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In This List

SocGen, ING post Q2 results; Deutsche Bank sees UK job exodus

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go


SocGen, ING post Q2 results; Deutsche Bank sees UK job exodus

* The Council of the EU said it received 27 proposals by member states, related to 23 cities, to host the European Banking Authority and the European Medicines Agency, which will be relocated when the U.K. completes its withdrawal from the EU. Eight candidate cities are vying to host the EBA, including Dublin, Frankfurt, and Paris. A decision will be taken in November.

* A study by Deloitte estimates that European banks will sell €100 billion of packaged loans in 2017, and that they will take several more years to clear nonperforming loans from their books, Les Echos reported.

UK AND IRELAND

* RSA Insurance Group Plc said it has completed its restructuring as it reported first-half statutory net profit attributable to equity holders of the parent company of £196 million, up from the year-ago £85 million.

* The U.K. Financial Conduct Authority and Prudential Regulation Authority have formally questioned Barclays Plc CEO Jes Staley regarding his attempt to identify a whistleblower in 2016, insiders told Sky News.

* British payments firm Worldpay Group Plc said its U.S. suitor Vantiv Inc. has been granted an extension to Aug. 8 to decide whether to make a firm offer to acquire the company. The deadline was initially Aug. 1.

* The Institute of Directors, a business lobby group, warned the U.K. FCA that its proposed changes to listing rules to accommodate the listing in London of state-owned companies, such as Saudi Arabia's oil giant Aramco, could damage the city's reputation, The Daily Telegraph wrote.

* The Central Bank of Ireland proposed new measures to help consumers considering switching their mortgage. Under the proposal, banks will be required to inform consumers about other available mortgage options and help them compare those with their existing mortgage, among others.

* Berkshire Hathaway Inc. unit Berkshire Hathaway Specialty Insurance Co. established a specialty insurance business in Dublin and appointed Cormac McNamara to serve as property and casualty manager of BHSI Ireland.

GERMANY, SWITZERLAND AND AUSTRIA

* Commerzbank AG reported first-half consolidated losses attributable to shareholders of €406 million, compared with a restated profit of €384 million in the year-ago period. The German lender booked restructuring expenses of €807 million in its first-half results.

* Deutsche Bank AG signed a pre-let agreement for its new headquarters in London, despite preparations to shift thousands of jobs out of the U.K., Reuters reported. The bank is expecting to relocate about 4,000 jobs to continental Europe from Britain over several years, with most positions moving to Frankfurt and Berlin once the U.K. leaves the EU, insiders told Bloomberg News.

* Werner Steinmüller, Deutsche Bank CEO of Asia-Pacific, told Handelsblatt that the German lender is considering applying for a full banking license in China.

* Vereinigte Volksbank in Sindelfingen and Volksbank Reutlingen eG in the state of Baden-Württemberg look set to merge, Börsen-Zeitung reported.

* Credit Suisse Group AG's asset management unit intends to spin out its $1 billion quantitative hedge fund division later this year, insiders told Bloomberg News. Credit Suisse Quantitative and Systematic Asset Management will become a separate entity as part of a management buyout, with its staff to be located in London, Paris, Hong Kong and Mumbai.

FRANCE AND BENELUX

* Société Générale SA reported second-quarter group net income of €1.06 billion, down 27.6% from €1.46 billion in the year-ago period. First-half group net income declined year over year to €1.81 billion from €2.39 billion.

* ING Groep NV posted second-quarter group net result of €1.37 billion, up from €1.30 billion in the year-ago period. Net interest income for the period rose year over year to €3.36 billion from €3.27 billion.

* Groupe BPCE reported net income attributable to equity holders of the parent after IFRIC 21 restatement of €883 million in the second quarter, down from €1.77 billion a year earlier. Unit Natixis booked second-quarter net income group share of €487 million, up 28% year over year.

SPAIN AND PORTUGAL

* Novo Banco SA formally started the process of selling life insurance arm GNB Seguros Vida, according to Reuters.

ITALY AND GREECE

* Generali's first-half net result attributable to the group came in at €1.22 billion, up from €1.18 billion in the year-ago period.

