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“It’s in their interest to stay here, even if they are paid less.”
European commissioner Michel Barnier on concerns that limiting banker bonuses would cause a flight of talent to Asia from “the heart of the financial market” in London.

The following are notes from our Monday morning meeting.

The Basel III accord was finalised: banks will need to raise $762b to meet new standards, but there’s no release from high penalties for trade finance. Read our comment on its impact on Asia here.

Deutsche Bank has appointed Asia-Pacific head Robert Rankin to its group executive committee as it seeks to expand in the region.
 
The Nigerian Deposit Insurance Cooperation disbursed $10m to 400,000 depositors of failed micro-finance institutions.
 
Bahrain's Arab Banking Corporation will buy a 49% stake in Libya's Mediterranean Bank for $59.6m as part of its push into North Africa; it already has operations in Egypt, Tunisia and Algeria.

Korea has halted the sale of its 57% stake in Woori, due to a lack of bidders able to handle the $6b privatisation, and is likely to open the sale up to chaebol investment.

China’s regulator approved branches for Taiwanese banks: Taiwan First Bank, Taiwan Land Bank and Cathay United Bank in Shanghai, Taiwan Cooperative Bank in Suzhou and Chang Hwa Bank in Kunshan.

DBS will acquire RBS's retail and commercial banking operations in China, but not its branches. Read our comment on the development here. 

India’s Bank of Baroda sold a 51% stake in its credit card unit worth $45m to BBVA, the Spanish bank's first retail banking investment in Asia.

Australia’s central bank and banking regulator said that they will help banks cover any shortfall in their high-quality liquid assets for Basel III requirements.