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Hyundai Card sets IPO in motion; India's IDBI Bank to resume lending

GREATER CHINA

* The U.S. government is reportedly considering potential restrictions on portfolio inflows into China, particularly those by U.S. government retirement funds. U.S. officials have been said to hold meetings to discuss measures to limit the exposure of U.S. government pension funds to the Chinese market.

* S&P Global Ratings maintained an AA+ rating for Hong Kong with a stable outlook despite sustained social unrest in the city. Ratings took into account a short-term economic deterioration, but said “abrupt changes” in Hong Kong's relationship with the Chinese central government could affect its outlook.

* The Insurance Authority of Hong Kong has granted Avo Insurance Co. Ltd. to operate solely through digital distribution channels, the Hong Kong Economic Times reported. Asia Insurance Co. Ltd. holds a 51% stake in the company, which will commence operations within the year.

* Five banks in Hong Kong have kept 13 branches closed and 330 ATMs nonoperational in response to alleged vandalism, South China Morning Post reported. Bank of China (Hong Kong) Ltd. kept five branches closed throughout the day following damages from fire, while Industrial and Commercial Bank of China (Asia) Ltd. kept four branches shut. Hang Seng Bank Ltd. closed three branches and Bank of Communications Co. Ltd. closed one branch.

JAPAN AND KOREA

* Ashikaga Bank Ltd. will open an office in Tokyo's Shinagawa ward as part of efforts to acquire new corporate customers in the area, The Nikkei reported. The regional bank currently has two branches in Tokyo.

* South Korea's Financial Services Commission released guidelines for financial institutions looking to invest in financial technology companies. Under the new rules, banks and nonbank financial institutions may invest in fintech firms or own fintech units.

* South Korea's Hyundai Card Co. Ltd. has initiated the process for an IPO and has put out a request for proposals for a lead manager, The Korea Times reported, citing an employee of the card issuer. Bidders have until Oct. 22 to submit their proposals. The company is looking at an IPO to raise its capital base for long-term growth and to enhance transparency.

* The heads of banks that were involved in misselling derivative-linked fund options could face regulatory action, The Korea Times reported, citing Yoon Suk-heun, governor of South Korea's Financial Supervisory Service.

ASEAN

* Australia & New Zealand Banking Group Ltd. appointed Mark Fitzgerald president director and country head of PT Bank ANZ Indonesia, Bisnis Indonesia reported.

* AXA Insurance Pte Ltd. named Mauricio Coarasa CFO, Jeremy Ong chief customer & operations officer and Julien Callard managing director for retail, The Straits Times reported. The appointments of Coarasa and Ong took effect immediately, while Callard will join the insurer Nov. 1.

* The State Bank of Vietnam has granted Media Entertainment Corp. a license to run an e-payment portal and provide cash collections, payment and e-wallet services, Viet Nam News reported. The digital content firm will offer the payment intermediary services in conjunction with financial switching services and electronic clearing services organizations approved by the central bank.

* The Philippines' Armed Forces and Police General Insurance Corp. surrendered its license to offer nonlife insurance products and ceased operations due to decreased financial viability to continue the business, BusinessWorld reported, citing Dennis Funa, the country's Insurance Commissioner. The company has applied for a servicing license and an overseer has been named to make sure the firm settles its outstanding liabilities.

* France's BNP Paribas SA appointed Andy Chai and Arnaud Tellier co-CEOs of its wealth management operations in Asia-Pacific, effective immediately.

SOUTH ASIA

* The Reserve Bank of India will revamp its regulatory structure and enhance its supervision in the wake of a crisis at Punjab & Maharashtra Co-operative Bank Ltd., Indo-Asian News Service reported, citing M.K. Jain, deputy governor of the central bank. Further, the regulator denied that it is looking to set up a liquidity facility for stressed nonbanking financial firms.

* Datasigns Technologies Pvt. Ltd.-owned Shubh Loans has received approval from the Reserve Bank of India to establish a nonbanking financial company, the Press Trust of India reported. The company had raised 340 million rupees in capital via Omidyar Network Services LLC. The fintech firm received the license through affiliate firm Ekagrata.

* India's IDBI Bank Ltd., which is under the Reserve Bank of India's prompt corrective action, said it received the central bank's approval to restart limited corporate lending to existing clients with a high credit score, Business Standard reported. The lender had previously received 90 billion rupees as equity capital in the second quarter.

AUSTRALIA AND NEW ZEALAND

* JPMorgan Chase & Co. named Annabelle Mooney the head of its new midcap banking unit aimed at midsize companies, The Australian Financial Review reported. Mooney joined from PricewaterhouseCoopers LLP along with Katie Tabb, Virginie Maikim and Alli Peacock. Maikim and Peacock were appointed associates and Tabb was named a vice president.

* Recently launched Australian lender Judo Capital Pty Ltd, which has raised A$540 million in two funding rounds, is looking to launch an IPO in the next 12 to 18 months, The Australian reported.

* Australia & New Zealand Banking, Commonwealth Bank of Australia, Morgan Stanley, Morgans Financial Ltd, National Australia Bank Ltd., Ord Minnett Ltd, UBS Group AG and Westpac Banking Corp. were named joint lead managers for CBA's new CommBank PERLS XII Capital Notes, The Australian Financial Review's Street Talk blog reported. Crestone, Bell Group Holdings Pty Ltd. and Evans Dixon Ltd. were appointed co-managers. The notes are potentially worth more than A$750 million and have an indicative margin of 3% to 3.2%.

IN OTHER PARTS OF THE WORLD

Middle East & Africa: Egypt mulls slashing bourse fees; Lebanon seeks UAE backing; Uganda trims rate

Europe: HKEX drops LSE bid; Wirecard ups targets; ECB warns on bank liquidity

Latin America: Brazil economy chief denies resignation talk; potential tax reform for Mexico

North America: Wisconsin banks to merge; Trump tweets impact perceptions for Fed policy

Global Insurance: D&O exclusions for drug companies; Arch Capital cat losses; BBVA nonlife offers

R Sio, Emily Lai, Jonathan Cheah, Jaekwon Lim and Santibhap Ussavasodhi contributed to this report.

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