trending Market Intelligence /marketintelligence/en/news-insights/trending/BuSuM4PNu7y5n0wyhnzS3Q2 content esgSubNav
In This List

New Zealand rejects HNA's UDC Finance bid; Thailand maintains policy rate

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


New Zealand rejects HNA's UDC Finance bid; Thailand maintains policy rate

GREATER CHINA

* China will continue to adopt a prudent and neutral monetary policy and a proactive fiscal policy in 2018, according to a statement released following the conclusion of the country's Central Economic Work Conference, Xinhua News Agency reported. Authorities also plan to keep the "floodgates of monetary supply" under control, and for credit and social financing to see reasonable growth.

* Rothschild Global Advisory, a division of Rothschild & Co, appointed Elizabeth Wang as head of its business in Greater China.

* Hong Kong-based AIA Group Ltd. is seeking to further expand in mainland China, with plans to enter lesser-known cities in the country and hire more sales agents, the South China Morning Post reported, citing CEO Ng Keng-hooi.

JAPAN AND KOREA

* Japanese and Chinese authorities are set to agree on creating a framework to exchange auditing information, a major step toward allowing Japanese companies to issue yuan-denominated bonds in China, The Nikkei reported. Bank of Tokyo-Mitsubishi UFJ Ltd. and Mizuho Bank Ltd. have filed applications to Chinese authorities for an approval to issue such bonds.

* Dai-ichi Life Holdings Inc. plans to enter the small-amount and short-term insurance business through the acquisition of other businesses, The Nikkei reported.

* According to Bank of Japan data, Japanese households' financial assets increased 4.7% year over year to a record ?1,845 trillion as of the end of September, The Nikkan Kogyo Shimbun reported.

* South Korea's Fair Trade Commission launched a three-day inspection on virtual currency exchanges on Dec. 20 to see if they comply with consumer-related laws, Yonhap News Agency reported. The move follows the closure of YouBit, which was forced to shut down after a hacking attack, the report said.

ASEAN

* The Bank of Thailand decided to maintain its policy rate at 1.50% in a unanimous monetary policy committee vote, minus one member who was not present at the meeting.

* Bank of Thailand Governor Veerathai Santiprabhob said that no central bank in the world has recognized cryptocurrencies as legal tender, adding that bitcoin is just being tested as a financial innovation in Japan and the U.S., Post Today reported. Cryptocurrencies are considered a digital commodity rather than a currency, he noted.

* Indonesian state lender PT Bank Tabungan Negara (Persero) Tbk is borrowing funds from other lenders and issuing negotiable certificates of deposit worth 440 billion rupiah to increase liquidity amid an expected surge in withdrawals at year-end, Bisnis Indonesia reported, citing finance director Iman Nugroho Soeko.

* The Malaysian Digital Economy Corp expects to launch an Islamic digital economy framework by March 2018, The Sun reported. The framework aims to help venture capital firms comply with Shariah law in their transactions in Malaysia.

* Malaysian lender AFFIN Holdings Bhd. received Bank Negara Malaysia's approval to purchase an additional 5.81% equity interest in AXA Affin General Insurance Bhd from Felda Marketing Services Bhd, Berita Harian reported.

SOUTH ASIA

* Cholamandalam Investment & Finance Co. Ltd. intends to launch a housing finance subsidiary and plans to issue masala bonds worth 35 billion Indian rupees through private placement in one or more tranches.

* Edelweiss Financial Services Ltd.'s Edelweiss Wealth Management agreed to acquire Religare Enterprises Ltd.'s securities business, which includes securities and commodities broking, and depository participant services. The financial terms of the deal, which is subject to regulatory approval, were not disclosed.

* India's central bank placed Bank of India under prompt corrective action due to the lender's high net nonperforming assets, insufficient common equity Tier 1 capital and negative return on assets for two consecutive years.

* HDFC Bank Ltd. said it plans to raise 240 billion Indian rupees by issuing equity shares, convertible securities and depository receipts. The bank expects to raise up to 85 billion rupees through the issuance of shares to Housing Development Finance Corp. Ltd. on preferential basis.

* Mega Bank Nepal Ltd. approved a proposed merger with Tourism Development Bank, myRepublica reported, citing a statement from the bank. The board also gave the nod for the share swap ratio for the merger, under which Tourism Development Bank shareholders will get 0.95 share of the merged entity for each share they hold, the publication noted.

AUSTRALIA AND NEW ZEALAND

* Australia-based online lender Prospa plans to launch its IPO in 2018, The Australian Financial Review's Street Talk blog reported. A number of investment banks have reportedly shown interest in taking up the underwriting role in the IPO, the publication noted.

* New Zealand's Overseas Investment Office turned down HNA Group Co. Ltd.'s application to acquire ANZ Bank New Zealand Ltd.'s unit UDC Finance for a consideration of NZ$660 million, BusinessDesk reported. ANZ Bank Group Executive and New Zealand CEO David Hisco said in a statement that while the sale agreement remains in place, it will only proceed if HNA decides to push against the decision and wins. Hisco said it is not certain if HNA will attempt to overturn the decision.

* Berkshire Hathaway Specialty Insurance Co. has appointed Jared McGrath to head its new line of accident and health products in New Zealand.

IN OTHER PARTS OF THE WORLD

Middle East & Africa: Takaful Emarat buying Al Hilal Takaful; Qatar launches currency-rigging probe

Europe: Lloyd's changes strategy; Brydon keeps LSE chair post; BPM selling bad loans

Latin America: BCI to buy Wal-Mart's Chilean financial biz; Bradesco compensates pension funds

North America: Regulators approve big banks' living wills; 2 Texas banks to merge

North America Insurance: ACA mandate repeal could hurt health market; $136B in global insured cat losses

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

The Daily Dose has an editorial deadline of 6:30 a.m. Hong Kong time. Some external links may require a subscription.