The operator of the Philippines' leading mobile wallet, GCash, has moved forward with a decisive step toward public listing. Globe Fintech Innovations Inc. announced a stock split, reducing the par value of its common shares from 1 Philippine peso to 0.03 pesos per share. This restructuring will see the company's authorized common shares rise drastically from 2.15 billion to 71.7 billion, while its total authorized capital remains fixed at 2.15 billion pesos (PHP). The initiative, disclosed by major stakeholders Ayala Corp. $AYYLF and Globe Telecom Inc., requires approval from regulatory authorities.

Wells Fargo & Co. $WFC continues its realignment towards core banking operations, divesting its rail equipment leasing division to a newly created joint venture between Brookfield Infrastructure Partners $BIP and GATX Corp. $GATX. This transaction marks another phase in the bank’s ongoing reorganization focused on credit provision and advisory services.

DNB Bank ASA $DNBBY, Norway’s largest lender, has finalized the sale of its stake in Holberg Fondsforvaltning to Kistefos AS, the investment firm owned by Norwegian billionaire Christen Sveaas. The specific terms and valuation remain confidential. Set for completion in the third quarter, this transition is contingent on standard regulatory clearance.