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Itau-XP Investimentos deal seen as 'complex'; Finandina head resigns

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Itau-XP Investimentos deal seen as 'complex'; Finandina head resigns

* Brazil's antitrust regulator Cade regards Itaú Unibanco Holding SA's acquisition of brokerage firm XP Investimentos CCTVM SA as "complex," as more information is needed to analyze the deal, according to a decision published in the country's official gazette.

* Mariano Brizzi resigned as general manager and board member of Panama-based Finandina Corp. Lisbeth Garcia will occupy the position on an ad interim basis.

MEXICO AND CENTRAL AMERICA

* Fitch Ratings upgraded the long-term issuer default ratings of Banco Agrícola SA and Banco Davivienda Salvadoreno SA to B from B-, following the upgrade of El Salvador's sovereign rating. Fitch also raised the banks' viability rating to "b-" from "ccc." The banks' issuer default ratings reflect the potential support from their respective shareholders.

* Grupo Financiero Santander Mexico SAB de CV launched a financial inclusion program for low-income individuals through its micro-lending scheme called "Tuiio."

* Santander Mexico will also keep its investments in the country even if NAFTA is terminated, El Financiero reported, citing Ana Botín, the bank's president.

* Mexican Finance Secretary Jose Antonio Meade said the depreciation of the Mexican peso is due to the uncertainty surrounding the NAFTA renegotiation talks, Reuters reported. "The exchange rate reflects different kinds of uncertainties, many of which we cannot control, such as the normalization process of interest rates in the United States," noted Meade.

BRAZIL

* Brazilian federal authorities are discussing the possibility of taking over the responsibility for bank branches' security by creating a national statute to be followed nationwide, Valor Econômico reported. "Banks today operate across the country and we are not a country with large regional differences, so it makes sense to have federal legislation," an official of the Brazilian Federation of Banks said.

* Banco Santander (Brasil) SA has the most number of complaints by account holders in the third quarter of 2017, Diário Comércio Indústria & Serviços reported, citing Banco Central do Brasil. The majority of the complaints are related to questions regarding integrity, data security and secrecy, and legitimacy of operations.

* After a series changes in rules regarding interest rates of credit cards following the cut in the benchmark Selic rate, the total value paid in interest by customers has dropped 41% in the last six months, going to an average of 30.38 reais per month from 51.67 reais per month, Diário Comércio Indústria & Serviços reported.

* Banco Central do Brasil President Ilan Goldfajn warned about the risk of a bubble and Ponzi-like schemes in Bitcoin operations and cryptocurrency alike, Diário Comércio Indústria & Serviços reported.

* After a long restructuring process, Deutsche Bank SA – Banco Alemão starts to emerge with a stronger focus on the global market rather than on the local one, the bank's president, Renato Grelle, told Valor Econômico.

* Market analysts highlighted the positive recovery of shares in the Brazilian banking sector, which is a result of improvements observed in domestic activity and a higher credit supply expectation for 2018, Valor Econômico reported.

* Itaú Unibanco Holding SA CEO Candido Bracher said it is preparing for the challenges brought by fintech companies in Brazil, Valor Econômico reported.

* Caixa Econômica Federal authorized the payment of 6.7 billion reais in funds the social integration program PIS, with an estimated 3.6 million people expected to withdraw the funds, Diário Comércio Indústria & Serviços reported.

ANDEAN

* Compartamos Financiera SA plans to auction 360-day negotiable certificates of deposit worth up to 70.0 million Peruvian soles. The offering involves 70,000 negotiable certificates of deposit with a nominal value of 1,000 soles apiece.

* The International Monetary Fund sees a possible rescue of up to $30 billion or more in international aid for Venezuela, the Financial Times reported. "The market needs to be properly prepared for this," a senior IMF official said. "This is going to be Argentina meets Greece in terms of complexity," noted a former U.S. representative at the IMF, Douglas Rediker.

SOUTHERN CONE

* Banco Central de la República Argentina will start an auction to cover 381.04 billion pesos in Lebac debts, El Cronista reported. The tendered amount represents 34% of outstanding Lebac stocks.

* The Bank of Nova Scotia and the Said Group, holder of a 28.6% stake in Banco Bilbao Vizcaya Argentaria Chile SA have not yet reached an agreement on the sale of the Chilean group's stake to the Canadian bank, Diario Financiero reported.

* Pension fund administrators in Chile are analyzing potential investments in alternative assets, because starting in November, they will be able to invest directly in private equity and public work concessions as a result of a less restrictive environment, Diario Financiero reported.

* Chilean markets regulator SVS issued a new set of rules aimed at improving best practices in the insurance industry, Diario Financiero reported. The guidelines include fulfillment of contractual obligations with customers, management of conflicts of interests, protection of customer data and promotion of market development through transparency.

IN OTHER PARTS OF THE WORLD

* Middle East & Africa: Mashreqbank, UBA 9-month profits rise YOY; Fitch acts on Kuwaiti lenders

* Europe: Credit Suisse breakup bid; May dines with Juncker; Spanish banks suffer anew

Mariana Aldano contributed to this article.

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.