Keywords:

"These figures are horrendous, but they can be managed over a 10-year period.”
Ireland's finance minster Brian Lenihan on the $92.45b price tag for cleaning up the country's ailing banking system.

The following are notes from our Monday morning meeting.

AIG is selling two Japanese units to US insurer Prudential Financial for $4.8b, again shutting the UK’s Prudential out of a deal.

UniCredit, Italy’s largest bank, named Frederico Ghizzoni, one of four deputy chief executives, as its new CEO; the other three who were passed over are agreeing to stay—for now.

The Central Bank of Nigeria revoked the licenses of 224 of its 820 microfinance banks on rising NPLs and undercapitalisation, recommending the prosecution and blacklisting of their top officials.

Qatar Islamic Bank issued its first dollar-denominated Islamic sukuk, hoping to raise $750m to expand in the region and in Europe.

Japanese consumer finance giant Takefuji declared bankruptcy, the largest victim of a 2006 law that significantly lowered interest caps on unsecured loans and the only one without a bank partner.

China’s CBRC has approved ICBC’s plan for a $6.7b rights issue; to maintain their holdings, the Ministry of Finance must invest $2.58b and SWF Central Huijin $2.39b.

Eight Vietnamese banks have linked their POS systems to the merchant network. Two more are expected to join in the near future.

The two Indonesian subsidiaries of Singapore’s OCBC will be merged under the OCBC NISP name, forming the country’s 7th-largest private sector bank.

Sri Lanka’s central bank launched a deposit guarantee scheme covering $1,800 per depositor, to start in 2012.

Credit card clients of Australia’s NAB suffered from a technical glitch that saw transferred funds disappear from their accounts for several hours.