China has decided to postpone deadlines for new bank technology rules intended to protect banks from Internet spying. Even with the delay, the new rules will represent a difficult adjustment for banks in China. In the long run banks will benefit from the changes, which will reduce operating costs by reducing both the complexity of banking technology and the frequency of security incidents.
Royal Bank of Canada is selling RBC Suriname to Trinidad & Tobago-based Republic Bank. Reportedly the selling price is near the book value of the subsidiary. RBC has been slowly pulling back from its presence in the Caribbean.
The ECB quietly expanded its credit limit for banks in Greece by €1 billion, while warning the largest banks there against any increase in their domestic credit exposure.