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In This List

Vietnam to raise 4 banks' capital; Westpac to review operations

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

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Vietnam to raise 4 banks' capital; Westpac to review operations

GREATER CHINA

* Bank of Tianjin Co. Ltd. said Lian Jianfa resigned from his roles as executive director, vice president and CFO due to a work adjustment. The resignation took effect Jan 9.

* The nonperforming loan ratios of smaller banks will be more volatile compared with those of large state-owned lenders, said Li Ying, head of financial institutions ratings at S&P Global (China) Ratings. Small and midsize banks will be exposed increasingly to credit risk, as they also face legacy bad debt problems due to underprovisioning for troubled loans in previous years, according to Li.

* Taiwan's Financial Supervisory Commission fined Taichung Commercial Bank Co. Ltd. and insurance unit Taichung Bank Insurance Brokers Co Ltd. NT$10.8 million for lax internal controls, the Taipei Times reported. The commission fined the insurer NT$4.8 million after it found that the firm squandered entertainment fees, ignored client complaints and given bonuses to sales personnel with poor performance.

* Shanxi Yuncheng Rural Commercial Bank Company Ltd. terminated its relationship with China Chengxin International Credit Rating Co. Ltd., Caixin reported. The lender has now moved to Golden Credit Rating International Co. Ltd., the publication added.

JAPAN AND KOREA

* Hiroya Masuda, Japan Post Holdings Co. Ltd.'s new managing director, said it would prioritize corporate governance over growth and privatization to restore investors' confidence, Tokyo's The Nikkei reported. The CEO also revealed a plan to bring in outside specialists and define rules to prevent future misconduct.

* MUFG Bank Ltd. implemented a new system that significantly cut time to issue a letter of credit for trade finance, The Nikkei reported. The company will use an international platform developed by Swiss company komgo SA to streamline the process and is looking to transform about 30% of total transaction balance to the new system by 2023.

* South Korea's Shinhan Financial Group Co. Ltd. and the U.S. private equity firm KKR & Co. Inc. established a US$200 million fund as part of enhanced efforts to boost the former's focus on global alternative investments, The Korea Times reported.

* Nomura Securities Co. Ltd. and Nomura Capital Investment Co. Ltd., signed a memorandum of understanding to collaborate with government-run Development Bank of Japan Inc. in providing financing for M&A to Japanese companies. The companies will also seek to develop new funding schemes for M&A financing.

ASEAN

* Indonesian small lender PT Bank Amar Indonesia Tbk absorbed 209 billion rupiah from its IPO, Bisnis Indonesia reported, citing CEO Vishal Tulsian. He said the proceeds will be used for business expansion and IT development.

* Singapore Exchange Ltd.'s regulatory arm plans to restrict quarterly earnings reporting requirements only to around 100 riskier companies, Bloomberg News reported, citing Reg CEO of the regulatory arm of the Singapore bourse, Tan Boon Gin. The remaining companies will be required to report earnings on a semiannual basis. The rule change will take effect Feb. 7.

* Lê Minh Hưng, governor of the State Bank of Vietnam, said the country approved plans to raise the charter capital of state-owned lenders Vietnam Bank for Agriculture & Rural Development, Vietnam Joint Stock Commercial Bank for Industry & Trade, Joint Stock Commercial Bank for Foreign Trade of Vietnam and Bank for Investment & Development of Vietnam Insurance Joint Stock Corp., Viet Nam News reported.

* Philippine Savings Bank is offering peso-denominated fixed-rate bonds from Jan. 9 to Jan. 21 to raise 3 billion pesos. The bonds are priced at 4.5% per annum and have a tenor of three years.

* The Philippines' Department of Justice filed charges against Salud and Michael Bautista, owners of Philrem Service Corp. and compliance officer Anthony Pelejo with four counts of money laundering in relation to suspicious transactions linked to money stolen from Bangladesh Bank in 2016, the Philippine Daily Inquirer reported.

* TONIK Digital Bank received a new banking license in Philippines, The Business Times reported.

SOUTH ASIA

* The Reserve Bank of India allowed financial institutions the option to use a video-based customer identification process as part of know-your-customer measures.

* The administrator of Dewan Housing Finance Corp. Ltd. is looking to make management changes in the nonbank financial company's units as part of its insolvency process and has submitted a resolution for approval from the firm's lenders, Mint reported. The resolution calls for allowing the administrator to change nominee directors of the firm's units and step-down subsidiaries.

* Housing Development Finance Corp. Ltd. said in a filing that it completed the acquisition of a 51.16% stake in Apollo Munich Health Insurance Co. Ltd. following regulatory approvals. It also renamed Apollo Munich Health to HDFC ERGO Health Insurance Ltd.

* American Express Banking Corp. India named Megha Chopra general manager and vice president of Global Commercial Services India, The Economic Times reported. She will oversee the firm’s commercial services business.

* Bangladesh Financial Intelligence Unit published electronic KYC guidelines for bank accounts with limited scale transactions between 20,000 takas and 500,000 takas, among other accounts, Dhaka Tribune reported.

AUSTRALIA AND NEW ZEALAND

* Suncorp Group Ltd. logged A$519 million in total natural hazards costs for the six months ended Dec. 31, 2019, or A$109 million above its natural hazard allowance for the first half. The six-month period saw total net costs of A$360 million from seven natural hazard events with net costs greater than A$10 million, including three bushfire events with A$214 million in net costs.

* Mark Cliffe, the global chief economist for ING Bank NV, has stepped down from the advisory board of Mayfair 101, The Australian Financial Review reported, citing a statement from the bank’s spokesman.

* Klarna Bank AB (publ) is expected to unveil its link-up with Commonwealth Bank of Australia and its operational plans in the region Jan. 30 with a visit from the Sweden-based financial technology firm’s CEO and co-founder, Sebastian Siemiatkowski, The Australian reported. Klarna also appointed Francine Ereira the head of its Australia and New Zealand business.

* Westpac Banking Corp. is conducting an accountability review of the bank’s operations in the aftermath of allegations from a financial intelligence agency on 23 million instances of anti-money laundering violations, The Australian reported. Law firms King & Wood Mallesons and Allens are working with the bank to investigate the staff’s communications over the past ten years.

* Singapore's Oversea-Chinese Banking Corp. Ltd. priced senior floating-rate notes due 2022 worth A$150 million and will issue them through its Sydney branch, The Business Times reported. Westpac Banking Corp. was the sole lead manager and book runner for the issuance.

IN OTHER PARTS OF THE WORLD

Middle East & Africa: Bank Hapoalim to ax more than 900 jobs by 2022; Mubadala cuts stake in UniCredit

Europe: Julius Bär faces €335M claim; new ABN Amro CEO; Santander pumps money into unit

Latin America: Argentine central bank eyes rate cuts; Banco Davivienda gets IFC loan

North America: Jefferies' fiscal Q4 results; AmEx unit eyes China ops; Wells to hike tech hires

Global Insurance: Voya held sale talks; 2019 was second-wettest for US; Suncorp bushfire claims

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

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