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Standard Life's H1 profit rises; Banco BPM posts H1 profit; Generali sells unit


According to Market Intelligence, February 2023


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Standard Life's H1 profit rises; Banco BPM posts H1 profit; Generali sells unit

* The European Parliament is likely to demand more stringent regulations for euro clearing than those proposed by the European Commission in June, making it more difficult for London to hang on to the lucrative business after the U.K. leaves the EU, the Financial Times wrote. The EU parliament will start discussing the proposals with national governments next month.

* Single Resolution Board Chair Elke König called on the EU to implement tighter restrictions on winding down lenders, saying that existing state-aid guidelines were out of date, the Financial Times reported.


* Standard Life Plc reported first-half IFRS profit attributable to equity holders of the company of £292 million, up from £226 million in the year-ago period. The company said the increase was driven by favorable short-term fluctuations in investment return and economic assumption changes, higher fee-based revenue and a lower tax charge.

* The board of British payments firm Worldpay Group plc obtained a further deadline extension for Vantiv Inc. to make a firm offer for the company. The deadline is now set for Aug. 11, having initially been set for Aug. 1 before being extended to Aug. 8.

* U.S. financial technology firm Fiserv Inc. increased its offer for U.K. payments company Monitise plc, valuing the latter at about £75 million. The boards of the two companies have now agreed an increased and final offer of 3.10 pence in cash per Monitise share, compared to Fiserv's previous 2.90-pence-per-share offer in June.

* U.K.-based digital lender Tandem Bank bought Harrods Bank Ltd. from the upscale department store's Qatari owners, subject to regulatory approval, City A.M. reported. Tandem founder Ricky Knox said the acquisition was expected to help the bank reach profitability more rapidly.

* U.K.-based Frenkel Topping Group Plc appointed Stephen Bentley as CFO to replace Julie Dean, who left the company with immediate effect.

* U.K. Prime Minister Theresa May's office dismissed as speculation a Daily Telegraph report that claimed the government was ready to pay as much as €40 billion to the EU to settle its so-called Brexit divorce bill, Bloomberg News wrote.


* German financial regulator Bafin and the Exchange Supervisory Office of the state of Hesse are intensifying the pressure on embattled Deutsche Börse AG CEO Carsten Kengeter, Spiegel reported, adding that he is facing the increasingly likely possibility of dismissal from his post due to the investigation by prosecutors into suspected insider trading.


* France's Linedata Services SA agreed to acquire Hong Kong-based outsourcing provider Quality Risk Management & Operations as part of efforts to expand its outsourcing business into Asia. Details of the transaction were not disclosed.


* Banco Primus SA, which specializes in car financing, is going through a sales process, with Australia's Pepper Financial Services Group offering €65 million for the bank, Jornal de Negócios reported. It added that the deal is expected to be concluded during the first quarter of 2018.

* Caixa Geral de Depósitos SA denied rumors that it intends to dissolve its venture capital company Caixa Capital, Jornal de Negócios wrote.


* Banco BPM SpA reported first-half reclassified consolidated net income of €94.2 million, excluding badwill, compared to the year-ago aggregate net loss of €230.0 million for Banco Popolare and Banca Popolare di Milano, prior to their merger.

* Banca Monte dei Paschi di Siena SpA subsidiary MPS Capital Services Banca per le Imprese SpA will require an €898 million capital injection by November after a €770 million loss last year, MF said. BMPS' board is set to meet Friday to approve its first-half results, the newspaper added.

* Generali agreed to sell its Panama business to ASSA Compania de Seguros for $172 million, Reuters said.

* Four international private equity groups remain in the running to acquire Banca Intermobiliare, with binding offers expected by the end of August, MF wrote.

* Data showed that the ECB and the Bank of Italy purchased a combined €9.6 billion worth of Italian bonds in July, which is nearly €1.5 billion more than the country's allocated quota, Reuters reported.


* The Danish FSA decided to change the benchmark for the required bank liquidity levels, despite opposition from the sector, Finanswatch reported. Danish banks will in future be required to have enough liquidity to handle three months of stress. This new benchmark is based on the EU's Liquidity Coverage Ratio requirement.

* Basisbank A/S is selling a portfolio of nonperforming debt worth 378 million Danish kroner to debt collection company B2 Holding, Børsen reported.


* Deputy Foreign Minister Sergei Ryabkov said that in response to new U.S. sanctions, Russia intends to accelerate work aimed at reducing its dependency on U.S. payment systems and the dollar as a settling currency, Reuters reported after news agency RIA. The latest sanctions, signed by U.S. President Donald Trump in the week ending Aug. 6, target Russia's energy sector.

* Slovakia plans to introduce tighter consumer lending criteria, with the changes expected to affect particularly those who already hold mortgage loans, Sme reported. The tighter rules will be introduced in January 2018 and will be mandatory for banks as well as nonbanking financial institutions.

* Polish banks expect to tighten lending criteria for consumer loans in the third quarter, while only some lenders expect to loosen the lending criteria for small businesses and housing loans, news agency PAP reported.

* The Russian finance ministry prepared proposals to liberalize the country's compulsory motor third-party liability insurance segment and give insurers the right to independently establish basic insurance tariffs, Vedomosti reported. The newspaper noted separately that the Russian central bank supports the liberalization drive but is opposed to the ministry's proposal in its current form.

* Evgeny Davydovich will be named chairman of the management board at B&N Bank, with the appointment pending the approval of the Russian central bank.


Asia-Pacific: Mitsubishi UFJ arm eyes acquisitions; Mirae Asset to infuse capital into US unit

Middle East & Africa: QNB weighing funding options; S&P changes Israel outlook, cuts DR Congo

Latin America: Caixa revises outsourcing rules; IRB-Brasil income up 15%

North America: 2 Ohio-based banks merging; CFPB rolls out prototypes for overdraft disclosures

North America Insurance: Health insurers look to grow Medicare Advantage biz; Cigna ups '17 outlook


Data Dispatch EMEA: Low UK savings ratio could land borrowers in hot water: The U.K.'s historically low rate of savings contributes to vulnerabilities both in the banking system and in society at large, experts say.

Italy's NPL sales to 'explode' in late 2017: Banca IFIS: Italy's nonperforming loan sales sector is ripe for a broad-based expansion, according to Venice-based specialist Banca IFIS.

Data Dispatch EMEA: 3-way Qatari bank merger on track despite diplomatic crisis: A merger between Masraf Al Rayan, Barwa Bank and International Bank of Qatar to create the second-largest bank in the country remains on track, even amid a diplomatic standoff between Qatar and some of its neighbors.

David Hutter, Ed Meza, Meike Wijers, Esben Svendsen, Beata Fojcik, Thanasis Kakalis, Ali Kayalar, Heather O'Brian, Brian McCulloch, Sophie Davies and Mariana Aldano contributed to this report.

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