Banks that take your deposits and lend money out — to people buying homes, businesses growing, and everyday customers using checking accounts and cards.
KKP shares rise 2% as broker expects Q3 profit to grow 19% to 2 billion baht, raises target to 130 baht
Shares of Kiatnakin Phatra Bank, or KKP, rose 2.00 baht, or 1.79%, to 114.00 baht on trading value of 158.96 million baht, after Pi Securities estimated that third-quarter 2026 net profit will come in at about 2 billion baht, up 19% from the same period a year earlier but down 6% from the previous quarter. The gain is driven by higher net interest income on the back of a strong net interest margin of around 4%, along with expanding fee income, particularly in wealth management and the Dime business, while losses from repossessed cars continued to decline. Total loans are expected to expand 0.5% from the previous quarter, bringing loan growth for the first nine months of 2026 to 3.7% from the end of last year. On asset quality, the non-performing loan ratio is expected to hold steady at 3.5% and the coverage ratio at 149.5%. Pi Securities maintained its buy recommendation and raised its target price to 130 baht, based on 2027 fundamental value, and expects net profit to grow 35% in 2026 from a year earlier before slowing to 4.5% in 2027. Return on equity is expected to rise to 12.1% in 2026 and 12.3% in 2027, from 9.3% in 2025, while dividend yield is forecast at 6.3% in 2026 and 6.6% in 2027, after an interim dividend of 3.25 baht per share was already paid for the first half of 2026, with another 3.82 baht per share expected in the second half of the year.
KKP.BK · Capital · Positive Pi Securities raised its target price to 130 baht and expects Q3 2026 net profit to grow 19% to about 2 billion baht, maintaining a buy rating.
Kasikorn Securities sees Thai banks recovering, picks KKP and KTB as top stocks with targets of 153 and 48 baht
Kasikorn Securities assesses that the commercial banking sector's core operations are on a gradual recovery path. It expects the combined profit of the seven banks under its coverage in the third quarter of 2026 to reach 49.4 billion baht, down 2% from the second quarter of 2026 and down 15% from the third quarter of 2025, pressured by non-operating items. The main supporting factor comes from lower interest costs, with the net interest margin expected to rise 0.2% from the previous quarter, while loan-loss provisioning expenses are expected to fall 0.7% as management's additional reserves decline. For the fourth quarter of 2026 and continuing into 2027, loan growth is expected to accelerate, driven mainly by corporate and government lending, while retail and SME loans remain weak. On investment strategy, Kasikorn Securities maintains a positive view on the banking sector, selecting KKP and KTB as its top picks with buy recommendations and target prices of 153 baht and 48 baht respectively. It has also shifted the valuation base year for the entire banking sector from mid-2027 to the end of 2027 and raised individual target prices by 1-3%, without changing its earnings forecasts.
KKP.BK · Capital · Positive Kasikorn Securities names KKP a top pick with a buy rating and 153 baht target price, raising its target on the sector re-rating.
KTB.BK · Capital · Positive Kasikorn Securities names KTB a top pick with a buy rating and 48 baht target price, raising its target on the sector re-rating.
K WEALTH Launches K-ALLROADS Series, Highlighting Core Portfolio to Navigate a Volatile World
K WEALTH, Kasikornbank, has launched the K-ALLROADS Series of funds, designed as a core portfolio for high-net-worth individual clients, diversifying investments across a wide range of global assets to cope with volatility and build long-term wealth growth. Dr. Triphon Phumiwasana, Chief Investment Officer of K WEALTH, said the concept of Prepare, Don't Predict shifts the focus from forecasting short-term market direction to building a disciplined and flexible portfolio, combining the expertise of KBank Private Banking with the knowledge of Lombard Odier, a private banking partner from Switzerland. The K-ALLROADS Series offers three fund options: K-ALLRD-UI-A(A) for those seeking a balance between returns and risk, K-ALLGR-UI-A(A) for those seeking to enhance the portfolio's growth potential, and K-ALLEN-UI-A(A) for those looking for additional return opportunities within a clear risk management framework. Mr. Marc Giesbrecht, Deputy Global CIO and Head of Investment Management at Lombard Odier, said that diversifying investments by asset class alone may no longer be sufficient, and that investment strategies anchored in risk management are becoming more important, through investment in multiple asset types such as commodities, inflation-linked instruments, and money markets.
KBANK.BK · Capital · Positive K WEALTH (Kasikornbank) launches the K-ALLROADS Series of core portfolio funds for high-net-worth clients, expanding its asset-management product lineup.
Lombard Odier · Capital · Positive Lombard Odier is named as the private banking partner providing investment expertise for the new K-ALLROADS fund series.
K WEALTH partners with Lombard Odier to launch K-ALLROADS Series, built to handle every economic cycle
K WEALTH, Kasikornbank, has launched the K-ALLROADS Series, combining the expertise of KBank Private Banking with global know-how from Lombard Odier, a leading Swiss private banking partner, to elevate wealth management for high-net-worth individual clients under the concept Prepare, Don't Predict. Dr. Triphon Phumiwasana, Chief Investment Officer of K WEALTH at Kasikornbank, said the goal is not to beat the market at certain moments, but to preserve and build wealth so it grows continuously through every economic cycle. Mr. Marc Giesbrecht, Deputy Global CIO and Head of Investment Management at Lombard Odier, noted that diversifying investments by asset class alone may no longer be sufficient. Mr. Panotphol Tantawichian, CFA, Chief Investment Officer of Kasikorn Asset Management Co., Ltd., said the K-ALLROADS Series uses the ALL ROADS strategy developed by Lombard Odier, based on asset allocation by risk level, to serve as a Core Portfolio, or main investment portfolio. The fund group offers three options: K-ALLRD-UI-A(A) for those seeking a balance between returns and risk, K-ALLGR-UI-A(A) for those looking to enhance the portfolio's growth potential, and K-ALLEN-UI-A(A) for those seeking additional return opportunities within a clear risk management framework.
KBANK.BK · Demand · Positive Kasikornbank's K WEALTH launched the K-ALLROADS Series with Lombard Odier to attract high-net-worth wealth-management clients.
Lombard Odier · Demand · Positive Lombard Odier partners with K WEALTH, supplying its ALL ROADS strategy to serve Thai high-net-worth clients.
