TOP NEWS IN BANKING & FINANCIAL SERVICES
* Standard Chartered PLC's India business is looking to sell its $1.6 billion distressed loan portfolio comprising corporate debt to clean up its books, The Economic Times reported, citing two people aware of the development.
* The Monetary Authority of Singapore granted in-principle approvals to three additional digital payment token service license applicants, Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat said in a speech. The companies are cryptocurrency exchange operator Crypto.com as well as trading platforms Genesis and Sparrow Exchange, The Business Times reported.
➤ Chinese banks weigh asset quality risks as regulator urges cut in loan buffers
China's banking and insurance regulator is encouraging lenders to cut their provision coverage ratio and free up more liquidity for lending as part of efforts to kickstart the economy after a wave of COVID-19 infections.
➤ Bank stress tests likely to further cool shareholder payouts
Lenders may curb buybacks, with JPMorgan Chase and Wells Fargo having both said their stress capital buffers may go up.
READ MORE about the market reaction and industry impact of the evolving situation in Russia and Ukraine in our new Issue in Focus.
BANKING
* Japan Bank for International Cooperation appointed its deputy governor, Nobumitsu Hayashi, as a new governor, Tokyo's The Nikkei reported. Hayashi had worked for Japan's Ministry of Finance and the International Bank for Reconstruction and Development.
* Citigroup Inc.'s South Korean unit reached an arrangement with KB Kookmin Bank and Toss Bank to transfer its unsecured personal loan portfolio of about 8 trillion won as part of the U.S.-based bank's planned shut down of its retail banking operations in the country, The Korea Herald reported.
* Toss Bank will issue a total of 15,000,000 common shares and 5,000,000 convertible stocks to raise 100 billion won to fund business expansion, The Korea Herald reported. This will raise its total paid-in capital to 950 billion won.
* SCB-Julius Baer Securities Co. Ltd., the joint venture between Thailand-based SCB X PCL and Switzerland-based Julius Baer, appointed Qizan Tan head of investment advisory, effective May.
* HDFC Bank Ltd. CEO Sashidhar Jagdishan said the bank plans to double its network in India over the next three to five years by opening 1,500 to 2,000 branches every year, Press Trust of India reported.
* Standard Chartered Bank Malaysia Bhd. appointed Samuel Ding its new head of transaction banking, replacing Wendy Ang, who is moving to a new role at SC Ventures, the company said in a statement.
* The Bangladesh Securities and Exchange Commission approved One Bank Ltd.'s proposal to raise 4 billion taka through the issuance of seven-year floating-rate subordinated bonds, The Financial Express reported. The lender will use the proceeds to raise its Tier 2 capital, the publication noted.
* Hamish Whitehead, Citi Australia's managing director and joint head of its equity capital markets unit, is leaving to join rival Credit Suisse Group AG as head of equity capital markets for Australia, The Australian Financial Review's Street Talk blog reported.
FINANCIAL SERVICES
* China-based Ant Group Co. Ltd. and Alibaba Group Holding Ltd. have started to separate their business operations, restrict access to each other's services, compete for clients and strike alliances with rivals, Reuters reported, citing four sources familiar with the matter.
* Japan-based Mitsubishi UFJ Financial Group Inc.'s unit BOT Lease Co. Ltd. will raise about ¥30 billion through third-party allocation to boost its leasing operation, The Nikkei reported. Tokyo Century Corp. and The Norinchukin Bank will likely invest ¥10 billion each for a 25% stake in the company and to become equity-method affiliates.
* South Korea's five major cryptocurrency exchange platforms signed a memorandum of understanding to set up the Digital Asset eXchange Alliance, a committee that aims to create a system for increasing self-regulation and better customer protection, The Chosun Ilbo reported.
* India-based MAS Financial Services Ltd. said its board's finance committee approved and allotted 500 nonconvertible debentures with an aggregate value of 500 million rupees on a private placement basis.
* The board of UTI Asset Management Co. Ltd. approved the appointment of Imtaiyazur Rahman as the firm's managing director.
* The banking and securities management committee of India-based Shriram City Union Finance Ltd. said in a bourse filing it approved the issuance of nonconvertible debentures amounting to 500 million rupees, with a green shoe option of up to 400 million rupees.
* Darshan Bathija, cofounder of Indian cryptocurrency trading platform Vauld, said the firm decided to reduce its staff by 30%, Mint reported.
* Zip Co Ltd. said it would simplify initiatives in its Australia operations and review its capital allocation for its global businesses in line with its commitment to deliver group profitability by 2024. It also announced that nonexecutive director Pippa Downes decided to resign from its board.
POLICY AND REGULATION
* China's State Council approved the request of the People's Bank of China to make adjustments in the composition of its monetary policy committee. Xu Hongcai was named a member of the committee, while Yu Weiping will cease to be a member, according to a circular.
* China's central commission approved support for the payment and financial technology sectors and backed enhanced regulation of major payment platforms, Bloomberg News reported, citing a report from state broadcaster China Central Television.
* Taiwan's Ministry of Finance said preferential mortgage interest rates for first-time home buyers would increase by 12.5 basis points at public banks after the central bank raised its policy discount rate to 1.5% from 1.375%, the Taipei Times reported.
Click here for a summary of indexes on the S&P Capital IQ Pro platform.
As of June 22, US$1 was equivalent to 84.90 Bangladeshi taka, 78.23 Indian rupees, 1,295.40 South Korean won and ¥135.83.
R Sio, Eden Estopace, Sally Wang, Sarun Saelee, Cathy Hwang, Emi White contributed to this report.
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