TOP NEWS IN BANKING & FINANCIAL SERVICES
* Industrial & Commercial Bank of China Ltd. said in a bourse filing the China Banking and Insurance Regulatory Commission approved its wealth management joint venture with Goldman Sachs Asset Management LP.
* Osaka Digital Exchange opened in Japan, becoming the third private bourse to commence operations in the country, Kyodo News reported. The new exchange offers trading of stocks and exchange-traded funds and plans to introduce blockchain in 2023. SBI Holdings Inc. and Sumitomo Mitsui Financial Group Inc. own 70% and 20% stakes, respectively, in Osaka Digital Exchange Co. Ltd. while the remaining shares are split between Nomura Holdings Inc. and Daiwa Securities Group Inc.
➤ Hong Kong virtual banks seeking growth in lending to small businesses
Out of eight virtual banks that operate in Hong Kong, Ping An OneConnect Bank (Hong Kong) Ltd., Ant Bank (Hong Kong) Ltd. and Airstar Bank Ltd. have existing services for small and medium-sized enterprises, while Livi Bank Ltd. is looking to enter the space.
➤ Fed stress tests worse than expected at BofA, Citi and JPMorgan Chase
Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. face higher-than-anticipated increases in their stress capital buffers under the U.S. Federal Reserve's stress tests, likely constraining stock buybacks.
READ MORE about the market reaction and industry impact of the evolving situation in Russia and Ukraine in our new Issue in Focus.
BANKING
* Hua Xia Bank Co. Ltd. and Wuxi Rural Commercial Bank Co. Ltd. said in separate regulatory filings the China Securities Regulatory Commission approved their application to issue A-shares in a private placement.
* Taiwan-based China Development Financial Holding Corp. said the board of its KGI Bank Co. Ltd. unit elected Stefano Paolo Bertamini chairman, China Times reported.
* South Korea's Woori Bank said its U.S.-based unit, Woori America Bank, will commence operations in Duluth, Ga., The Chosun Ilbo reported.
* Woori Bank has been investigating suspicious foreign exchange trades made through multiple corporate accounts totaling 800 billion won, The Korea Times reported. A spokesperson said the case had been reported to the Financial Supervisory Service for further investigation.
* Union Bank of the Philippines plans to infuse up to 2 billion Philippine pesos of additional capital into its digital bank unit, UnionDigital Bank Inc.
* Malaysia's Pertama Digital Bhd. is in talks with conventional banks to offer digital banking products through its neobank services channel, Bernama reported, citing Chairman Tun Datuk Seri Zaki Tun Azmi. The company submitted an application for a digital bank license through a consortium but was unsuccessful, the report added.
* India-based Bank of Baroda's board approved a proposal to issue 50 billion rupees of long-term bonds for financing infrastructure and affordable housing during financial year 2022-23.
* Housing Development Finance Corp. Ltd. said in a stock exchange filing it would issue secured redeemable nonconvertible debentures via a private placement, with an issue size of 40 billion rupees.
* Australia's Suncorp Group Ltd. confirmed that it reviews alternative strategies for its banking arm "from time to time," in response to an Australian Financial Review report that the company was considering divesting or spinning off the arm.
* Thailand's Government Housing Bank removed its lending restrictions for LGBTQ+ customers to become co-signers of any loan products and facilitate access to housing finance, the bank said in a release.
* Indonesian lender PT Bank KB Bukopin Tbk sold bad assets and loans at risk worth 4.13 trillion rupiah for 2.65 trillion rupiah to IDMB United Pte. Ltd. to reduce the bank's nonperforming loan ratio in 2022, Bisnis Indonesia reported.
FINANCIAL SERVICES
* Bank of the Philippine Islands' BPI Asset Management and Trust Corp. unit named Maria Theresa Marcial president and CEO, effective June 15, BusinessWorld reported, citing a statement from the Philippine company.
* New Zealand-based Harmoney Corp Ltd. established a NZ$215 million warehouse facility with one of Australia's largest banks to provide further funding capacity to support its loan book growth.
* Australia's Macquarie Group Ltd. plans to raise A$400 million by issuing fully paid, unsecured, convertible notes at an issue price of A$100 per note.
POLICY AND REGULATION
* China's State Administration for Market Regulation published draft rules intended to improve its ability to regulate antitrust behavior as the country prepares to implement a revised anti-monopoly law in August, Reuters reported.
* The People's Bank of China and other regulators have told some banks to prepare for an extension of onshore yuan trading hours with the trading to close at 3 a.m. the next day, instead of 11:30 p.m. local time, Bloomberg News reported, citing people familiar with the matter.
* Hong Kong's Securities and Futures Commission fined CES Capital International (Hong Kong) Co. Ltd. HK$3.2 million for failing to perform its duties, including due diligence and risk management, as an investment manager of two funds between February 2015 and July 2017.
* The Reserve Bank of India said in a release it fined Tiruchengode Co-operative Urban Bank Ltd. 1 million rupees over noncompliance with know-your-customer norms.
* Bangladesh Bank issued a notice asking nonfinancial firms to set up complaint desks in their head offices and branches amid growing complaints from clients, The Daily Star reported, citing a central bank official.
Click here for a summary of indexes on the S&P Capital IQ Pro platform.
As of June 27, US$1 was equivalent to NZ$1.58, 78.43 Indian rupees, 54.80 Philippine pesos, 14,805 Indonesian rupiah and 1,284.29 South Korean won.
R Sio, Eden Estopace, Sally Wang, Sarun Saelee, Cathy Hwang, Emi White and Aditya Suharmoko contributed to this report.
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