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Australian P2P lender eyes IPO; local governments lead Baoshang Bank rescue

GREATER CHINA

* The China Banking and Insurance Regulatory Commission approved the appointment of Wang Jiang as executive director and vice chairman at Bank of China Ltd. with a three-year term.

* China Investment Corp. appointed Hu Hao chairman of its supervisory board, Caixin reported. Hu is a senior executive vice president of Industrial & Commercial Bank of China Ltd.

* Sinolink Securities Co. Ltd. obtained approval from the People's Bank of China to issue 9 billion yuan of short-term financing notes. The brokerage can determine, within the limit, the timing and lot sizes of each issuance of the product.

* Moody's downgraded the long-term foreign currency bank deposit ratings of Hongkong & Shanghai Banking Corp. Ltd. and Hang Seng Bank Ltd. to Aa3 from Aa2. It also revised the outlook on the banks' long-term foreign currency bank deposit ratings to stable from negative and overall outlook on the banks to negative (m) from negative.

* Taiwan's Financial Supervisory Commission penalized Bank SinoPac Co. Ltd. and E.SUN Commercial Bank Ltd. NT$12 million each, Taipei Times reported. A consultant for Bank SinoPac defrauded about NT$70 million from eight clients and an E.Sun Commercial Bank consultant stole NT$30 million from two clients.

* The local Chinese governments of Inner Mongolia and the city of Baotou will lead the take of a stake of at least 50% in embattled regional lender Baoshang Bank Co. Ltd., Reuters reported, citing a central bank official aware of the matter directly. Other investors in the bank include Huishang Bank Corp. Ltd., China Construction Bank Corp. and a national deposit insurance fund managed by the central bank.

JAPAN AND KOREA

* The board of KB Financial Group Inc. has approved a plan to raise 300 billion won from contingent capital securities with write-down features, The Chosun Ilbo reported, citing industry sources.

* Samsung Securities Co. Ltd. named Chang Seok-hoon its new president, The Chosun Ilbo reported, citing the company. Chang is currently CEO and was a vice president prior to the appointment.

* Samsung Card Co. Ltd. appointed Kim Dae-hwan CEO, Yonhap News Agency reported. Kim is vice president of Samsung Life Insurance Co. Ltd.

* Tokyo's metropolitan government said it issued a business improvement order against online lending service LINE Credit Corp., which allegedly engaged in excessive lending practices, The Nikkei reported. Authorities said the Line Corp. unit violated financial regulations by lending 32 customers more than one-third of their annual income and failed to collect proof of income certificates from 16 loan recipients.

ASEAN

* Bangkok Bank PCL and its subsidiaries posted consolidated net profit of 35.82 billion baht for fiscal 2019, up 1.4% from the prior-year period, the bank said in a release.

* Krung Thai Bank PCL's net profit for full-year 2019 stood at 29.28 billion baht, up 2.8% from the previous year, Thailand's Manager Daily reported. The bank's net profit for the previous quarter, meanwhile, stood at 7.46 billion baht.

* Zulkifli Zaini resigned from his role as independent commissioner of PT Bank Permata Tbk, Bisnis Indonesia reported.

* A commission from Indonesia's House of Representatives overseeing the financial sector formed a working committee to look at the country's financial services industry in the wake of recent scandals, The Jakarta Post reported. It will focus on several companies including PT Asuransi Jiwasraya (Persero), Asabri and Asuransi Jiwa Bersama, Taspen and PT Bank Muamalat Indonesia Tbk.

* China's Greenland Holdings Corp. Ltd. formed a consortium to seek a digital banking license in Singapore, The Business Times reported, quoting Geng Jing, executive president of Greenland Group and chairman of unit Greenland Financial. The consortium includes Chinese financing platform MinIPO. Asia Digital Bank Corp., another consortium, has applied for the license as well.

SOUTH ASIA

* Adani Capital took over the micro, small and midsize enterprise business of Essel Finance, Mint reported, quoting Gaurav Gupta, CEO of Adani Capital's parent, Adani Finserve.

* India's UCO Bank plans to move its loan origination for retail, agriculture and micro, small and midsize enterprise loans to a digital platform, The Economic Times reported, quoting executive director Ajay Vyas. The lender also plans to bring on up to 10 financial technology firms to advise on details including financial statements and balance sheet analysis.

* The Payment Council of India wants the country's government to mediate a framework between banks and payment firms, which would allow them to collect a minimum compensation in light of the loss of revenue due to its zero-merchant discount rate policy, The Economic Times reported.

* The Insurance Regulatory and Development Authority postponed the implementation of its Indian Accounting Standards on insurers after the International Accounting Standards Board decided to amend the International Financial Reporting Standard 17, Business Standard reported.

AUSTRALIA AND NEW ZEALAND

* Law firm Maurice Blackburn plans to file a class-action suit in the Victorian Supreme Court against National Australia Bank Ltd., which alleges that the bank did not act with the care and diligence as a superannuation trustee, The Australian Financial Review reported. The suit accuses the bank of keeping members' balances in funds that were not in their best interests and in funds paying commissions to financial advisers.

* RateSetter Australia Pty Ltd. is said to have chosen Highbury Partnership as an independent adviser to its board on its proposed IPO, The Australian Financial Review’s Street Talk blog reported. Bell Potter Securities is said to be in the lead to be RateSetter's joint lead manager. The proposed IPO is expected to have a A$300 million market value.

* Shaw and Partners Ltd. hired Conrad Anderson head of capital markets from Petra Capital Pty Ltd., The Australian Financial Review reported.

* Kent Kwan, co-founder of AtlasTrend Pty Ltd, is launching a superannuation fund with AtlasTrend as its promoter and Xplore Wealth Ltd. as its trustee and providing the registrable superannuation entity license, The Australian Financial Review’s Street Talk blog reported.

IN OTHER PARTS OF THE WORLD

Middle East & Africa: NBK FY'19 profit up YOY; PE firm seeks controlling stake in Isracard

Europe: UBS revises targets as FY'19 profit falls; JPMorgan speeds up Brexit plans

Latin America: Caixa, Icatu strike partnership; stable outlook for LatAm banks

North America: Michigan CUs join forces; Goldman in South Africa; Currenex buyers wanted

Global Insurance: Australia ice and fire; airline insurance prices up; pet insurance market growth

R Sio, Emily Lai, Jonathan Cheah, James Lim and Santibhap Ussavasodhi contributed to this report.

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