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UK drops Lloyds retail sale; Deutsche still in US talks; ABN AMRO Asia sale

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UK drops Lloyds retail sale; Deutsche still in US talks; ABN AMRO Asia sale


UK abandonsplans for Lloyds retail share sale: The U.K. Treasury has plans to sell off itsremaining 9.1% stake in LloydsBanking Group Plc to the public, saying market volatility made aretail offer unviable. The chairman of UK Financial Investments Ltd., JamesLeigh-Pemberton, recommended the withdrawal of plans to sell Lloyds shares toretail investors, leading the government to return to selling down its Lloydsstake through a so-called trading plan that has previously seen the stake cutfrom just under 25% to the current 9.1%. 

* HarbourVest Partners LLC said it has approachedSVG Capital Plc'sboard over a possible offer for 100% of SVG Capital's investment portfolio.HarbourVest said it is willing to propose an asset purchase transaction,although it believes that the full and final cash offer provides shareholderswith a transaction with certainty and clarity as opposed to a winding down ofSVG Capital. SVG Capital, meanwhile, said its board continues to believe thatHarbourVest's final cash offer of 650 pence per share undervalues the companyand urges shareholders to take no action.

* is in the finalphase of negotiations to acquire UKGreen Investment Bank Plc for about £2 billion, according to the FinancialTimes.

* U.K. Chancellor Philip Hammond said thegovernment has no intention to change the Bank of England's mandate andinsisted that the central bank will remain independent, Reuters reports. His statement followedspeculation that the government wanted to influence the BoE after PrimeMinister Theresa May cited the negative side effects of its record low interestrates.

* HSBC Holdings Plc's chief European economist, KarenWard, joined Chancellor Hammond's team as a special economic adviser, according to Sky News.

* Prudential Plc's intends to establish a new investment unit in Luxembourg, the FinancialTimes reports. The move is part of the asset manager's efforts to continue easy accessto its mainland European investors and in response to concerns about losingaccess to the European single market after Britain leaves the EU.

* Allied Irish Banks Plc named David McLaughlin head ofits private banking unit, the Irish Independent reports.


Qatariinvestors mull larger stake in Deutsche Bank: Qatar's royal family is raising its stake in to up to 25%from about 10%, insiders told Bloomberg News. Former Qatari Prime MinisterHamad bin Jassim bin Jabr al-Thani and former Emir Hamad bin Khalifa al-Thani,together with other investors, are considering boosting their stake to a sizethat would give them greater control over Germany's biggest bank. Separately,insiders tellReuters that the Qatari investors are likely to acquire more shares in the bankshould it launch a capital hike, but prefer to keep their stake below the 10%level for regulatory reasons.

* Deutsche Bank CEO JohnCryan was unable to reach an agreement with U.S. authorities during a meetingin Washington D.C. with Department of Justice representatives over the investigation into thebank's sale of MBS, Handelsblatt reports. DeutscheBank is aiming to reach a settlement by the U.S. presidential elections Nov. 8.Deutsche Bankis also now looking into selling a part of its asset management businessthrough an IPO in a bid to raise capital, going against Cryan's previousstatement that the bank does not plan to sell the unit, the Financial Timesreports.

* Meanwhile, Deutsche Bank Chief Risk Officer Stuart Lewis tellsWelt am Sonntag that concern by investors and political leaders over thelender's €46 trillion derivative portfolio isunfounded, adding that risks from its derivatives are widely overestimated.Lewis said €46 trillion is the theoretical nominal value of its hedgingtransactions, though that the actual risk of the bank's derivative portfoliowas a net €41 billion, less than that of many of its rivals. 

*Volksbank Bielefeld-GütersloheG and Volksbank eG in Warendorf are planning tomerge in 2018, Börsen-Zeitung reports. Announcingtheir plans Friday, the banks said they would begin cooperating immediately andaim to increase cost synergies through the planned merger.  

* is expanding itsleasing and factoring activities, Börsen-Zeitung reports. The bank isin advanced negotiations to take over a leasing company, which it plans torealign. The leasing market is developing more dynamically than classic bankfinancing, according to the lender. Bankhaus Bauer recently acquired FLCSolutions, a software developer focusing on factoring and purchase financing.

