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UBI Banca swings to profit; Banco BPM sells unit; Goldman to sell Rothesay stake

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UBI Banca swings to profit; Banco BPM sells unit; Goldman to sell Rothesay stake

* Reports indicate that the insurance and reinsurance losses from two severe storms in Turkey, which took place last month, could exceed $440 million, Artemis reported.

UK AND IRELAND

* Goldman Sachs Group Inc. is reportedly set to announce this week the sale of its remaining 33% stake in U.K.-based pensions firm Rothesay Life Plc to the Government Investment Corp. of Singapore, MassMutual and Blackstone, according to Sky News. The deal could value Rothesay Life at about £2 billion.

* Royal Bank of Scotland Group Plc today announced the redemption of certain series of noncumulative dollar preference shares, which will cease to accrue dividends and shall be canceled as from the relevant redemption date. All unmatured dividend coupons and talons, if any, shall also become void for any purpose.

* The U.K. Financial Conduct Authority is reportedly considering more stringent regulations for peer-to-peer lenders, asking them to give more detailed information regarding past loan performance and on how much due diligence is carried out on firms looking to borrow from P2P lenders, according to The Sunday Times.

* Co-operative Bank Plc said it intends to delist and cancel the trading of notes. The cancellation of notes will be effective only after the implementation of the restructuring, which is expected to take place Sept. 1.

* China's securities association has banned HSBC Holdings Plc's nine mutual funds from buying IPO shares due to misconduct, the Financial Times reported.

* Hargreaves Lansdown Plc will not pay a special dividend for the year ended June 30 as it needs to retain an additional £50 million of capital after the U.K. Financial Conduct Authority said it intends to reassess the company's capital requirements because of its strong recent growth in scale and complexity.

* Travelers Cos. Inc. has completed its previously announced acquisition of U.K.-based small-business insurance online distributor Simply Business from Aquiline Capital Partners LLC.

* The U.K. will have to deposit payments for long-term programs to the EU until at least 2020, even after it leaves the bloc in 2019, EU Budget Commissioner Guenther Oettinger told Germany's Bild, as reported by Reuters.

* Bank of Ireland has reportedly reached an agreement with Lone Star entity Shoreline to acquire a portfolio of mortgages from the latter, the Irish Independent wrote.

* David Ross, CEO of The Ardonagh Group — which includes U.K. insurers Towergate, Autonet, Chase Templeton, Ryan Direct Group and Price Forbes — said the firm could consider a potential IPO when it is a "monster" next year, The Daily Telegraph reported.

GERMANY, SWITZERLAND AND AUSTRIA

* Germany may start looking into the potential sale of its 15.6% stake in Commerzbank AG after the general election on Sept. 24 and will seek proceeds of about €3.5 billion, insiders told WirtschaftsWoche.

* Allianz Group agreed to establish a joint venture and a long-term strategic partnership with Liverpool Victoria Friendly Society Ltd., creating the third-largest personal insurer in the U.K., with gross premiums written in excess of £1.7 billion and more than 6 million customers. The first stage of the deal is expected to complete during the second half of 2017, while the second stage is expected to be carried out in 2019.

* In an interview with Spiegel, Alexander Schütz, who represents China's HNA Group Co., Ltd. on Deutsche Bank AG supervisory board, denied that the Chinese conglomerate acted in concert with fellow Deutsche Bank shareholder Qatar. The ECB is weighing a possible review of HNA and Qatar's royal family due to suspected collusion.

ITALY AND GREECE

* Banco BPM SpA agreed to sell its asset management unit Aletti Gestielle SGR SpA to Italian asset management group Anima Holding SpA for up to €1.1 billion in a deal that will boost Banco BPM's core capital ratio by an estimated 91 basis points, Reuters reported. Banco BPM also plans to sell €3.0 billion to €3.5 billion in nonperforming loans next year, possibly by taking advantage of state guarantees, the news agency wrote separately.

