* Goldman Sachs Group Inc. appointed Raghav Maliah and Jung Min co-heads for M&A in Asia, excluding Japan, the Financial Times reported, citing an internal memo. They replace John Kim, who is leaving the bank to join Carlyle Group LP. In addition, Sushil Bathija, co-head of Southeast Asia, will join the M&A team for Asia, excluding Japan.
GREATER CHINA
* U.S.-based asset manager BlackRock Inc. has been in talks about a potential partnership with Chinese internet company Tencent Holdings Ltd. to expand its business in China, The Wall Street Journal reported, citing unnamed sources. The discussions are in early stages and there is no guarantee that the partnership will push through.
* China's Industrial Bank Co. Ltd. said outstanding loans under its green finance program totaled more than 940.8 billion yuan at the end of June, Xinhua News Agency reported. It provided more than 1.97 trillion yuan of green financing during the period.
* The board of Taiwan-based Hua Nan Financial Holdings Co. Ltd. approved a plan to issue NT$5 billion of unsecured corporate bonds, China Times reported. The company plans to use proceeds from the issuance to pay maturing debt and enhance operating capital.
*
* Eddie Yue, the new CEO of Hong Kong's monetary authority, said he intends to keep the city's linked exchange rate system with the U.S. dollar amid uncertainty in the global financial market. Yue, who took office Oct. 2, said the system has overcome various "financial storms since 1983," and is the "most appropriate monetary system for Hong Kong." He added that the regulator plans to promote and develop financial technology as part of efforts to reinforce Hong Kong's status as a global financial hub.
JAPAN AND KOREA
* Japan's JA Mitsui Leasing Ltd. will set up an office in Malaysia in October, with plans to open a local subsidiary in 2020, The Nikkei reported. JA Mitsui Leasing leases and finances equipment and machines for associated businesses.
* South Korea's Financial Services Commission, or FSC, approved the respective sale of majority stakes in Lotte Insurance Co. Ltd. and Lotte Card CO.LTD. to JKL Partners Inc. and a consortium involving MBK Partners and Woori Bank, The Chosun Ilbo reported, citing the regulator.
* South Korea's FSC granted a nonlife insurance business license to Carrot General Insurance Co. Ltd., a digital insurance joint venture between Hanwha General Insurance Co. Ltd., SK Telecom Co. Ltd., Hyundai Motor Co. and Altos Ventures, The Chosun Ilbo reported, citing the regulator.
* A consortium between Mirae Asset Daewoo Co. Ltd.and Hyundai Development Co. is said to be the strongest contender in the preliminary bidding for the assets of troubled company Asiana Airlines Inc., The Korea Times reported. Aekyung Group is also participating in the bidding process, with Samsung Securities Co. Ltd. expected to provide financing if the group wins. KB Securities Co. Ltd. is backing a consortium involving KCGI Co. Ltd. and Banker Street, while private equity firm Stonebridge Capital Inc. is planning to join and is looking for a strategic investor.
ASEAN
* ING Bank NV appointed Erwin Maspolim branch manager of ING Singapore and network head for Southeast Asia, effective Oct. 1, The Business Times reported. The appointment is subject to regulatory approval. Maspolim replaces Catherine Low, who was appointed regional head of leading for Asia-Pacific.
* PT Bank Rakyat Indonesia (Persero) Tbk is planning to issue the first of three tranches of its 5 trillion rupiah of sustainability bonds, Bisnis Indonesia reported.
* Indonesia's PT Bank Mandiri Taspen will issue 1 trillion rupiah of bonds to strengthen funding and support its business expansion, Bisnis Indonesia reported.
SOUTH ASIA
* The merger of Punjab National Bank, United Bank of India and Oriental Bank of Commerce is expected to close April 1, 2020, The Economic Times reported, citing Ashok Kumar Pradhan, CEO of United Bank of India. He added that the structure of the merged bank is a matter of discussion and that it could have 17 to 18 chief general managers running regional head offices.
* India's Religare Enterprises Ltd. disclosed in a filing that it signed a share purchase agreement with TCG Advisory Services Pvt. Ltd. on Oct. 1 in connection with the sale of its entire stake in Religare Finvest Ltd. to TCG for 3.30 billion rupees.
* India-based Yes Bank Ltd. is in talks with private equity funds and family offices to raise capital, The Economic Times reported, quoting CEO Ravneet Gill. Meanwhile, the lender said in a filing that a "material drop" in its share price on Oct. 1 was due to the forced sale of 100 million rupees of equity shares triggered by an invocation of pledge on the equity shares of a large shareholder.
* Total private sector outstanding loans in Bangladesh increased to 10.074 trillion taka in August from 9.102 trillion taka in the year-ago period, the Dhaka Tribune reported, citing data from the central bank. The 10.68% increase, however, still falls short of Bangladesh Bank's target of a 14.80% growth in the 2019-2020 fiscal year.
AUSTRALIA AND NEW ZEALAND
* BizInsure, a small online business insurance agency based in Australia, hired Macquarie Capital to search for strategic partners, which could have the option to take up a 40% stake in BizInsure, The Australian Financial Review's Street Talk blog reported, citing unnamed sources.
* The Australian Securities & Investments Commission is preparing to take action against superannuation funds for signing up members to low-value life insurance policies on a default opt-out basis, The Australian reported, citing notes from a confidential meeting between the regulator and major superannuation lobby groups. ASIC is also found that superannuation funds failed to cap insurance fees worth A$10 billion a year, in violation of a new code of conduct.
IN OTHER PARTS OF THE WORLD
Middle East & Africa: Pioneers Holding plots 3-way split; StanChart trims UAE jobs; Fitch cuts Namibia
Europe: Danske exits Estonia; Credit Suisse sees $250M income boost; UniCredit loan sale
Latin America: Peru VP steps down; Markel to sell Brazilian ops
North America: Payments companies waver on Libra; TD Ameritrade joins free-trading fray
Global Insurance: Mercury General settlement; Ameriprise sale completion; Allianz circles BBVA biz
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.
