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HSBC names ring-fenced bank CFO; Swiss Life to stay cautious on M&A

UK AND IRELAND

* HSBC Holdings Plc appointed Dave Watts, currently CFO of HSBC Bank Plc, to hold a similar role at its ring-fenced bank, City A.M. reported. Also joining Watts at HSBC UK are James Calladine, who will serve as chief risk officer, and Emma Bunnell, who will become COO. Calladine is currently chief risk officer and head of wholesale credit and market at HSBC's Latin America business, while Bunnell is a partner at professional services firm Boston Consulting Group.

* The U.K.'s former financial services ombudsman, Walter Merricks, has filed an appeal against last month's ruling by the Competition Appeal Tribunal denying class action status to a £14 billion class-action lawsuit filed against Mastercard Inc., The Irish Times reported. The claim, lodged on behalf of more than 46 million customers, accuses the credit card giant of infringing EU competition law.

* Former Barclays Plc trader Jonathan Mathew, who was convicted for rigging the London Interbank Offered Rate, has referred his case to the U.K. Criminal Cases Review Commission in a bid to have his four-year sentence overturned, Bloomberg wrote.

* Hargreaves Lansdown Plc said it will not pay a special dividend for the year ended June-end, after the U.K. Financial Conduct Authority unveiled plans to reassess the company's capital requirements because of its strong recent growth in scale and complexity. The company paid a special dividend of 9.9 pence per share for fiscal year 2016. Total dividend for fiscal year 2017 was 29.0 pence per share, down from 34.0 pence per share a year earlier.

* Mattioli Woods Plc said COO Mark Smith and Employee Benefits Managing Director Alan Fergusson have stepped down from its board of directors with immediate effect. The firm said the reduction of the total number of members to six from eight is designed to "eliminate duplication and overlap" between its board and senior executive team.

* London Stock Exchange Group Plc's LCH Ltd. launched a new client account type within its SwapClear service that enables buy-side clients to deliver collateral directly to the clearing house and retain beneficial title to it.

* U.K.-based insurance service provider Davies Group Ltd. acquired Claims Management Services Ltd., a specialist casualty claims third-party administrator. The deal marks Davies Group's second acquisition since U.S. investor HGGC took a majority stake in the company in January.

* London-based family office Stonehage Fleming Family & Partners Ltd. hired Eva Sheppard as senior director for its investment management division. Sheppard joins from Swiss private bank EFG International AG, where she was in charge of advising high-net-worth individuals and families in the U.K.

GERMANY, SWITZERLAND AND AUSTRIA

* Swiss Life Holding AG CEO Patrick Frost resumed work after a monthslong absence due to illness, Neue Zürcher Zeitung noted. Frost told the Swiss newspaper that insurer plans to develop its commission business as part of its strategy beyond 2018, adding that it will also look at acquisitions but will remain cautious, Reuters noted.

* The takeover of Bremer Landesbank Kreditanstalt Oldenburg-Girozentrale by Norddeutsche Landesbank Girozentrale is on track and will be finalized by Sept. 1, Hamburger Abendblatt reported.

* Hamburg-based fintech startup Deposit Solutions GmbH acquired Berlin-based retail deposit platform Savedo GmbH for an undisclosed sum.

* OVB Holding AG revised its guidance for 2017, saying it expects a slight decrease in sales and moderate decline in operating income amid an increasingly challenging environment.

* U.S. asset management firm Oaktree Capital Management LLC is taking over German nursing home operator Pflegen & Wohnen Hamburg GmbH, Hamburger Abendblatt wrote.

FRANCE AND BENELUX

* French Ministry for Finance Secretary of State Benjamin Griveaux will visit London Sept. 12 and 13 to convince large Anglo-Saxon banks and investment funds to set up teams in Paris, according to Le Monde.

* Some 853 Belgian companies moved €221 billion in assets to offshore tax havens last year, Belga reported, citing Le Soir.

* Dutch banks and insurers have paid about €2.15 billion in fines since the start of the financial crisis in 2008, according to data from Het Financieele Dagblad. Only a fraction of the amount was imposed by Dutch regulators; the lion's share of fines went to foreign watchdogs.

SPAIN AND PORTUGAL

* European authorities move to avert the collapse of Banco Popular Español SA with the overnight sale of the troubled lender to Spanish banking giant Banco Santander SA continues to cause much debate. Most recently, Spanish law firm Navas & Cusí announced it could appeal the Single Resolution Board's June 7 decision before the European Court of Justice on grounds that in its dealing with the Banco Popular Español case, the SRB failed to comply with law provisions regarding transparency, Europa Press reported.

