Chinese bank gets approval for unit; South Korean banks plan expansion

TOP NEWS IN BANKING & FINANCIAL SERVICES

* Shanghai Pudong Development Bank Co. Ltd. obtained approval from the China Banking and Insurance Regulatory Commission to commence the operation of its wholly owned Shanghai Pudong Development Bank Wealth Management Co. Ltd. subsidiary, with a registered capital of 5 billion yuan. Cao Jiangtao was appointed president of the unit and party secretary.

* South Korea's Korea Development Bank Chairman Lee Dong-gull said the bank plans to widen its network throughout Southeast Asia and convert its office in Frankfurt, Germany into a branch to set up a venture capital desk in Europe, The Korea Times reported. Meanwhile, The Export-Import Bank of Korea CEO Bang Moon-kyu said the bank's Singaporean subsidiary would commence operations, while Industrial Bank of Korea CEO Yoon Jong-won said it is considering opening an office in Poland.

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BANKING

* Bank of Ningbo Co. Ltd. said Luo Mengbo resigned as vice chairman, executive director and president of the bank, effective Jan. 7. Luo will continue to be deputy party secretary of the Chinese bank.

* Woori Financial Group Inc. added Woori Financial F&I Inc. as a direct unit. The addition is expected to expand the group's business coverage through investments in declining or restructuring companies, as well as strengthen its nonbanking portfolio.

* Indonesian state lender PT Bank Rakyat Indonesia (Persero) Tbk set a loan growth target of 8% to 10% for 2022, Bisnis Indonesia reported, quoting CEO Sunarso.

* CSB Bank Ltd. Managing Director and CEO C. VR. Rajendran decided to retire early for health reasons. Rajendran will remain the Indian bank's head until March 31.

* The Federal Bank Ltd. said its board would consider raising up to 7 billion rupees by issuing unsecured Basel III Tier 2 subordinate bonds in the nature of debentures on a private placement basis.

FINANCIAL SERVICES

* Zhongzhi Enterprise Group Co. Ltd. will consolidate its four wholly owned licensed wealth management units — Beijing Hengtian Mingze Fund Sales Co. Ltd., Beijing Zhixin Fund Sales Co. Ltd., Beijing Tangding Yaohua Fund Sales Co. Ltd. and Beijing Shengshi View Fund Sales Ltd. — into Beijing Zhongzhi Fund Sales Co. Ltd. at the request of Chinese regulators, Caixin reported.

* South Korea's Korea Exchange is launching Market Data System, a domestic capital market information portal in English to provide more information to foreign investors, The Korea Herald reported.

* Satya Nadella, chairman and CEO of Microsoft Corp., invested in Indian financial technology firm NextBillion Technology Pvt. Ltd. and joined the firm as an adviser, Mint reported.

* The board of Equitas Holdings Ltd. green lighted the divestment of its stake in Equitas Technologies Pvt. Ltd. as part of the Indian central bank's licensing conditions for the firm's merger with Equitas Small Finance Bank Ltd.. It has retained SBI Capital Markets to advise on the divestment.

* Pakistan-based Security Leasing Corp. Ltd. said it is in advanced talks with potential investors regarding its proposed delisting, with due diligence set to start in the next few days.

POLICY AND REGULATION

* The China Securities Regulatory Commission said it would pilot market making on Shanghai's STAR Market and qualified brokerages can apply to act as market makers, Reuters reported. It published draft rules on market making, under which market makers can trade using their own shares, as well as borrowed shares.

* Thailand's Securities and Exchange Commission urged digital asset business operators to ensure best practices when opening trading accounts for minors, to comply with the country’s Civil and Commercial Code.

* The Thai Securities and Exchange Commission plans to require operators of non-fungible token marketplaces to apply for a business license, Bangkok Post reported.

* The Reserve Bank of India extended the directions it imposed on The Mudhol Co-Operative Bank Ltd. for three months to April 7.

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R Sio, Eden Estopace, Sally Wang, Sarun Saelee, Cathy Hwang, Emi White and Aditya Suharmoko contributed to this report.

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