Keywords:

"Yes, we believe a tax on the financial sector is useful."
Dominique Strauss-Kahn, managing director of the International Monetary Fund, on building an insurance fund for future financial meltdowns.

The following are notes from our Monday morning meeting.

HSBC’s North American unit has 30 days to submit a plan to improve risk management and AML compliance to the US Fed, which found “deficiencies” at the bank.

Deutsche Bank has finally tendered for Postbank, Germany’s largest retail bank with a 16.6% market share on home savings, offering a small premium.

Angola appointed Jose de Lima Massano as the new governor of its central bank, replacing Abraao Pio dos Santos Gourgel who will now head the newly-created Ministry of Economy.

The UAE’s Emirates Islamic Bank is undergoing negotiations with Dubai Bank and Amlak, an Islamic mortgage finance company, for a possible merger.

Korea’s FSS is suspending Bank Mellat’s local operations, the only one in Asia for the Iranian lender, as part of international sanctions.

Bank of China will sign an MOU for RMB settlement with Bank of Taiwan, Taiwan Cooperative Bank, Mega Financial Holding and First Commercial Bank by next week.

The Indonesian subsidiary of China’s ICBC will receive $122m to aggressively speed up business expansion there.

The Indian government will invest $1.7b in five state-run banks including Oriental Bank of Commerce, Andhra Bank and Bank of Baroda to avoid dilution of its majority stakes when they go public.

Australia’s Westpac is planning to cut 3.5% of its 37,000 staff, mostly in head office and administrative positions, while also reconsidering its freeze on outsourcing.