Financial Biz Cheat Sheet: Bank of China Halts Foreign Exchange Swaps, Transatlantic Explores Validus Offer
National Australia Bank (PINK:NABZY) is attempting to raise $767 million by selling a greenback-based tranche of paper backed by Australian mortgages.
Montpelier Re Holdings (NYSE:MRH) is selling its insurance business to Selective Insurance Group (NASDAQ:SIGI) for $55 million as the company narrows its focus to underwriting and managing core short-tail reinsurance lines.
National Bank of Canada has reportedly agreed to acquire HSBC’s (NYSE:HBC) Canadian retail brokerage unit for $208.1 million.
Jefferies Group (NYSE:JEF) has announced a new 20 million share repurchase program. It currently has 6.7 million shares remaining from its existing buyback program.
Siemens’ (NYSE:SI) banking business is denying a report that the unit had withdrawn more than 500 million euros from a large French bank and transferred it to the European Central Bank after a CNBC report had a source alleging that it withdrew the deposits from the bank in July.
Bank of China has ended foreign exchange swaps with several European banks, including SocGen, Credit Agricole, BNP Paribas, and UBS (NYSE:UBS), over fears about the banks’ creditworthiness.
Don’t Miss: European Central Banks Are Hungry for Gold
Transatlantic Holdings (NYSE:TRH) is reportedly exploring a “limited standstill” agreement with Validus (NYSE:VR) after having rejected a reinstated offer from National Indemnity (NYSE:BRK.A) and calling off a planned merger with Allied World Assurance (NYSE:AWH).