Krungsri stays bullish on banking sector, picks KBANK and KTB as top stocks
Analysts at Krungsri Securities Public Company Limited maintain a BULLISH recommendation on the banking sector, expecting ROE in 2027 to rise from 2026 because the interest rate downcycle has ended, the cycle is returning, a new investment round is underway, and wealth management is growing. After share prices fell 2-8% between 25 and 30 September 2026, the market should have already priced in some of the negative factors from asset quality risk tied to the Bangkok flood situation and the risk from northern runoff. KBANK and KTB are chosen as Top Picks because they benefit most from this investment theme. For the third quarter of 2026, net profit for the banking sector under coverage is expected at 56 billion baht, down 10% from the same period a year earlier but up 1% from the previous quarter. Banks are expected to keep paying high dividends for 2026, with a dividend yield of 5-6%, because they have high capital funds, are maintaining medium- to long-term plans to raise ROE, and have no large new investments. For the second half of 2026, dividends are expected to offer a dividend yield of 3-5%. KTB and KKP are expected to pay higher-than-expected dividends for 2026 because they announced larger-than-expected dividends for the first half of 2026.
KBANK.BK · Capital · Positive Krungsri Securities names KBANK a Top Pick, benefiting most from the new investment round and rising ROE theme.
KTB.BK · Capital · Positive Krung Thai Bank is chosen as a Top Pick, benefiting most from the investment theme, and is expected to pay higher-than-expected 2026 dividends.
KKP.BK · Capital · Positive KTB and KKP are expected to pay higher-than-expected 2026 dividends after larger-than-expected H1 2026 payouts.
JPMorgan Chase & Co. reported $58.0 billion in second-quarter 2026 revenue, up 27% from a year earlier, with net income jumping 41% to $21.2 billion and earnings per share of $7.70. Average loans grew 10% and deposits increased 7%, while return on tangible common equity reached 29%. The bank raised its quarterly dividend from $1.50 to $1.65 per share, an annualized $6.60 starting in the third quarter of 2026, and approved a new $50 billion share-repurchase program. The stock trades at about 13.5x forward earnings, roughly 10% below its average forward P/E of about 15x over the previous five quarter ends, with a forward dividend yield of around 1.99% and a payout ratio of about 26%.
Delfin to tender full 17.6% Monte dei Paschi stake into Intesa takeover offer
Delfin has committed to tender its entire 17.6% stake in Banca Monte dei Paschi di Siena into Intesa Sanpaolo's voluntary takeover offer, Intesa said on Sunday. The Luxembourg-registered shareholder holds 534.68 million MPS shares, all of which are covered by the undertaking, Intesa said on Oct. 4. Delfin has also committed to attend MPS' shareholder meeting and vote in line with the terms of Intesa's offer. Intesa's offer covers up to 3.04 billion MPS shares, excluding the 1.02 million shares it already owns, and that number could increase by up to 272.01 million shares if MPS' planned merger with Mediobanca takes effect before the offer period closes.
Yamagata Bank and Daiwa Securities Sign Alliance on Securities Services
The Yamagata Bank, Ltd. and Daiwa Securities Co. Ltd. agreed on 1 October 2026 to a memorandum of understanding for a comprehensive business alliance covering the integration of securities accounts, expanded intermediary services, and advanced consulting capabilities for customers in Yamagata Prefecture and nearby regions. Under the plan, Daiwa Securities will transfer and integrate most local securities accounts while seconding specialists into Yamagata Bank, a move that could reshape how full-service investment and inheritance advice is delivered in the region. The impact will depend on the eventual 2027 agreement and 2028 roll out, with the alliance potentially acting as a short term catalyst if investors factor in higher fee income, stickier customer relationships, or better use of Daiwa's product shelf. At the same time, transferring most securities accounts and relying on an intermediary model introduces execution and relationship risks alongside existing concerns about low return on equity, volatile shares and an inexperienced board. A single Simply Wall St Community fair value estimate for Yamagata Bank clusters at ¥1,348.60 per share, well below the current market price.
8344.JP · Demand · Neutral Alliance could lift fee income and customer stickiness, but account transfer and intermediary-model execution risks plus low ROE make the net impact unclear
8601.JP · Demand · Positive Daiwa will take over most local securities accounts and second specialists into Yamagata Bank, expanding its customer base and intermediary services
Pie Securities maintains Buy on KKP, raises target to 130 baht, expects 2026 profit to grow 35%
Pie Securities maintains its Buy recommendation on KKP shares and raises its fair value to 130 baht, valuing the stock using the Gordon Growth Model at a 12% ROE and 2% terminal growth, based on 1.55x PBV for 2026. The research team expects third-quarter 2026 net profit of 2 billion baht, up 19% year on year but down 6% quarter on quarter, supported by the wealth management business and a NIM holding steady at a high 4%. The NPL ratio held steady at 3.5% and the coverage ratio at 149.5%. For the full-year 2026 outlook, net profit is expected to grow a strong 35% year on year, followed by continued growth of 4.5% year on year in 2027. This should push ROE up to 12.1% in 2026 and 12.3% in 2027, from 9.3% in 2025. The dividend yield is expected to be high at 6.3% in 2026 and 6.6% in 2027, after an interim dividend of 3.25 baht in the first half of 2026, with another 3.82 baht expected in the second half.
KKP.BK · Capital · Positive Pie Securities maintains Buy and raises KKP's fair value to 130 baht, forecasting 35% profit growth in 2026 and high dividend yield.
Bank of Nova Scotia Buyback Cap Raised to 40 Million Shares After Regulator Approval
Canadian regulators have approved a sharp expansion of Bank of Nova Scotia's normal course issuer bid, lifting the cap on common share repurchases from 15 million to 40 million shares. The bank's shares last closed at CA$129.93, and the most followed fair value estimate stands at CA$132.71, framing the enlarged buyback as a capital return decision made with only a small modeled discount in play. The bank's expansion of banking and wealth management services across Pacific Alliance countries, namely Mexico, Peru, Chile and Colombia, is described as positioning it to capture revenue growth from increasing financial inclusion and rising middle-class demand for loans and investment products. Accelerated investment in digital platforms, including AI-driven solutions and enhanced online banking capabilities, is described as aiming to drive operational efficiency, reduce costs and support net margins. Still, the bank's heavy exposure to Latin America and the Canadian housing market could quickly test this fair value story if credit conditions worsen.
BNS · Capital · Positive Canadian regulators approved expanding Bank of Nova Scotia's buyback cap from 15 million to 40 million shares, a capital return decision.
