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"Market timing is important. Right now is probably not the best time.”  
Ana Botín, CEO of Bank Santander in the UK, on plans to spin off her operations with a local listing.

 The following are notes from our Monday morning meeting.


Western Union is buying Travelex’s global B2B payments unit for $970m.

J.P. Morgan will pay $211m to settle charges it cheated governments in 31 US states rigging bids on municipal bonds; UBS paid $150m in May on similar charges, BofA $137m in December 2010.

Brazil’s federal prosecutor Claudio Gheventer is suingItau-Unibanco and the local units of HSBC and Santander for $640m for not returning fees charged for services it said should be free.

Turkeyfroze $1b in fundsLibya’s central bank was holding in local banks as part of UN sanctions against the African nation.

Lone Star is hoping a deadline extension and a 6% price cut to $4.2b will save its deal with Hana Financial for its 51% stake in Korea Exchange Bank, following further delays in regulatory approval. 

A report by Moody’s says that China’s local governments have borrowed$2.1t mainly from banks, $540b higher than the results of an official audit.

Citi Hong Kong willbuy back $140m worth of Lehman Brothers-linked retail investment products, giving investors who lost money 80% of the principal, following earlier moves byDBSand StanChart

France’s BNP Paribas has increased by 5% its stake in Vietnam’s Phuong Dong Commercial Bankto 20%.

Singapore’s DBS is planning to open four more branches in India in the next 6-8 months, bringing it up to its limit of 16.

Punjab National Bank is planning to open a subsidiary in Canada within the next year.

Ralph Norris, CEO of Commonwealth Bank of Australia, estimates that consumer protection reforms cost his bank $107m per year, and the industry $535m.