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Deutsche Bank, BNP Paribas get Chinese underwriting license; Suncorp eyes sale

GREATER CHINA

* Deutsche Bank AG and BNP Paribas SA obtained type A licences from the National Association of Financial Market Institutional Investors, which will let the banks act as lead underwriters for corporate debt issued by nonfinancial firms. Six overseas banks have applied for such licenses as of August-end, the Chinese industry body said in a release.

* Gao Jianping resigned as chairman of Industrial Bank Co. Ltd., ending a 31-year stint at the company as he has reached the age of retirement, the lender said in a stock exchange filing. The bank has not announced a successor at this time.

* Shanghai Pudong Development Bank Co. Ltd. reached a strategic partnership with Shanghai Futures Exchange to offer foreign currency deposits and settlements, China Securities Journal reported.

JAPAN AND KOREA

* Gunma Bank Ltd. said it is planning to either merge or shut down 10 more branches by March 2022. So far, the Japanese lender has consolidated or closed 10 branches between March 2016 and March 2019.

* South Korea's Mirae Asset Daewoo Co. Ltd. joined the bid for Asiana Airlines Inc., and has tapped Hyundai Development Co. to form a consortium that would potentially acquire the assets, The Korea Times reported, citing an industry source. A shortlist of applicants will be released by the end of September and a formal bidding process is scheduled the next month.

* South Korea's Shinhan Financial Group Co. Ltd. said Shinhan AI Co. Ltd., a new consultancy unit that will use artificial intelligence to provide investment advisory services, has commenced operations. The wholly owned subsidiary was established in August.

* South Korean digital lender K Bank Co.Ltd. will extend CEO Shim Sung-hoon's term until January 2020 due to pending recapitalization issues, the Maeil Business Newspaper reported, citing the bank's executive nomination committee. Shim's term was initially set to end Sept. 23.

* The Korea Federation of Banks signed a memorandum of understanding with the Thai Bankers' Association to exchange information on the industry's best practices and to enhance cooperation between lenders in South Korea and Thailand.

ASEAN

* The Securities and Exchange Commission of Thailand has published guidelines promoting the use of distributed ledger technology to boost the digital infrastructure of the country's capital market, as part of efforts to increase efficiency and reduce costs for organizations.

* TMB Bank PCL is introducing TMB Smart Payroll, a service that lets small and midsize enterprises use the lender's mobile app to distribute employees' salaries, Thailand's Post Today reported. The service may also be used for interbank transfers.

* Agricultural Bank of China Ltd.'s Singapore branch secured a green club loan facility worth US$200 million, joint green advisers and coordinators United Overseas Bank Ltd. and BNP Paribas said. Proceeds from the loan facility will be used to finance green projects. It is the first such facility established under the Singaporean branch's sustainable financing framework.

* Allianz Global Investors Singapore Ltd. has set up a thematic fund for retail investors in the city-state, The Business Times reported. The fund will invest in global equities influenced by structural shifts in regulatory policies and changes in demographics or consumer preferences. The fund will be distributed by Citibank Singapore Ltd.

SOUTH ASIA

* Indian Bank Managing Director Padmaja Chunduru expects to complete the company's planned merger with Allahabad Bank by March 31, 2020, the Press Trust of India reported. The banks are among the lenders being consolidated in India.

* The Indian government approved a capital infusion totaling 93 billion rupees into IDBI Bank Ltd. to help the lender return to normal operations. The government will inject 45.57 billion rupees through recapitalization bonds, while the remaining 47.43 billion rupees will come from Life Insurance Corp. of India, which holds a 51% stake in the bank.

* A joint report by the Associated Chambers of Commerce and Industry of India and CRISIL said nonperforming assets in the banking system will drop to 9.1 trillion rupees by the March 2020 from 9.4 trillion rupees as of March 31, 2019, the Press Trust of India reported. The report added that investors interested in these assets would likely benefit from efforts by the government to speed up the process of resolving bad loans.

AUSTRALIA AND NEW ZEALAND

* Australian financial group Suncorp Group Ltd. is looking at potentially selling its automotive parts supplier business, ACM Parts, The Australian Financial Review's Street Talk blog reported, citing a company spokesperson. The company has hired Deloitte Corporate Finance to oversee a strategic review of the business.

* Suncorp Life and Superannuation paid about A$1.4 million in compensation to more than 4,000 clients who received poor life insurance advice from affiliate Guardian Advice, Insurance Business Australia reported. This completes Suncorp's remediation program for clients of Guardian Advice.

* Australia's banks are facing increased competition in mortgage lending as customers switch to other channels, such as brokerages, for property loans, The Australian reported, citing a UBS research report. Mortgages originating from bank branches accounted for 37% of total sales in the financial system, down from 48% in fiscal 2013, while brokers' share of the business continued to grow.

IN OTHER PARTS OF THE WORLD

Middle East & Africa: Emirates NBD hikes foreign ownership cap; Old Mutual plans share buybacks

Europe: UK PM warns of snap elections; Lloyds, Tesco in £3.8B deal; Rabobank sells CoCos

Latin America: Caixa Q2 profit jumps 21.6%; S&P warns of economic risks for Argentine banks

North America: Goldman eyes German fintechs; Mass. bank plans conversion; Maine CUs to merge

Global Insurance: Dorian weakens; UK losing insurance business; Rolls-Royce engine liability

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

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