Bank of Hangzhou fined 9.75 million yuan for imprudent loan management, 14 responsible individuals held accountable
The Zhejiang Bureau of the National Financial Regulatory Administration issued a 9.75 million yuan fine to Bank of Hangzhou on September 30, citing imprudent management of working capital loans, personal loans, and project loans. This is the largest regulatory fine the bank has received in 2026. At the same time, 14 responsible individuals were penalized. Huang Jinqing was given a warning and fined 100,000 yuan. Zhang Heng, Mao Rongli, Wang Wei, Xu Zhenghao, Shen Jiaming, and Zhu Ranran were warned and each fined 50,000 yuan. Su Wenliang, Fang Kang, Zhao Menghua, Xu Yongxin, Zhu Pengfei, Sun Xin, and Chen Huicong were warned. The combined fines for Bank of Hangzhou and the responsible individuals totaled 10.15 million yuan. Bank of Hangzhou is a leading A-share listed city commercial bank. As of the end of June 2026, its total assets reached 2.47 trillion yuan. In the first half of 2026, it achieved operating revenue of 21.048 billion yuan, up 4.75 percent year on year, and net profit attributable to the parent company of 12.813 billion yuan, up 9.87 percent year on year. Its non-performing loan ratio was 0.76 percent, and its provision coverage ratio was 471.96 percent. However, the bank's personal loan non-performing ratio climbed to 1.48 percent in the first half, up 0.27 percentage points from the start of the year. Within that, the non-performing ratio for personal business loans was 2.08 percent, up 0.56 percentage points from the start of the year. The 9.75 million yuan fine accounts for less than one-thousandth of the first-half net profit attributable to the parent company of 12.813 billion yuan, so the financial impact is very small. But it exposes compliance pressure behind the bank's rapid business expansion, and the accountability of 14 responsible individuals also sends a clear signal that compliance responsibility is being individualized.
600926.CG · Regulation · Negative Bank of Hangzhou fined 9.75 million yuan by the NFRA for imprudent loan management, with 14 responsible individuals penalized.
BNY in Talks with Kraken Parent Payward on Financial Infrastructure Partnership
BNY Mellon, a major U.S. financial institution, is in talks with Payward, the parent company of crypto exchange Kraken, over a partnership in financial infrastructure, CoinDesk reported on October 2. The partnership could span a wide range of areas including crypto-related products, custody, asset management, trading and settlement, but the talks are ongoing and it is not certain whether an agreement will be reached, and both companies declined to comment to the outlet. In addition to operating Kraken, Payward provides infrastructure through its Payward Services business for financial institutions, giving banks and exchanges the foundation to embed trading and settlement functions into their own services. BNY Mellon handles custody, administration and clearing for institutional investors, and on January 9 announced the launch of a tokenized deposit feature that reflects customer deposit balances on a blockchain. Payward announced a partnership with Nasdaq on March 9 to connect regulated stock markets with blockchain-based markets, and on September 10 it announced an expanded partnership including a $100 million investment agreement by Nasdaq's investment arm. According to CoinDesk, the proposed partnership with BNY may include elements similar to the infrastructure collaboration in Payward's recent agreement with Nasdaq, but the specific services and start date have not been disclosed.
BNY · Capital · Positive BNY is in talks with Payward/Kraken on a financial infrastructure partnership spanning crypto products, custody, asset management, trading and settlement.
Kraken (Payward Inc.) · Capital · Positive Payward, Kraken's parent, is in talks with BNY on a financial infrastructure partnership covering crypto products, custody, trading and settlement.
Bank OZK Declares 65th Consecutive Quarterly Dividend Increase
Bank OZK's board declared a quarterly cash dividend of US$0.49 per common share and US$0.28906 on its 4.625% Series A Non-Cumulative Perpetual Preferred Stock, marking the bank's 65th consecutive quarterly common dividend increase. Payments are scheduled in October and November 2026 to shareholders of record in mid-October and early November. The raise reinforces Bank OZK's position in the S&P High Yield Dividend Aristocrats index and underscores management's emphasis on consistent shareholder payouts. The dividend hike sits alongside a US$200 million share repurchase authorization running through July 2027, framing how management is deploying excess capital while earnings growth has been modest and the loan mix shifts toward Corporate & Institutional Banking. Bank OZK's narrative projects $2.1 billion in revenue and $658.3 million in earnings by 2029, with a $54.22 fair value estimate implying 16% upside, though concentrated commercial real estate exposures and elevated RESG repayments remain the key risks.
OZK · Capital · Positive Bank OZK declared its 65th consecutive quarterly common dividend increase to $0.49/share, alongside a $200M buyback authorization.
Krungsri stays positive on banking sector, picks KBANK and KTB as top stocks
Krungsri Securities Public Company Limited maintains a positive view on the banking sector, assessing that ROE in 2027F has room to rise from 2026F, driven by the expected end of the interest rate downcycle, the return of a new investment cycle, and growth in the wealth management business. Krungsri views the banking sector investment theme as Investment Cycle & Wealth Management Driven, and investment projects in Thailand worth a combined total of more than 8 trillion baht will be a key driver of loan growth ahead. Meanwhile, the wealth management business, which accounts for roughly 25-35% of fee and service income and 5-10% of total revenue, carries high margins. For third-quarter 2026 results, Krungsri expects the seven banks under its coverage to post combined net profit of approximately 56 billion baht, down 10% year on year but up 1% quarter on quarter. The year-on-year decline is mainly due to lower NIM following policy rate cuts and a shift in lending toward lower-risk segments. On asset quality, Krungsri expects the group's gross NPLs to rise about 2% quarter on quarter, putting the NPL ratio at 3.64%, up from 3.59% in the second quarter of 2026, and expects banks to keep paying high dividends for 2026, with an estimated dividend yield of about 5-6%. For top stock picks, Krungsri selects KBANK and KTB as its Top Picks, rating KBANK a BUY with a target price of 300 baht and KTB a BUY with a target price of 55 baht.
