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MUFG Bank seeks higher Vietinbank stake; Japanese firm eyes North America

GREATER CHINA

* The Shanghai office of the China Banking Regulatory Commission approved Bank of Shanghai Co. Ltd.'s plan to increase its registered capital to 10.93 billion yuan from 7.81 billion yuan, China's National Business Daily reported.

* China's Bank of Luoyang Co. Ltd., which has been attempting to list for seven years, was penalized by the People's Bank of China for refusing and hindering the central bank's supervision and inspection of the lender, China Investment Network reported.

* Ant Financial Services Group payment platform AliPay (China) Internet Technology Co. Ltd. said hackers stole an unidentified amount of money from accounts using stolen Apple Inc. IDs, Reuters reported, citing the platform's post on its Toutiao social media account. AliPay added that the issue is still unresolved despite reaching out to Apple.

JAPAN AND KOREA

* Japan's MUFG Bank Ltd. is looking to increase its stake in Vietnam Joint Stock Commercial Bank for Industry & Trade, or Vietinbank, to 50%, Reuters reported, citing state-run Vietnam Television, which in turn cited MUFG Bank Deputy President Eiichi Yoshikawa. The Japanese lender currently holds a 19.73% stake in Vietinbank, data from Refinitiv showed.

* Japan-based Sumitomo Mitsui Trust Asset Management Co. Ltd., the new asset management unit of Sumitomo Mitsui Trust Holdings Inc., plans to set up operations in North America, The Nikkei reported, citing the company's new CEO, Yoshio Hishida.

* Korean Reinsurance Co. received preliminary approval from the China Banking and Insurance Regulatory Commission to open a branch in Shanghai within 12 months, FNTimes reported.

* South Korean internet-only bank K BANK Co. Ltd. will issue 24 million shares at 5,000 won apiece to raise a total of 120 billion won, The Korea Times reported, citing a statement. The issuance comprises 4,636,800 convertible shares worth 23.1 billion won and 19,363,200 ordinary shares worth 96.8 billion won.

* Officials from the Office of Terrorism and Financial Intelligence of the U.S. Treasury Department were in talks with South Korean banks in September to check on their involvement in South Korea's economic engagement with North Korea, The Dong-a Ilbo reported. NongHyup Bank's tentative plan to open a branch in North Korea was among the issues raised by the U.S. officials.

ASEAN

* Singapore-based United Overseas Bank Ltd. is reviewing its life insurance tie-up with U.K.-based Prudential PLC as it bids to get more value out of its insurance operations, people familiar with the matter told Bloomberg News. The lender may renew its agreement with the insurer or find another partner, according to the report.

* The Monetary Authority of Singapore and Bank Indonesia entered into a US$10 billion currency swap agreement to establish closer financial collaboration between the two parties, Reuters reported, citing a statement from the Indonesian presidential office. The two regulators also signed other agreements on financial technology cooperation and protection of foreign investment.

* Indonesia's Minister of State-Owned Enterprises, Rini Soemarno, has asked the Financial Supervisory Agency to conduct an audit of PT Asuransi Jiwasraya (Persero) following delays in claim payments to a number of policyholders, Bisnis Indonesia reported.

* PT Bank Muamalat Indonesia Tbk will conduct a rights issue to raise 2 trillion rupiah of capital, Bisnis Indonesia reported.

* Government Housing Bank expressed concerns over the Bank of Thailand's planned regulation on housing loans as it may affect the bank's working- and middle-class customers, Thailand's Daily News reported. The bank, together with the Housing Business Association and the Thai Condominium Association, are asking the central bank to make some adjustments to its proposed guidelines.

SOUTH ASIA

* State-run Union Bank of India is set to raise about 7 billion rupees from off-loading its shareholdings in six companies, The Financial Express reported, citing a sale document. The stakes to be sold include 4.15% in JM Financial Asset Reconstruction Co. Ltd. and 1.95% in Small Industries Development Bank of India.

* India-based digital payments firm One MobiKwik Systems Pvt. Ltd. made its foray into the wealth management segment after agreeing to buy a 100% stake in online wealth management platform Clearfunds for an undisclosed sum, The Economic Times reported, citing a statement. Following the takeover, Clearfunds founder and CEO Kunal Bajaj will head MobiKwik's wealth management business.

* Life Insurance Corp. of India tapped ICICI Securities Ltd. to manage its open offer to acquire 2,041,512,929 equity shares in IDBI Bank Ltd., or a 26% stake, at 61.73 rupees each. The offer will begin Dec. 3 and close Dec. 14, Press Trust of India reported, citing a statement from IDBI Bank.

* The Indian government extended P. S. Jayakumar's term as managing director and CEO of Bank of Baroda, which was set to end Oct. 12, by one year, Mint reported, citing a government notification. The move comes in the wake of a proposed three-way merger of the bank, Dena Bank and Vijaya Bank.

* Pakistan-based Habib Bank Ltd. plans to commence yuan operations in China following in-depth talks with China's central bank, Dawn reported, citing a statement. Habib Bank, which has existing operations in China, said it would become the only Pakistani lender to offer end-to-end yuan intermediation.

AUSTRALIA AND NEW ZEALAND

* A report by the Australian National Contact Point, an Australian Treasury division, showed that Australia & New Zealand Banking Group Ltd. did not meet its human rights standards when it funded a Cambodian sugar plantation linked to forced evictions, child labor and workplace deaths, The Sydney Morning Herald reported. However, the division did not endorse a suggestion by nongovernment organizations that ANZ be forced to divest what it gained from the sugar plantation loan.

* Commonwealth Bank of Australia CEO Matt Comyn and Westpac Banking Corp. CEO Brian Hartzer admitted their mistake of opposing the royal commission, which uncovered widespread financial services misconduct in the country, Reuters reported. The comments were made in a parliamentary hearing Oct. 11.

* Australian Prudential Regulation Authority Chairman Wayne Byres said the regulator needs to reflect on its current approach to regulation, calling the royal commission's suggestion that regulators must do more to actively impose standards of behavior within the financial sector and penalize the violators "quite reasonable."

IN OTHER PARTS OF THE WORLD

Middle East & Africa: QNB Q3 profit up YOY; Moody's revises outlook on Egypt's banking system

Europe: Brexit deal 'within reach'; Natixis eyes Ingenico; Tryg Q3 profit dips YOY

Latin America: Itaú names 2 directors to XP; Peru opposition leader arrested

North America: OCC may penalize Citi for discriminatory lending; Investar to buy Texas bank

Global Insurance: Michael strikes hard; Catalina adds $700M to war chest; Centene's ACA growth

R Sio, Sally Wang, Jonathan Cheah, Jaekwon Lim and Santibhap Ussavasodhi contributed to this report.

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