The Popular Bank of Cyprus would be shut down and funds be put into rehabilitation of Bank of Cyprus according to last ditch bailout plan agreed upon by the government and lending institutions.

Colombia, Peru, Costa Rica and Mexico are preparing its financial systems for the pressure from foreign markets on their currencies.

Gold prices surge as many investors opt for the metal in light of the Cyprus meltdown. Gold values expected to increase in the next quarter because of the current Cyprus crisis.

In the wake of the 2007 mortgage crisis, a group of Singaporean investors have filed suit against Morgan Stanley for their role in the debacle.

Greece has reached a deal to purchase local units of Cypriot banks in a bid to save Greek banks from the crisis.

SBI receives government funds for capitalization. The State Bank of India confirmed reports that it had received Rs3,004 crore from the government as part of the plan to recapitalize state run financial institutions.

Summit REIT expands portfolio and funding sources. In an announcement, Summit Industrial Income REIT said that it has completed the acquisition of fifteen light industrial properties in several locations, namely Greater Toronto, Moncton in New Brunswick and Edmonton in Alberta.

Abu Dhabi's Al Hilal Bank to issue sukuks before end of the year. Al Hilal Bank, the state owned bank of Abu Dhabi, is planning to issue a debut Islamic bond valued at US$500 million to be done in the third quarter of 2013.

CBQ purchases majority stake in Turkish lender Alternatifbank. In a move showing Gulf interests expanding overseas, the Commercial Bank of Qatar has purchased 70.

Mulk Holdings forms joint venture with Suzan General Trading in Africa. The UAE2 billion dinar conglomerate Mulk Holdings has recently unveiled its first venture into the African continent through an agreement with Suzan General Trading.