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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 31st 2011
Keywords: “If a voluntary agreement with the banks had not been possible, we would not have resisted one second to move toward a scenario of the total insolvency of Greece.” Jean-Claude Juncker, Luxembourg president, on the ultimatum given to banks to accept a 50% haircut on Greek debt or face the consequences. The following are notes from our Monday morning meeting. ICBC saw 3Q net profit of $8.5b, CCB $7.27b, ABC $5.36b, BOC $4.7b, Santander $2.52b, and Deutsche and UBS $1.1b; Barclays and RBS are expected to declare $3.2b in profits this week. JP Morgan and Wells Fargo are dropping debit card fees, while Bank of America is introducing enough exceptions to make theirs irrelevant. HSBC is selling its Brazilian consumer finance unit; prospective buyers include Banco do Brasil, Itau-Unibanco, Banco Santander Brasil and Banco Bradesco. Bahrain’s Al Baraka Banking Group is buying 60% of Al-Tawfeek Financial Group in Saudi Arabia for an undisclosed sum. Japan’s Mitsubishi UFJ launched renminbi services in Europe, and in the US through subsidiary Union Bank. China named new regulators: securities boss Shang Fulin for banking, CCB chairman Guo Shuqing for securities, and ABC chairman Xiang Junbo for insurance. Read our comments here. Indonesia is setting up its own version of the UK FSA, to be called Otoritas Jasa Keuangan. Former Muslim Commercial Bank head Atif Bajwa was appointed CEO of Pakistan’s Bank Alfalah, succeeding Sirajuddin Aziz. Commonwealth Bank of Australia is piloting with Apple and MasterCard a contactless system and launching it in early 2012, the first to do so; Australian merchants have 42,000 NFC readers.
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