* Mike Wells, CEO of U.K.-based Prudential PLC said the company will continue to expand its business in China now that the market is opening up to foreign players, Xinhua News Agency reported. He said the pension and retirement insurance market in China has huge potential, and the company will leverage its experience and introduce new technology including cloud computing and the enhanced use of WeChat Pay to tap into the sector.
* Agricultural Bank of China Ltd. appointed Li Wei as nonexecutive director.
* Agricultural Development Bank of China issued two tranches of yuan-denominated bonds. The Chinese policy bank issued 2 billion yuan of one-year bonds with a coupon of 3.08% and 1 billion yuan of three-year bonds with a coupon of 3.23%.
* The Shanghai Commercial Paper Exchange Corp. Ltd. appointed Industrial & Commercial Bank of China Ltd., China Merchants Bank Co. Ltd., SPD Bank, China Zheshang Bank Co. Ltd. and Bank of Jiangsu Co. Ltd. for the pilot scheme of its bill brokerage services, Shanghai Securities News reported.
JAPAN AND KOREA
* Japan's Financial Services Agency plans to issue a business improvement order to Nomura Securities Co. Ltd. for leaking information on the Tokyo Stock Exchange's trading section reorganization, The Nikkei reported. It will be the second time Nomura Securities has faced regulatory discipline since an insider trading case in 2012.
* South Korea's DGB Financial Group Co. Ltd. said in a regulatory filing that unit Hi Investment & Securities Co. Ltd. will sell all of Hi Asset Management Co. Ltd. to Hong Kong-based Hai Tian International Securities Ltd. for 77.6 billion won, pending regulatory approval.
* DGB Financial Group said in a separate regulatory filing that unit Hi Investment & Securities Co. Ltd. will sell all of Hi Investment & Futures Corp. to South Korea-based private equity investor BankerStreet Co. Ltd. for 28.6 billion won, pending regulatory approval.
* The South Korean Office of the President named Sohn Byung-doo, secretary general of the Financial Services Commission, as vice chairman of the FSC and chairman of the Securities and Futures Commission, replacing Kim Yong-beom, The Korea Economic Daily reported.
* Thailand's Government Housing Bank approved 44.04 billion baht of new loans during the first quarter of 2019, the bank said in a release. Its net profit stood at 2.87 billion baht.
* PT Bank Bukopin Tbk said it will postpone its planned issuance of bonds in the first half of 2019 to the fourth quarter of the year as it has existing capital and retained earnings from the 2018 financial year, Bisnis Indonesia reported.
* PT Bank Danamon Indonesia Tbk will issue a second tranche of bonds worth 2 trillion rupiah to increase liquidity in the second half of 2019, Bisnis Indonesia reported.
* Indian Prime Minister Narendra Modi is set to secure a second five-year term as his ruling nationalist party is on pace to strengthen its grip on the lower house of Parliament. Modi's Bharatiya Janata Party, or BJP, won 272 of 542 seats in the Lok Sabha, meeting the threshold to form a new government, according to partial results from India's Election Commission shortly after 2 a.m. local time May 24.
* Paytm Payments Bank Ltd reported a profit of 190 million rupees for the financial year ended March, compared to a net loss of 207 million rupees in the prior-year period, Business Today reported.
* Bangladesh-based Eastern Bank Ltd. said its board unanimously approved a 20% cash and 10% stock dividend for the year ended on Dec. 31, 2018, The Financial Express reported.
* Bangladesh-based Bank Asia Ltd. elected Romo Rouf Chowdhury as vice chairman, The Daily Star reported.
AUSTRALIA AND NEW ZEALAND
* The Australian Securities & Investments Commission is considering banning risky financial products such as binary options, margin foreign and contracts for difference, The Australian reported. The regulator said it will hold a consultation regarding the plan.
* Megan Beer, CEO of AMP Life Ltd. and head of Resolution Life Australasia, was named president and deputy president of the Australian and New Zealand Institute of Insurance and Finance, Insurance Business New Zealand reported. Beer will succeed Allan Reynolds in the role.
* New Zealand's Payments NZ has launched a new API Centre that aims to encourage third parties to engage in open banking. The new hub will offer technological and management templates for participants that want to connect with banks in order to offer third-party payment processes and other services, interest.co.nz reported.
IN OTHER PARTS OF THE WORLD
Middle East & Africa: Zambia central bank hikes key rate; Kenyan banks post Q1 results
Europe: Generali eyes MetLife assets; N26 told to boost AML controls; Deutsche in focus
Latin America: Brazil cuts 2019 growth forecast; Costa Rica lowers benchmark rate
North America: Wells Fargo, TD Bank hand over Trump's records; FDIC, payday lenders settle suit
Global Insurance: British Steel's disputed insurance claim; Scor in ILS M&A; Unum CFO retiring
Janna Estares, Emily Lai, Jonathan Cheah, Jaekwon Lim and Santibhap Ussavasodhi contributed to this report.
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