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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, October 17th 2011
Keywords: “We do not see that a compelling case has been made to reopen it. A deal is a deal.”Charles Dallara, MD of the IIF and hardline lead negotiator for private holders of Greek debt, on the need to stick to the 21% haircut agreed to in July. The following are notes from our Monday morning meeting. Anti-bank protests that started in NY spread across the US and Europe; in Asia they were held in HK, Taiwan, Japan, Korea, Australia and NZ, while the Singapore one was scattered by authorities. The publication of the Volcker Rule on proprietary trading and market making raised more questions—over 350 of them—than it answered. Read our comment here. First Bank of Nigeria bought the Democratic Republic of Congo's Banque International de Credit for an undisclosed sum. Rupert Keeley, former Visa head for Asia, is to head Paypal Asia shortly.? The UAE's Emirates NBD will take control of troubled Dubai Bank, which the government bailed out last May. Korea Development Bank is reportedly in talks with HSBC to buy its retail banking business in Korea, including its 11 branches. China’s SWF Central Huijin spent $31.1m to increase its share in the big four banks in a move to stabilise the slumping financial stock market. Taiwan’s Cathay United Bank signed an MOU with Bank of China for business cooperation; it has similar agreements with ABC and BoComm. Vietnam’s Military Commercial Bank will launch an IPO on October 27th to raise $4.5b for lending. Indonesia’s Bank Mandiri and Bank Central Asia agreed to share each other’s networks of 9,000 and 7,000 ATMs respectivly. India Post, which aims to launch a postal bank in 2012, wants approval from the Reserve Bank of India to set up ATMs in its 155,000 branches. ANZ named as its COO Alistair Currie, a former CEO of HSBC Taiwan.
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