Weekly Global News Wrap: Grupo Mexico clinches $5b to buy Citi assets; Brazilian banks may set aside $890m for Americanas losses

And the UK lays out plans to regulate cryptocurrency.

From Reuters:
Grupo Mexico, the conglomerate controlled by billionaire German Larrea, has secured a $5b debt package for its proposed acquisition of Citi’s retail banking operations in Mexico, according to people familiar with the matter.

Several banks, including Barclays and HSBC, have repotedly pledged to provide the debt financing, the sources said.

From Reuters:
Brazilian banks may have set aside provisions for losses with retailer Americanas this Q4 2022, according to analysts.

Banks such as BTG Pactual, Bradesco, Santander Brasil, Itaú Unibanco Holding, and Banco do Brasil have around 15 billion reais in loans with Americanas, according to analyst reports.

Analysts estimate the banks may provision around 30% of their loans in the fourth quarter, which would be equivalent to $890m or 4.5 billion reais.

From CNBC:
The UK has formally laid out plans to regulate the cryptocurrency industry.

During an industry consultation on 31 January, the government proposed a number of measures aimed at bringing regulation of crypto asset businesses in line with that of traditional financial firms.

A big theme that emerged in 2022 was the rise of risky loans made between multiple crypto firms and a lack of due diligence done on the counterparties involved in those transactions, reports CNBC.