Keywords:

"Assume $28b permanently off the market cap of the firm."
Stuart Gulliver expecting tightened UK banking levy regulations to cut HSBC's market valuation.

The following are notes from our Monday morning meeting.


Michael O'Neill has been named as Citigroup's new chairman, succeeding Richard Parsons who will step down in mid April after 16 years on the board.

AIG has reportedly sold all its $500m stake in Blackstone Group to monetise non-core assets and reduce risks.

Banco Santander and Belgium’s KBC Bank have agreed to combine their Polish subsidiaries, Bank Zachodni WBK and Kredyt Bank.

South Africa’s First National Bank CEO Michael Jordaan has unveiled a 3-year, $40m plan to expand in African markets including Lesotho, Mozambique, Tanzania and Zambia.

The European Union has frozen assets of Syria’s central bank as it further tightened sanctions against the country.

Bank of China has tied up with CME Group to expand renminbi settlement in commodity trading and enhance cooperation on renminbi clearing, custody and futures settlement.

Hana Financial Group has named Hana Bank head Kim Jung-tai as the group’s new chairman.

Citigroup has named Han Kwee Juan the CEO of Citibank Singapore to succeed Anil Wadhwani, who becomes head of cards and personal loans for Asia Pacific.

The 1-day union strike in India on February 28 has caused total service closure at about 70,000 state-owned bank branches.

Australia’s Commonwealth Bank was hit by a nation-wide, 10-hour long ATM and EFTPOS outage on February 28, with the services restored in the following morning.