TOP NEWS IN BANKING & FINANCIAL SERVICES
* Ebix Inc.'s Indian unit, Ebixcash, filed for an IPO with the Securities and Exchange Board of India to raise up to 60 billion rupees. The company intends to use the proceeds from the offering as working capital of subsidiaries Ebix Travels and EbixCash World Money, among other things.
* Blackstone Inc. is selling its majority-owned Australia-based nonbank financial company, La Trobe Financial Group, to Brookfield Asset Management Inc. for about A$1.6 billion, The Australian Financial Review reported, citing a source close to La Trobe. Both Blackstone and Brookfield Asset Management did not comment on the deal, the publication noted.
➤ US-funded deals in APAC fintech firms more than double in 2021
U.S. investors, led by venture capitalists, funded 358 financial technology companies in the Asia-Pacific region in 2021, up from 134 in 2020, S&P Global Market Intelligence data show.
➤ Russia's foreign exchange constraints add to pressure on domestic banks
Large portions of the Russian central bank's reserves are being held in countries that have implemented sanctions following the invasion of Ukraine.
READ MORE about the market reaction and industry impact of the evolving situation in Russia and Ukraine in our new Issue in Focus.
BANKING
* Citigroup Inc. promoted its deputy head of China economics, Yu Xiangrong, to China chief economist, Caixin reported. Yu will oversee its research on China's economy and policy.
* Japan-based MUFG Bank Ltd. is looking to invest $300 million into Indian startups in growing the financial technology sector through the MUFG Ganesha Fund. MUFG Bank also plans to collaborate with companies in the areas of technology and IT, and explore new business opportunities.
* Thailand-based The Siam Commercial Bank PCL appointed Lalitphat Toranavikrai first executive vice president of its private banking division, Post Today reported. Toranavikrai is also CEO of SCB-Julius Baer Securities Co. Ltd.
* Bank Islam Malaysia Bhd. and the Malaysian Investment Development Authority agreed to provide a financial platform and seamless end-to-end banking services to new and existing domestic and foreign investors in Malaysia, Bernama reported.
* Indonesian state lender PT Bank Mandiri (Persero) Tbk appointed Muliadi Rahardja an independent commissioner, replacing Mohamad Nasir, Infobank reported.
* PT Bank OCBC NISP Tbk plans to buy back 500 million rupiah of shares, which will be allocated for the remuneration of eligible management members or employees, Bisnis Indonesia reported, citing CEO Hartati.
* Small Industries Development Bank of India Chairman and Managing Director S Ramann said the company is considering launching a venture debt scheme, Press Trust of India reported.
FINANCIAL SERVICES
* China-based Guangzhou Yuexiu Financial Holdings Group Co. increased its holdings of CITIC Securities Co. Ltd.'s H-shares to 7.23% from 6.94%, data from the Stock Exchange of Hong Kong showed.
* Paxos received in-principle approval from the Monetary Authority of Singapore to operate digital payments token services under the city-state's Payment Services Act 2019, becoming one of the first blockchain services providers to meet regulatory standards in both New York and Singapore.
* India Infrastructure Finance Co. Ltd. raised 15 billion Indian rupees from the domestic market via privately placed nonconvertible debt securities. The issue was more than 6x oversubscribed.
* BNK Capital Markets Ltd. said it changed its name to Quest Capital Markets Ltd. after India's Ministry of Corporate Affairs issued a fresh certificate of incorporation.
* Australian digital bank Mynted is raising A$10 million through a series A round being done at a A$47 million pre-money valuation, which it will use for developing its banking platform, The Australian Financial Review's Street Talk blog reported. It also raised A$25 million in a series B round, which will fund both development and regulatory capital requirements.
POLICY AND REGULATION
* The China Securities and Regulatory Commission barred the mainland Chinese investment banks it regulates from acting as promoters of special purpose acquisition companies in Hong Kong due to concerns over the risks associated with blank check firms, Reuters reported, citing three people with knowledge of the matter. The banks will be allowed to work as advisers on SPAC transactions under Hong Kong's listing framework. The securities regulator and the China Banking and Insurance Regulatory Commission did not immediately respond to requests for comment, the newswire noted.
* Jin Penghui, vice president of the Shanghai office of the People's Bank of China, is working on building a transitional financial system so that more substantial support can be established for the low-carbon transformation of fossil fuel, China Daily reported.
* The China Foreign Exchange Trade System said it will widen the daily floating range for yuan/ruble trades in the interbank foreign exchange market to 10% from 5% starting March 11, to "meet market development demands."
* The Bangko Sentral ng Pilipinas said in a circular that it relaxed requirements for confirming the appointment of banks' key officers, limiting confirmation to certain senior vice president positions and higher posts of universal and commercial banks in the Philippines.
* Nirmala Sitharaman, India's Union Minister for Finance and Corporate Affairs, said the government is making sure the country will have at least 75 digital banking units in the near future, The Economic Times reported.
Click here for a summary of indexes on the S&P Capital IQ Pro platform.
As of March 10, US$1 was equivalent to 14,272 Indonesian rupiah and 76.40 Indian rupees.
R Sio, Sally Wang, Sarun Saelee, Emi White and Aditya Suharmoko contributed to this report.
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