INVESTMENT BANKING | Staff Reporter, Singapore

Weekly Global News Wrap Up: SocGen snaps Commerzbank's derivative and AM unit; BofA sued over second mortgages

And a Maltan regulator has pushed for the withdrawal of Pilatus Bank's license.

From Reuters: Societe Generale will buy Commerzbank’s derivatives and asset management businesses in a move the French bank said will boost its Lyxor funds division and raise its profile in Germany, the euro zone’s biggest economy. The two European banks did not disclose the value of the deal, although Commerzbank said the division had 2017 gross revenues of 381 million euros ($443 million). 

From Reuters: Bank of America and its Countrywide unit have been hit with a proposed class action accusing them of selling homeowners’ second mortgages to a Texas company for debt collection after assuring homeowners the loans would never be enforced. The lawsuit said homeowners are being threatened with foreclosure if they do not pay off the loans, which have ballooned in size after years of unpaid interest and penalties. 

From CNBC: Malta's banking watchdog on Saturday asked the European Central Bank to withdraw the banking license of Pilatus Bank, whose chairman was indicted earlier this year by a U.S. court. 

Malta's Financial Services Authority (MFSA) said it had formally filed for the withdrawal of the license due to the indictment of its chairman Ali Sadr Hashemi Nejad and because the bank had inadequate liquidity. 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.