Three Tohoku regional banks enter merger talks as cross-prefecture consolidation accelerates
Aomori Michinoku Bank, Iwate Bank and Akita Bank have decided to enter talks toward a management integration. The move comes as a shrinking population, the burden of system investment tied to the spread of artificial intelligence, and intensifying competition to win deposits and borrowers in an era of positive interest rates all weigh on their businesses. Cross-prefecture realignments are multiplying across the country: Fourth North Financial Group, which is based in Niigata Prefecture, and Gunma Bank plan to integrate in 2027, while Shizuoka Financial Group and Nagoya Bank aim to merge around 2028. The emergence of cutting-edge AI models, which has heightened the need to defend against cyberattacks, is also spurring consolidation. Keitaro Ishikawa, president of Aomori Michinoku Bank, said at a news conference on the second that going it alone feels like an extremely heavy burden. Still, Aomori Michinoku Bank was itself only created in January last year through the merger of Aomori Bank and Michinoku Bank, once rival regional lenders within the prefecture, and voices in the industry said they hope the talks do not end up like those between Aichi Financial Group and Sanju Financial Group, which broke down almost immediately.
8343.JP · Capital · Positive Akita Bank is entering talks toward a management integration with Aomori Michinoku and Iwate Bank.
Aomori Michinoku Bank, Ltd. · Capital · Positive Aomori Michinoku Bank is entering merger talks, with its president citing the heavy burden of going it alone.
8345.JP · · Neutral Iwate Bank is one of the three Tohoku banks entering merger talks; outcome and terms unclear.
7327.JP · · Neutral Fourth North Financial Group (Daishi Hokuetsu) is cited as planning integration with Gunma Bank in 2027.
8334.JP · · Neutral Gunma Bank is named as planning to integrate with Fourth North Financial Group in 2027.
8522.JP · · Neutral Nagoya Bank is named as planning to merge with Shizuoka Financial Group around 2028, part of the consolidation trend.
PNC Financial declared a quarterly dividend of $2.00 per share, unchanged from the prior payout. The forward yield on the common stock is 3.62%. The dividend is payable November 5 to shareholders of record as of October 14, which is also the ex-dividend date.
PNC Board Declares $2.00 Quarterly Common Stock Dividend
The PNC Financial Services Group, Inc. declared a quarterly cash dividend of $2.00 per share on its common stock, payable Nov. 5, 2026, to shareholders of record at the close of business Oct. 14, 2026. The board also declared cash dividends on seven series of preferred stock, each represented by 100 depositary shares except for Preferred Series B and X. Series B carries a dividend of $0.45 per preferred share, payable Dec. 10 to holders of record Nov. 13, while Series X pays $18.13 per preferred share on Oct. 29 to holders of record Oct. 15. Series S pays $2,500.00 per preferred share, or $25.00 per depositary share, on Nov. 1 to holders of record Oct. 14. Series T pays $1,787.75 per preferred share, or $17.8775 per depositary share, on Dec. 15 to holders of record Nov. 27, and Series U pays $1,500.00 per preferred share, or $15.00 per depositary share, on Nov. 15 to holders of record Oct. 30. Series V pays $1,550.00 per preferred share, or $15.50 per depositary share, and Series W pays $1,562.50 per preferred share, or $15.6250 per depositary share, both payable Dec. 15 to holders of record Nov. 27.
Citigroup Launches Multi-Market Instant Payments on Swift Network
Citigroup has launched multi-market instant payments on the Swift network, letting clients reach several cross-border instant payment schemes through a single Citi account setup on Swift. The service is designed to work without separate local bank relationships, bilateral deals, or custom in-house payment infrastructure, and it turns a single Citi account into a hub reaching instant schemes in AUD, GBP and INR, plus expanded USD clearing. Citi plans to extend the Swift-based instant payment coverage to more countries and currencies over time as part of its digital payments push. The bank, a US$217.2b financial group, said the launch supports its Services franchise, adding to the double-digit Services revenue growth already reported in 2Q26. Investors will watch how much instant payment volume and related Services revenue Citigroup attributes to Swift and WorldLink in upcoming quarterly reports, along with client adoption across the 12,500 Swift institutions.
C · Technology · Positive Citigroup launched multi-market instant payments on the Swift network, expanding its digital payments capabilities and Services franchise.
S.W.I.F.T. SC (Society for Worldwide Interbank Financial Telecommunication) · Demand · Positive Citi's new instant payment service runs on the Swift network, potentially increasing Swift transaction volume and adoption across its 12,500 institutions.
Jefferies and SMBC Form Japan Joint Venture as SMBC Raises Stake to Nearly 20%
Jefferies Financial Group is expanding its partnership with Sumitomo Mitsui Banking Corporation through a Japan-based joint venture expected to begin serving clients in January 2027, while SMBC has increased its equity ownership in Jefferies to almost 20%, making it the company's largest shareholder. The venture will combine SMBC and SMBC Nikko's domestic client coverage, equities, Equity Capital Markets, research and corporate access capabilities with Jefferies' global client network, sector expertise, trading technology and capital-markets capabilities, with the shared goal of building a leading institutional Japanese equities and ECM franchise. The partners will also jointly source and execute Japan-related cross-border mergers and acquisitions and ECM transactions. Jefferies said joint coverage of selected large sponsor clients began in 2024, and its M&A and ECM market share for those jointly covered clients increased more than fourfold, with the partners now expanding joint coverage to larger sponsors globally. Management expects the Japan joint venture to provide a template for other ways Jefferies and SMBC can work together globally, though the venture is not expected to launch until January 2027.
8316.JP · Capital · Positive SMBC increased its equity ownership in Jefferies to almost 20% and formed a Japan joint venture combining its domestic coverage with Jefferies' global network.
JEF · Capital · Positive SMBC raised its stake in Jefferies to nearly 20%, making it the largest shareholder, and formed a Japan joint venture expanding its capital-markets and M&A franchise.
Citi warns rate volatility without Fed repricing is concerning
Citi warned on Friday that bond market volatility has entered a more dangerous phase for risky assets, with the latest selloff driven by the long end of the curve rather than Fed expectations. The bank said the MOVE index broke above two standard deviations on a one-year lookback last Thursday, a day after strong PMI data and a weak auction pushed the 10-year Treasury yield above 5%. Citi noted that high MOVE readings have historically coincided with weakness in the S&P 500, though the index has typically fallen back below that threshold within days and calms once investors work out the Fed's hiking cadence, usually about two months after the first hike. Citi said that comfort relies on monetary policy being the driver, and its rates strategists pointed to a buyer's strike that has made auction weeks notably worse than normal. The bank's best guess is that the neutral rate is moving higher alongside a strong growth outlook, and it sees no clear catalyst to break the buyer's strike in the short term, suggesting MOVE could stay elevated. Beneath a steady S&P 500, Citi noted small caps have sold off more sharply.
