Keywords:

"We need our smaller lenders to be able to compete vigorously with the big banks, forcing them to do better by their customers."
Wayne Swan, Australia’s treasurer, on reforms announced Sunday that aim to improve banking competition but won’t directly punish the four big banks. Read our comment here.

The following are notes from our Monday morning meeting.

Trustee Irving Picard, representing Madoff fund investors, is suing Italy’s Unicredit $19.5b and HSBC $6b for their roles in allegedly feeding the giant Ponzi scheme.

The US Treasury Department has sold its final stake in Citi, claiming it exited earlier than planned and with a $12b profit.

Venezuela’s president Hugo Chavez threatened to nationalise banks, including BBVA Banco Provincial, if they don’t comply with a new law to release funds for home loans.

UAE president Khalifa Bin Zayed Al Nahyan approved the creation of a credit bureau by next year to prevent the excessive pre-crisis practices of lending to non-credit worthy individuals.

Japan’s Nikko Asset Management bought DBS’ asset management operations in exchange for a 7.5% share and a board seat, giving it $150b AUM. Read our comment here.

The People’s Bank of China raised reserve requirements 0.5% to tackle an inflation rate of 4.4% and to cool bank lending, its sixth such move this year.

Hong Kong’s bank regulator gave a license to Shin Kong Commercial Bank, the 12th Taiwanese lender to operate there and 146th overall.

The Singapore branches of India’s UCO Bank and India Bank have joined the 23 lenders taking part in the local SME and consumer credit bureau.

Pakistan central bank governor Shahid Kardar wants to fast-track approval of a branch license for China’s ICBC in order to improve commercial ties between the two countries.
 
CBA CEO Ralph Norris became Australia’s best-paid boss this year when his compensation doubled to $16m.