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State Bank of India, Bank of China sign MOU; SBI opens new unit


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State Bank of India, Bank of China sign MOU; SBI opens new unit


* Bank of Beijing Co. Ltd. paid some 39.5 million yuan for the interest of CITIC Guoan Group Co. Ltd.'s 2.5 billion yuan worth of debt investment plan as guarantor for the principal and interest of the latter's debt. The debt investment plan will be due July 31, 2021.

* The People's Bank of China conducted 50 billion yuan of seven-day reverse repos at an interest rate of 2.55%.

* China's commercial banks are required to disclose their net stable funding ratio to comply with guidelines issued by the China Banking and Insurance Regulatory Commission in compliance with Basel III rules, Caixin reported.


* SBI Holdings Inc. has established a new unit specializing in peer-to-peer money transfers using blockchain technology, Tokyo's The Nikkei reported. SBI plans to solicit equity participation from bank partners in the new payment platform.

* Mitsubishi UFJ Financial Group Inc. President and CEO Nobuyuki Hirano was appointed chairman, while MUFG Bank Ltd. President and CEO Kanetsugu Mike will succeed Nobuyuki as group president and CEO, effective April 1, The Nikkei reported.

* Fukuoka Financial Group Inc. CEO and President and Bank of Fukuoka Ltd. CEO and President Shibato Takashige will take the place of group and bank CEO and Chairman Masaaki Tani as concurrent chairman at both the group and the bank, effective April 1. Tani will remain a director on the board at both the group and the bank.


* KASIKORN Research expects the Bank of Thailand's monetary policy committee to keep the policy interest rate unchanged at 1.75% as the panel meets March 20, the country's Post Today reported.

* Thailand-based Bank of Ayudhya PCL expects business credit to grow 6% while deposits are expected to grow 10% in 2019, the country's Daily News reported. The figures grew by 5.6% and 2.9%, respectively, in 2018.

* Malaysian Takaful Association Chairman Muhammad Fikri Mohamad Rawi said the country's takaful industry is expected to reach 400 billion ringgit in new protection value by the end of 2019, up from 324.20 billion ringgit in 2018, Bernama reported.

* PT Bank Pan Indonesia Tbk is now a category IV bank in Indonesia, with a minimum capital of 30 trillion rupiah, Bisnis Indonesia reported.


* IDBI Bank Ltd. appointed Rakesh Sharma an additional director, managing director and CEO for a period of three years, effective March 19.

* State Bank of India signed a memorandum of understanding with Bank of China Ltd. to enhance business synergies between the banks, Press Trust of India reported.

* Sri Lanka's nonbank finance companies may face pressure on asset quality and profitability in the medium term due to poor economic growth and slower vehicle imports, Economynext reported, citing Fitch Ratings.


* Westpac Banking Corp. made a number of changes in the way it supports customers' wealth and insurance needs in response to the changing external environment. The changes include realigning its major BT Financial Group businesses into the consumer and business divisions and making some executive changes, among others.

* The Australian Banking Association opened a public consultation to develop new industry guidelines to protect customers facing the risk of elder financial abuse.

* Insurance Australia Group Ltd. plans to raise up to A$300 million through the issuance of subordinated debt to wholesale investors.


Middle East & Africa: Bank Hapoalim Q4'18 profit down YOY; Tadawul debuts on emerging market indexes

Europe: Brexit vote blocked; France ups capital buffer for banks; Danske split rejected

Latin America: Banco de Bogotá profit soars; HSBC rebuilds Brazilian operation

North America: Goldman sets workforce diversity goals; Citi starts Frankfurt broker/dealer ops

Global Insurance: NFIP changes; Axa Equitable share sale; 2 insurers reveal Boeing exposure

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

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