* has placedfive employees on leave while it carries out an investigation into tax matters, Reutersreports.SonntagsZeitung writes that the bank's action was linkedto a U.S.investigation into Credit Suisse's Israeli unit over possible tax evasion.

* Kieren McCormack, Credit Suisse's head of primebrokerage sales for Europe, the Middle East and Africa, is said to be leavingthe group, insiders tell Bloomberg News.

* Credit Suisse's newsubsidiary Credit Suisse (Schweiz) AG will begin operations Nov. 21, Reuters reports.The lender plans to float a 20% to 30% share in the unit in the second half ofnext year, raising CHF2 billion to CHF4 billion.

* named Daniel Schmucki CFO,effective April 1, 2017, at the latest. Schmucki has been CFO anddeputy CEO of Flughafen Zu¨rich AG since 2008.

* UBSGroup AG is set to commence so-called robo-advice service in Britainnext month in an effort to attract younger customers, the Financial Timesreports.


ABN AMRO mulls sale of Asian private banking biz: ABN AMRO GroupNV is exploring a sale of its Asian private banking operations andhas sounded out investor interest for such a sale, insiders tellBloomberg News. Meanwhile, Dutch Finance Minister Jeroen Dijsselbloem said thegovernment prefers a gradual sale of ABN AMRO to private investors over atakeover or merger, Het Financieele Dagblad writes.

* , which last weekrejected NN GroupNV's unsolicited offer to acquire the company for €5.30 per share,now wants an offer that is at least €6.50 per share, insiders tellHet Financieele Dagblad. Meanwhile, Norges Bank cut its stake in DeltaLloyd to 2.36% from 3.57%, De Telegraaf reports.

* International banksbased in Paris say the cost of getting rid of highly paid employees in Franceis one of the main hindrances to Paris gaining more financial industrybusinesses after the U.K. leaves the EU, accordingto Les Echos. In France, employees normally get between 18 months ortwo years of their fixed salary when they are laid off from financial firms.

* French central bankGovernor François Villeroy de Galhau said European banks are doing well, withFrench lenders doing better than most of its peers in the region, Le Mondereports.


Sabadell,Popular chairs meet amid merger rumors: The chairmen of and , JosepOliu and Ángel Ron, met privately at the end of August amid months of speculationregarding talks on a potential merger between the two banks, La Vanguardia reports.Insiders tell the paper that the two agreed to give each other time and assessthe situation before proceeding to assess a hypothetical merger.

*Ricardo Mourinho Félix, Portugal's secretary of state for finance and thetreasury, said the country does not expect DBRS to change its sovereign creditrating Oct. 21, accordingto CNBC. DBRS is the only ECB-recognized rating agency to rate Portugal atinvestment grade, and a downgrade could exclude Portuguese bonds from the ECB'sasset-buying program.

* Angolan investor Isabel dos Santos will control 51.9% ofBanco de Fomento AngolaSA as part of a solution to resolve Banco BPI SA's exposure toAngolan assets, NovoJornal, DinheiroVivo and Jornalde Negócios write. It remains unclearwhether Dos Santos will sell her 18.5% stake in Banco BPI to , which has launched afull takeover bid for the Portuguese bank.  

* Caixa Geral de DepósitosSA's recapitalization could be postponed until 2017 as thePortuguese government seeks to limit any potential impact on the country'sbudget deficit, Jornal de Negócios writes.   

* Thereis a serious possibility that Novo Banco SA could be acquired by Chinese investors, Jornal de Negócios reports.China's Minsheng Financial group was recently reported to be in the running tobuy the Portuguese lender.   


Alternativerescue plan for Monte dei Paschi in the works: Quaestio CapitalManagement, which oversees the Atlante bank rescue fund, said Atlante had nointention of investing in 's €5 billion capital-raising efforts, Reuters reports. Former Italian minister Corrado Passera is meanwhile reportedly workingon an alternative rescue plan for Monte dei Paschi amid signs that the €5billion capital increase is not attracting investor support, insiders tell Reuters. Private equity firms, including Warburg Pincus, are said to bedeveloping a plan with Passera that includes a reserved capital increase of upto €2.5 billion.

* isreportedly engaged in discussions with several banks in a bid to assessinterest in its sale of FinecoBank SpA, Reuters writes.

