* The U.S. Treasury on Sept. 28 denied that President Donald Trump's administration is considering forcing Chinese companies to delist from U.S. stock exchanges, Bloomberg News reported. It came after media reports said the administration was considering delisting Chinese companies from U.S. exchanges.
GREATER CHINA
* Credit Suisse Group AG set up a team in Beijing to provide data-based research on new investment trends in China to institutional investors and high net worth individuals, 21st Century Business Herald reported. The team will work with Credit Suisse Founder Securities Ltd. to provide investment services to global clients. The securities company was established by Founder Securities Co. Ltd. and Credit Suisse.
* Shanghai Gold Exchange approved BNP Paribas SA's application to become a member of the bourse.
* Huaxia Bank Shanghai obtained a banking license in Hong Kong to operate in the city.
* Hong Kong Exchanges & Clearing Ltd. is in discussions with various banks for a loan of about £7 billion to £8 billion to support its proposed takeover of London Stock Exchange Group PLC Bloomberg News reported, citing sources familiar with the matter. The Hong Kong bourse has until Oct. 9 to submit a formal offer after the target initially rejected its offer.
JAPAN AND KOREA
* Japanese megabanks Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc., along with U.S.-based Citigroup Inc., are part of a list of 15 companies proposed to act as lead underwriters for the planned IPO of Saudi Arabian Oil Co. , or Aramco, The Nikkei reported, citing multiple industry sources. The proposed listing is expected to value Aramco at more than US$2 trillion, making the IPO the biggest in history.
* Nishi-Nippon Financial Holdings Inc. is considering setting up a venture capital unit, The Mainichi Shimbun reported, citing President Hiromichi Tanigawa.
* Korea Development Bank is officially putting its KDB Life Insurance Co. Ltd. unit on the block again after multiple failed attempts, The Korea Times reported. The bank said it will also try to find a foreign buyer.
* The board of NongHyup Financial Group Inc. approved a plan to establish a venture capital subsidiary by the end of 2019, the Maeil Business Newspaper reported, citing industry sources.
* KEB Hana Card Co. Ltd. will provide compensation for members enrolled in its popular airline miles card, The Chosun Ilbo reported, citing industry sources. The compensation is a result of a collective lawsuit filed in 2013 over reduced card benefits.
ASEAN
* Hong Kong's FWD Group appointed David Korunić CEO of SCB Life Assurance PCL following its acquisition of the Thai insurer. Korunić was recently CEO of Krungthai-AXA Life Insurance PCL. Sathian Leowarin, former CEO of SCB Life, will stay with the company as senior advisor to ensure a smooth transition before moving back to Siam Commercial Bank PCL.
* Bank Negara Malaysia and Bank Indonesia entered into a local currency bilateral swap agreement that will allow the central banks to exchange local currencies with each other of up to US$2 billion. The agreement will run for three years, and may be extended further, the central banks said in a release.
* Philippine National Bank plans to raise 2.0 billion pesos by issuing long-term negotiable certificates of time deposit, or LTNCDs, due 2025. The securities carry an indicative interest rate of 4.250% to 4.375%, with the final rate to be determined during the offer period, the lender said in a release. The offer period will run from Sept. 27 to Oct. 4, and the issue date is Oct. 11.
SOUTH ASIA
* India's central bank initiated prompt corrective action against Lakshmi Vilas Bank Ltd. due to the bank's high bad loans, weak capital ratios and high leverage, among others, according to separate filings. As part of the move, the central bank restricted the bank from providing loans to corporates and other stressed and high-risk sectors.
* India may request an interim dividend of about 300 billion rupees from the Reserve Bank of India to meet its fiscal deficit target of 3.3% for 2019-2020, the Press Trust of India reported, quoting unnamed sources. A decision on the matter is expected on January 2020. The central bank paid the government 280 billion rupees as interim dividend in the previous fiscal year, the report added.
* India's Reliance Capital Ltd. closed the sale of its stake in Reliance Nippon Life Asset Management Ltd. to Nippon Life Insurance Co. for approximately 55 billion rupees. The company said separately that it sold its shares in subsidiaries Reliance Capital Trustee Co. Ltd. and Reliance Capital AIF Trustee Co. Pvt. to the Japanese insurer.
* The Delhi high court decided to hear a petition against Indiabulls Housing Finance Ltd. filed by a NGO alleging wrongdoing, Bloomberg News reported. Meanwhile, Delhi Police's Economic Offences Wing registered a complaint against the board of Lakshmi Vilas Bank Ltd. regarding alleged misappropriation. Lakshmi Vilas and Indiabulls are looking to merge, and have been facing increased regulatory scrutiny.
* Dewan Housing Finance Corp. Ltd. proposed a resolution plan that would allow its creditors to acquire a 51% stake in the company. Under the draft, each creditor will receive a 2.3% stake in the company at a price of 54 rupees per share. In a separate release, the company said it appointed Vaijinath M. Gavarshetty CEO, effective Oct. 1.
* IDBI Bank Ltd. said its board approved the sale of its 62.32 million shares, or an approximately 19.18% stake, in Asset Reconstruction Co. (India) Ltd..
AUSTRALIA AND NEW ZEALAND
* IOOF Holdings Ltd. and its insurers may need to shoulder up to A$80 million in losses suffered by investors in a failed agribusiness scheme, after the company lost a legal case against its former law firm, The Australian Financial Review reported. IOOF unsuccessfully tried to hold its former lawyers liable for damages sought by former investors of the SEAS Sapfor forestry scheme.
* U.S.-based Hamilton Lane Inc. is seeking to raise A$500 million for its Australian private assets fund, The Australian reported. The fund has already attracted more than A$134 million worth of inflows, according to the company's Australia country head, James Martin.
* The Australian Transaction Reports and Analysis Centre warned financial technology companies and money remitters, among others, to strengthen their technology systems or face public enforcement actions to help prevent organized crimes, The Australian Financial Review reported, citing Nicole Rose, CEO of the anti-money laundering watchdog.
Janna Estares, Sally Wang, Sarun Saelee, Cathy Hwang, Emi White and Aditya Suharmoko contributed to this report.
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