* Unione di Banche Italiane SpA posted second-quarter reclassified profit attributable to the shareholders of the parent of €629.0 million inclusive of badwill, with a stand-alone net profit of €43.8 million compared to a stand-alone group loss of €829.0 million a year earlier. First-half attributable profit amounted to €696.0 million inclusive of badwill, with a stand-alone profit of €110.9 million compared to the year-ago stand-alone group attributable loss of €787.0 million.

* Credito Valtellinese SpA reported a first-half reclassified consolidated net loss of €194.8 million, compared to a consolidated net profit of €19.1 million a year earlier.

* UnipolSai Assicurazioni SpA CEO Carlo Cimbri told Milano Finanza that impartial experts would be hired who would by October set the price of a put option on 50% of Popolare Vita, its bancassurance joint venture with Banco BPM.

* The board of Cassa di Risparmio di Rimini SpA extended the period of exclusive negotiations for a potential sale to Crédit Agricole Cariparma SpA until Sept. 30, Reuters said.

* National Bank of Greece SA signed a definitive agreement to sell its 100% stake in Vojvodanska banka a.d. Novi Sad and NBG Leasing doo, along with a portfolio of Serbian-risk corporate loans, to OTP Banka Srbija a.d. Novi Sad for €125 million.

* U.S.-based Bain Capital Credit LP acquired a nonperforming loan portfolio with a par value of €385 million from Italian lender Banca Mediocredito del Friuli Venezia Giulia SpA.

EASTERN EUROPE

* Türkiye Halk Bankasi AS reported group net profit of 1.11 billion Turkish lira for the second quarter, or 88.58 kurus per share, up from 939.6 million lira, or 75.17 kurus per share, in the year-ago period.

* Otkritie Holding JSC's largest shareholder, Vadim Belyaev, will assume the post of management board chairman at the company on Aug. 7, replacing Alexey Karakhan, Vedomosti reported.

* Meanwhile, Kommersant reported that Otkritie Holding unit Otkritie Financial Corp. Bank acquired a 12.2% stake in QIWI plc for $99.5 million, thereby increasing Otkritie Holding's stake in QIWI to 15.66%. The newspaper also said Otkritie Financial Corp. Bank is involved in talks with potential investors about boosting its capital.

* The shareholders of JSC Belarusian-Swiss Bank BSB Bank appointed Sergey Dubkov to the post of chairman of the management board.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: Mitsubishi UFJ arm eyes acquisitions; Mirae Asset to infuse capital into US unit

Middle East & Africa: QNB weighing funding options; S&P changes Israel outlook, cuts DR Congo

Latin America: Mercosur to 'indefinitely' suspend Venezuela; Sul América income drops

North America: 2 Ohio-based banks merging; CFPB rolls out prototypes for overdraft disclosures

North America Insurance: Health insurers look to grow Medicare Advantage biz; Cigna ups '17 outlook

NOW FEATURED ON S&P GLOBAL MARKET INTELLIGENCE

Swiss Re to use excess capital for deals in life segment, CEO says: Swiss Re will use some of its excess capital to take advantage of potential deals in the reinsurance sector, particularly in the life and health segment, Christian Mumenthaler said after the publication of the company's first-half results.

Allianz to control 70% of LV= P&C biz by 2019 as CEO pledges commitment to UK: The German insurer struck a deal with English competitor LV= that will see it become a leading player on the British market.

RBS to accelerate UK mortgage growth: Royal Bank of Scotland aims to outpace the competitive U.K. market in terms of mortgage growth, according to CEO Ross McEwan.

Erste Group to pay dividend of up to €1.20 per share in 2017: The Austrian lender should be able to pay a per-share dividend of between €1 and €1.20 per share in 2017, and it expects to fully book an IFRS9 effect of 40 basis points at the most this year, its CEO told analysts during a first-half earnings call.

David Hutter, Ed Meza, Meike Wijers, Esben Svendsen, Beata Fojcik, Thanasis Kakalis, Ali Kayalar, Heather O'Brian, Brian McCulloch, Sophie Davies and Mariana Aldano contributed to this report.

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