* The European Commission an extension of the sales processfor Nuova Banca delle MarcheSpA, Nuova Bancadell'Etruria e del Lazio SpA, Nuova Cassa di Risparmio di Ferrara SpA and , which were created in November 2015 as part of the resolutionof their predecessors. The EC said the timelines of the process are keptconfidential to protect the effectiveness of the sale process.

* Milanmagistrates requested the dismissal of charges against former ChairmanMassimo Ponzellini and four other persons, who were accused of fraud and obstructingregulatory oversight, Il Sole 24 Ore writes.

* Apax,Apollo and JC Flowers have, in addition to JPMorgan Chase & Co., expressed interest inBanca Popolare di VicenzaSpA and Veneto BancaSpA, La Repubblica reports.

* closedthe sale of its secured nonperforming loan portfolio with a gross book value of€106 million, Reuters reports.

* Eurozone finance ministers are expected toapprove today the partial or full disbursement of a €2.8 billion tranche ofloans to Greece as the country has met nearly all the 15 reform milestonesnecessary to obtain the payout, Reuters writes.


Sweden topropose 15% payroll tax on financial firms: The Swedish government is set to propose anew 15% payroll tax on financial institutions in a bid to level the playingfield between the sector and other industries, Reuters writes.Banks have warned that such a tax could lead to thousands of job cuts andhigher costs for borrowers.

* European financial regulators are starting toquestion Nordea BankAB's plans to transform its subsidiaries in countries outsideSweden into branches, Bloomberg News reports.


PozavarovalnicaSava chairman faces recall: Slovenia's Insurance Supervision Agency requestedPozavarovalnica Sava ddto call a shareholders meeting in order to recall supervisory board ChairmanBranko Tomažic from the post. The meeting must take place within 45 days ofreceipt of the regulator's order, though an appeal can be filed within eightdays. The regulator previously said that Tomažic ceased to meet all theconditions for appointment as a member of the supervisory board.

* PJSC Sovcombank acquired a 100% holding in from Severgroup, Vedomosti writes.

* Shareholders of and approved a mergervariant for the two lenders under which B&N Bank will beintegrated into MDM and the merged company will operate under the B&Nbrand, Vedomostiand Kommersant report.

* Raiffeisen Bank International AG CFO Martin Grüll saidthe Austrian bank hopes to reach an agreement soon regarding the sale of itsPolish leasing business, PAP reports.PKO Bank Polski SA isin negotiations with RBI to acquire Raiffeisen-Leasing Polska, while is in discussionsto purchase Raiffeisen BankPolska SA without its Swiss franc mortgage portfolio.

* Cyprus Popular Bank Public Co. Ltd. entered into anagreement to sell 99.09% of fully paid share capital and 72.50% of preferredshares in Marfin Bank Serbia to Expobank LLC Czech unit , SEEBiz reports.The deal, signed Sept. 30, is pending the regulatory approval in Serbia, theCzech Republic and Cyprus.

* Romanian parliamentary committees are likely toapprove today a bill allowing Swiss franc-denominated mortgage holders toconvert their loans into Romanian leu at historical rates, Reuters reports,adding the decision would be against the recommendations of the Romaniancentral bank.

* Aktif Yatirim Bankasi AS, the Islamic Corp. forthe Development of the Private Sector and Ijara Management Co. signed apartnership agreement to invest in Halic Finansal Kiralama AS, or HalicLeasing, Finans Gündem reports.The agreement will give Aktif Bank a 32% stake in the leasing firm.   


Asia-Pacific: ABN AMRO may sell Asianprivate banking biz; Macquarie in talks to buy Green InvestmentBank

Middle East & Africa:


: Nordea Bank's bid for ABN AMROover the summer was never likely to win over the Dutch government, and there islittle prospect for its revival, analysts told S&P Global Market Intelligence.

: The finance ministers of two Belgianstates that each own 25% of Ethias disagree on whether to merge thecapital-strapped insurer with another company.

: Banks whose riskmodels significantly diverge from those of their peers may face a"significant" increase in capital charges under upcoming rule changesdue by the end of the year, according to the secretary general of the BaselCommittee on Banking Supervision.

 Leo Magno, Ed Meza, Brian McCulloch, DanielleRossingh, Praxilla Trabattoni, Helen Popper, Yael Schrage, Esben Svendsen,Beata Fojcik and Ali Kayalar contributed to this report.

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