S&P Global MarketIntelligence's most read financial stories in the Asia-Pacific region includeCathay General's deal to acquire SinoPac Bancorp, while editors' picks featurethe impact of Brexit on London's hopes of becoming a yuan-clearing hub.
1. CathayGeneral to acquire SinoPac Bancorp for $340M
Cathay GeneralBancorp agreed to acquire Bank SinoPac Co. Ltd. unit for US$340 million ina 90%-cash-and-10%-stock transaction. The transaction, subject to regulatoryapprovals, is expected to close during the first half of 2017.
2. Citi tomerge EMEA, Asia consumer banking units
CitigroupInc. is consolidating its consumer banking unit in Europe, MiddleEast and Africa with its Asian unit. The move is part of the group's efforts tobecome a leaner organization and operate more efficiently, said arepresentative for the group.
3. CreditSuisse to combine Asia-Pacific fixed income, equities biz
Credit SuisseGroup AG decided to merge its Asia-Pacific fixed income andequities businesses as the group aims to place a greater focus on wealthmanagement. The investment bank appointed Ali Naqvi as head of the combinedunit.
4. BerkshireHathaway Specialty Insurance expands into Australian accident, healthmarket
BerkshireHathaway Specialty Insurance Co. expanded into the Australianaccident and health market and appointed leadership for the new product line.The insurer appointed Daniel Kenny as head of accident and health and ShaunHiggerson as senior underwriter for the product line.
5. Report: TPGCapital brings on 3 partners for ICICI Home Finance deal
TPG CapitalAdvisors LLC brought on three partners to help close itsacquisition of ICICI BankLtd.'s home finance unit. TPG Capital has collaborated withSingapore's Temasek Holdings(Pvt) Ltd. and the city's sovereign wealth fund GIC, as well asU.S.-based HarbourVest Partners for its planned acquisition of ICICI HomeFinance.
1. London maylose share of yuan-clearing biz as Brexit threatens China-UK 'goldenera'
The U.K.'s decision to leave the European Union may threatenLondon's share of the yuan-clearing business. A U.K. outside of Europe may beless attractive for Chinese companies looking to expand in Europe, said TerenceChong, an associate professor of economics at the Chinese University of HongKong.
2. Mirae AssetDaewoo to combine Hong Kong units under global expansion push
Mirae AssetDaewoo Co. Ltd. is considering merging its Hong Kong operationsunder an international expansion push. Mirae Asset Daewoo is already takingsteps to consolidate Daewoo Securities (Hong Kong) Ltd. and Mirae Asset WealthManagement (HK) Ltd., according to two people with knowledge of the plan.
3. The AsiaAngle: Woori Bank hopes to boost branch foot traffic with cafe, donutshop
WooriBank is hoping to entice more customers by offering coffee anddoughnuts. The bank collaborated with a coffee shop chain, where it will offercoffee to customers while waiting to be served by tellers. Another branch issituated inside a Krispy Kreme Doughnuts shop in Seoul.
4. TheInsurance Insider: Armour takes on £170M QBE UK employers' liabilitybook
QBE InsuranceGroup Ltd. struck a deal with Armour Group Holdings Ltd to bring its legacy U.K.employers' liability book to finality. The agreement is understood to bestructured as reinsurance transaction.