RBC downgrades Commerzbank to sector perform on UniCredit execution risk
RBC Capital Markets downgraded Commerzbank to "sector perform" from "outperform" on Friday, citing rising execution risk from UniCredit's plans for the German lender. RBC cut its price target to €40 from €43 and raised its cost-of-equity assumption to 12% from 11%, noting Commerzbank shares closed at €39.37 on Thursday. UniCredit has secured 49.65% of Commerzbank's voting rights and plans to take control from Jan. 1, 2027, subject to expected European Central Bank approval by year-end. RBC's base case assumes Commerzbank remains standalone under an initial "Unlocked" phase, with restructuring costs of €2.2 billion, cost savings of €1.4 billion and €650 million of lost revenue, alongside plans to release €4 billion of capital. In a later phase RBC calls "New Chapter", Commerzbank could acquire UniCredit's German subsidiary HVB for 25 billion, a deal RBC estimates would generate an 11% return on investment by 2030, rising to 13% if UniCredit delivers its full synergy target. Commerzbank is scheduled to report third-quarter results on Nov. 5.
CBK.XETRA · Capital · Negative RBC downgraded Commerzbank to sector perform and cut its price target to €40 from €43 on UniCredit execution risk
RY · Capital · Negative RBC downgraded Commerzbank to sector perform and cut its price target to €40 from €43 on UniCredit execution risk
CRIN.XETRA · Capital · Neutral UniCredit's takeover plans and HVB synergy targets are the cited execution risk, but no direct rating or valuation change for UniCredit is given
Scotiabank Amends Buyback to Repurchase Up to 40 Million Common Shares
The Bank of Nova Scotia said the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions have approved an amendment to its normal course issuer bid that raises the number of common shares it may buy for cancellation from 15 million to 40 million. The amended amount represents approximately 3.25 per cent of the 1,231,433,660 common shares issued and outstanding as of March 24, 2026, and the amendment takes effect October 6, 2026. Scotiabank had purchased 13,044,315 common shares under the current bid as of August 31, 2026, and no other terms of the bid were changed. The bid runs until the earlier of the bank buying the maximum number of shares allowed, giving notice of termination, or April 6, 2027, with daily purchases limited to 1,114,002 common shares based on an average daily trading volume of 4,456,008 shares over the six months before the bid began. Purchases may be made on the open market through the TSX, the New York Stock Exchange and other designated venues, and the bank's automatic repurchase plan established April 7, 2026, under which Scotia Capital Inc. acts as broker, will be amended to reflect the higher maximum.
BNS · Capital · Positive Scotiabank amended its buyback to repurchase up to 40 million common shares, up from 15 million, a shareholder-return/capital event.
Bangkok Bank to discontinue Bualuang iBanking service from 15 December 2026
Bangkok Bank has announced it will discontinue its internet banking service, Bualuang iBanking, from 15 December 2026 onwards. The bank sent an email to customers and posted an announcement on its website, citing certain limitations of the service that prevent it from fully developing new features and enhancing security, making it necessary to stop offering the service through this channel. It advised customers to switch to Bangkok Bank's mobile banking service, which is a more secure and more complete channel. For scheduled transaction services via Bualuang iBanking, the bank will discontinue the service from 1 November 2026 onwards, and scheduled transactions set to take effect from 15 December 2026 will be automatically cancelled. The bank advises customers to set up new scheduled transactions in the Bangkok Bank mobile banking app. Customers who have previously used the Bangkok Bank mobile banking app can log in again using their existing Mobile PIN, or use their debit card number and debit card PIN, or request a first-time access code at a bank branch or ATM. Customers who have never used the service can register in the same way, and if their information is not up to date, they must verify their identity at a bank branch before using the service, using a national ID card for Thai nationals or a passport for foreigners.
BBL.BK · Technology · Neutral Bangkok Bank is discontinuing its Bualuang iBanking service, citing limitations preventing new features and security enhancements, and directing customers to its mobile app.
Bitcoin Surges Above $86,000 After Citi Raises Target to $113,000
Bitcoin jumped more than 2.2% to trade at around $86,150, kicking off the Uptober round that the market had been hoping for, with the price briefly touching $86,150 before holding above $85,000. The broader crypto market gained 1.9%. The main driver came from Citi, which raised its 12-month Bitcoin price target from $82,000 to $113,000, citing stronger crypto activity, a supportive macroeconomic environment, and returning ETF demand. Meanwhile, U.S. spot Bitcoin ETFs recorded net inflows of $102.7 million on October 1, reversing outflows of $148.7 million the previous day, after an earlier streak of cumulative inflows totaling $3.1 billion before outflows hit on September 30. New York Fed President John Williams said there was no urgent need to raise interest rates again, prompting CME FedWatch data to show the odds of a rate hike in October falling to about 44%. The rally also liquidated roughly 77,543 traders over 24 hours, with total liquidations of $324.68 million. Traders are watching whether the price can break through the recent swing high of $86,837.30; a sustained hold above that level could open the way to $87,000, $95,000, and $100,000, but a drop below $85,000 could send it back down to the $83,000 zone.
BTC · Capital · Positive Bitcoin jumped over 2.2% to ~$86,150 after Citi's raised price target, supportive macro, and returning ETF inflows.
C · Capital · Positive Citi raised its 12-month Bitcoin price target from $82,000 to $113,000, an analyst valuation call that is the article's main driver.
Brokers expect KTB's Q3 2026 profit to recover 1.2-7% QoQ, top target price 55 baht
Efinancethai news agency compiled analyst estimates from leading securities firms assessing the direction of Krung Thai Bank Public Company Limited, or KTB, between 24 September and 2 October 2026, expecting third-quarter 2026 net profit of approximately 12.3 billion to 13 billion baht, growing 1.2 to 7% quarter on quarter, driven by better net interest income on loan growth and NIM, along with fee and service income, gains from FVTPL investments and dividends received. However, third-quarter 2026 profit is still down 11 to 16.1% year on year because of the high base in the third quarter of 2025, when there was a large mark-to-market on investments. Loans are expected to grow another 3% quarter on quarter, lifting year-to-date loan growth to 6.6%, the highest in the banking group. Meanwhile, the NPL ratio to total loans is likely to decline from 2.92% in the second quarter of 2026. For full-year 2026, net profit is estimated at 48.084 billion to 48.9 billion baht, flat to up 1.4% year on year, while maintaining ROE at 10%, and the 2026 dividend is expected at 2.10 baht per share, a dividend yield of 4.7%. As for broker target prices, Krungsri Securities gives 55.00 baht with a buy recommendation, Phillip Securities gives 46.00 baht with a recommendation to accumulate, and Trinity Securities gives 41.00 baht with a recommendation to buy on weakness.
