* Industrial & Commercial Bank of China Ltd. received approval from the China Banking and Insurance Regulatory Commission to set up an asset management subsidiary. The unit will have a registered capital of 16 billion yuan and will be based in Beijing.
* Bank of Hangzhou Co. Ltd. obtained regulatory approval to issue 10 billion yuan of Tier 2 capital bonds.
* China Minsheng Banking Corp. Ltd. will issue 40 billion yuan of perpetual bonds, Securities Times reported. The bank has reached out to more than 30 institutional investors for roadshows of the AAA-rated investment vehicle.
* The People's Bank of China rejected Ping An Insurance (Group) Co. of China Ltd.'s application to merge financial technology unit OneConnect Financial Technology Co., Ltd. with digital wallet operator YiQianbao, 21st Century Business Herald reported. The central bank said the insurer's plan to establish a variable interest entity is not permissible in payment companies set up in the country.
* Li Qiang, chairman of Qianhai Financial Holdings Ltd., was named president of Century Securities Co. Ltd., China Securities Journal reported.
JAPAN AND KOREA
* Shiga Bank Ltd. said it is taking part in the TSUBASA Alliance as the ninth member of the regional bank consortium, which was established to explore fintech opportunities and collaboration in the sector.
* Japan's Financial Services Commission will issue a business improvement order to Seibu Shinkin Bank for approving loans to companies linked to organized crime, The Mainichi Shimbun reported.
* South Korea's Securities and Futures Commission will recommend the Financial Services Commission to impose a fine of about 3.86 billion won on Korea Investment & Securities Co. Ltd. for lending to its Vietnam unit and SK Holdings Co. Ltd. CEO Chey Tae-won, in violation of a statutory ban on such transactions, The Chosun Ilbo reported.
* The Securities and Exchange Commission of Thailand issued regulations for debt crowdfunding to give small and midsize enterprises more fundraising options. Through debt crowdfunding, a fundraiser can gather capital of up to 20 million baht during the first 12 months and up to 40 million baht in total.
* Kasikornbank PCL outlined its three-year business plan for its branch in Laos, focusing on its digital payment platform and expanding its banking agent operation, Thailand's Manager Daily reported.
* Moody's said its outlook on the Malaysian banking system remains stable, noting that local lenders are well positioned to manage Malaysia's weakening economy and the vulnerable oil and gas, real estate and construction sectors, while still being supported by strong loan-loss reserves and solid capital ratios.
* Five current and former officials of Rizal Commercial Banking Corp. were charged with money laundering in connection with a cyber heist of Bangladesh Bank's funds in 2016, BusinessWorld reported.
* Bank of Baroda's net loss for the quarter ended March 31 stood at 9.91 billion rupees, compared with a net loss of 31.02 billion rupees in the prior-year period.
* Indian Bank is looking to raise 15 billion rupees through a qualified institutional placement in September to boost its quarterly results, Moneycontrol reported, citing sources with knowledge of the matter.
* Eastern Bank Ltd. reappointed its managing director and CEO, Ali Reza Iftekhar, for a three-year term, The Daily Star reported.
* Nepal's central bank has barred the use of payment systems that are not registered in Nepal, Xinhua News Agency reported.
AUSTRALIA AND NEW ZEALAND
* Australian banks, super funds and insurers are expected to face strict regulatory action including capital penalties as "serious weaknesses" were identified following their self-assessments, The Australian reported.
* Financial services group IOOF Holdings Ltd. may be charged with a criminal offense if it does not clean up its superannuation business within the timeframe set by the Australian Prudential Regulation Authority, The Australian reported.
IN OTHER PARTS OF THE WORLD
Middle East & Africa: Nigeria raises insurers' capital requirements; DR Congo names new prime minister
Europe: Norway takes Metro Bank stake; UBS nears Italy settlement; SIX Group fine upheld
Latin America: 2 Panama banks in proposed merger; Caixa to restructure client debts
North America: JPMorgan exec pay support dips; Morgan Stanley trims in London; 2 RIAs acquired
Global Insurance: Potential MetLife/Generali deal; Fairfax Financial CFO dies; cat bonds pricing
R Sio, Emily Lai, Jonathan Cheah, Jaekwon Lim and Santibhap Ussavasodhi contributed to this report.
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