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In This List

Postal Bank gets nod for China IPO; Bank of Japan flags risks from global cycle

Strong adoption of AI/ML monitoring tools is driven by tech leaders

Amazon e-commerce sales soar amid COVID-19

European Energy Insights - October 2020

Banking Essentials - October 2020


Postal Bank gets nod for China IPO; Bank of Japan flags risks from global cycle

GREATER CHINA

* The China Securities Regulatory Commission said it approved Postal Savings Bank of China Co. Ltd.'s IPO in Shanghai. Bloomberg News said the lender plans to sell up to 5.17 billion shares in the IPO, which could be the country's largest stock offering this year.

* Ouyang Weimin, Vice Governor of Guangdong province, will be appointed President at China Development Bank, Caixin reported. Ouyang had worked for the People's Bank of China for 20 years before joining the provincial government in 2011.

* Shanghai Pudong Development Bank Co. Ltd. will issue 50 billion yuan of convertible bonds, the largest offering ever on China's domestic market. Offline subscription for the bonds will begin Oct. 25.

* Ping An Insurance (Group) Co. of China Ltd. reshuffled its board and senior management. General manager Ren Huichuan was nominated as vice chairman, while Xie Yonglin was nominated as general manager and executive director. Vice chairman Sun Jianyi was nominated as chairman of the supervisory committee to replace Gu Liji who resigned from the position.

* To combat market volatility, regulators in China are considering changing regulations that restrict stake sale by major investors after lockup periods following IPO, Caixin reported, citing sources.

* Taiwan's Financial Supervisory Commission fined Farglory Life Insurance Co. Ltd. NT$8.5 million over breaches of corporate governance regulations in real-estate development projects, Taipei Times reported. The regulator fined the insurer NT$14.4 million over the same violation in April 2018.

JAPAN AND KOREA

* The Bank of Japan's latest Financial System Report shows that the ratio of overseas to domestic loans at Japanese banks had reached a record high as of September-end, leaving them "more susceptible to the effects of overseas financial cycles." The report also shows the balance of collateralized loan obligations at major financial institutions had increased.

* Gunma Bank Ltd. will issue green bonds in November, the first from a regional bank in Japan, Tokyo's The Nikkei reported. The lender is seeking ¥10 billion from the bonds with a tenor of 10 years. Nomura Securities Co. Ltd. and SMBC Nikko Securities Inc. will be lead underwriters.

* Shoko Chukin Bank Ltd. will be collaborating with Kyoto Shinkin Bank in a lending business in the U.S., The Nikkei reported. Through this arrangement, Kyoto Shinkin will be able to issue loans in the U.S. without having to set up a branch there.

* Export-Import Bank of Korea, the main creditor bank for Sungdong Shipbuilding which is under the court receivership, said it has submitted a formal proposal for a partial liquidation of the troubled shipbuilder to the court, Yonhap News Agency reported.

* South Korea's KB Financial Group Inc. said Hur Yin, CEO of KB Kookmin Bank, is nominated by the board for the second term, the Maeil Business Newspaper reported.

ASEAN

* Kasikornbank PCL expects lending growth of between 4% and 6% in 2020 amid economic challenges, including the ongoing trade dispute between the U.S. and China, baht appreciation and high levels of household debt, Post Today reported, citing Chairman Banthoon Lamsam.

* Bank Indonesia reduced its key rates by 25 basis points for the fourth month in a row, to stimulate economic growth amid challenging global economic conditions.

* PT Bank Bukopin Tbk is seeking 2.5 trillion Indonesian rupiah from a rights issue to beef up capital and expand its business, Bisnis Indonesia reported, citing CEO Eko Rachmansyah Gindo.

* London-based Revolut Ltd. introduced full digital payment services in Singapore after amassing 30,000 users in a limited launch earlier in 2019, The Straits Times reported.

* Vietnam may consider allowing European financial firms to acquire stakes of as much as 49% in two Vietnamese commercial banks, compared with the current limit of 30%, Viet Nam News reported citing Nguyen Thị Thu Trang, a director of Vietnam Chamber of Commerce and Industry.

SOUTH ASIA

* India's UTI Asset Management Co. Ltd. has selected Citigroup Inc., ICICI Securities Ltd., HSBC Holdings PLC, SBI Capital Markets Ltd. and Kotak Mahindra Bank Ltd. for its upcoming IPO, Bloomberg News reported citing sources familiar with the matter. The listing could raise around 26 billion rupees. The sources said more banks could be added and the details of the IPO may change.

* Competition Commission of India approved U.S.-based Advent International Corp.'s acquisition of a 4.15% stake in Aditya Birla Capital Ltd.. Advent will invest through its special purpose vehicle company, Jomei Investments Ltd.

* Banks with exposure to India's Dewan Housing Finance Corp. Ltd. could face a significant rise in loan-loss provisions if the gaps found in the nonbank lender's financials turn out fraudulent, Business Standard reported citing two senior bankers from public sector banks. Banks have a combined exposure of 383.42 billion rupees to DHFL, the report added.

* Bangladesh Securities and Exchange Commission, the Dhaka Stock Exchange and others will establish a panel to scrutinize IPO applications, The Dhaka Tribune reported. The panel will vet the applicant's prospectus, financial statements and commercial activities.

AUSTRALIA AND NEW ZEALAND

* AMP Ltd.'s wealth management business reported A$1.94 billion in net cash outflows in the third quarter of 2019, up from net outflows of A$1.49 billion in the year-ago period. The company said outflows include around A$600 million of regular pension payments and A$200 million from the impact of the Protecting Your Super legislation.

* Australian Competition and Consumer Commission is probing the strategies employed by the big four lenders to prevent or discourage clients from switching banks, The Australian reported citing ACCC chairman Rod Sims and executive general manager Marcus Bezzi. The regulator is also working with the Council of Financial Regulators to provide an online tool in 2020 that would give customers insight into the interest rates the banks charge them.

* Rothschild & Co. SCA appointed Marshall Baillieu the head of corporate advisory in Australia and the sole head of Australian advisory team following co-head Gareth Cope's departure, The Australian Financial Review reported.

IN OTHER PARTS OF THE WORLD

Middle East & Africa: Zenith Bank results out; Bank Audi charged; Lebanese banks remain shuttered

Europe: Nordea, RBS post losses; Bankia, ING urged to merge; SocGen sells Nordic unit

Latin America: Chile's central bank cuts rate; Paraguay's central bank slashes growth forecast

North America: Aircastle exploring alternatives; banks fear losing 15% of payments revenue

Global Insurance: Anthem unfavorable development; AIG Lloyd's syndicate; Assurant cat losses

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

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