KTB.BK · Capital · Positive Brokers expect KTB's Q3 2026 net profit to grow 1.2-7% QoQ on better NII, fee income and investment gains, with target prices up to 55 baht.
Three Tohoku regional banks agree to begin talks toward April 2028 merger
Prologue Holdings, Iwate Bank and Akita Bank announced on the 2nd that they have agreed to enter negotiations toward a business integration. The three Tohoku regional banks, including Prologue Holdings, which owns Aomori Michinoku Bank, aim to merge in April 2028.
7384.JP · Capital · Positive Prologue Holdings, owner of Aomori Michinoku Bank, is a party to the agreed merger talks toward April 2028.
8343.JP · Capital · Positive Akita Bank is one of the three regional banks that agreed to enter merger negotiations.
8345.JP · Capital · Positive Iwate Bank is one of the three Tohoku regional banks agreeing to negotiate a business integration/merger by April 2028.
Aomori Michinoku Bank, Ltd. · Capital · Positive Aomori Michinoku Bank is the subsidiary of Prologue Holdings involved in the three-bank integration plan.
KTB sets up 2 new companies to restructure financial business group
Krungthai Bank Public Company Limited, or KTB, announced the establishment of two new companies to restructure the bank's internal financial business group. Krung Thai Holding Company Limited, or KTH, a subsidiary 99.99% held by the bank and a company within the bank's financial business group, has registered the establishment of two new subsidiaries: Krung Thai Alliance Holding Company Limited and Krung Thai Capital Holding Company Limited. Krung Thai Alliance Holding Company Limited operates as a holding company for companies within the bank's financial business group engaged in shared support services, as well as digital technology and innovation businesses, with registered capital of 1 million baht, fully paid up. Meanwhile, Krung Thai Capital Holding Company Limited operates as a holding company for companies within the bank's financial business group engaged in investment and asset management, and for group companies engaged in the insurance business, with registered capital of 1 million baht, fully paid up. The bank received permission from the Bank of Thailand for both newly established companies to be companies within the bank's financial business group on 9 September 2026.
KTB.BK · Capital · Positive KTB restructures its financial business group by setting up two new holding subsidiaries, a corporate reorganization approved by the Bank of Thailand.
Krungthai Holding Co., Ltd. · Capital · Positive KTB's 99.99%-held subsidiary Krung Thai Holding registered two new subsidiaries as part of the bank's restructuring.
KTB sets up 2 new holdings to support digital and insurance businesses
Krungthai Bank Public Company Limited, or KTB, disclosed that Krungthai Holding Company Limited, a subsidiary 99.99% owned by the bank, has registered the establishment of two new subsidiaries: Krungthai Allianz Holding Company Limited and Krungthai Capital Holding Company Limited. Both companies were registered on 1 October 2026 with registered capital of 1,000,000 baht each, fully paid up, divided into 100,000 ordinary shares at a par value of 10 baht per share, and Krungthai Holding Company Limited holds 99.99% of the registered capital in each company. Krungthai Allianz Holding Company Limited operates as a holding company for companies in the bank's financial business group engaged in shared support services, including digital technology and innovation businesses, while Krungthai Capital Holding Company Limited operates as a holding company for companies in the bank's financial business group engaged in investment and asset management, and for group companies engaged in the insurance business. The bank received permission from the Bank of Thailand for both newly established companies to be companies within the bank's financial business group on 9 September 2026.
KTB.BK · Capital · Positive KTB's subsidiary Krungthai Holding established two new holding companies to support its digital and insurance businesses, a corporate structuring move.
Krungthai Holding Co., Ltd. · Capital · Positive Krungthai Holding registered two new wholly-owned subsidiaries, Krungthai Allianz Holding and Krungthai Capital Holding, expanding its group structure.
Krungthai Sets Up 2 New Holdings to Push Digital Technology and Asset Management
Krungthai Bank (KTB) notified the Stock Exchange of Thailand on October 2, 2026, that Krungthai Holding Company Limited (KTH), a subsidiary in which the bank holds a 99.99% stake, has registered the establishment of two new subsidiaries to restructure the internal operations of the bank's financial business group. Both were officially registered on October 1, 2026, each with registered capital of 1 million baht, fully paid up, divided into 100,000 ordinary shares with a par value of 10 baht per share, and KTH holds a 99.99% stake in both companies. The first company is Krungthai Alliance Holding Company Limited, which operates as a holding company for companies in the bank's financial business group engaged in shared support services, including digital technology and innovation businesses. The second company is Krungthai Capital Holding Company Limited, which operates as a holding company for companies in the bank's financial business group engaged in investment, asset management, and insurance businesses. The bank has received permission from the Bank of Thailand for both newly established companies to join the bank's financial business group, effective September 9, 2026. It added that the transaction does not constitute a significant transaction or a connected transaction under the relevant notifications.
KTB.BK · Capital · Neutral KTB's subsidiary KTH registered two new holding companies to restructure its financial business group, a corporate reorganization with no clear positive or negative financial impact.
Krungthai Allianz Holding Co., Ltd. · Capital · Neutral Krungthai Alliance Holding was newly established as a holding company for shared support services including digital technology and innovation; no financial impact stated.
Krungthai Capital Holding Co., Ltd. · Capital · Neutral Krungthai Capital Holding was newly established as a holding company for investment, asset management, and insurance businesses; no financial impact stated.
Krungthai sets up 2 new holding subsidiaries to oversee investment and insurance businesses
Krungthai Bank Public Company Limited announced the establishment of two new subsidiaries through Krungthai Holding Company Limited, or KTH, a subsidiary in which the bank holds a 99.99% stake, as part of an internal restructuring of its financial business group. Both companies were registered on 1 October 2026 with registered capital of 1 million baht each, fully paid up, and KTH holds 99.99% of the registered capital of each company. The first, Krungthai Allianz Holding Company Limited, was set up to operate as a holding company for companies in the bank's financial business group engaged in shared support services, including digital technology and innovation, with 100,000 ordinary shares at a par value of 10 baht per share. The second, Krungthai Capital Holding Company Limited, was set up to operate as a holding company for companies in the bank's financial business group engaged in investment and asset management, including companies in the insurance business, with 100,000 ordinary shares at a par value of 10 baht per share and registered capital of 1 million baht, fully paid up. The Bank of Thailand has already permitted both newly established companies to be part of the bank's financial business group as of 9 September 2026. The bank stated that the transaction does not constitute a significant transaction or a connected transaction under the relevant notifications.
