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Cade recommends approval of Bradesco-HSBC Brasil deal


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Cade recommends approval of Bradesco-HSBC Brasil deal

* Brazilian antitrust regulator Cade recommended that itsplenary council approveBanco Bradesco SA'spending acquisition of HSBC BankBrasil SA - Banco Múltiplo, ValorEconômico reported. The regulator did not recommend that Bradesco sell anyof its assets in order to obtain final authorization for the deal.


* Fitch Ratings lowered its issuer financial strength rating onAseguradora Suiza Salvadoreña SAAsesuisa to EAA+(slv) from EAAA(slv), with a stable outlook. Thedowngrade reflects a "sustained trend of deterioration" in thecompany's credit profile over recent years.

* GeneralElectric Co. said it completed the of its Mexican equipment lendingand leasing business to Linzor Capital Partners.

* Approximately 11 million have revealed howPanama-based law firm Mossack Fonseca allegedly helped wealthy and powerfulfigures from around the world hide their financial assets through offshore taxregimes, launder money and evade sanctions, The(U.K.) Guardian and other newsoutlets reported. Ramon Fonseca, the head of the law firm, has deniedany wrongdoing and claimed that his practice has been targeted by "aninternational campaign against privacy," Reuters reported.

* Mexico's Finance Ministry said the government plans to reducespending by 175 billion Mexican pesos in 2017, adding to the 132 billion pesosof cuts announced for the 2016 budget, TheWall Street Journal reported.

* Mexican state housing lender Fovissste plans to disburse45,000 loans during 2016 aimed at the expansion and improvement of homes, El Economista reported.

* Mexican community financial institutions, or Sofipos, haveadopted various measuresto prevent cases of fraud, including directly providing information to bankingand securities commission CNBV, ElEconomista reported, citing Guillermo Colín García, head of Sofiposassociation Amsofipo.


* Moody's downgradedBarbados' government bond rating and issuer rating to Caa1 and changed theoutlook to stable from negative. The ratings actions were driven by slowprogress toward achieving fiscal consolidation consistent with a sustainabledebt trajectory, low levels of foreign exchange reserves, and weak fundingconditions.


* Global banks have either ceased all lendingto large Brazilian corporations or are asking for U.S. dollar-denominatedcollateral, Bloomberg News reported, citing "people with direct knowledgeof the matter." No Brazilian firm has received a syndicated loan so far in2016, compared with $12 billion of such loans in 2015, according to datacompiled by Bloomberg.

* Brazil recorded a tradesurplus of about $4.44 billion in March, the biggest surplus for that monthin 27 years, Reuters reported, citing government data.

* Rick Rieder, BlackRock Inc.'s chief investment officer of globalfixed income, said the company has "dipped a toe" in Brazil followinga rallyin the currency market, Bloomberg News reported. "You have to be a bitcareful about Brazil," the executive said. "But we dipped a toe inand you always run the risk of losing that toe."

* Standard & Poor's Ratings Services lowered its globalscale issuer credit ratings on China Construction Bank (Brasil) Banco Múltiplo S/A toB+/B from BB-/B and its national scale rating to brBBB from brA-,simultaneously placing the ratings on CreditWatch developing. The downgradereflects the bank's worsened capital level following the breach of its Tier Iminimum capital requirement.

* Brazilian President Dilma Rousseff dismissedRoberto Derziê de Sant'Anna from his position as vice president of state-runlender Caixa EconômicaFederal, Valor Econômicoreported. Derziê reportedly has ties to Brazil's PMDB party, which recentlysplit with Rousseff's governing coalition.

* Caixa Econômica Federal's workers infrastructure fund, theFI-FGTS, will vote April 6 on a 1 billion reais capitalinjection into energy firm Energimp, Folhade S.Paulo reported.

* Two Brazilian opposition ministers will request accessto details on social spending programs managed by state-run bank CaixaEconômica Federal, O Globo reported.The government has reportedly been trying to keep this information secret.


* GrupoAval Acciones y Valores SA said its shareholders approved thedistribution of a cash dividend in the amount of 4.90 Colombian pesos per shareper month from April to September.

* The volume of credit extended to the privatesector in Peru increased 9.4% in February, marginally slower than thegrowth rate seen a year ago, El Comercioreported, citing data from BancoCentral de Reserva del Perú.


* BancoSantander Chile's board proposed a dividend payment of about 1.79 Chilean pesosper share, corresponding to 75% of the bank's net income attributable toshareholders for 2015. Shareholders will vote on the proposed payout at anApril 26 annual meeting.

* CorpBanca and Banco Itaú Chile completed their on April 1. The combined entity,which is named Itaú CorpBanca, said it changed its Santiago Stock Exchange ticker symbol to"ITAUCORP" from "CORPBANCA" and its NYSE ticker symbol forits American depositary shares to "ITCB" from "BCA."Following the merger, Fitch Ratings affirmed and its national ratings on BancoItaú Chile.

* Chilean securities and insurance regulator SVS said itcreated a norm to strengthen the risk management and internal controls ofinsurance companies. The new rules require the boards of insurance firms toformalize the definition of the company's risk appetite, among otherrequirements.

* Paraguay's Senate approveda reform of the country's banking law, raising the minimum required capital forfinancial entities to 50 billion guaranies from 10 billion guaranies, and to 25billion guaranies from 5 billion guaranies for finance companies, BNamericasreported.

* Chile's banking sector posted a 75.1% monthly rise in its netprofit for February, driven by higher interest margins, lower loan-lossprovisions and reduced taxes, BNamericas reported, citing data from localbanking regulator SBIF.

* The 90+ day delinquency rate in Argentina's asset-backedsecurities market increasedby 46 basis points to 5.27% in January from 4.81% in October 2015, Moody'ssaid. The credit quality of most Argentine securitizations remains strong dueto their robust structural features, the rating agency noted.

* Hugo Caneo, the former head of market compliance atChilean securities and insurance regulator SVS, said the regulator needs a moreefficientsystem to investigate corporate scandals, DiarioFinanciero reported.


* Financial-sector regulators from Colombia, Mexico,Peru and Chile metin Colombia to discuss the macroeconomic situation in the four countries andanalyze ways to boost trading volumes, LaRepública reported.


* Standard & Poor's Ratings Services said itlowered its outlookson China and Hong Kong to negative from stable. The rating agency said itlowered the outlook on China's long-term rating to negative, as the country'seconomic rebalancing is likely to proceed more slowly than previously expectedand fail to curb the risks of credit-fueled growth.

* U.K. banks face at least a further £22 billion in compensationfor payment protection insurance mis-selling, the Financial Times reports. Data from the U.K. Financial ConductAuthority showed that nearly half of the £23 billion paid out so far by thelenders represents interest only.

* More than 100 German banks lodged an objectionagainst notifications sent by the government to collect the bank levy payablefor 2015, arguing that the amount has more than tripled for each bank over theprevious year and was "disproportionately high," especially forlow-risk banks, Börsen-Zeitung writes.

* SociétéGénérale SA is considering cutting 128 jobs inits investment banking division, L'Agefireports, citing a weekly newsletter from union CGT.

S&P Ratings andGlobal Market Intelligence are owned by McGraw Hill Financial Inc.

Paula Mejiacontributed to this article.

The Daily Dose has aneditorial deadline of 8:00 a.m. São Paulo time, and scans news sourcespublished in English, Portuguese and Spanish. Some external links may require asubscription.