Hear’s a summary of the provided text, broken down by the main topics:
EU Intervention in Banking Mergers:
The EU is reportedly hindering unicredit’s €10bn takeover bid for Banco BPM.
Spain received a “formal notice” from the EU regarding its move to block the BBVA and Banco Sabadell merger for up to three years.
Brussels is demanding Spain review its decision and change laws that grant the government power to intervene in banking deals.
A senior EU official stated that governments have no formal power to prevent these mergers, calling Spain’s actions “pure political posturing.”
The official emphasized that EU banks’ real competitors are outside the EU.
china’s Response to EU Sanctions:
Beijing has strongly condemned the EU’s decision to sanction two chinese banks, Heilongjiang suifenhe Rural Commercial Bank and Heihe Rural Commercial Bank.
China views these sanctions, part of broader EU measures against Russia, as a “wrong practice” and has pledged a response to defend Chinese companies’ interests.
The Ministry of Commerce stated China will “take necessary measures” to safeguard its companies and financial institutions.
This dispute occurs just before a summit in beijing between EU leaders (ursula von der Leyen and António Costa) and Chinese leaders (Xi Jinping and Li Qiang), where trade, security, and the Russia-Ukraine conflict will be discussed.
HSBC’s Search for a New Board Chair:
HSBC has restarted its search for a new board chair after its initial shortlist of candidates was deemed unsatisfactory.
Over 100 individuals were considered, but many top prospects were unavailable or declined the role.
Potential candidates included Zurich Insurance Group CEO Mario Greco, Goldman Sachs executives Kevin Sneader and Richard gnodde, and former Lloyd’s of London chair Bruce Carnegie-Brown.
Mark Tucker, who has chaired the board since 2017, announced he would step down by the end of 2025, but this timeline accelerated to September when he accepted the role of non-executive chair at AIA Group.
Brendan Nelson, head of HSBC’s audit committee, will serve as interim chair from October 1.
Detained Wells Fargo Banker in China:
china’s foreign ministry stated that Chenyue Mao, a Wells Fargo banker barred from leaving China, is involved in a criminal case and must cooperate with investigations.
A ministry spokesperson emphasized that everyone in China, nonetheless of nationality, must abide by chinese laws. Mao, a US citizen and managing director at Wells Fargo, was placed under the exit ban after entering China recently.
Wells Fargo has suspended all employee travel to China following the ban.
