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HNA bags Old Mutual deal; bankers launch credit card company


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Insight Weekly: US inflation soars; real estate faces slowdown; megadeals drive tech M&A


Breaking into Europe’s Digital Infrastructure Markets: Drivers & Trends


Commercial Banking: June 22nd Edition

HNA bags Old Mutual deal; bankers launch credit card company

For approximately $446 million, Old Mutual Plc is selling 24.95% of OM Asset Management plc to HNA Capital. HNA is the Chinese conglomerate that has, so far this year, bought stakes in SkyBridge Capital II LLC, ANZ Bank New Zealand Ltd.'s UDC Finance and Deutsche Bank AG. A source for The Wall Street Journal reports HNA has also just acquired a skyscraper on Park Avenue in New York for $2.21 billion, and the Financial Times remarks on how all these purchases have pushed through "despite a Chinese government crackdown on capital outflows."

Barclaycard sold $1.6 billion of credit card balances to Texas-based Credit Shop Inc., say sources for the Journal. It's reportedly a first for the Credit Shop, which is in the business of making personal loans to nonprime brorrowers. The WSJ's sources add the firm is planning on releasing its own credit card this year.

Speaking of cards, meet Fair Square Financial Holdings' Ollo. At the helm of Fair Square is Rob Habgood, who most recently co-led Bank of America Corp.'s credit card business. General Counsel David Tyler was Capital One Financial Corp.'s chief bank business risk officer; Chairman Steven Freiberg used to be E*Trade's CEO. Also on the board are Pine Brook Road Partners LLC co-President William Spiegel and former Citigroup Inc. CEO Vikram Pandit.

Meanwhile, Sheila Bair, former FDIC chairman, has joined Industrial & Commercial Bank of China Ltd.'s board, Reuters reports, citing a stock exchange notice. Since leaving the U.S. regulator, Bair has taken on roles at online platform Blooom and online lender Avant, among other institutions.

Elsewhere on the fintech front:

Content library Financial Media Exchange is acquiring the assets of AIQ LLC's AdviceIQ

And, having decided that Euronet Worldwide Inc.'s $15.20-per-share offer might be better than its pending $13.25-per-share deal with Ant Financial, MoneyGram International Inc. and Euronet have entered into a confidentiality agreement.

In banking news:

Goldman Sachs Group Inc. is considering applying for a license that will let it directly invest in Saudi Arabian equities, say sources for Bloomberg News.

It has also joined Raymond James & Associates Inc. as Mobileye's M&A adviser, sources for the New York Post say.

With North Korea possibly behind the hacking of the Bangladesh central bank's account at the New York Fed, The New York Times reports on a list of alleged targets found during the investigation of data breaches at Polish banks last year. The list is said to include BofA, Bank of New York Mellon Corp., State Street Corp., Deutsche Bank's American operations and CoBank ACB.

Lastly, two North Dakotan credit unions are planning to merge: Capital Credit Union, which had $447.4 million in assets at the end of last year, and Town & Country Credit Union, which had $389.7 million.

In other parts of the world

Asia-Pacific: CBL seeks nod for US insurer buy; Sri Lanka raises key rates

Europe: Old Mutual sells AM stake; HSBC to hire 1,000 staff; Co-op receives interest

Middle East & Africa: Capitec's 1st foreign foray; Goldman in Saudi license talks

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng slid 0.68% to 24,193.70, while the Nikkei 225 fell 1.44% to 18,985.59.

In Europe, around midday, the FTSE 100 was down 0.65% at 7,289.48 and the Euronext 100 0.20% lower at 967.06.

On the macro front

The Dallas Fed manufacturing survey is due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.