HALISTER1: India Seen as Bright Spot in Asia by MAS; Asean Growth to Slow

India Seen as Bright Spot in Asia by MAS; Asean Growth to Slow

(Bloomberg) -- India’s economy will remain on a modest expansion path, despite a weak external environment, with economic activity driven by private consumption, Monetary Authority of Singapore says in its biannual Macroeconomic Review published Wednesday.
  • Economic growth in the Asean-4 region is expected to ease further this year given the downbeat global outlook and slowing domestic demand in some economies
    • Increased government outlays on infrastructure will provide some support in near term
    • Malaysia and Thailand will be most affected by continued softness in external demand and exposure to China’s slowing economy
    • Indonesia and Philippines face firmer growth prospects, with domestic demand underpinned by improving consumer and investor sentiments
    • Monetary easing undertaken by Indonesia early this year will support economic activity while growth in Philippines will be bolstered by additional fiscal expenditures ahead of presidential election
  • See MAS’s full review here
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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MASP SP (Monetary Authority of Singapore)

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UUID: 7947283

HALISTER1: MORE: Nordea to Take All Actions Needed to Stay Trusted Partner

MORE: Nordea to Take All Actions Needed to Stay Trusted Partner

(Bloomberg) -- Nordea CEO Casper von Koskull says that “as CEO, I will take all actions necessary to ensure that we stay a safe and trusted partner.”
  • Expects investigation initiated to verify that business activities in Private Banking operations are in line with internal policies as well as external tax rules and anti- money laundering regulations to be finalized during summer
  • To address deficiencies highlighted by FSA last spring, bank established a Financial Crime Change Programme in June 2015 with “a focus on ensuring robust group-wide standards and processes”
    • As part of that, bank is establishing a central anti- money laundering unit “for know your customer, sanctions screening and transaction monitoring”
  • Says “we are significantly strengthening the functions and processes devoted to regulatory compliance in general”
    • Says those “efforts will ensure consistency and quality in our compliance work, and also that we will be more rigorous, efficient and competent in serving our customers”
  • Efforts “will only succeed if we continue to have a strong risk and compliance culture in place”
  • Earlier: Nordea 1Q Net Income Misses Estimates
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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NDA SS (Nordea Bank AB)

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Casper Von Koskull (Nordea Bank AB)

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HALISTER: Santander 1Q Net EU1.63b, Beats Est.; CET1 Fully-Loaded 10.27%

Santander 1Q Net EU1.63b, Beats Est.; CET1 Fully-Loaded 10.27%

(Bloomberg) -- Santander 1Q compares with EU1.72b yr earlier, est. EU1.5b.
  • Santander 1Q NII EU7.62b vs EU8.04b a yr ago, EU7.9b in 4Q
  • Bad loans ratio 4.33% vs 4.36% in Dec.
  • CET1 Fully Loaded 10.27% vs 10.05% in Dec.
  • Santander comments in regulatory filing
  • Related
    • April 26: Banco Santander Reaffirms Commitment to U.S. Businesses
    • Stock has risen 17% month-to-date vs a 8.9% rise in Stoxx 600 Banks index; is down 0.7% YTD vs a 14% fall in SX7P index
    • Of 39 analyst ratings, 14 are buy, 20 hold, 5 sell
  • PREVIEW here
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
SAN SM (Banco Santander SA)

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UUID: 7947283