KTB.BK · Regulation · Neutral Krungthai Bank sets up two holding subsidiaries as an internal restructuring, with Bank of Thailand approval for the new entities to join its financial business group.
Krungthai Allianz Holding Co., Ltd. · Regulation · Neutral Krungthai Allianz Holding was newly registered as a holding company for shared support services, including digital technology and innovation, under KTH's 99.99% ownership.
Krungthai Capital Holding Co., Ltd. · Regulation · Neutral Krungthai Capital Holding was newly registered to hold the bank's investment, asset management, and insurance businesses, with central bank approval.
Krungthai sets up 2 new holdings for digital, investment and insurance
Krungthai Bank Public Company Limited, or KTB, informed the Stock Exchange of Thailand that Krungthai Holding Company Limited, or KTH, a subsidiary 99.99% held by the bank, registered the establishment of two new subsidiaries on 1 October 2026. The first is Krungthai Allianz Holding Company Limited, with registered capital of 1 million baht, fully paid up, divided into 100,000 ordinary shares at a par value of 10 baht each, with KTH holding 99.99%. It was set up to operate as a holding company for companies in the bank's financial business group engaged in shared support services, as well as digital technology and innovation businesses. The second is Krungthai Capital Holding Company Limited, with registered capital of 1 million baht, fully paid up, divided into 100,000 ordinary shares at a par value of 10 baht each, with KTH holding 99.99%. It will serve as a holding company for companies in the bank's financial business group engaged in investment and asset management, as well as companies in the insurance business. The bank stated that it had received permission from the Bank of Thailand for both newly established companies to be part of the bank's financial business group, effective from 9 September 2026.
KTB.BK · Regulation · Neutral KTB's subsidiary KTH established two new holding companies after receiving Bank of Thailand permission to join its financial business group.
Krungthai Holding Co., Ltd. · Regulation · Neutral Krungthai Holding registered two new subsidiaries, Krungthai Allianz Holding and Krungthai Capital Holding, as part of KTB's financial business group with BoT approval.
Krungthai sets up 2 new subsidiaries to strengthen digital, wealth and insurance businesses
Krungthai Bank has announced the establishment of two new companies to restructure its financial business group. Krungthai Holding Company Limited, in which the bank holds a 99.99% stake, registered both new subsidiaries. The first is Krungthai Allianz Holding Company Limited, which operates as a holding company for group companies providing shared support services, including digital technology and innovation businesses. The second is Krungthai Capital Holding Company Limited, which operates as a holding company for group companies engaged in investment and asset management, as well as companies in the insurance business. Both companies have registered capital of 1 million baht, fully paid up, and the bank has received permission from the Bank of Thailand for both companies to be part of the bank's financial business group, effective 9 September 2026.
KTB.BK · Capital · Positive Krungthai Bank restructures its financial business group by setting up two new subsidiaries and receiving Bank of Thailand approval.
Krungthai Allianz Holding Co., Ltd. · Capital · Positive Newly established as a holding company for shared support services including digital technology and innovation, with BoT approval.
Krungthai Capital Holding Co., Ltd. · Capital · Positive Newly established as a holding company for investment, asset management, and insurance businesses, with BoT approval.
Three Tohoku regional banks to begin merger talks, creating region's largest group with over 13 trillion yen in combined assets
Procrea Holdings, the parent company of Aomori Michinoku Bank, along with Iwate Bank and Akita Bank, announced separately on the same day that they will submit to their boards of directors a proposal to begin talks toward a management integration. If the merger is realized, their combined consolidated assets will exceed 13 trillion yen, creating the largest regional banking group in the Tohoku region. On the afternoon of the same day, the presidents of the three banks will hold a press conference in Morioka to explain the background behind entering into merger talks.
7384.JP · Capital · Positive Procrea Holdings, parent of Aomori Michinoku Bank, is one of the three parties proposing management integration talks.
8343.JP · Capital · Positive Akita Bank is one of the three banks announcing talks toward a management integration.
8345.JP · Capital · Positive Iwate Bank is one of the three banks entering merger talks to form the Tohoku region's largest banking group.
Aomori Michinoku Bank, Ltd. · Capital · Positive Aomori Michinoku Bank, under Procrea Holdings, is part of the three-bank merger talks creating the region's largest group.
Three Tohoku regional banks to begin merger talks, creating region's largest group with over 13 trillion yen in combined assets
Procrea Holdings, the parent company of Aomori Michinoku Bank, along with Iwate Bank and Akita Bank, each announced on the same day that they will submit to their boards of directors a proposal to begin talks toward a business integration. If the integration is realized, their combined consolidated assets will exceed 13 trillion yen, creating the largest regional bank group in the Tohoku region. On the afternoon of the same day, the presidents of the three banks will hold a press conference in Morioka to explain the background behind entering into integration talks.
7384.JP · Capital · Positive Procrea Holdings, parent of Aomori Michinoku Bank, is one of the three parties proposing business integration talks.
8343.JP · Capital · Positive Akita Bank is one of the three banks announcing talks toward a business integration creating the region's largest group.
8345.JP · Capital · Positive Iwate Bank is one of the three banks entering merger talks to form the Tohoku region's largest bank group with over 13 trillion yen in combined assets.
Aomori Michinoku Bank, Ltd. · Capital · Positive Aomori Michinoku Bank, under Procrea Holdings, is part of the three-bank integration talks forming the largest Tohoku regional bank group.
