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 “We ought to adopt extra measures or proceed more quickly than planned in Basel III."
Stefan Ingves, governor of Sweden’s central bank, on his country’s banks' dependence on funding from international capital markets and households' increased borrowing.

The following are notes from our Monday morning meeting.

JP Morgan is being sued for $6.4b by Madoff trustee Irving Picard for allegedly ignoring warnings about the Ponzi scheme it funneled money into over a 20 year period, earning it $1b.

The Swedish government sold for $3b a 6.5% stake in Nordea, and is expected to soon sell the 13.5% it still owns.

Egypt’s banks, closed for a week during political protests, reopened yesterday, but allowed only limited cash withdrawals.

Qatar National Bank is buying a 49% stake in Libya’s Bank of Commerce & Development.

Korean regulators have suspended Samhwa Mutual Savings Bank for inadequate capital and are organising its sale to Woori, Shinhan or Hana group.

China Construction Bank bought out ING’s 50% stake in the Chinese insurance JV Pacific-Antai Life it set up with China Pacific Insurance.

Cambodian banks last week blocked US dollar ATM withdrawals after a flood of Vietnamese cardholders took advantage of favourable exchange rates there.

Kasikornbank is tying up with Japan’s Shizuoka Bank to provide support for 122 Japanese businesses with operations in Thailand.

The India International Bank of Malaysia will open in June as a JV among Bank of Baroda, which will hold the biggest share, Indian Overseas Bank and Andhra Bank.
 
Commonwealth Bank of Australia reversed a new policy to fire staff found posting information about it on social media sites, after a staff and media backlash.