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XP said to mull higher IPO pricing; Banco BMG nominates new CEO


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XP said to mull higher IPO pricing; Banco BMG nominates new CEO

* Brazilian financial services firm XP Inc. is thinking about pricing its Nasdaq initial public offering above the US$22.00 to US$25.00 per share indicative price range it announced earlier, Bloomberg Law reported, citing people familiar with the matter. Demand has reached up to 10x the equity offering, which is due to be priced Dec. 10, the sources said.

* Banco BMG SA said it plans to reorganize some of its managerial roles in a move that would see Ana Karina Bortoni Dias step down as chairman and take over the CEO position. Ricardo Annes Guimarães, who is a director on the company's board, has been nominated as new chairman. The planned moves will be put forward to shareholders in 2020.


* Mexico recorded annual inflation of 2.97% in November, below the central bank's 3% target, Reuters reported, citing official figures. The November reading raises expectations that the central bank will reduce rates further when it meets later this month.

* Luis Niño de Rivera, the president of Mexican banking association ABM, said banks continue to engage in open and constructive dialogue with local authorities to eliminate certain fees and commissions, El Economista reported. Commenting on a recent government request for banks to increase their branch count, Niño de Rivera said banks should also boost their correspondent networks and digital channels to ensure greater coverage across the country.


* Banco Daycoval SA said it issued US$350 million of cross-border bonds with a term of five years and an annual coupon of 4.375%.

* Brazilian Vice President Hamilton Mourao will attend the Dec. 10 swearing-in ceremony of incoming Argentine President Alberto Fernández, Reuters reported, citing Brazil's presidential spokesman. Brazilian President Jair Bolsonaro earlier said he would not attend.

* Banco do Brasil SA has launched inflation-linked mortgage loans that are tied to the IPCA consumer price index, Folha de S.Paulo reported. The loans will carry a maximum term of 180 months.

* In a Reuters poll of 30 economists, all of the respondents said they expect Brazil's central bank to lower its benchmark Selic rate by 50 basis points to 4.50% on Dec. 11. Brazilian President Jair Bolsonaro, meanwhile, reiterated his desire for the rate to fall to 4.50%, Folha de S.Paulo reported.

* Banco do Brasil SA said it decided to extend a debt renegotiation program for clients through the end of December, Valor Econômico reported. Several big Brazilian banks launched similar programs for a few days in early December in partnership with the central bank.


* In a letter, Institute of International Finance CEO Timothy Adams wrote that early talks between Argentina's new government and private sector creditors are "particularly important in facilitating an effective voluntary debt restructuring agreement," Reuters reported. The IIF represents many of Argentina's bondholders who are bracing for discussions over the restructuring of roughly $100 billion of debt.

* Chilean President Sebastián Piñera announced a series of legislative proposals to clamp down on insider trading, tax crimes and collusion, Diario Financiero reported. The measures give more power to the FNE economic prosecutor's office by allowing bank secrecy to be lifted to facilitate the agency's investigations.


* Moody's said it has a stable outlook for the global life insurance sector, reflecting insurers' solid regulatory capital and relatively conservative investment portfolios, as well as their efforts to adapt products to a low interest rate environment.


* Middle East & Africa: Moody's revises outlook on African banks; Banco de Fomento Angola Q3 profit down

* Europe: Deutsche warns of headwinds; Cboe to acquire EuroCCP; Kazakh banks to get aid

Pablo Jimenez Arandia contributed to this article.

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