Citigroup Raises 12-Month Bitcoin Forecast to $113,000
Citigroup has raised its 12-month price forecasts for Bitcoin and Ethereum, CoinDesk reported on October 1. In a report dated September 30, Citi lifted its 12-month Bitcoin forecast to $113,000 from $82,000, and also revised its Ethereum forecast upward to $3,028 from $2,240. The bank cited increased activity in the crypto market, a favorable macroeconomic environment, and renewed inflows into ETFs as reasons. Citi expects that as advisors and brokers gradually increase their allocations to Bitcoin, inflows into ETFs and similar products will continue steadily, though more gradually than before, and it anticipates $5 billion of inflows over the next 12 months. On the regulatory front, Citi noted that while the U.S. Senate rejected a procedural vote 49 to 50 on September 15 to begin consideration of the crypto market structure bill known as the CLARITY Act, the Securities and Exchange Commission subsequently issued a series of rules, easing pessimistic sentiment in the market. Citi also pointed out that momentum in the crypto market has recovered, helped by a weaker dollar after the U.S. Treasury expanded buybacks of long-term government bonds.
Nu Holdings stated in a regulatory filing that it is not pursuing a transaction with Monzo, sending shares of the digital banking platform up 2.7% in the morning session. In the filing, Nu Holdings said its capital allocation framework is unchanged and focused on Brazil, Mexico, Colombia, and Nu Global, and in a public statement released via Business Wire it confirmed it is not seeking a deal with Monzo after media speculation. The company added that its corporate investment decisions remain anchored in strategic fit, cost of capital, and long-term shareholder value creation. The shares were trading at $12.98, up 2.8% from the previous close. Nubank is down 23.8% since the beginning of the year and is trading 30.8% below its 52-week high of $18.76 from January 2026.
NU · Capital · Neutral Nu Holdings filed that it is not pursuing a deal with Monzo, ending media speculation; no clear positive or negative fundamental driver.
Monzo · Capital · Neutral Monzo is the subject of the deal speculation that Nubank publicly denied; no company-specific development of its own.
Societe Generale Completes EUR 1.5 Billion Extraordinary Share Buy-Back
Societe Generale announced the completion of its EUR 1.5 billion extraordinary share buy-back programme for cancellation purpose, which was launched on 3 August 2026. The Paris-based bank bought back 19,871,418 shares in total, which will subsequently be cancelled. In the final purchases from 28 to 30 September 2026, the bank acquired 1,446,402 shares at a weighted average price of EUR 71.0843, executed across the XPAR, CEUX, TQEX and AQEU platforms. The share cancellation will be carried out in accordance with the legal requirement to cancel a maximum of 10% of share capital per 24-month period. The programme was executed under the description published on 27 May 2026 relating to the 18th resolution of the Combined general meeting of shareholders held on the same date.
JPMorgan Chase Eyes Another Earnings Beat With Positive ESP
JPMorgan Chase & Co. is positioned to extend its streak of beating earnings estimates when it reports next on October 13, 2026. The company has topped estimates by 9.02%, on average, over the last two quarters, including a 9.84% surprise in the last reported quarter with earnings of $6.14 per share versus the Zacks Consensus Estimate of $5.59 per share, and an 8.20% surprise the quarter before with earnings of $5.94 per share against an expected $5.49 per share. JPMorgan Chase & Co. currently carries a Zacks Earnings ESP of +3.79% and a Zacks Rank #3 (Hold), a combination that Zacks research shows produces a positive surprise nearly 70% of the time. The positive Earnings ESP suggests analysts have recently turned more bullish on the company's earnings prospects.
JPM · Capital · Positive JPMorgan carries a positive Zacks Earnings ESP of +3.79% and a history of beating estimates, suggesting another earnings beat on October 13, 2026.
Bangkok Bank backs Sansiri Capital's acquisition of The Lake Como EDITION hotel
Bangkok Bank, or BBL, has provided loan financing to Sansiri Capital for the acquisition of The Lake Como EDITION, an ultra-luxury five-star hotel on the shores of Lake Como in Italy. The deal was underscored by the presence of Chartsiri Sophonpanich, President of Bangkok Bank, together with Chansak Fuangfu, Niramarn Laisathit, and Chanon Sophonpanich, Senior Executive Vice Presidents and Executive Vice Presidents of Bangkok Bank, alongside Srettha Thavisin, former Prime Minister and co-founder of Sansiri, Napat Thavisin, Managing Director of Sansiri Capital, and Wichan Wiriyaphusit, Chief Financial Officer of Sansiri, highlighting the strategic partnership between Bangkok Bank and Sansiri Capital, also known as the Sansiri Capital Trophy Fund. On this occasion, the bank stated that the move represents Sansiri Capital's expansion of its investment portfolio into overseas markets and reflects Bangkok Bank's role as a leading regional bank ready to support Thai entrepreneurs with financial services and business networks abroad.
BBL.BK · Capital · Positive Bangkok Bank provided loan financing to Sansiri Capital for the Lake Como EDITION hotel acquisition, expanding its lending portfolio.
Sansiri Capital Trophy Fund · Capital · Positive Sansiri Capital secured Bangkok Bank loan financing to acquire The Lake Como EDITION hotel, expanding its overseas investment portfolio.
แสนสิริแคปิตอล · Capital · Positive Sansiri Capital (แสนสิริแคปิตอล) received Bangkok Bank financing for the Lake Como EDITION acquisition, advancing its overseas expansion.
KeyBank Provides $92.9 Million Financing for 166-Unit Los Angeles Affordable Housing Development
KeyBank Community Development Lending and Investment has provided $92.9 million in financing for Broadway & Imperial, a new 166-unit affordable housing development in South Los Angeles. The financing package includes a $43.8 million construction loan and an $18.1 million federal Low-Income Housing Tax Credit equity investment from KeyBank CDLI, while Key Commercial Mortgage Group arranged a $31 million Fannie Mae MTEB permanent loan and KeyBanc Capital Markets underwrote a $31 million public bond issuance as part of the structure. The project is being developed by SoLa Impact, a Los Angeles-based social impact real estate firm that has focused on developing and preserving housing in South Los Angeles since 2013. Located at the intersection of Broadway and Imperial Highway, the development will include 164 affordable apartments and two manager units in four- and five-story buildings, serving individuals and families earning between 30% and 70% of area median income. On-site supportive services will be provided by LifeSTEPS, and residents will also have access to programs offered by the SoLa Foundation, including opportunities through the SoLa Tech & Entrepreneurship Center Powered by Riot Games.
KEY · Capital · Positive KeyBank CDLI provided $92.9M financing and its units arranged the Fannie Mae loan and bond issuance for the Broadway & Imperial project.
SoLa Impact · Capital · Positive SoLa Impact is the developer of the 166-unit affordable housing project receiving the financing.
0IL0.LSE · Capital · Positive Fannie Mae MTEB permanent loan of $31M was arranged as part of the financing structure.
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