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Our Monday Morning Perspectives The research and editorial teams meet every Monday morning, and the following is our assessment of the most critical developments shaping the industry worldwide.
Perspectives, Monday, May 23rd 2011
Keywords: “It will
dwarf Lehman.”
Two men set off a bomb in a branch of Santander Bank in Northern Ireland; there were no injuries. The UAE took over management of troubled Islamic lender Dubai Bank and injected it with an unspecified amount of capital on fears that its collapse could trigger a loss of confidence in the system. Japan’s Mizuho is expected this week to announce plans to merge its commercial bank and its corporate bank, ending a failed 10-year experiment in running them in parallel, and to shake up its leadership. China’s Guangdong Development Bank, which Citi and a consortium of Chinese and foreign investors bought 85% of in late 2006 for $3.06b, will seek a $5.4b IPO later this year or in early 2012. HSBC will likely become Hong Kong’s second Rmb clearing bank after Bank of China (Hong Kong), says Peter Wong, its Asia Pacific CEO. Thailand’s Siam Commercial Bank will tender to buy the 61% stake it doesn’t own in finance company Siam Industrial Credit after it failed to sell off its holding. India's ICICI Bank raised $1b overseas to fund the bank's international operations; Bank of India and Indian Overseas Bank raised $500m and $350m overseas respectively. Moody’s downgraded the long-term debt ratings of Australia’s four largest banks on their continued over-reliance to wholesale funding, which it believes is an average of 40% of their liabilities.
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