Keywords:

"It's about a financial crisis and the structure of our economy, which really has been misallocating capital."
John Kerry, US senator, on impact of an S&P downgrade to put pressure on further deficit-reducing measures.

The following are notes from our Monday morning meeting.


BNY Mellon will charge for deposits over $50m as investors seek safe homes for the $103b they pulled out of money market funds that fell last week.

Franco-Belgian bank Dexia had $5.7 in Q2 losses, made up of $5.24b on US mortgage-backed securities and long-term bonds and $538m on Greek debt.

Nigeria nationalised Afribank, Bank PHB and Spring Bank for not recapitalising after a 2009 bailout, re-naming them Mainstreet Bank, Keystone Bank and Enterprise Bank respectively.

The UAE's Abu Dhabi Islamic Bank got a license to operate in Qatar, where it will benefit from recent measures forbidding commercial banks from operating Islamic branches.

Citi Japan has admitted that personal data on over 92,000 credit card clients was stolen, allegedly by a third party vendor with system access.

China's ICBC will pay $600m for 80% of the Argentine operations of South Africa's Standard Bank.

Taiwan's FSC gave Singapore's DBS approval to subsidiarise, making it the fourth foreign bank to do so there, along with StanChart, Citi and HSBC.

Malaysia's CIMB will next week open a rep office in India and sign an agreement with Kotak Mahindra Bank on cross-border investments and trade; it will also launch an investment advisory JV in Sri Lanka.

1m India bank employees went on strike on Friday against outsourcing and other bank reforms.

Australia Post, which has 1,400 offices, has tied up with Rural Bank to offer deposit accounts, while also offering agri-loans from 130 outlets in farming areas.