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.
Deals and investments
* The Indian government is set to commence the sale process of its 94.71% stake in IDBI Bank Ltd., The Economic Times reported.
* Australia and New Zealand Banking Group Ltd. intends to acquire a minority equity stake of just over 12% in climate investment and advisory business Pollination Group Holdings Ltd., The Australian reported.
* Thailand's The Siam Commercial Bank PCL will invest $100 million in Indonesian financial solutions provider Akulaku Inc. and its digital banking arm, PT Bank Neo Commerce Tbk, to strengthen its digital banking foothold.
* Bangladesh-based International Finance Investment and Commerce Bank Ltd. will sell its entire promoter stake in Nepal Bangladesh Bank Ltd. for 6.19 billion rupees.
* Pakistan's Escorts Investment Bank Ltd. said a deal signed in September 2021 for the acquisition of over 50% controlling stake in the firm was terminated.
* Citigroup Inc. is close to striking an agreement to sell its retail banking operations in India to Axis Bank Ltd. in a deal that could be valued at roughly $2.5 billion, Bloomberg News reported.
* KKR & Co. Inc. and HPS Investment Partners LLC, the owners of Australia-based Maia Financial, tapped Gresham Partners to run a strategic review of the firm and a search for potential investors, The Australian Financial Review's Street Talk blog reported.
* Blackstone Inc., through private equity funds it manages, acquired a majority stake in India-based wealth management firm ASK Investment Managers Ltd. from Advent International Corp. and others.
Earnings section
* Singapore's DBS Group Holdings Ltd. said net profit for the quarter ended Dec. 31, 2021, rose 38% year over year to S$1.39 billion from S$1.01 billion.
* United Overseas Bank Ltd.'s full-year net profit after tax grew 40% year over year to S$4.08 billion from S$2.92 billion.
* Japan Post Bank Co. Ltd. posted a 27% year-over-year increase in net income for the fiscal third quarter ended Dec. 31, 2021.
Central bank, regulator actions
* Indonesia's central bank plans to introduce an initiative that will accelerate the consolidation of the payments system industry, which consists of the banking and financial technology sectors.
* Bangladesh's central bank penalized state-owned Agrani Bank Ltd. and Rupali Bank Ltd. over loan irregularities, Dhaka Tribune reported.
* South Korea's Financial Supervisory Service plans to introduce measures to stimulate competition and innovation as technology firms expand into the finance sector, The Korea Herald reported.
* The Philippine central bank kept the interest rate on its overnight reverse repurchase facility at 2%. The interest rates on the overnight deposit and lending facilities were also maintained at 1.5% and 2.5%, respectively.
In other news
* The Securities and Exchange Commission of the Philippines approved Bank of Commerce's proposed IPO in March. The lender expects to raise 3.34 billion pesos from the offer.
* DST Bluedoor Pty. Ltd. lodged legal action against AMP Ltd. in the Supreme Court of Victoria, in a A$27 million dispute, for allegedly poaching 11 employees, The Australian reported.
* The board of India's Centrum Capital Ltd. approved a proposal to close wholly owned unit Centrum Microcredit Ltd. through liquidation or amalgamation with the firm.
Featured on S&P Capital IQ Pro
Data Dispatch Asia-Pacific: Indonesia banks may attract more foreign investment as capital deadline looms
Green bond sales to surge in Asia-Pacific as region lays out path to net-zero
Singapore's DBS expects asset quality to stay resilient after record profit
Debt-ridden 'zombie' companies corner 10% of India's bank credit
