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JPMorgan Chase names new China CEO; AMP to face more lawsuits


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JPMorgan Chase names new China CEO; AMP to face more lawsuits


* The China Banking and Insurance Regulatory Commission officially took over from the country's Ministry of Commerce the responsibilities of supervising financing leasing, commercial factoring and pawn business, Caixin reported. The transfer started April 20.

* JPMorgan Chase & Co. named Mark Leung, its global co-head for equities, as new China chief executive, Caixin reported. The bank also plans to create a securities company in China, in which it will hold a 51% stake and will later be expanded to a 100% stake when regulations allow.

* Liu Shuyun, former assistant to the president of Ping An Bank Co. Ltd. and former director of the bank's Beijing branch, was charged with taking bribes and occupational crimes along with five other former management staff of the bank, Caixin reported. Liu, who stood in trial at the Shenzhen People's Intermediate Court, denied the charges.

* Ant Financial Services Group's money market fund Yu'e Bao will cut its daily quick money transfer service quota, which refers to money transferred from a single Yu'e Bao account to bank accounts within two hours, to 10,000 yuan from 50,000 yuan, Caixin reported. The new measure will take effect June 6.


* Japan Housing Finance Agency will issue up to ¥197.60 billion of fixed-rate residential mortgage-secured pass-through notes, S&P Global Ratings said. The notes are due in June 2053.

* Hyakujushi Bank Ltd. plans to close about 20 branches over a period of five to 10 years, Tokyo's The Nikkei reported. The bank, which is based in Japan's Kagawa Prefecture, currently has 124 branches in operation.

* Fukuoka Financial Group Inc. said its assets reached ¥20.16 trillion at the end of March, making it the biggest regional banking group in Japan, The Mainichi Shimbun in Japan reported.

* South Korean prosecutors are seeking arrest warrants on three executives of Seoul-based HTS Coin cryptocurrency exchange for embezzlement and fraud charges as the government increases crackdown on the cryptocurrency industry in the country, Money Today in South Korea reported.

* Seoul-based Lotte Insurance Co. Ltd. said it sold 1.7 million shares in U.S.-based Ares Capital Corp. for 30.1 billion won, The Financial News in South Korea reported.

* JB Financial Group Co. Ltd. will acquire 9 million shares in JB Woori Capital Co. Ltd. for 60 billion won to increase its ownership to 100%, The Financial News in South Korea reported.


* An executive of the Bank of Thailand said the central bank has not yet revised its regulation banning banks from engaging in digital currency trading activities although the royal decree to regulate digital asset-related transactions recently came into force, Thailand's Manager Daily reported.

* Malaysia's RHB Bank Bhd. plans to appoint Omar Siddiq Amin Noer Rashid, CFO of Malaysia Airlines Bhd., as head of its wholesale banking, Bloomberg News reported, citing people with knowledge of the matter. Rashid's appointment has been approved by the board, the people added.

* Philippines-based Security Bank Corp. established the SB Asia Pacific Equity Feeder Fund, a dollar-denominated unit investment trust fund, to allow its customers to invest in companies outside the country, BusinessWorld in Manila reported, citing a bank statement.

* Southeast Asia Commercial Joint Stock Bank appointed Lê Thu Th?y its general director after obtaining regulatory approval from the State Bank of Vietnam, Viet Nam News reported.

* Bao Viet Commercial Joint Stock Bank is set to open five branches and two transaction offices after it received approval from the Vietnamese central bank, Viet Nam News reported. The branches and offices are expected to be operational 12 months after the date of approval, or may lose their license to operate.


* South Indian Bank Ltd. posted a 51% year-over-year rise in net profit for the fourth quarter to 1.14 billion rupees from 755.4 million rupees. Interest income rose 8% to 15.89 billion rupees from 14.71 billion rupees, while provisioning for bad loans and contingencies fell to 1.49 billion rupees from 1.65 billion rupees.

* India-based digital payments firm Paytm E-Commerce Pvt. Ltd plans to invest 50 billion rupees in the next three years to expand its bank transfer and other payments facilities for clients via its platform, Press Trust of India reported.

* The Indian government directed Allahabad Bank's board to cease all authorities handed to CEO and Managing Director Usha Ananthasubramanian for her alleged role in the US$2 billion fraud scandal at Punjab National Bank, Press Trust of India reported. The order came hours after Ananthasubramania's name, along with two other Punjab National Bank executive directors, appeared in the Central Bureau of Investigation's first charge sheet over the fraud. Ananthasubramania was head of Punjab National Bank at the time of the alleged scam.

* Allahabad Bank said the central bank of India imposed new restrictions on the bank, including limiting expansion of risk-weighted assets and creation of nonbanking assets, and reducing exposure to unrated and high-risk advances, among others. The bank was placed under the central bank's prompt corrective action in January, as a result of its high net nonperforming asset levels and negative return on assets.


* AMP Ltd. is expected to face class action suits from two more firms, Slater and Gordon and Maurice Blackburn, after Quinn Emanuel Urquhart & Sullivan and Phi Finney McDonald filed lawsuits against AMP on behalf of its shareholders, The Australian reported. The lawsuits come on the heels of the banking royal commission in Australia which heard a series of financial misconducts at AMP.

* Moody's said the Australian banking royal commission's allegations against AMP's governance failures, such as charging fees to customers without providing services, has created negative pressure on the company's credit profile despite its strong capitalization and market position.

* Commonwealth Bank of Australia, Microsoft Corp. and KPMG formed a strategic alliance to launch Wiise, a new start-up which will offer accounting and financial management services for small- and medium-sized businesses, The Australian Financial Review reported. Wiise will be owned by KPMG and will operate under a strategic partnership with CBA and Microsoft. It is expected to launch in July.


Middle East & Africa: S&P upgrades Egypt; Fidelity Bank Ghana seeks M&A deals

Europe: Barclays CEO fined; ABN AMRO posts Q1 ; Deutsche Bank names CIB co-presidents

Latin America: Fitch revises outlook on 6 Argentine firms; country's banks bear brunt of crisis

North America: Goldman Sachs picks Germany for expansion; Cadence to buy State Bank Financial

North America Insurance: Commercial P&C rates rise for 2nd consecutive quarter; TWIA launching cat bond

Janna Estares, Sally Wang, Jonathan Cheah, Jaekwon Lim and Santibhap Ussavasodhi contributed to this report.

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This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.