Keywords: Wells Fargo, Banco Santander, RBS, Standard Chartered Bank, Burgan Bank, Eurobank Tekfen, Land Bank Of Taiwan, BoComm, ICBC, BoC, DBS, Bank Of Philippine Islands, SBI, Barclays, SBV

"I think the government should think twice before they punish."
JPMorgan CEO Jamie Dimon, hitting back at the US government over Bear Stearns suit.


The following are notes from our Monday morning meeting.

The US Attorney's office is suing Wells Fargo for recklessly approving government-backed mortgages and then seeking help when those loans flopped.

Spain’s Banco Santander has cancelled a $2.65b acquisition of 316 RBS branches in the UK due to multiple obstacles, including issues with customer migration.

StanChart will invest $100m to open 110 new branches in Africa.

Kuwait approved Burgan Bank’s purchase of Turkey’s Eurobank Tekfen for $355m.

Japan and South Korea will not renew a $57b currency swap facility designed to protect their economies against financial crisis.

Land Bank of Taiwan signed an MoU with China’s BoComm on corporate and trade financing, and interbank lending.

Vietnam’s central government ordered SBV to take measures to clean up bad debt which accounts for up to 10% of total loans, up from 6% in 2011.

Singapore has granted China’s ICBC and BOC Qualifying Full Bank privileges, while DBS sold more than half its stake in Bank of Philippine Islands to Ayala for $616m.

State Bank of India named S. Visvanathan as managing director.

Barclays Australia named Peter Young as chairman, previously chairman of investment banking for ABN Amro Australia and New Zealand.