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Peru names Agrobanco chairman; Banco de Chile sues HK firm after cyberattack

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Peru names Agrobanco chairman; Banco de Chile sues HK firm after cyberattack

* Luis Alfredo Palomino Reina was named chairman of Banco Agropecuario, replacing Jane Gloria Montero Aranda. Palomino was previously the business manager at Banco de la Nación.

* Banco de Chile has started legal action against a Hong Kong-registered company, Ketuo Trade Ltd., demanding that the firm return more than $5 million that was allegedly siphoned into one of its bank accounts during a cyberattack that hit the Chilean bank in May, La Tercera reported. A total of about $10 million was stolen during the attack by hackers believed to be based in Europe or Asia.

MEXICO AND CENTRAL AMERICA

* Panama's Towerbank International Inc. on July 11 plans to offer $3.0 million in negotiable commercial securities. The 360-day Series AT bonds will be issued July 13 and carry a 3.875% interest rate.

* The merger of Mexico's Grupo Financiero Banorte SAB de CV and Grupo Financiero Interacciones SAB de CV will be completed on July 13, El Economista reported, citing Carlos Rojo, Interacciones general director. Antitrust authorities approved the merger late in June, with both parties earlier agreeing to close the deal before the end of July. Rojo also added that job cuts would be made in areas where the businesses overlapped.

BRAZIL

* Pedro Parente, the CEO of Brazil's packaged-food retailer BRF SA, is reportedly in talks with creditors to extend the maturity of the company's debts, as it works to improve its financial structure, O Estado de S. Paulo reported. The banks involved reportedly include Itaú Unibanco Holding SA, Banco do Brasil SA and Banco Bradesco SA. BRF's debt at the end of March was 20 billion reais, of which 4.5 billion reais is due this year and 5 billion reais maturing in 2019, according to Estadão.

* Brazilian bankruptcy filings fell 18.3% in the first half of 2018 from a year ago, Diário Comércio Indústria & Serviços reported, citing data from credit research firm Boa Vista SCPC. Deferred judicial recoveries rose 13.4% during the same period. Boa Vista said the figures reflected improved economic conditions, helping companies to achieve healthier solvency levels.

* Itaú Unibanco Holding SA and its card-processing machine company Rede have signed an agreement with Brazil's Cade antitrust watchdog to end practices considered to harm free competition, Folha de S. Paulo reported. It said the measure should benefit retailers using Rede devices to receive card payments. The pact follows an ongoing investigation into several leading banks and their payment-processing operations.

ANDEAN

* Venezuela's Finance Ministry reached a deal with the China Development Bank for a $250 million loan to be used to strengthen the country's oil production, Reuters reported. Additional details were not immediately disclosed.

* Peru's central bank expects the economy to have grown more than 5% in May following April's unexpectedly brisk expansion of 7.81%, Gestión reported, citing the entity's president, Julio Velarde. He declined to say whether the central bank planned to raise its 4% growth forecast for 2018, adding that the evolution of public and private investment would be key.

* Peru's central bank could opt to cut reserve requirements in dollars by 1 percentage point or more, although the current level is close to "normal," Gestión reported, citing the entity's president, Julio Velarde. The central bank recently announced a cut to the reserve requirements, saying the reduction should allow the injection of some $169 million into the economy.

* Itaú CorpBanca Colombia SA's shareholders agreed at a general meeting to extend the company's current bond issue program for three years and increase its size to 4.6 trillion pesos from 3.0 trillion pesos previously, according to a regulatory filing.

SOUTHERN CONE

* Argentine credit cooperatives have seen loan demand surge by 40% in recent weeks despite higher interest rates, but they need more liquidity to be able to meet the demand, El Cronista reported. Juan Carlos Forgione, the head of Argentina's credit cooperative association, said the sector has repeatedly asked to be supervised by the central bank, and to be granted permission to accept deposits like its peers in Latin America.

* Argentina's government expects inflation of 17% and economic growth of 2.0% in 2019, according to a draft budget forecast presented to Congress on July 4, La Nación reported. The forecasts, which also include a free-floating dollar, are in line with goals agreed with the International Monetary Fund as part of the country's $50 billion standby financing accord.

* Paraguay's new government plans to ask Congress for the go-ahead to issue up to $1 billion in debt in domestic and foreign markets next year, incoming finance minister Benigno López told Bloomberg News. He said the proceeds would be used to refinance debt and infrastructure projects.

* Chile's government is considering amendments to draft legislation aimed at obliging banks to allocate part of compulsory capital requirements to cybersecurity measures, Diario Financiero reported, quoting a government technology official. The long-awaited reform bill is currently being discussed by the Senate's finance committee.

* Chilean insurer Liberty Compania de Seguros Generales SA said Sergio Daniel Donadels had resigned as head of claims for the company.

IN OTHER PARTS OF THE WORLD

* Asia-Pacific: IDBI Federal Life stake sale in limbo; South Korea to fine Samsung Securities

* Middle East & Africa: Dubai financial regulator probes Abraaj; Liberian central bank head resigns

* Global Markets: New York markets pre-open: Treasurys slip with Fed in focus; European stocks up

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. Links are current as of publication time, and we are not responsible if those links are unavailable later.