On Thursday, Shares of Itaú Unibanco Holding S.A. (NYSE:ITUB), gained 3.84% to $7.30, as some U.S. traded stocks within Brazil’s banking sector benefited from a halt to the country’s interest rate hikes.
Brazil’s central bank declared on Wednesday that it would halt an aggressive series of interest rate hikes that left the country’s interest rate at 14.25%, its highest point in nine years and the highest among the top 10 global economies, Reuters reports.
The country has been facing a recession since the second quarter, amid a slowdown in China and commodities prices, with the real lower by 29% so far this year, according to Bloomberg.
Itaú Unibanco Holding S.A. provides various financial products and services to individuals and corporate clients in Brazil and internationally. The company operates through Commercial Bank Retail, Consumer Credit Retail, and Wholesale Bank segments.
Shares of Denbury Resources Inc. (NYSE:DNR), inclined 0.81% to $3.74, during its last trading session.
Denbury Resources declared the hiring of Chris Kendall as Chief Operating Officer. Mr. Kendall’s appointment to Chief Operating Officer will take effect upon his joining the Company on September 8, 2015, a role he is assuming from Phil Rykhoek, President and CEO, who has been serving in that capacity on an interim basis.
Phil Rykhoek, Denbury’s President and CEO, said, “After a comprehensive search, I am very happy to welcome Chris to our leadership team. I believe that Chris has the right background, leadership experience, and cultural fit to successfully lead our operations. He has a track record of success and continuous improvement and I am confident that he will assist Denbury further improve its operational efficiency and results. This is a critical time in our industry and one that requires the right leadership team to navigate through this challenging oil price environment. Chris is the right person to assist us do those and I am excited that he is joining us.”
Mr. Kendall joins Denbury from Noble Energy, Inc., where he most recently served as a member of Noble’s executive administration and as part of its operations leadership team as Senior Vice President, Global Operations Services. Preceding to that, Mr. Kendall served as Vice President, Gulf of Mexico (2011-2014), and as Business Unit Manager and Vice President, Noble Energy Mediterranean Ltd (2007-2011), having been with Noble since 2001. Mr. Kendall began his career with Mobil Oil Corporation in 1989 and, in total, has over 26 years of oil and gas industry experience in domestic and international operations roles. Mr. Kendall holds a Bachelor of Science degree in Engineering, Civil Specialty, from the Colorado School of Mines.
Denbury Resources Inc. operates as an independent oil and natural gas company in the United States. The company primarily focuses on improved oil recovery utilizing carbon dioxide.
Finally, Fifth Third Bancorp (NASDAQ:FITB), ended its last trade with 0.83% gain, and closed at $19.50.
Fifth Third Bancorp has reached a contract to sell 17 branch-banking locations, the retail accounts, certain private banking deposits, and related loan relationships in the Pittsburgh MSA to First National Bank of Pennsylvania. The purpose of this transaction is in line with Fifth Third’s broader branch consolidation plans declared in June. The transaction is predictable to close in early 2016, subject to regulatory review and approval.
Fifth Third remains committed to its commercial coverage in Pittsburgh, in addition to its wealth administration, institutional services, and mortgage origination activities in the market after the completion of the sale. Fifth Third operates commercial banking activities in a number of markets where it does not have a retail branch network.
Deutsche Bank Securities acted as exclusive financial advisor and Debevoise & Plimpton LLP served as legal counsel to Fifth Third Bank. RBC Capital Markets acted as exclusive financial advisor and Reed Smith LLP served as legal counsel to First National Bank of Pennsylvania.
Fifth Third Bancorp operates as a diversified financial services company in the United States. It operates through four segments: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors.
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