trending Market Intelligence /marketintelligence/en/news-insights/trending/u-euj5ds9kbmtic3tdc8ug2 content esgSubNav
In This List

Galicia divestment deal completed; BB Seguridade, Mapfre agree to redraw JV

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Galicia divestment deal completed; BB Seguridade, Mapfre agree to redraw JV

* Argentine insurer Grupo Galeno said it had completed the purchase of credit company Compañía Financiera Argentina SA and Cobranzas y Servicios SA from Banco de Galicia y Buenos Aires SA following regulatory approval from the central bank, El Cronista reported.

* BB Seguridade Participações SA and Spanish insurance giant Mapfre SA said they had agreed on the basis for a restructuring of their Grupo Segurador Banco do Brasil e Mapfre, or BB-Mapfre joint venture, Reuters reported. Under the terms of the agreement, Mapfre would maintain the exclusive commercialization of car and large risk insurance via Banco do Brasil SA.

MEXICO AND CENTRAL AMERICA

* Mexico's insurance sector is expected to grow by between 10% and 12% this year in terms of new policies as the economy improves, El Economista reported, citing analysts at Fitch Ratings. Eugenia Martínez, a director at the rating agency, said that products in the life, car, and pension segments were expected to perform strongest.

* The number of mobile banking fraud complaints in Mexico almost doubled from January to September 2017, El Economista reported, citing data from the Condusef financial consumers' defense commission. It said there were 39,773 complaints during the period, compared to 20,465 in 2016.

BRAZIL

* Brazilian Supreme Court Justice Gilmar Mendes approved an agreement by which banks will compensate savers for losses incurred as a result of government economic plans in the 1980s and 1990s, giving depositors two years to accept the deal, Reuters reported.

* Former Banco Nacional de Desenvolvimento Econômico e Social head Maria Silvia Bastos Marques was appointed CEO of Goldman Sachs Group Inc.'s Brazilian operations, replacing Paulo Leme, who will retire in April, Bloomberg News reported, citing an internal memo from the bank.

* Itaú Unibanco Holding SA CEO Candido Bracher said that the bank was challenged with falling interest rates and lower-than-expected credit volume and recovery in 2017, Valor Econômico reported. However, the executive said credit growth should recover to more sustainable levels in 2018 amid an economic improvement in Brazil, especially within lending to individuals and SMEs, Folha de S.Paulo wrote separately.

* Itaú also expects its loss provisions for Chile's troubled Alto Maipu hydroelectric project to fall in 2018, Diario Financiero reported, citing CEO Candido Bracher. Following its merger with CorpBanca, the bank accounted for almost a quarter of the project's debts.

* Brazilian hedge fund manager Marcio Appel of Adam Capital is eyeing to increase the firm's Brazilian assets to 40.00 billion reais worth by year-end 2018, from the 23.00 billion reais at present, Bloomberg News reported. Appel described Brazilian equities as a favorable opportunity globally.

* Brazilian savings accounts registered a net decline of 5.20 billion reais in January 2017, the first net withdrawal after two months of gains, Diário Comércio Indústria & Serviços reported, citing the latest central bank data. It was, however, the best result for the month since 2015, when net withdrawals were 5.53 billion reais.

ANDEAN

* Peru's government has denied speculation that it plans to close troubled development bank Banco Agropecuario, Gestión reported, citing comments by Finance Minister Claudia Cooper. She said the bank's credit model needed to be overhauled following losses in the last two years. The bank, which focuses on financing farmers, is due to reveal the list of agroindustrial companies that account for half of the bank's nonperforming loans, El Comercio reported.

* Banco De Desarrollo De América Latina issued €1.00 billion in a seven-year bond with a 1.125% coupon, Gestión reported. Investor demand reached €1.20 billion. It was the development bank's first debt issue so far this year.

* The number of Banco Colpatria Multibanca Colpatria SA customers using digital banking services increased 167% in 2017, La Republica reported. It said customers favor online platforms to avoid lining up in bank branches.

SOUTHERN CONE

* Banco Supervielle SA on Feb. 8 will offer two series of negotiable obligations, each valued at 500.0 million Argentine pesos, expandable up to 2.50 billion pesos. The class D debt carries a variable rate and has a maturity of 18 months, while the class E notes yield at a variable rate and have a term of 60 months.

* A survey of business owners and managers by Chile's central bank found majority expect the country's economy will improve in mid-2018, with a smaller number believing it will take off in the second quarter, Reuters reported.

* Investors George Soros and Steve Cohen are looking to raise their stakes in Argentine mobile banking application Ualá, Bloomberg News reported. Ualá founder Pierpaolo Barbieri said the startup is expecting to see 100,000 users by the end of 2018, and is planning to expand into credit lines, including personal loans and installment plans.

PAN LATIN AMERICA

* Switzerland-based Bank for International Settlements General Manager Agustín Carstens called on authorities, particularly central banks, to be prepared to act against the "invasive spread" of cryptocurrencies to safeguard consumers and investors and preserve financial stability.

IN OTHER PARTS OF THE WORLD

* Middle East & Africa: Saudi Arabia's NCB posts YOY rise in Q4'17 profit; Kenya eyes 1st green bond

* Europe: Profits rise for RBI, ABN AMRO; Hannover Re ups 2017 net income target

Helen Popper 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.