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“I don't think it is appropriate to have that kind of oligopoly.”
Richard Fisher, president of the Federal Reserve Bank of Dallas, on his concern that the five largest US banks control half of banking system’s assets.



The following are notes from our Monday morning meeting.


France’s Credit Agricole is selling its private equity unit for $390m; the bank is expecting a 2011 loss on $3.24b 4Q write-downs and is cutting 2,350 investment banking and consumer finance jobs.

The US SEC is suing Daniel Mudd and Richard Syron, former CEOs of Fannie Mae and Freddie Mac respectively, accusing them of making false disclosures over exposure to sub-prime assets.

The Commercial Bank of Ethiopia signed an MOU with Export-Import Bank of China for a $300m credit facility.

StanChart is looking to open Islamic banking branches in Oman and Nigeria in 2012

Japan’s FSA banned Citi from selling mutual funds after finding it wasn’t properly explaining risk; country head Darren Buckley will replaced by Peter Eliot.

China’s CBRC has postponed tougher capital requirements that were set to take effect next year, on concerns that credit growth is slowing.

Singapore’s UOB-Kay Hian is buying Innosabah Securities for $17.8 m.

State Bank of India began its operations in the Qatar Financial Centre.

Australia’s Bendigo and Adelaide Bank is buying the local arm of Bank of Cyprus for $130 million.

The Asian Banker Perspectives will return on January 9th, 2012.