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“What’s next? Will the government require car dealers to sell a new vehicle for $5,000 or grocers a gallon of milk for $0.50?”
John Stumpf, CEO, Wells Fargo, on the proposed regulatory limits on fees charged to merchants for debit-card transactions.

The following are notes from our Monday morning meeting.

BoNY-Mellon was the latest of the large US banks to raise dividends, by 4%, but the Fed curtailed Bank of America’s attempt to do so following a round of stress tests, likely on concerns over its capital.

Anarchists in London attacked branches of HSBC, Lloyds and Santander in a march that attracted 250,000 protestors and 4,500 riot police on Saturday. Uganda's central bank will raise minimum capital requirements to $10.4m, from $1.67m, following similar moves by Kenya and Tanzania.

Saudi Arabia’s Al Rajhi Bank, the biggest Islamic bank by assets, opened two branches in Jordan.

The payments that Japan’s Mizuho Bank is unable to process in a two week-long system error grew to 1.9m, with large corporations like Kawasaki Heavy Industries switching some business to other banks.

China took a fresh step on Monday to promote use of the Rmb outside the mainland, allowing another batch of overseas banks to trade in the onshore bond market using Rmb accumulated overseas.

E.Sun Financial will acquire the 10-branch Chu Nan Credit-Cooperative Association for $63m, which will make it Taiwan’s third-largest privately-owned bank.
Two Vietnamese subsidiaries of Korea’s Shinhan Financial—its 100%-owned Shinhan Vietnam Bank and 50/50 JV with Vietcombank Shinhan Vina Bank—will merge as part of an efficiency plan.

Abu Dhabi Commercial Bank is looking to sell its 25% stake worth $1.4b in Malaysia’s RHB Capital, possibly to China Construction Bank or a bank from the Middle East.

State Bank of India will sell bonds worth $1b to foreign investors.

The Reserve Bank of Australia has warned banks that it is starting to see lowered lending standards on mortgages as borrowers shop beyond the big four banks that control 80% of the market.