S&P Global Market Intelligence offers our top picks of banking news stories and more published throughout the week. Please note that some entries may have links to third-party sources that require a subscription.
Regulative zone
* The central bank of Thailand delivered its second 25-basis-point increase on its repurchase rate to 1% amid growing inflation and a weakening currency. The regulator said it is willing to adjust the size and timing of rate moves as needed.
* The central bank of Bangladesh raised its key interest rate by 25 basis points to 5.75% to curb increasing consumer prices. The central bank last raised its rates in June, The Financial Express reported.
* The Hong Kong Monetary Authority lowered the interest rate stress test requirement for property loans to 200 basis points from 300 bps.
* Hong Kong's central bank levied a fine of HK$11 million on Cathay United Bank Co. Ltd. Hong Kong Branch over anti-money laundering and counterterrorist financing violations.
* The Australian Prudential Regulation Authority removed the additional A$500 million capital add-on requirement it imposed on Commonwealth Bank of Australia following the completion of the lender's remedial action plan.
* China-based Qudian Inc. received a delisting notice from the NYSE due to its American depositary shares trading below the bourse's standards.
* India's Yes Bank Ltd. obtained approval from the Reserve Bank of India to exit a reconstruction scheme placed in 2020 after the three-year lock-in period for shares ends on March 12, 2023.
* The Philippine central bank issued new guidelines for digital lending, requiring digital banks to adhere to Basel III standards and prudential reporting requirements.
Deals and other investments
* South Korea's Kakao Pay Corp. will invest 100 billion won in its brokerage unit, Kakao Pay Securities, by acquiring shares via the latter's rights offering.
* SBI Securities Co. Ltd. plans to fully integrate mobile trading subsidiary SBI Neomobile Securities Co. Ltd. into its operations.
* India's Axis Bank Ltd. agreed to acquire up to a 9.94% stake in Go Digit Life Insurance Ltd. for around 499 million rupees to 699 million rupees.
* Punjab National Bank agreed to sell its entire 10.01% stake in Asset Reconstruction Co. (India) Ltd. in compliance with central bank guidelines.
* China Construction Bank Corp. secured approval from the China Banking and Insurance Regulatory Commission to establish a consumer finance business.
* Korea Investment & Securities Co. Ltd. will acquire a 75.10% stake in SF Credit Partners LLC, the leveraged lending joint venture between U.S.-based Stifel Financial Corp. and Korea Investment & Securities.
* The Hachijuni Bank Ltd. and The Naganobank Ltd. reached a basic agreement on a business integration plan, with a view to eventually merge. The business integration is expected to be completed by June 1, 2023.
* Bank of the Philippine Islands confirmed that it is in discussions with Robinsons Bank Corp. over a potential consolidation. The bank said it would disclose information on the proposed amalgamation in due time.
In other news
* A study group led by MUFG Bank Ltd. published an Asia transition finance report, which lays out measures to streamline frameworks on decarbonization, zero-emission and energy transition projects to address climate change.
* Harmoney Corp Ltd. will delist from the New Zealand bourse, NZX, and consolidate its listings on the Australian Securities Exchange.
* Agricultural Bank of China Ltd. issued 70 billion yuan of Tier 2 capital notes in the national interbank bond market to replenish its Tier 2 capital.
* Metropolitan Bank & Trust Co. plans to issue 10 billion pesos of 1.5-year bonds with an option to upsize, subject to market conditions.
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