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Our Monday Morning Perspectives The research and editorial teams meet every Monday morning, and the following is our assessment of the most critical developments shaping the industry worldwide.
Perspectives, Monday, August 22nd 2011
Keywords: "The nervousness around banking stocks may last at least until the 3Q results, from end-October to early November."Société Générale CEO Frédéric Oudéa, reportedly responding to a global selloff in European bank stocks. The following are notes from our Monday morning meeting. Bank of America is selling its Canadian card business to TD Bank for $7.6b, five months after the Canadian lender bought Chrysler Financial for $6.3b. RBS will ban 1m basic account holders from withdrawing cash at other banks’ ATMs in the UK to save the $0.45 fee while keeping the service free, following similar actions by Lloyds TSB and HSBC. Zimbabwe central bank governor Gideon Gono wants to protect foreign banks from an ultimatum to foreign companies to transfer 51% of local subsidiaries to the government. Central Bank of Jordan governor Faris Sharaf announced he will establish a credit bureau next year. Bank of Korea governor Kim Choong-Soo warned banks that household debt is too high, while the FSC temporarily restricted them from issuing new personal loans and mortgages. China's National Development and Reform Commission fined Industrial Bank, China CITIC Bank and Postal Saving Bank for illegally charging fees to reset lost passwords. BBVA got approval from Taiwan’s regulators to set up a branch there, becoming the 29th foreign bank to do so. Malaysia’s central bank will allow foreign banks greater flexibility in how many branches they can open in city centres. The state-owned Bank of Ceylon, Sri Lanka’s largest, chose as its new GM WA Nalani, a 36-year veteran and the third woman to run it in its 72-year history. Australia’s government is preparing a plan to introduce full account-portability by July 1st 2012 to improve competition and make it easier for dissatisfied customers to switch.
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