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Goldman eyes German fintechs; Mass. bank plans conversion; Maine CUs to merge

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Goldman eyes German fintechs; Mass. bank plans conversion; Maine CUs to merge

After acquiring stakes in two Berlin-based fintech firms in 2019, Goldman Sachs Group Inc. is looking to invest in more German financial technology startups, Bloomberg News reports, citing the investment bank’s managing director for Principal Strategic Investments group, Rana Yared. Goldman invested in Berlin-based Elinvar and Raisin in 2019 but potential German deals would not be just limited to Berlin, Yared said.

In Iowa, Bank Iowa Corp. agreed to acquire First State Bank of Colfax in a deal expected to close before the end of 2019. Financial terms of the deal were not publicly disclosed. Upon closing, Bank Iowa Regional President James Feudner will oversee the Colfax office.

Elsewhere in Maine, County FCU and Penobscot County FCU are merging in a deal expected to close by April 1, 2020. Upon closing, County FCU CEO and President Ryan Ellsworth will serve as the CEO and president of the combined organization.

Massachusetts-based Needham Bank plans to convert to a mutual holding company from a mutual cooperative bank that would give it greater flexibility to acquire smaller mutuals in the state, American Banker reports, citing CEO Joseph Campanelli. Needham has nearly $300 million of capital and doesn't need an acquisition to grow, but it can certainly make a "compelling proposition" for potential sellers, Campanelli said.

Yves Mersch, a member of the executive board of the European Central Bank, hit out at Facebook Inc. over its digital currency, Libra, saying that private currencies are unlikely to become viable alternatives to centrally issued legal tender, Bloomberg News reports.

Some tribes and banks that serve Native American communities are calling on bank regulators to provide them with direct access to financial services for funding local projects, American Banker reports. The tribes have called for a reform of the Community Reinvestment Act, or CRA, and establishment of special CRA zones on tribal lands, which would give banks across the U.S. CRA credit for making investments projects benefiting Native American areas.

In other parts of the world

Asia Pacific: UK approves PSC Insurance deal; IFC names Singapore head

Europe: UK PM warns of snap elections; Lloyds, Tesco in £3.8B deal; Rabobank sells CoCos

Middle East & Africa: Emirates NBD hikes foreign ownership cap; Old Mutual plans share buybacks

The day ahead

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

In Asia, the Hang Seng fell 0.39% to 25,527.85, and the Nikkei 225 rose 0.02% to 20,625.16.

In Europe, around midday, the FTSE 100 dropped 0.30% to 7,259.44, and the Euronext 100 was down 0.47% to 1,061.71.

On the macro front

The Purchasing Managers' manufacturing index, the Institute For Supply Management's manufacturing index and the construction spending report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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