GREATER CHINA
* Bank of Shanghai Co. Ltd. said it obtained approval from Shanghai-headquartered Assets Supervision and Administration Commission to issue up to 20 billion yuan of convertible corporate bonds. Proceeds from the new issuance will be used to replenish the bank's Tier 2 capital and raise its capital adequacy ratio.
* Chinese President Xi Jinping will visit Macau next week to introduce new policies aimed at diversifying Macau's economy into a financial center, Reuters reported, citing unidentified government officials and company executives. The policies include setting up a yuan-denominated stock exchange and accelerating a yuan settlement center.
* 360 Finance Inc. Chairman Hongyi Zhou, some members of the company's management team and shareholder FountainVest Partners intend to collectively invest up to US$60 million in the Chinese digital consumer finance platform over the next 12 months.
* Yao Qian, general manager of China Securities Depository and Clearing Corporation Ltd., was chosen to head a new technology oversight department under the China Securities Regulatory Commission, Caixin reported, citing a source with knowledge of the matter.
* Meiji Yasuda Life Insurance Co. is expected to invest ¥5.5 billion in social bonds issued by Mitsubishi UFJ Financial Group Inc. as part of its sustainable investment and loan plan, The Nikkan Kogyo Shimbun reported. The company financed and invested ¥590 billion in the first half, so far.
* Chubb Life Insurance Korea Co. Ltd. has appointed Albert Kim its new CEO, The Korea Herald reported, citing officials. Kim was most recently vice president in charge of sales and management at AIG Korea Inc.
* South Korea's Shinhan Financial Group Co. Ltd. is considering two nominees for the holding company's CEO position, Yonhap News Agency reported, citing the company.
* South Korea's Financial Services Commission is allowing banks to sell equity-linked trusts worth less than 40 trillion won in total, Yonhap News Agency reported. The regulator also told banks to increase measures to protect purchasers of high-risk financial products.
ASEAN
* Ruenvadee Suwanmongkol, secretary-general of Thailand's Securities and Exchange Commission, said it granted the Thai Bond Market Association a license to operate a securities depository to test distributed ledger technology as part of a pilot project in the country's regulatory sandbox, Krungthep Turakij reported. The SEC looks to use blockchain technology to improve the Thai capital market.
* Bangkok Bank PCL signed an agreement with Standard Chartered Bank (Thai) PCL and PT Astra International Tbk to buy an 89.12% stake in PT Bank Permata Tbk for about 37.431 trillion Indonesian rupiah. The Thai lender plans to acquire the remaining 10.88% share of the Indonesian bank following the completion of the proposed acquisition.
* ING Bank NV - Manila Branch plans to enter the payments business in the first half of 2020 and the lending business in the second half of 2020, BusinessWorld reported, quoting Hans Sicat, the lender's country head and managing director.
* The Monetary Authority of Singapore revoked CT Bright Investment's capital markets services license, effective Dec. 9, due to numerous breaches of the regulator's rules and license conditions, The Business Times reported.
* Cagamas Bhd. issued 300 million Malaysian ringgit of three-year conventional medium-term notes, 500 million ringgit of three-month conventional commercial papers and 300 million ringgit of Islamic medium-term notes, The Sun reported. The issuance will serve to fund mortgage loans and Islamic house financing, the report said.
SOUTH ASIA
* India-based Ujjivan Small Finance Bank Ltd. received bids for 20.53 billion shares compared with an issue size of 124 million shares in its IPO, sold in a price range of 36 to 37 rupees, Bloomberg News reported.
* Cholamandalam Investment & Finance Co. Ltd. plans to raise up to 10 billion rupees by issuing equity shares through a qualified institutional placement in one or more tranches. The equity shares issued in the placement will rank side by side with the existing equity shares of the firm.
* India's National Financial Reporting Authority in its review of Deloitte Haskins and Sells's 2017-18 statutory audit for IL&FS Financial Services Ltd. said the auditor failed to comply with the body's audit standards, Press Trust of India reported. The review said the auditor's quality control system was "severely inadequate and ineffective." The NFRA added that it would consider whether disciplinary actions are needed.
* The upper house of India's parliament, Rajya Sabha, passed a bill that will set up a unified regulator to oversee international financial service centers, or cross-border hubs that work with the flows of finance, and financial products and services, Mint reported.
* One97 Communications Ltd. raised 47.24 billion rupees in a funding round with the participation of Alipay Singapore E-Commerce Pvt. Ltd, SVF Panther (Cayman) Ltd. and T. Rowe Price Growth Stock Fund Inc. - T. Rowe Price Growth Stock Fund, among others, Mint reported. One97's board approved the allotment of 2,592,472 equity shares at US$254.58 apiece.
* India-based Bank of Baroda said in a disclosure that it signed a binding share purchase agreement with Ansa Merchant Bank Ltd. to sell unit Bank of Baroda (Trinidad & Tobago) Ltd. The transaction is subject to approval from the Central Bank of Trinidad and Tobago. Bank of Baroda said it decided to sell the subsidiary as part of efforts to restructure its international operations.
AUSTRALIA AND NEW ZEALAND
* The Australian Securities and Investments Commission withdrew a ban on new listings by actively managed exchange-traded funds, The Australian Financial Review reported. The regulator said it was satisfied that the funds could manage risks. The regulator will work with funds to implement changes such as more transparent pricing, among others.
* Latitude Financial Services Australia Holdings Pty. Ltd. linked up with Mastercard Inc. in a deal that would allow LatitudePay customers to make payments wherever MasterCard is available, The Australian reported, citing Ahmed Fahour, head of Latitude Financial. The plan will roll out in New Zealand in 2020 via the Australian company's Genoapay unit.
* Dan Janes was promoted to co-head of investment banking in Australia for Bank of America Corp. alongside local chief executive Joe Fayyad, The Australian Financial Review reported in its Street Talk blog.
* Goldman Sachs Group Inc. appointed Phil Prenc head of infrastructure for its Australia and New Zealand business, The Australian Financial Review's Street Talk blog reported, citing a company email. Prenc succeeds Antony Steinberg.
* Ord Minnett Ltd CEO Tim Gunning has stepped down, The Australian Financial Review's Street Talk blog reported, citing an internal memo.
IN OTHER PARTS OF THE WORLD
Middle East & Africa: Israel to hold 3rd election; IMF, Ethiopia reach preliminary agreement on loan
Europe: UK challenger banks seek rule easing; Credit Suisse faces new spying claim
Latin America: Brazil cuts key rate; XP shares jump 28% in Nasdaq debut
North America: JPMorgan to restructure wealth management biz; NYSE revises direct listing plans
Global Insurance: Principal Financial targets; RenRe cat bond; Progressive earnings; Convex rating
R Sio, Sally Wang, Sarun Saelee, Cathy Hwang, Emi White and Aditya Suharmoko contributed to this report.
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