Keywords:

“Millions of people don’t have bank accounts. Recent reforms could unintentionally make this problem worse.”
Vikram Pandit, CEO, Citigroup, on new US banking rules that will impact financial inclusion by raising costs for banks, limiting credit and access to financial services contracts to the poor.
 

The following are notes from our Monday morning meeting.

StanChart will close its UK-based loan trading unit and focus on direct lending.

Large US banks standing to lose more than $12b in revenue under a proposed $0.12 debit-card “swipe” fee cap are considering limiting purchases to $50-$100.

Ivory Coast took over five global banks’ local operations, including Citi’s and BNP Paribas’, for failing to give the required three months notice when they shut down over compliance and security concerns.

Israeli police want to indict Zion Kenan, the CEO of Israel’s Bank Hapoalim, for allegedly arranging a $3.4m loan to former chairman Dan Dankner.

Bank runs at Korea’s Busan Savings Bank and three of its affiliates caused the government to suspend the bank’s operations for six months until it can raise sufficient liquidity or be sold off.

Chinese city commercial banks Bank of Shanghai, Bank of Jiangsu, Jiangsu Rural Commercial Bank and Bank of Chongqing have all applied for IPOs.

Taiwan’s Mega Financial wants to sell its stake in Taiwan Business Bank, going against government plans for consolidation at state-run financial institutions.

ING is in talks with Thailand’s Finance Ministry to buy a further 26.1% stake in TMB Bank, of which it owns 30%.

Deepak Parekh, chairman of India’s HDFC, is being considered as the first head of a new council that will oversee the banking, securities, insurance and pension fund regulators.

Commonwealth Bank of Australia and Westpac are taking up NAB’s price war gauntlet with the former offering similar home loan deals and the latter aiming for its SME clients.