Major developments in global banking this week include Revolut's full French licence, Bunq's US charter rejection, Bank of America's $1.9bn move into India, and a $1.44bn sale of Moneris in Canada, with executive changes at NAB also in focus
This week saw a series of significant moves in the international banking and payments landscape, with regulatory decisions, cross-border investments, and leadership changes shaping the outlook for digital finance. The developments highlight both the opportunities and the regulatory hurdles facing banks and fintechs as they expand across borders and adapt to shifting market conditions.
Bunq's US Ambitions Halted by Regulator
The Office of the Comptroller of the Currency (OCC) has denied Dutch neobank Bunq's application to establish a new national bank in the United States. The OCC cited concerns over Bunq's capital planning, management experience, and financial projections, stating that the application raised "significant supervisory and compliance concerns." According to the OCC, Bunq USB did not sufficiently account for the costs required to compete in the US market, particularly given its limited brand recognition. Bunq has indicated it will address the regulator's feedback and intends to resubmit its application. For further background on Bunq's regulatory challenges, see this recent analysis of the OCC's decision.
Bank of America Invests in India's Jio Credit
Bank of America is set to acquire up to a 49.9% stake in Jio Credit, the digital lending arm of India's Jio Financial Services, for approximately $1.9 billion (INR 18,268 crore). The deal will begin with a 26.5% equity stake through a preferential share allotment and warrants, with the option to increase to 49.9% if all warrants are exercised. The transaction is subject to regulatory approval, and once completed, Jio Credit's board will be equally split between representatives from both companies. This move marks a major US bank's entry into India's fast-growing digital lending sector, reflecting the increasing importance of cross-border partnerships in financial services.
Revolut Secures Full French Banking Licence
Revolut Bank S.A. (RBSA), the French entity of Revolut, has received full banking authorisation following a joint review by the Autorité de Contrôle Prudentiel et de Résolution and the European Central Bank. With this licence, Revolut will begin a phased rollout of retail and business banking services across Europe, starting in France and expanding to Germany, Ireland, Italy, Portugal, and Spain. The approval marks a shift away from Revolut's previous reliance on its Lithuanian banking passport, which had served as the company's main vehicle for delivering services across the European Economic Area since 2018. The new licence is expected to strengthen Revolut's position in the European banking sector and enable broader product offerings.
Moneris Sold to Francisco Partners in $1.44bn Deal
Bank of Montreal (BMO) and Royal Bank of Canada have agreed to sell their joint payments venture, Moneris, to US-based technology investor Francisco Partners for approximately CAD 2 billion ($1.44 billion). Moneris, headquartered in Toronto, provides e-commerce, omnichannel, and point-of-sale solutions to businesses, along with fraud protection and data analytics tools. The sale, which follows a year-long review, is expected to close by the end of the first quarter of 2027, pending regulatory approval. Both BMO and Royal Bank of Canada will receive CAD 1 billion each from the transaction, reflecting the growing value of payment infrastructure in North America.
Executive Changes at National Australia Bank
National Australia Bank (NAB) has announced the upcoming retirement of Patrick Wright, its long-serving group executive for technology and enterprise operations, effective 30 September 2026. Wright will remain as a special adviser to CEO Andrew Irvine before fully retiring in the first half of 2027. Group chief operating officer Les Matheson will also retire at the end of September 2026. In response, NAB will consolidate leadership roles: Shane Conway, currently group executive of transformation, will take on responsibility for both transformation and operations, while Pete Steel will become group executive of technology and AI. The changes are part of a broader executive reshuffle aimed at maintaining momentum in NAB's digital and operational strategy.
According to official filings and public statements, the Bank of America-Jio Credit deal, valued at $1.9 billion, represents one of the largest foreign investments in India's digital lending sector to date. The Moneris sale at CAD 2 billion ($1.44 billion) underscores the rising market value of payment processing businesses in North America. Revolut's new French banking licence, granted in August 2026, enables the company to expand beyond its Lithuanian passport, which had been in place since late 2018. Bunq's US application was formally rejected by the OCC on 4 August 2026, with the regulator highlighting specific deficiencies in capital and management planning.
National banking licences in the European Union are typically granted by national authorities in coordination with the European Central Bank, allowing banks to operate across the EU under a single regulatory framework. However, the process for obtaining a US national bank charter is distinct, with the OCC requiring detailed capital, management, and compliance plans tailored to the US market. The differences in regulatory approach can create significant barriers for European fintechs seeking to enter the US, as seen in Bunq's experience. Meanwhile, cross-border investments such as Bank of America's stake in Jio Credit illustrate the growing interconnectedness of global financial services, while the sale of Moneris reflects the strategic value placed on payment infrastructure by both banks and private investors.
