* U.K. Prime Minister Theresa May has formally asked the EU to delay her country's departure from the bloc until June 30, but Brussels said it would grant an extension only if British lawmakers agree on a withdrawal agreement. May has told European Council President Donald Tusk that she will attempt for a third time to get her Brexit deal through Parliament.
* Sovereign wealth funds' investment in the U.K. dropped to $1.8 billion in 2018 from $21 billion in 2017 due to increasing uncertainty over Brexit, the Financial Times wrote, citing a report from the IE Business School in Madrid.
UK AND IRELAND
* The U.K. Financial Conduct Authority and the Bank of England's Prudential Regulation Authority agreed a memorandum of understanding with the European Banking Authority, under which the regulators would cooperate and share information in the event of a no-deal Brexit. The agreement will also serve as a template for how regulators can interact with national regulators across the EU in such a scenario.
* Royal Bank of Scotland Group PLC priced $2 billion of 4.269% fixed rate to floating rate senior debt.
* Mirza Baig, Aviva Investors' global head of governance, has warned that Standard Chartered PLC will face scrutiny over pension arrangements for CEO Bill Winters that will hand him £474,000 for 2019, The Times of London reported.
* London Capital & Finance PLC CEO Andy Thomson was among the four individuals arrested by the U.K. Serious Fraud Office earlier in March over the marketing of so-called mini-bonds, insiders told the FT.
* Aquis Exchange PLC Chairman Nicola Beattie warned that Brexit will increase the company's costs by roughly 5%.
GERMANY, SWITZERLAND AND AUSTRIA
* UBS Group AG CEO Sergio Ermotti painted a bleak outlook to the start of 2019 as he warned of lower investment banking and wealth management revenues amid "one of the worst first quarter environments in recent history." The Swiss lender is targeting at least $300 million in cost savings for 2019.
* Munich Re Co. CEO Joachim Wenning said the German reinsurer has no plans to sell insurance unit Ergo Versicherung AG, adding that the company is looking to boost the business through acquisitions following the completion of its turnaround, Reuters reported. Munich Re, meanwhile, estimates that it will have a claims bill of between €100 million and €120 million from the March 10 Ethiopian Airlines crash.
* Deutsche Bank AG has started investigations into possible whistleblowers of internal information about personnel and policies within its own 20-member supervisory board, Süddeutsche Zeitung reported.
* Bayerische Landesbank AöR's supervisory board named Stephan Winkelmeier CEO. Winkelmeier, currently head of FMS Wertmanagement AöR, will move to his new role Aug. 1 at the latest.
* Allianz Group CFO Giulio Terzariol said the German insurer is seeking to acquire asset management firms that will add something the group does not already have, the Financial Times wrote.
* Vienna Insurance Group AG reported fourth-quarter 2018 consolidated result of €368.0 million, down 1.2% from €372.6 million a year ago. The group revised its forecast for 2020 pretax profit to between €530 million and €550 million from €500 million.
* Senior Wirecard AG executives in Germany, including COO Jan Marsalek, allegedly oversaw and approved four transactions worth €2 million connected to potential fraudulent activities under investigation by Singapore police, Financial Times wrote.
FRANCE AND BENELUX
* Achmea BV unit Achmea Bank NV will acquire part of the banking operations of ASR Nederland NV unit ASR Bank NV, comprising a liability portfolio and an asset portfolio, for an undisclosed sum.
* Scor SE unit Scor Global P&C SE promoted the head of its Asia-Pacific business, Michel Blanc, to CEO of reinsurance as it reshuffled management following the planned retirement of CEO Victor Peignet.
* Belgian bankers may follow their Dutch counterparts in having to take an oath, after a proposal to introduce a behavioral code in banking was adopted by a parliamentary finance committee, De Tijd reported.
SPAIN AND PORTUGAL
* The head of Portugal's bank resolution fund, Luís Máximo dos Santos, said he would be "very surprised" if state-rescued Novo Banco SA needed the full €3.89 billion that can be injected by the fund under the so-called contingent capital mechanism, Jornal de Negócios reported. Addressing parliament's budget and finance committee, Máximo dos Santos said Novo Banco's request for another €1.15 billion injection would bring the total so far to nearly €2 billion.
* Portugal's central bank has warned that the government's proposals to reform the country's financial regulation framework could lead to the arbitrary sacking of governors and directors at the monetary authority and call its independence into question, Expresso reported.
