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"What happens in China is as important as Europe, Japan, or the United States… but its leaders know their growth rate is unsustainable."
Robert Zoellick, president of the World Bank, who is concerned over China’s susceptibility to inflation and waning growth drivers.


The following are notes from our Monday morning meeting.


The US Federal Housing Finance Agency is suing 17 banks—10 from the US, six from Europe and one from Asia—for securities fraud to recover $200b in losses by Fannie Mae and Freddie Mac.

Gerald Hassel became CEO of BNY Mellon after Robert Kelly stepped down following a dispute with the board; the abrupt departure will cost the bank $33.8m in severance and other payments.

Nigeria’s Access Bank will pay $345.5m for a 75% stake in Intercontinental Bank, which was bailed out by the government in 2009.

UAE’s Al Hilal Bank wants to raise $500m via a five-year Islamic bond in 4Q, part of a $2b-$5b funding plan for regional expansion.

Japan Post Bank is opening branches in London and Hong Kong, its first overseas offices.

China CITIC Bank will sell $4.7b in bonds in Hong Kong in multiple tranches by the end of 2013.

Taiwan’s FSC will relax restrictions on banks that want to invest in China, allowing them to increase their total risk exposure there to 100% of their net book value.

The State Bank of Vietnam said that up to 13.6% of local credit institutions incurred losses amid poor performance in the first half of this year.

Singapore’s Temasek Holdings has reportedly bought a 5% stake in China Construction Bank from Bank of America.

India’s finance minister Namo Narain Meena said State Bank of India will open branches in Bahrain, Bangladesh, China, Germany, Hong Kong, the UK, South Africa and Sri Lanka.

Australia’s NAB has finally received a license to open a rep office in Indonesia.