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HDFC Bank sells stake in unit; South Korea rejects 2 internet bank bids

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HDFC Bank sells stake in unit; South Korea rejects 2 internet bank bids

GREATER CHINA

* Chen Yulu, deputy governor of the People's Bank of China, said the central bank will cooperate with the country's security regulatory departments to guide more medium- and long-term funds into the market, Caijing reported.

* The People's Bank of China and the China Banking and Insurance Regulatory Commission have decided to take over the management of Baoshang Bank Co. Ltd. due to the lender's serious credit risks. The takeover, which commenced May 24, would last one year. China Construction Bank Corp., meanwhile, was entrusted with taking over Baoshang Bank's banking operations.

* The China Securities Regulatory Commission approved the application of exchange-traded funds under the China-Japan ETF connect scheme. Under the arrangement, Chinese fund managers may set up Shanghai-traded ETFs under the outbound Qualified Domestic Institutional Investor scheme, and invest at least 90% of assets in Japan's ETFs that track the Nikkei 225 Index or Topix Stock Price Index.

* CEFC Shanghai International Group Ltd. will auction 360 million shares it holds in Bank Of Hainan Co.Ltd. on Alibaba Group Holding Ltd.'s online auction platform in the week of June 24, Cailian Press reported. The starting price for the shares, which accounts for 12% of the lender's equities, is 536.40 billion yuan.

JAPAN AND KOREA

* Nomura Holdings Inc. is set to disclose the findings of an internal probe on alleged information leaks as Japan's financial regulator prepares to fine the firm's brokerage unit, Nomura Securities Co. Ltd., Bloomberg News reported.

* Japanese banks are boosting investments into risk assets, The Nikkei reported. According to the Ministry of Finance, Japanese banks' investments into foreign bonds reached an eight-year high in fiscal 2018, driven by big players. Mitsubishi UFJ Financial Group Inc. reported a 23% year-over-year increase to ¥21.5 trillion in foreign bonds holding, while Sumitomo Mitsui Financial Group Inc. reported a 25% increase to ¥9 trillion.

* Choi Jong-gu, head of the South Korean Financial Services Commission, said the regulator has rejected separate applications for an internet-only bank that were submitted by two consortiums led by online brokerage firm Kiwoom Securities Co. Ltd. and Viva Republica Co Ltd., the Chosun Ilbo reported.

* Executives of South Korea's Hana Financial Group Inc. and Japan's Sumitomo Mitsui Trust Holdings Inc. have agreed to expand their alliance in asset and trust management and jointly develop new digital businesses, the Korea Times reported, citing Hana Financial.

ASEAN

* Thailand's Securities and Exchange Commission is waiving filing fees associated with the issuance of green bonds, social bonds and sustainability bonds until May 31, 2020 to promote sustainable investment in environmental conservation and social development, according to a release.

* Thailand's Kasikorn Research Center said Thai commercial banks' net loans grew in April for a third straight month despite the tightened loan-to-value limits on mortgages coming into effect, Manager Daily reported. Net loans extended by 14 local banks rose by 26.7 billion baht in April, citing strong business lending and retail lending.

* Thailand's Securities and Exchange Commission said a new law imposing a 15% withholding tax on gains from investment in fixed income funds is aimed at ensuring fairness and is believed to have no significant impact on the country's mutual fund business, Manager Daily reported. The revised tax law takes effect Aug. 20.

* Philippine National Bank's board approved to raise US$300 million with an option to upsize, out of the bank's US$1 billion euro medium-term note program.

SOUTH ASIA

* HDFC Bank Ltd. sold a 6.10 % stake, representing 44,786,774 equity shares, in unit GRUH Finance Ltd. to meet the Reserve Bank of India's requirements for aiding the proposed merger of the housing finance arm with Bandhan Bank Ltd., Mint reported.

* IIFL Holdings Ltd. said its name has been changed to IIFL Finance Ltd., effective May 24.

* Corporation Bank is looking to raise up to 40 billion rupees of capital over the next two years to boost loan growth, Business Standard reported, citing P. V. Bharathi, the bank's CEO

* Noor Bank PJSC formed an alliance with ICICI Bank Ltd. to provide a service that would allow customers to conduct real-time money transfers to India from anywhere in the United Arab Emirates, Khaleej Times reported.

AUSTRALIA AND NEW ZEALAND

* Geoff Bascand, deputy governor of the Reserve Bank of New Zealand, said the regulator is willing to modify requirements for the country's largest banks to significantly lift their capital levels, The Australian Financial Review reported.

* Augusta Capital Ltd 's net after-tax profit jumped 116% to NZ$7 million for the year ended March from NZ$3.2 million in the prior-year period.

* Veritas Investments Ltd. said its name will be changed to Good Spirits Hospitality, effective June 7. Meanwhile, the company's board appointed Garry Downs director, effective May 24.

* Kiwibank Ltd. appointed Hamish Rumbold chief digital and technology officer.

R Sio, Sally Wang, Sarun Saelee, Cathy Hwang, Emi White and Aditya Suharmoko contributed to this report.

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