* Units in the holding fund of Portugal's Caixa Económica Montepio Geral traded at a record high yesterday at the start of a full takeover bid for the fund by the mutual association that already controls it, Jornal de Negócios reported. The association, which needs to buy less than 15% to hold the entire participation fund, has offered a price of €1 per share, while units in the fund closed at €1.017 per share yesterday. The offer lasts until Sept. 8, with results due three days later, Jornal Económico noted.

* Portuguese President Marcelo Rebelo de Sousa promulgated a new anti-money laundering law that prohibits the use of cash for payments exceeding €3,000, Dinheiro Vivo reported. The law, passed by parliament in July, initially proposed a ban on payments above €10,000.

ITALY AND GREECE

* It emerged that Banca Popolare di Vicenza SpA and Veneto Banca SpA had been unable to meet the ECB's capital requirements since the central bank became their supervisor in November 2014, Reuters reported. In a redacted version of its assessment, the ECB said the failed Italian lenders had repeatedly demonstrated their incapacity to steadily comply with the regulator's capital requirements.

* Banco BPM SpA reached two settlements with Italy's tax authority in the first half reducing the amount of tax disputes by a total €120 million, MF noted.

* Interbanca SpA could seek to grow through acquisitions after swinging to a first-half net profit of €16 million from a loss of €36 million a year earlier, MF said.

* Banks in Greece have begun selling problematic loans with a nominal value of more than €6.5 billion in an effort to reach their reduction targets for nonperforming loans and nonperforming exposures, Euro2day reported.

NORDIC COUNTRIES

* Swedish digital bank Collector AB (publ) appointed Maria Lykken Ljungdahl CFO, to succeed Pia-Lena Olofsson, who will be leaving in mid-October. Ljungdahl most recently served as the head of group treasury at Modern Times Group, MTG AB.

* Following an inspection of J.A.K. Andelskasse Østervrå, Denmark's Financial Supervisory Authority found the need for further impairments, value adjustments of the small Danish cooperative bank's own property and errors in the calculation of its capital base, Finanswatch reported.

EASTERN EUROPE

* Saudi Prince Al-Waleed bin Talal will consider investing in Russia-based PJSC BANK JUGRA, if the work of the lender is restored, news agency RIA reported. The Russian central bank revoked Jugra's license in July, saying that launching a financial recovery procedure for the bank was not economically feasible.

* Russian businessman Kirsan Ilyumzhinov acquired non-state pension fund Munitsipalny and wants to purchase a few more funds to become a major player on the local pension market, Vedomosti reported.

* Sergei Aksyonov, the head of Russia-annexed Crimea, signed the main version of a bill exempting local retail and corporate borrowers from repaying loans equivalent to up to 5 million Russian rubles issued by Ukrainian banks, Kommersant reported. The draft law is expected to be passed in September.

* Russian investigators opened 13 new criminal cases against Robert Musin, the management board chairman of collapsed lender PJSC Tatfondbank, news agency Prime reported, adding that the total damage reportedly caused by Musin's actions exceeds 50 billion Russian rubles. The license of Tatfondbank was revoked in March 2017, and Musin was detained shortly after.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: ANZ posts rise in cash profit; MS&AD Insurance to invest in Australian company

Middle East & Africa: Ghana shuts 2 troubled banks; Beltone Financial plans $1B investment fund

Latin America: Fitch downgrades Chile, BNDESPar registers Q2 net profit

North America: China regulator fines Citi $1.6M; CenterState buys 2 banks

North America Insurance: Freedom Caucus seeks to force ACA repeal vote; Anthem exits Virginia marketplace

NOW FEATURED ON S&P GLOBAL MARKET INTELLIGENCE

Data Dispatch EMEA: Georgian banks boosted by trade, tax, but dollar exposure darkens horizon: The country's banks are going through a period of consolidation and improving profits, but exposure to the U.S. dollar poses a risk to financial stability.

Forex mortgage proposals to hit Polish bank profits, but impact limited: Fresh proposals to solve the thorny issue of Poland's foreign-exchange mortgages would impact local banks' profits in the coming years, but the long-term effects would be limited, according to analysts.

Sheryl Obejera, Arno Maierbrugger, Danielle Rossingh, Esben Svendsen, Beata Fojcik, Mike Hatzidakis, Ali Kayalar, Heather O'Brian, Stephanie Salti, Praxilla Trabattoni and Helen Popper contributed to this report.

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