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"Retail banking is a scale business, and without scale you can hardly achieve anything."
Shao Zili, JPMorgan chairman and CEO for China, on their difficulties in the country.



The following are notes from our Monday morning meeting.

The US Fed published more detailed rules on Basel III that will require banks to raise $60b in new capital.

EU members have approved $125b in aid to recapitalize Spanish banks, with no sovereign obligation.

Bank of Namibia has allowed South Africa's Absa Bank to acquire 49.9% of Bank Windhoek.

Egypt's EFG-Hermes is taking legal steps to stop Planet IB's $1.1b bid to buy it.

Tadahiro Matsushita, senior vice-minister of economy, trade and industry will be heading FSA Japan, taking over recent probes into insider trading and accounting fraud.

China’s CBRC has permitted domestic private investments in banks, trust, financial leasing and autofinancing companies.

Bank Negara Malaysia is introducing an Islamic overnight funding facility for Islamic banks to obtain funds using investment-grade Sukuk as collateral.

Shiranath Bolloju has succeeded Gunit Chandha as interim CEO of Deutsche Bank India.

Australia’s ANZ plans to outsource 110 Melbourne information technology jobs to Capgemini, which will supply it with IT testing services globally.