ITALY AND GREECE
* European Commissioner for Competition Margrethe Vestager is facing calls to resign after a decision by the European Commission to reject the rescue plan for Italy's Banca Tercas SpA in 2015 was annulled, Reuters reported. Italian Foreign Minister Enzo Moavero Milanesi said Italy will consider seeking compensation from the EC following the ruling, which forced the country to recoup financial aid to the bank.
* The ECB has launched an audit of Banca Monte dei Paschi di Siena SpA to assess and manage the Italian bank's operating and legal risks, Reuters reported, citing the lender's annual report for 2018.
* Banks that own some 7% of Italian payments firm Nexi SpA, including Banco BPM SpA and Credito Valtellinese SpA, could sell a portion of their stake as part of the upcoming IPO of the digital payments company, MF wrote.
* Greece is looking to submit a bill aimed at protecting borrowers from home foreclosures to parliament tomorrow, Reuters reported.
* Danish bank Nykredit A/S has set up a new division that will be responsible for all of the lender's business and personal banking customers and appointed Tonny Thierry Andersen to oversee it. Nykredit also established a new wealth management division to be led by Peter Kjærgaard, currently co-head of Nykredit Asset Management.
* Norway-based Insr Insurance Group ASA named Hans Petter Madsen CFO, replacing Bård Standal, who has been named deputy CEO of the company.
* Spar Nord Bank A/S said it is prepared to raise its offer for Danish peer Danske Andelskassers Bank A/S, Børsen reported. The original offer, which was a mixture of shares and cash, corresponds to a price of 7.75 Danish kroner per share, but Spar Nord said it could rise to 9 kroner per share if certain conditions are confirmed.
* The Russian Finance Ministry plans to soften credit rating requirements for banks having the right to issue bank guarantees on state contracts, RBC wrote. New, higher rating requirements were originally supposed to be enforced from 2020, but the ministry decided to introduce them gradually to give local lenders more time to adapt to the new rules.
* Russian lender PJSC Rosbank will merge with unit Commercial Bank DeltaCredit JSC, in a move expected to be completed by June 1, news agency Prime reported, citing Rosbank CEO Ilya Polyakov. The two Russian banks are controlled by French banking group Société Générale SA.
* Several Russian banks, including state-controlled PAO Promsvyazbank, have been added by Ukraine to its list of sanctioned Russian entities and individuals, Kommersant reported. Promsvyazbank said the sanctions will not affect its operations as it does not have clients or assets in Ukraine.
* PSC III, a fund managed by Pollen Street Capital, secured the approval of the Polish Office of Competition and Consumer Protection for the takeover of leasing and vehicle fleet operator Prime Car Management SA, news agency PAP reported.
* Romanian Finance Minister Eugen Teodorovici said the country is set to relax a tax on banking assets next week, Bloomberg News reported.
IN OTHER PARTS OF THE WORLD
Asia-Pacific: Thailand keeps rate steady; Vietinbank to divest Saigon Bank shares
Middle East & Africa: Standard Bank names chief risk officer; Barclays Bank of Kenya raided
Latin America: Peru mulls changes to M&A law; BNDES asked to repay more debt
North America: SEC to review US asset management sector; 2 NJ banks in $19.4M deal
Global Insurance: NFIP exposure to Nebraska; FEMA cat bond; Munich Re forecast
NOW FEATURED ON S&P GLOBAL MARKET INTELLIGENCE
Deutsche 'overwhelmed' by catch-up to anti-money laundering rules in the past: Deutsche Bank has struggled to build up know-your-customer controls in its investment bank, and to catch up with the latest anti-money laundering rules in the past, its COO said. But work to identify high-risk clients is on track.
African stock exchanges link up to boost liquidity, foreign investment: The joint trading platform is designed to spur more firms to list and to draw institutional investors to the continent's seven biggest exchanges. But high transaction costs and difficulties repatriating forex still hinder Africa's capital markets.
Salvini's jabs at Bank of Italy set bad precedent for central bank independence: Recent attacks on the Bank of Italy by Deputy Prime Minister Matteo Salvini set a bad precedent for central bank independence, observers say.
Sheryl Obejera, Arno Maierbrugger, Danielle Rossingh, Esben Svendsen, Beata Fojcik, Yael Schrage, Brian McCulloch, Praxilla Trabattoni and Helen Popper contributed to this report.
The Daily Dose has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.