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Grupo Aval Q4'18 profit rises; Goldman Sachs Brasil rejigs management structure

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Grupo Aval Q4'18 profit rises; Goldman Sachs Brasil rejigs management structure

* Grupo Aval Acciones y Valores SA posted net income attributable to owners of the parent of 850.7 billion Colombian pesos for the fourth quarter of 2018, jumping 82.3% yearly from 466.7 billion pesos. Net trading income contributed to the result, with a 78.3% annual increase to 318.9 billion pesos.

* As part of a wider management restructuring, Goldman Sachs Group Inc. will remove the CEO post for Brazilian subsidiary Goldman Sachs do Brasil Banco Múltiplo SA and will replace the position with a six-member executive committee, Reuters reported. Goldman Sachs do Brasil's CEO Maria Silvia Marques will step down and become the chair of the unit's consultative board. Separately, Morgan Stanley said Alessandro Zema, head of investment banking in Brazil, will become the company's president for the country, Valor Econômico reported.

MEXICO AND CENTRAL AMERICA

* Mexico's lower house of Congress approved a proposal to amend the constitution to implement a referendum on confidence in the president, Reuters reported. Under the proposal, the president would step down if he or she loses the referendum, but critics say the measure would allow presidents to run for re-election.

BRAZIL

* Banco Santander (Brasil) SA launched the Pi digital investment platform, open to users without an account in the bank and with a minimum application of 50 reais, Valor Econômico reported. The platform, which has been pilot-tested with 2,000 customers, will offer third-party products.

* Banco Santander (Brasil) SA acquired an additional 40% stake in Banco Olé Bonsucesso Consignado SA for an undisclosed amount through its subsidiary Aymoré Crédito. Santander Brasil will now have full control of Olé Bonsucesso, according to a Reuters report.

* The president of the Brazilian chamber of deputies, Rodrigo Maia, authorized the creation of a parliamentary commission to investigate the alleged illegal acts committed by Banco Nacional de Desenvolvimento Econômico e Social between 2003 and 2015 related to the internalization of Brazilian companies, Diário Comércio Indústria & Serviços reported.

ANDEAN

* A senior U.S. official says the country is considering setting restrictions to prevent Visa, Mastercard and other financial institutions from processing transactions in Venezuela, Reuters reported. According to the newswire, the sanctions would be aimed at groups with ties to President Nicolas Maduro.

* Monthly inflation in Venezuela fell to 53.7% in February from 191.6% a month earlier, Spanish newswire EFE reported, citing data from the Venezuelan parliament. Yearly inflation was at 2,295,981%.

SOUTHERN CONE

* Argentina recorded inflation of 3.8% in February from the linked month, and inflation of 51.3% on a rolling 12-month basis, Reuters reported. Banco Central de la República Argentina chief Guido Sandleris promised he would enact new measures to fight the high rates, though he added he would not set a fixed exchange rate.

* The Supreme Court of Chile ruled that Banco de Chile has to return the money stolen in a cyberattack from the account of Comercial Agrícola e Industrial Novapro, La Tercera reported.

IN OTHER PARTS OF THE WORLD

* Asia-Pacific: Hong Kong fines 4 global banks; UBS Australia faces probe over A$1.2B loan

* Middle East & Africa: Dubai payments firm tables London IPO; Standard Bank to cut 1,200 jobs

Pablo Jiménez 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.