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Goldman 'cheated' Malaysia on 1MDB deals, PM says; Citi may exit China JV

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Goldman 'cheated' Malaysia on 1MDB deals, PM says; Citi may exit China JV

Malaysian Prime Minister Mahathir Mohamad told CNBC in an interview that Goldman Sachs Group Inc., which is embroiled in a high-profile corruption probe, "cheated" Malaysia over its dealings with sovereign wealth fund 1Malaysia Development Bhd. Earlier, Bloomberg News reported that Malaysia wants Goldman to fully refund the nearly $600 million in fees the country paid for the 1MDB deals. Goldman's stock declined 7.46% to close at $206.05 on Nov. 12.

Over in China, Citigroup Inc. is considering exiting its joint securities venture, sources told Bloomberg News. The U.S. bank's talks with Orient Securities Co. Ltd. to raise its stake in Citi Orient Securities Co. to 51% from 33% have not progressed. Citi, which seeks to enter the equities and fixed-income trading business in China, may seek a new local partner and establish a venture where it can hold a majority stake.

In wealth management news, Mercer Advisors Inc. has acquired Sigma Investment Management Co., bringing the buyer's assets under management close to $14 billion.

Dutch cooperative lending company Rabobank is considering selling its retail and wealth management operations in the U.S. in a deal that could be worth more than $1 billion, sources told Reuters. The report on the potential sale came months after news broke out that U.S. authorities are reportedly investigating former executives of California-based Rabobank NA over the use of the bank's branches to channel profits from organized crime between the U.S. and Mexico.

Bayerische Motoren Werke AG is considering selling its credit card division and has held discussions with banks on the matter, Bloomberg reported. BMW's banking unit BMW Bank of North America had about $289 million in credit card loans as of Sept. 30.

In other parts of the world

Asia Pacific: Anbang transfers Chinese bank shares; South Korean banks halt NY wire services

Europe: Rabobank mulls sale of US ops; Carige to get €320M aid; Credit Suisse probed

Middle East & Africa: Diamond Bank, Access Bank deny merger rumors; Skye Bank's management in hot seat

Now featured on S&P Global Market Intelligence

Systemically important banks increase cross-border exposures: The world's most systemically important banks have increased their exposures across country borders at a time when geopolitical concerns seem to be rising.

The day ahead

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

In Asia, Hang Seng rose 0.62% to 25,792.87, while the Nikkei 225 fell 2.06% to 21,810.52.

In Europe, around midday, the FTSE 100 rose 0.23% to 7,069.93, and the Euronext 100 gained 0.36% to 989.78.

On the macro front

The Redbook index for retail sales and the Treasury budget 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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