Banking: The week in 10 stories

Friday, August 31, 2018


The country is in crisis again after a new run on its currency, which weakened to 42 pesos to the dollar during Thursday's session before regaining some strength. The central bank hiked interest rates to 60% – the highest in the world – from 45% to prop up the peso and investor confidence.

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–Credit conditions for Brazilian companies remain challenging due to high uncertainty being generated by the upcoming general election in October.

–BMG hired Itaú BBA, J.P. Morgan, XP Investimentos and Brasil Plural to prepare an IPO after the October general elections, when capital markets are likely to be less volatile, a person close to the operation told BNamericas.


–Chile's central bank has put out to public consultation proposed amendments to regulations governing card operations. The draft changes are to a new retail payment regulatory framework introduced in June last year to help bring industry rules closer in line with market developments and help spur competition.

–Canada's Scotiabank is expecting its loan portfolio in Chile to expand 6% in 2019, as the lender was last week given the green light to absorb the local unit of Spain's BBVA.


Colombia's newly sworn-in president Iván Duque must use his "youth and idealism" to avert the country's possible relapse into civil war, a prominent political commentator told BNamericas.


US President Donald Trump announced the end to an impasse with Mexico in trade renegotiations, representing the single most important development in a year of formal Nafta 2.0 talks, saying agreements were finalized on what he termed the United States-Mexico trade agreement.


Nicaraguan banks saw the exit of almost US$41mn in two days this week, following the central bank's removal on Monday of a 1% fixed commission on the US dollars banks buy from it. This measure effectively gives central bank president Ovidio Reyes control over commissions.


banking watchdog Sudeban has introduced new remittances-related rules. The regulator, via a circular, has told private and public banks they must inform clients that they are required, should they travel overseas, to provide information on their destination and length of stay.


BNamericas talked to Matt Cole, Nubox's director of corporate development, about the company's focus, its outlook on embattled Argentina, and more.