Crédit Agricole to launch Creval bid in April; MoneyLion discloses SPAC deal

• Published in: SNL Financial Extra
• Main Author: Wajid, Darakshan
• Format: Trade Publication Article
• Language: English
• Published: New York SNL Financial LC 12.02.2021
• Subjects: Bank acquisitions & mergers; Banking; Central banks; Financial services; Interest rates; Investment banking; Ratings & rankings; Regulatory approval; United States > US; Italy; Mexico; Kuwait; Germany

The deal is expected to complete in the first half of the year, subject to regulatory and stockholder approvals, and other customary closing conditions. ➤ Commerzbank's cost of risk could reach €1.2B in 2021, CFO says Bettina Orlopp said "uncertainty" about the economy was behind the bank's cost of risk estimate as it projected a "tough" first quarter due to Germany's latest lockdown. ➤ Regulators zero in on payment for order flow in GameStop aftermath The practice of payment for order flow, which has become a key revenue source for some retail brokerages, is facing renewed skepticism from lawmakers and regulators in the wake of the GameStop saga. Dutch bank Volksbank NV, Finnish insurer Sampo Oyj and Germany's Hamburg Commercial Bank AG also reported financial results. * Spain's Banco Santander SA is planning to transfer the assets and business of its U.K. investment banking unit to its London branch. [...]Saudi Investment Bank's full-year 2020 net profit surged to 980 million riyals from 239 million riyals a year ago. * Kuwait's Capital Markets Authority granted United Arab Emirates-based First Abu Dhabi Bank PJSC a license to exercise the activity of custodian for a period of three years, renewable. * Fitch Ratings revised the outlooks on the long-term issuer default ratings of 11 Kuwaiti banks, including National Bank of Kuwait SAKP, Kuwait Finance House KSCP, Burgan Bank KPSC, Al Ahli Bank of Kuwait KSCP, Boubyan Bank KSCP and Gulf Bank KSCP, to negative from stable.