Dec. 1 - Fed, Treasury give PPP lending facility 3 more months | JPMorgan, Lloyds eye Starling purchase
JPMorgan, Lloyds express interest in buying Starling; GM's lending arm could apply for ILC charter this month; Facebook-led digital currency, renamed Diem, could launch in January; HSBC considers leaving US retail banking
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The move follows a recent rift between the two agencies over unused coronavirus aid funds and comes ahead of congressional testimony this week from Treasury Secretary Steven Mnuchin and Fed Chair Jerome Powell.
The British challenger's CEO said in May she "didn't start a bank to sell out to the big boys." But buying Starling would give JPMorgan a 1.8 million-customer head start on building a U.K. digital platform from the ground up.
The automaker's previous lending arm, GMAC, held an ILC charter until 2008, when the Federal Reserve gave emergency approval for it to become a bank holding company amid a trio of government bailouts worth $17.2 billion.
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"We like the connotation of it kind of being a new day for the project," said the group's CEO, Stuart Levey, referring to the moniker's use of the Latin word for "day."
The London lender has closed 79 of its U.S. branches this year. Sacrificing the rest in a pivot to Asia may not represent too great a loss. The U.S. arm's $62 billion loan book accounts for less than 6% of HSBC's total.
BBVA valued Sabadell at $3 billion, but the smaller bank wanted at least 12% of the merged company, Bloomberg reported, adding it also had an issue with board composition. BBVA denied the latter.
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