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Akaan Lombard to buy Principal Mexico's life business

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Akaan Lombard to buy Principal Mexico's life business

* Akaan Lombard International, a joint venture set up by insurer Lombard International, has entered an agreement to buy Prcpl Mexico Cia. de Seguros SA de CV's life insurance business, subject to regulatory approval. The deal, scheduled to conclude later in the year, will see Akaan Lombard gain about 8,000 new clients from Mexico.

MEXICO AND CENTRAL AMERICA

* Banco Internacional de Costa Rica SA will make two public issues of negotiable commercial securities totaling $4.0 million. The FX and FY series, each valued at $ 2.0 million and with an interest rate of 3.875%, will be launched on Sept. 11 and Sept. 13, respectively.

* A recent proposal by Mexican President-elect Andrés Manuel López Obrador to merge state-run development banks Banco Nacional de Comercio Exterior S.N.C. Institución de Banca de Desarrollo and Nacional Financiera S.N.C. Institución de Banca de Desarrollo could spur a growth in loan disbursements in the country and raise domestic demand, analysts from Moody's told El Financiero.

BRAZIL

* Brazilian stock market regulator CVM is preparing recommendations for executive compensation contracts aimed at covering losses caused by judicial and administrative proceedings, Valor Econômico reported. These contracts, designed to attract and retain top executives, have become more frequent in Brazil after the Lava Jato operation.

* Brazilian police requested federal prosecutors to file new bribery and money laundering charges against President Michel Temer, over a bribe worth 10 million reais that construction company Odebrecht allegedly gave to the president's Brazilian Democratic Party in 2014, Reuters reported.

* Banco Central do Brasil opened a public consultation to regulate the conditions for registering receivables of debit and credit cards. The proposal states that establishments that receive these payments can use the receivables as collateral for loans.

* Itaú Unibanco Holding SA was selected to manage the issuer-driven exchange traded fund, a financial product promoted by the Brazilian Treasury and the World Bank, according to an Estadão report carried by Diário Comércio Indústria & Serviços. This fund is intended to develop capital markets in emerging economies.

* Banco Nacional de Desenvolvimento Econômico e Social is today the largest debtor in the Brazilian state, above federal states and municipalities, Folha de S. Paulo reported, citing official data from the Senate's Independent Fiscal Institution. BNDES owes 636.3 billion reais, 41.2% of the loan balance, compared to 577 billion reais owed by states and municipalities, or 37.3% of the total.

ANDEAN

* Jorge Castaño, the head of Colombia's financial supervisor, said that they are studying to lighten the volume of financial information required of companies listed on the Colombian stock exchange, La República reported. Castaño said companies hesitate to participate in the stock market "because the mechanisms to disclose information are extensive."

SOUTHERN CONE

* Argentine Economy Minister Nicolas Dujovne described a meeting with International Monetary Fund officials as "productive," and noted the possibility of an early release of disbursements under a $50 billion financing agreement signed with the IMF by the end of September, Reuters reported. Dujovne also denied media reports saying that the government was discussing a credit line from the U.S. Treasury of between $5 billion and $10 billion. The local currency ended Sept. 5 at 38.52 pesos to a dollar.

* S&P Global Ratings withdrew the issuer credit ratings of Scotiabank Azul – formerly Banco Bilbao Vizcaya Argentaria Chile SA – of A and A-1, after the completion of its merger with Scotiabank Chile.

* Banco Macro SA reacquired 704,654 common book-entry class B shares at an average price of 150.67 Argentine pesos per share, and spent about 106.2 million pesos in total.

* The Uruguayan central bank made a buyback of LRM monetary regulation bills with maturities no longer than Dec. 31 and for a nominal value of up to 30.00 billion pesos to respond to "the global and regional macroeconomic and financial environment."

PAN LATIN AMERICA

* Project finance bank loans in both emerging markets and developing economies, which fund long-term infrastructure and industrial projects, continue to be resilient, Moody's said in a report. Projects in those regions had 10-year cumulative default rates at between 8.8% and 9.6%, and these are "broadly consistent with those of Ba1-rated corporates," according to Kathrin Heitmann, a vice president and senior analyst at the rating agency.

IN OTHER PARTS OF THE WORLD

* Asia-Pacific: Westpac weighs financial planning arm sale; Anbang taps JPMorgan for Vivat deal

* Middle East & Africa: Saudi insurers end merger talks; Bahrain's Investcorp invests in Swiss lender

* Europe: Deutsche may have stalled illicit Danske money; Commerzbank falls out of DAX

* Global Markets: European stocks gain, currencies mixed amid lingering protectionism concerns

Pablo Jiménez Arandia contributed to this article.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.

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.