TOP NEWS IN BANKING & FINANCIAL SERVICES
* The Australian Prudential Regulation Authority closed its investigation into possible breaches of anti-money laundering laws by Westpac Banking Corp., which stems from allegations made by the Australian Transaction Reports and Analysis Centre in 2019. The regulator said it delegated certain enforcement powers to the Australian Securities and Investments Commission and decided to close its investigation after considering the results of the probe.
* India-based State Bank of India will auction off 12 bad accounts to asset reconstruction companies, banks and other firms in March to recover dues worth over 5.06 billion rupees, Press Trust of India reported.
➤ China banks to lend more as nation seeks self-reliance in tech, domestic demand
China's bank loan growth will likely remain in the low to mid-teens this year, as building the nation's own core technology and reducing reliance on overseas markets and supply chain are among Beijing's strategic priorities for 2021-2025.
➤ Flood of new SPAC listings overtake 2020's total after only 3 months
Special purpose acquisition companies dominated the IPO market in 2020, with 227 debuts during the year. But it has taken less than three months for 2021 to eclipse that total, a signal to skeptics that there are too many SPACs hunting for deals.
BANKING
* Stanley Chu, president of Taiwan-based SinoPac Financial Holdings Co. Ltd., said the firm received approval from the Financial Supervisory Commission to open a branch in Singapore, Taipei Times reported. The company, which is also looking to expand its Vietnam operations by offering personal loans, plans to generate 30% of its profits from overseas operations in 2021.
* South Korea-based Industrial Bank of Korea issued 500 billion won worth of Environmental, Social and Governance hybrid bonds, the largest volume the bank has ever issued, the Chosun Ilbo reported.
* The United Forum of Bank Unions in India, an umbrella organization of nine unions, called for a two-day strike from March 15 to protest against the government's plan to privatize state-owned lenders, Press Trust of India reported.
FINANCIAL SERVICES
* South Korea-based Lotte Card Co. Ltd. launched a host of financial services including short- and long-term loans and "over-the-limit" credit card services, The Korea Herald reported.
* Krungsri Consumer, a provider of credit cards and personal loans under Thailand-based Bank of Ayudhya PCL, appointed Pathatai Kulachan managing director of Ayudhya Capital Services Co. Ltd., effective March 1, Manager Daily reported.
* Hong Kong-based financial technology firm Kiwi Pay Group and Cambodia-based food delivery startup Meal Temple Group will combine as part of a strategic merger, forming KiwiGO based in Singapore, The Nikkei reported.
* India-based Karur Vysya Bank Ltd. and Cholamandalam Investment & Finance Co. Ltd. entered into a co-lending partnership to grow their market share, Press Trust of India reported.
* New York-based Anchorage Capital Group LLC is said to be closing its Australian office and pulling out of the country, The Australian Financial Review's Street Talk blog reported. Its Australian head, Merrick Howes, is expected to leave the firm.
POLICY AND REGULATION
* The Chinese province of Sichuan will issue 11.4 billion yuan of 10-year special-purpose bonds with a coupon rate of 3.5% to recapitalize small and midsize banks, Caixin reported.
* The Securities & Exchange Board of India issued new rules setting investment limits for certain debt instruments with special features that mutual funds invest in. It requires, among others, that a mutual fund should not own over 10% of such instruments issued by a single issuer.
INDUSTRY NEWS
* Japan's Investment Trust Association data shows that net assets for publicly offered investment funds reached ￥146 trillion in February, a record for four consecutive months, The Nikkei reported. Inflows into exchange traded funds reached ￥386.8 billion for the period due to aggressive investments by institutional investors.
* Siam Commercial Bank PCL's Economic Intelligence Center raised its forecast for Thailand's 2021 GDP growth to 2.6% from 2.2% thanks to improving exports and government spending on economic affairs, Krungthep Turakij reported.
Click here for a summary of indexes on the MI platform.
Eden Estopace, Sally Wang, Sarun Saelee, Cathy Hwang, Emi White and Aditya Suharmoko contributed to this report.
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