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Citigroup has completed the separation of its Banamex business in Mexico, creating two distinct entities: Grupo Financiero Citi México and Grupo Financiero Banamex. With plans for an initial public offering, Grupo Financiero Banamex, which operates 1,300 branches and employs 39,000 people, is set to move forward as soon as market conditions and regulatory approvals are in place.
Super-prime borrowers, those with credit scores above 780, are set to experience significant drops in their credit ratings due to missed student-loan payments, with an average decline of 129 points. This decline will impact their ability to access additional credit, affecting both consumers and lenders.
Thames Water has appointed Julian Gething from AlixPartners as Chief Restructuring Officer to manage its debt restructuring efforts. The UK's largest water and sewage supplier aims to navigate its complex balance sheet recapitalization process and avoid temporary nationalization.
RBL Bank has ended its co-branded credit card partnership with Bajaj Finance due to changing product synergies, with BFL now contributing significantly less to new card sourcing. This decision, while unexpected, is seen as a prudent risk management move amid challenges in the bank's unsecured lending segment. Consequently, ICICI Securities has downgraded the stock to HOLD with a revised target price of INR 160, reflecting a cautious outlook on growth and return on assets.
ICICI Securities has maintained a BUY rating for Bajaj Finance, setting a target price of Rs 8,500. The company has ended its eight-year co-branded credit card partnership with RBL, citing a strategy to diversify fee income and reduce reliance on credit card fees, with minimal impact on profitability expected.
Donald Trump threatened 100% tariffs on goods from BRICS nations, including India, if they attempt to undermine the US dollar as the global reserve currency. This warning comes as BRICS expands to 10 members in 2024, with India advocating for increased use of local currencies to mitigate trade disruptions.
RBL Bank and Bajaj Finance Limited have decided to halt the issuance of new co-branded credit cards, with existing cards remaining operational and transitioning to RBK branding upon renewal. The bank plans to diversify partnerships to reduce reliance on any single entity while maintaining its focus on the credit card business. Growth and margin estimates have been moderated, leading to a 5% and 15% cut in FY25/26E PAT estimates, with a revised target price of INR 170.
Bajaj Finance has decided to exit the co-branded credit card distribution business, terminating its partnership with RBL Bank and potentially with DBS Bank as well. This move comes despite previous ambitions to become a leading card issuer, as the company currently holds around 4 million co-branded credit cards. While valuations appear attractive, significant upside is unlikely until Bajaj Finance addresses asset quality challenges in its B2C loan book and increases the proportion of secured loans. The target price is set at INR 7,250.
PayU India reported $237 million in revenue from its payments business for the first half of FY25, marking a 12% increase year-over-year. The company experienced a 25% rise in total payments value, aided by the onboarding of over 4,000 merchants following the lifting of regulatory restrictions in April 2024. Despite challenges, adjusted EBIT margins improved to -5%, although shifts in payment mix have impacted take rates.
VTB bank's CEO Andrei Kostin emphasized that any peace agreement with the West regarding Ukraine should be long-term, avoiding the need for revisiting the terms within a decade. He also remarked that interactions with the new U.S. administration are expected to be dynamic and engaging.
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