Keywords:

“We cannot live anymore with 27 different definitions of capital.”
Andrea Enria, chairman of the European Banking Authority, on the need for consistency in defining capital standards to escape the current laxity that has “brought a deterioration of capital quality in Europe and globally.”

The following are notes from our Monday morning meeting.

The interim report of the UK’s Independent Banking Commission, to be released today, is expected to recommend breaking up banks in all but name.
 
A judge in California approved a government request to force HSBC to turn over names of clients suspected of tax evasion through its operations in India.
 
Egypt removed ex-PM Atef Obeid as chairman of Arab International Bank as it investigates officials connected to former President Hosni Mubarak.

The UAE's First Gulf Bank has closed operations in Libya in compliance with a UN resolution, months after opening its second branch there.

Korea’s Woori Financial Group is believed to be in talks with Bank of America to buy its local private banking operations, which would increase its RMs 25% to 50, and double its AUM to $1.84b.

The People’s Bank of China raised lending rates 0.25% to 6.31% and deposit rates to 3.25%, the fourth hike in five months, to control higher-than-expected inflation.

Taiwan’s 37 commercial banks posted a record combined profit of $5.91b in 2010, with Citibank the lead earner at $577m, followed by Chinatrust’s $512m.

Indonesia’s central bank ordered Citibank to refrain from recruiting new Citigold clients as it investigates an alleged $2m embezzlement by one of its clerks.

India’s prime minister’s office confirmed Pratip Chaudhuri as State Bank of India’s new chairman, while adding Hemant Contractor, Diwakar Gupta and A Krishna Kumar as MDs.

David Clarke, chairman of Australia’s Macquarie Bank from 1984 until March 17th, died on Friday.