* Intesa Sanpaolo SpA reported a year-over-year surge in second-quarter net income to €4.34 billion from €901 million, thanks to a €3.5 billion cash contribution from the state to offset the capital ratio impact of its acquisition of certain assets and liabilities of Veneto Banca SpA and Banca Popolare di Vicenza SpA.

* Banca Monte dei Paschi di Siena SpA is in talks with La Poste for the sale of its assets in France and Belgium, totaling some 18 outlets and 275 employees, MF wrote.

* Crédit Agricole SA notified Italian authorities that it was still interested in acquiring Cassa di Risparmio di Cesena SpA, Cassa di Risparmio di Rimini SpA and Cassa di Risparmio di San Miniato SpA. The French bank said it has renewed, through its subsidiary Crédit Agricole Cariparma SpA and until Sept. 15, its interest in pursuing the transaction.

* Italian guarantee insurer Elba Assicurazioni declined a takeover offer by Liberty Mutual Holding Co. Inc., MF reported.

NORDIC COUNTRIES

* OP Financial Group unit OP Yrityspankki Oyj, or OP Corporate Bank, reported second-quarter net profit of €123 million, up from €98 million in the same period a year ago.

* Vestjysk Bank A/S decided to implement a rights issue of up to 745 million Danish kroner, Børsen reported. The move was expected, as the Danish government has sold its shares in the bank.

* Swedish payment services provider Klarna Bank launched Wavy, a new app for peer-to-peer payments that enables users to send and request money across 31 European markets.

EASTERN EUROPE

* The Polish Financial Supervision Authority extended the deadline for Raiffeisen Bank International AG to float at least 15% of unit Raiffeisen Bank Polska SA on the Warsaw Stock Exchange until May 15, 2018, PAP said. The FSA said it would not penalize Raiffeisen for missing the previous June 30 deadline as it could weaken the effectiveness of the IPO process.

* Václav Horák was appointed management board chairman at Home Credit Slovakia a.s., replacing David Bystrzycki. Horák was also named head of the firm's Czech sister company Home Credit a.s., with the appointment taking place July 10.

* PJSC Joint Stock Bank Express-Bank shareholders decided to merge the Ukraine-based bank into AKB IndustrialBank and named Mykhailo Bukrieiev chairman of the management board at the merged lender, IndustrialBank said.

* The National Bank of the Republic of Kazakhstan allowed Kazakh billionaire Vladimir Kim to become a major shareholder at Bank RBK JSC. The ownership changes at RBK are associated with the lender's plans to merge with JSC Qazaq Banki.

* Yapi ve Kredi Bankasi AS posted second-quarter net profit attributable to the group of 891.9 million Turkish lira, up from 847.9 million lira in the year-ago period.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: China bars 40 banks from interbank biz; HNA's overseas deals hit roadblock

Middle East & Africa: United Gulf Bank eyes biz split; High Court extends Imperial Bank receivership

Latin America: Itaú Unibanco's Q2 profit rises; US sanctions Maduro

North America: JPMorgan to launch AI robot in Asia, US; 2 California banks ink $51M deal

North America Insurance: 2 states disclose '18 rate hikes; Sen. Hatch calls for attention to tax reform

NOW FEATURED ON S&P GLOBAL MARKET INTELLIGENCE

Motor leads profit growth for Direct Line as insurer hikes premiums: Yet, the British insurer's home insurance segment lagged due to higher claims, CFO John Reizenstein told analysts during a first half earnings call.

As investors favor large funds, Man Group benefits: Man Group saw funds under management leap to $95.9 billion in the first half of the year — an increase of $15 billion, and the highest level ever.

Intesa sets Veneto targets, confirms 2017 dividend: The Italian bank is working on integrating the operations of Popolare di Vicenza and Veneto Banca into its own and aims to complete the bulk of the absorption by 2019, said CEO Carlo Messina.

Leo Magno, Ed Meza, Meike Wijers, Esben Svendsen, Beata Fojcik, Mike Hatzidakis, Ali Kayalar, Yael Schrage, Brian McCulloch, Praxilla Trabattoni, and Helen Popper contributed to this report.

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