The most read financial stories in S&P Global Market Intelligence's Asia-Pacific coverage include MS&AD's potential pursuit of further deals in the U.S., while editors' picks feature the possible impacts of Australia's financial sector inquiry.
Most read
1. Japan's MS&AD could look to US in pursuit of overseas earnings
The U.S. could be an obvious location for MS&AD Insurance Group Holdings Inc. to pursue further nonlife insurance acquisitions, building on its 2015 purchase of London-based Amlin Plc, although the Tokyo-based company is likely to proceed cautiously and could face hurdles along the way, according to observers.
2. AIA could benefit most from foreign ownership rule changes in China
AIA Group Ltd., already established in Shanghai and other wealthy Chinese regions, could benefit most from moves to allow foreign shareholders to take majority stakes in Chinese life insurers, but local companies' dominance looks set to persist, analysts said. Following news of China's planned relaxation of foreign ownership rules, AIA's stock price on Nov. 13 closed at HK$65.30, 6.01% higher than the previous trading day.
3. Report: MetLife open to renegotiating with ANZ on life insurance biz sale
U.S.-based MetLife Inc. will only re-engage in talks with Australia & New Zealand Banking Group Ltd. for an acquisition of the latter's life insurance business if the bank resolves a couple of issues that MetLife had with the business and terms of a deal.
4. Mitsubishi UFJ Financial to convert US branches to federal charters
Mitsubishi UFJ Financial Group Inc. obtained U.S. regulatory approval to bring its state-supervised branches in the country under federal regulation. Following the approval, the Japanese company sued New York's banking regulator for insisting on supervising the Japanese lender's branches in the state even after it switches to federal oversight.
5. Chubb, China's PICC Property & Casualty Co. enter strategic agreement
Chubb Ltd. and PICC Property & Casualty Co. Ltd. entered a 10-year strategic cooperation agreement to establish "China desks" for Chinese-affiliated enterprises in Chubb's global offices. Further, Chubb will make its global insurance capabilities available to PICC and its customers.
Editors' picks
1. National probe to raise pressure on Australian banking reputation, profits
Australia's Royal Commission inquiry into the country's financial sector could weaken the reputation of its banks and put further pressure on profitability, while allowing the lenders to move on from misconduct allegations, analysts told S&P Global Market Intelligence. The probe could hurt wholesale funding for the banks if it gives way to a reputational backlash that weakens investor confidence, an analyst noted.
2. China's new stake rules offer no quick route to growth for global asset managers
China's asset management industry is already among the world's largest, and its prospects for exponential growth will tempt managers from elsewhere whose home markets are more sedate. But funds with existing minority stakes may find it hard to persuade local partners to sell, and, if they do, regulators might not play ball, analysts said.
3. Data Dispatch: Chinese lenders rise in global risk ranking as Citi, European trio drop
Bank of China Ltd. and China Construction Bank Corp. have been moved into a higher-risk "bucket" in the Financial Stability Board's annual reshuffling of its list of 30 global systemically important banks, against a backdrop of growing concern about rising leverage in the Chinese financial sector.
4. Japanese regulator says no relief for local brokerages from MiFID II rules
Japan's Financial Services Agency will not follow the lead of the U.S. Securities and Exchange Commission and provide Japanese brokerages relief from Europe's revised Markets in Financial Instruments directive, or MiFID II. Instead, the regulator said, it will do so on a case-by-case basis.
5. Anbang's divestment of bank stakes a matter of when, not if, analysts say
Anbang Insurance Group Co. Ltd. denied media reports that it was asked by Chinese regulators to cut its shareholdings in China Minsheng Banking Corp. Ltd. and China Merchants Bank Co. Ltd., but analysts told S&P Global Market Intelligence that the divestment of such stakes is inevitable.
