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Banks Rise as Basel Gives Firms Eight Years to Comply

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Bank stocks rose worldwide as regulators gave firms more time than analysts expected to comply with stiffer capital requirements aimed at preventing future financial crises.

JPMorgan Chase & Co. and Bank of America Corp. led the KBW Bank Index to a 2.6 percent gain at 12:35 p.m. in New York as 23 of the 24 companies climbed. France’s Credit Agricole SA and Dexia SA led gains in the Bloomberg Europe Banks and Financial Services Index, which rose 1.7 percent in London to a one-month high. The 224-company MSCI AC Asia Pacific Financials Index rose 2 percent, its biggest gain since July 6.