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In This List

China resumes open market operations; NZ legalizes cryptocurrency salaries

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China resumes open market operations; NZ legalizes cryptocurrency salaries

GREATER CHINA

* The People's Bank of China has resumed cash injections through open-market operations following a two-week halt, Xinhua News Agency reported. The regulator conducted seven-day reverse repurchase agreements worth 30 billion yuan, with an interest rate unchanged at 2.55%.

* Mark McKeown, HSBC Holdings PLC's chief risk officer for Asia-Pacific, will retire by the end of the year, Apple Daily reported. Ed Jenkins will succeed McKeown in the role in September.

* Chinese commercial banks' nonperforming loan ratio stood at 1.81% as of the end of June, rising 0.01 percentage point from the end of the first quarter, National Business Daily reported, quoting data from the Chinese Banking and Insurance Regulatory Commission. The outstanding loan amount totaled 2.24 trillion yuan.

* Taiwan's Mega International Commercial Bank Co. Ltd. launched a new plan to provide a maximum of NT$100 billion targeted funding for corporates for factory building, equipment installation and product manufacturing, United Daily News reported. The fund was introduced as a response to the government's plan to attract NT$1.17 trillion in investments to the segment.

JAPAN AND KOREA

* South Korea's MBK Partners filed an application with the Financial Services Commission to request approval for its acquisition of Lotte Card CO.LTD., The Chosun Ilbo reported, citing the FSC. The private equity investor signed an agreement to acquire 79.83% of Lotte Card in May.

* U.S.-based American International Group Inc.'s South Korean unit, AIG Korea Inc., plans to expand its warranty and indemnity insurance business, also known as M&A insurance, as it sees growth in the M&A market, The Korea Times reported. The unit will target private equity funds and institutional and professional investors involved in M&A deals.

* Kang Won Mutual Savings & Finance Co. Ltd. has renamed itself CK Mutual Savings & Finance Co. Ltd., FNTIMES reported, citing industry sources.

* Orange Life Insurance Co. Ltd., a unit of Shinhan Financial Group Co. Ltd., declared an interim dividend of 800 won per common share.

* Shinhan Bank Vietnam Ltd., a unit of South Korea's Shinhan Bank Co. Ltd., will open four more branches on Aug. 15, bringing the number of its branches in Vietnam to 36, Yonhap News Agency reported, citing Shinhan Bank Vietnam.

ASEAN

* Citigroup Inc. is betting on Singapore's growing family offices segment to fuel its wealth business in the region, The Business Times reported. Family offices are advisory firms set up by ultra-high net worth investors to manage their wealth. Citi Private Bank global head Peter Charrington said Singapore's clear rules and tax incentives are attracting family officers, which he expects to continue growing in the coming years.

* The Thai Insurance PCL Chairman Somchai Sajjapong said the insurer is looking to achieve a total of 2.3 billion baht worth of premiums during the fiscal year, Bangkok Post reported. The firm's target is part of an updated business model following the amalgamation of its assets with Southeast Group Company Ltd.

* Vietnam Bank for Agriculture & Rural Development plans to raise 5 trillion dong through the issuance of five million bonds, Viet Nam News reported. The bonds will have a tenor of seven years.

SOUTH ASIA

* Muthoot Finance Ltd. posted a 9% year-over-year increase in consolidated net profit to 5.63 billion Indian rupees for the quarter ended June, from 5.18 billion rupees in the prior-year quarter. EPS increased to 13.85 rupees from 12.79 rupees. Total income rose to 20.72 billion rupees from 17.86 billion rupees in the previous-year period.

* Bank of Baroda said it would offer repo rate-linked home loans with interest rates starting at 8.35%, following a similar decision by State Bank of India, Financial Express reported. Customers may also opt to apply for home loans linked to marginal cost of funds-based lending rates, starting at 8.45%. The move comes after the Reserve Bank of India lowered its key interest rate by 35 basis points to 5.40%.

* CSB Bank Ltd., formerly known as Catholic Syrian Bank, has submitted a draft red herring prospectus with the Securities and Exchange Board of India in relation to its planned IPO, minority shareholder Fairfax India Holdings Corp. said in a release. The bank is planning to issue 300 million rupees worth of fresh equity shares in its IPO.

AUSTRALIA AND NEW ZEALAND

* New Zealand's Inland Revenue Department has made it legal for domestic firms to give financial compensation to employees in bitcoin and other cryptocurrencies, beginning Sept. 1, the Financial Times reported, citing a tax bulletin by the authority. The ruling states, however, that such a salary arrangement may only be given to staff under official employment agreements.

* Bendigo & Adelaide Bank Ltd. may be forced to shutter more branches and reduce the number of employees as part of cost-cutting measures, The Australian Financial Review reported, citing Managing Director Marnie Baker. The lender may go ahead with the moves once the recommendations of a self-assessment of the business is released, Baker noted.

* Bank of Queensland Ltd. interim CEO Anthony Rose said at a public hearing that the bank has increased lending standards following regulatory scrutiny of the financial sector, noting that the country's largest banks should embrace new guidelines that only allow them to offer loans that are suitable to borrowers, The Sydney Morning Herald reported.

IN OTHER PARTS OF THE WORLD

Middle East & Africa: KCB bets on South Sudan; S&P lifts Rwanda; Mozambique's debt scandal crackdown

Europe: Rose said to take RBS helm; UK eyes bailout fund; Salvini denies euro exit plan

Latin America: Opposition bet leads in Argentine primaries; Chile's Habitat buys Colfondos

North America: IEX to introduce connectivity fees; Stifel buying George K. Baum & Co.

Global Insurance: NN Group CEO joining Aegon; Rothesay Life £520M pension buy in; Brit pullout

Janna Estares, Emily Lai, Jonathan Cheah, Jaekwon Lim and Santibhap Ussavasodhi contributed to this report.

The Daily Dose has an editorial deadline of 6:30 a.m. Hong Kong time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.