiones SA before the TDLC competition court for alleged anticompetitive practices in the tendering of insurance associated with mortgage loans, Diario Financiero reported.

* Chile-based Banco de Crédito e Inversiones SA issued a 10-year bond valued at 3 million UF inflation-indexed units, worth around $119 million, Diario Financiero reported.

* Moody's raised Banco Hipotecario del Uruguay's standalone and adjusted baseline credit assessments to "ba2" from "ba3." The rating agency cited continuing improvements in the bank's asset risk over the last 18 months.

PAN LATIN AMERICA

* Moody's placed Colombia-based Banco GNB Sudameris SA, Luxembourg-based Gilex Holding S.à.r.l. and BBVA Paraguay SA on review for downgrade, after Banco Bilbao Vizcaya Argentaria SA agreed to sell its Paraguay unit to Banco GNB Paraguay SA. Moody's also placed all of Gilex's long-term ratings on review for downgrade due to its exposure to the deal as the holding company of GNB Sudameris.

IN OTHER PARTS OF THE WORLD

* Asia-Pacific: NAB Q3 earnings up 1% YOY; HK IPOs decline; Singapore cuts economic forecast

* Middle East & Africa: Absa H1 results up; Plus500 shrugs off profit plunge; Swiss Re in Ivory Coast

* Europe: Orcel interested in top HSBC role; MPS sells bad loans; PKO posts profit rise

Pablo Jimenez Arandia contributed to this article.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.

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.