* The China Banking and Insurance Regulatory Commission is planning to take measures to prevent financial crimes with a crackdown on illegal public fundraising in a bid to clean up the financial market, Reuters reported.
* Taiwan's Financial Supervisory Commission approved Shanghai Commercial & Savings Bank Ltd.'s plan to set up a branch in China's eastern province of Jiangsu, Taiwan's Central News Agency reported. So far, the China Banking and Insurance Regulatory Commission has approved three Taiwanese lenders to set up outlets in China in 2018.
* China's Huishang Bank Corp. Ltd. expects to report a net profit of at least 4.2 billion yuan for the first half. The bank attributed the expected growth in profit to an increase in its interest-earning assets and a further decline in its cost-to-income ratio.
JAPAN AND KOREA
* Kansai Mirai Financial Group Inc. plans to extend the banking hours of branches operated by units Minato Bank Ltd., Kinki Osaka Bank Ltd. and Kansai Urban Banking Corp., The Mainichi Shimbun reported.
* Japan's Financial Services Agency is increasing its clampdown on lax internal controls at regional banks, Tokyo's The Nikkei reported. The FSA plans to target more than 20 regional banks for inspection until June 2019.
* Korea Securities Finance Corp. signed a memorandum of understanding with the Securities and Exchange Commission of Cambodia to expand cooperation between the two entities, The Financial News reported.
* Thailand's Ministry of Finance has finished writing a draft bill covering the supervision of financial services providers in the country, Post Today reported. The proposed rules will be forwarded to the Thai cabinet for consideration.
* Security Bank Corp.'s net income in the six months ended June 30 fell 18% to 4.29 billion Philippine pesos from 5.24 billion pesos recorded in the prior-year half.
* Erwin Haryono, director of Bank Indonesia's payment system policy department, said the central bank is considering the possibility of issuing its own digital currency, Kompas reported.
* Indonesia's Financial Services Authority said nonperforming car loans in the country have increased to 1.45% in May, which was still within acceptable limits, Bisnis Indonesia reported.
* The Malaysian Anti-Corruption Commission will charge former Prime Minister Najib Razak for violating anti-money laundering regulations relating in connection with a scandal at a former unit of troubled state fund 1Malaysia Development Bhd., Bloomberg News reported, citing an email from the anti-graft agency. Najib pleaded not guilty to the allegations made in relation to charges of corruption and abuse of power in the 1MDB case.
* Edelweiss Financial Services Ltd.'s profit after tax for the first quarter ended June 30 grew 31% to 2.64 billion Indian rupees from 2.03 billion rupees in the prior-year period.
* The Indian government appointed S Gurumurthy and Satish Marathe part-time directors on the Reserve Bank of India's board after securing approval from the country's cabinet, The Economic Times reported.
* Fraud-hit Punjab National Bank, which has struggled to meet its capital adequacy ratio, is expected to complete the sale of its stake in PNB Housing Finance Ltd. by the end of the financial year, Mint reported.
* India-based ASK Investment Managers filed draft papers with the country's market regulator to raise 20 billion rupees in its IPO, Mint reported. The company hired ICICI Securities, Edelweiss Financial Services, IIFL Holdings and JM Financial to manage the public offering.
* Religare Enterprises Ltd. appointed Milind Narendra Patel group CEO and designated him as key managerial personnel, effective Aug. 7.
AUSTRALIA AND NEW ZEALAND
* Commonwealth Bank of Australia's cash net profit after tax from continuing operations for the year dropped to A$9.23 billion from A$9.70 billion in the year-ago period. Basic EPS on a cash basis fell to A$5.286 from A$5.634.
* The Australian Securities and Investments Commission said the country's major banks — Commonwealth Bank of Australia, National Australia Bank Ltd., Westpac Banking Corp., Australia & New Zealand Banking Group Ltd. and AMP Ltd. — have repaid A$222.3 million to customers for charging them ongoing advice fees without providing personal advice.
* ASX-listed financial technology firm Zip Co Ltd's revenue for the financial year ended June 30 increased 138% to A$40.4 million from A$17.0 million in the year-ago period.
* IOOF Holdings Ltd. posted a 13% increase in its net profit of A$191.4 million for the financial year ended June 30. The company also declared a final fully franked dividend of 27 cents per share.
* New Zealand-based ASB Bank Ltd.'s cash net profit after tax for the year rose to NZ$1.14 billion from NZ$1.03 billion in the year-ago period.
IN OTHER PARTS OF THE WORLD
Middle East & Africa: US restores Iran sanctions; Absa H1 profit down; Moody's cuts Bahraini banks
Europe: UniCredit Q2 revenues down; Danske faces criminal probe; Popular valuation in
Latin America: Venezuela extends Banesco intervention; BB Seguridade lowers profit forecast
North America: Citi to pay $6.9M to settle 401(k) suit; SoFi said to report $200M Q2 loss
Global Insurance: Icahn vs. Cigna/Express Scripts deal; Brighthouse earnings; Idaho premium hike
R Sio, Sally Wang, Jonathan Cheah, Jaekwon Lim and Santibhap Ussavasodhi contributed to this report.
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