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Banco de Bogotá's profit rises; BCI to enter payment processing market

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Banco de Bogotá's profit rises; BCI to enter payment processing market

* Banco de Bogotá SA posted attributable net income of 697.1 billion Colombian pesos in the first quarter, 14.3% higher than the 609.8 billion pesos recorded in the year-ago period. Net interest income grew 8.1% to 1.791 trillion pesos, while income from net fees and other services was up 8.9% yearly to about 1.051 trillion pesos.

* Chile's Banco de Credito e Inversiones SA signed an agreement with U.S.-based payment processor EVO Payments Inc. to develop a new payment processing business in the Southern Cone country, Diario Financiero reported. Under the deal, BCI will hold 49.9% of the stock while EVO will own 50.1%. Mauricio Araya, an official at the bank, said the goal is to start operating by the end of the year or in 2020.

MEXICO AND CENTRAL AMERICA

* South Korea's KEB Hana Bank opened its unit in Mexico, called Banco KEB Hana Mexico, Yonhap News Agency reported. The Hana Financial Group Inc. unit will provide banking support for South Korean companies doing business in Mexico.

* Mexican Senator Minerva Hernández Ramos proposed that an external auditor supervise anti-money laundering measures annually in the country's tax administration to assess their effectiveness, El Economista reported.

* The loan portfolio of Mexican banks increased 4.9% in April to reach 5.28 trillion Mexican pesos, El Economista reported, citing data from the banking and securities commission CNBV.

BRAZIL

* Brazil's current account deficit hit $62 million in April, much lower than a forecast deficit of $450 million, Reuters reported. Meanwhile, foreign direct investment totaled $7 billion in April, higher than the forecast of $5.8 billion for the month.

* A study by the Brazilian central bank said banks' market power contributes more to higher banking spreads than concentration index, Valor Econômico reported. Banks' market power accounts for 7.3% of banking spreads, mostly linked to factors such as administrative costs and defaults.

* A court in Brazil ordered Caixa Econômica Federal to compensate clients whom it irregularly charged fees for bounced checks between September 2002 and April 2007, Folha de S.Paulo reported. According to the ruling, the bank collected 15 reais per check, even on those that have sufficient funds.

ANDEAN

* Banco W SA will issue ordinary bonds on May 28 worth up to 150.00 billion Colombian pesos. The issuance will be composed of 150,000 ordinary bonds with a nominal value of 1.0 million pesos each, a term of three years, and an interest rate of 7.60%.

* The Peruvian subsidiary of the BTG Pactual Group changed its name to BTG Pactual Perú Sociedad Administradora de Fondos, according to a statement.

* Colombian electronic payment platform PlacetoPay plans to expand its business in Chile, Peru and Argentina this year, La República reported, citing company manager Ricardo García.

* The recent magnitude 8 earthquake in Peru could trigger the IBRD CAR 120 catastrophe bond issued by the World Bank, worth $200 million, as part of the Pacific Alliance issuance, newswire Artemis reported. Terms of the bond stipulate a payout of 30%, 70%, or 100% of the principal amount, depending on parameters of the earthquake. Asset manager Plenum Investments forecast a loss of 30% of the bond's principal.

SOUTHERN CONE

* Delinquency rates in the Argentine financial system doubled to 4.0% in March from a year ago, according to data compiled by Banco Central de la República Argentina. Delinquencies also grew by 0.2% in March from the linked month, with companies' delinquency rates standing at 3.8%, and families' delinquencies standing at 4.5%.

* At its last monetary policy meeting held in May, Banco Central de Chile board members broached the possibility of cutting the interest rate due to low economic growth in the first quarter of the year. The central bank maintained its benchmark interest rate at 3%.

IN OTHER PARTS OF THE WORLD

* Asia-Pacific: China issues Baoshang Bank notice; Japan's Polaris Capital to form ¥150B fund

* Middle East & Africa: Bank Leumi's Q1 profit rises; Gulf Capital on M&A hunt; Kenya, Ghana hold rates

Pablo Jiménez Arandia 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.