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"I think there is general agreement that it will be significantly in excess of 100 billion euros."
Michael Noonan, Ireland’s minister of finance, on European leaders’ bank recapitalization discussions.



The following are notes from our Monday morning meeting.


Dexia will be broken up, its French financing arm to merge with state-owned banks, its Belgian retail business nationalised, and overseas assets like Turkey’s Denizbank sold off.

The US justice department and the NY attorney general are both suing BNY Mellon for $2b for allegedly over-charging institutional clients on foreign exchange.

Citi is partnering in Mexico with telco America Movil and financier Inbursa on a $50m JV to offer payments and simple accounts for the unbanked.

HSBC is believed to be in talks to sell its operations in Oman to Oman International Bank.

Lone Star was found guilty of stock manipulation when it bought Korea Exchange Bank, giving the government more control in its disposal of a 51% stake. Read our comment here.

China’s ICBC signed MOUs with the National Bank of Abu Dhabi and Stanbic Bank Ghana to boost partnership and trade.

Taiwan’s Chinatrust received approval from the FSC to acquire US insurer MetLife’s unit on the island.

Vietnam’s central bank will let five lenders trade gold at global prices to stabilise the chaotic local market, overturning a 15-month ban.

Malaysia’s CIMB is currently in talks with San Miguel to buy part of the company’s 58% stake in the Philippines’ Bank of Commerce.

India's Canara Bank opened in Bahrain its first branch in the Middle East.

Law firm Maurice Blackburn, representing 34,000 ANZ clients, launched a class action suit against the Australian bank, seeking to recover $50m in excess fees.