S&P Global Market Intelligence offers our top picks of banking news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.
Probe, penalty and more
* Philippine lawmakers are pushing for a congressional probe into an internal system error at Bank of the Philippine Islands, as well as the stability of internal systems at the country's banks in general. The bank faced an internal system error that caused customers to lose up to tens of thousands of pesos in their accounts June 7.
* Singapore's central bank plans to ease rules for robo-advisory services, including refining the licensing and business conduct requirements of digital advisory services, to support innovation in financial services.
* Taiwan's Financial Supervisory Commission fined E.SUN Commercial Bank Ltd. NT$4 million due to the improper implementation review of a client's board of directors meeting minutes and information when conducting business related to financial derivative products.
* The Reserve Bank of India initiated a prompt corrective action on Dena Bank due to its high net nonperforming assets and negative return on assets.
* The central banks of India and Australia, in separate decisions, kept their respective policy rates unchanged.
* China CITIC Bank Corp. Ltd. and China Shuangwei Investment Co. Ltd. will acquire a 60% stake in Kazakhstan's JSC Altyn Bank from JSC Halyk Savings Bank of Kazakhstan. The transaction is expected to be completed in the second half.
* Pakistan's Askari Bank Ltd. completed the sale of Askari Investment Management Ltd. to Pak Oman Asset Management Co. Ltd. for 551 million rupees.
* Oversea-Chinese Banking Corp. Ltd. completed the sale of its entire stake in Banking Computer Services Pvt. Ltd. and BCS Information Systems Pte. Ltd. to Network for Electronic Transfers (Singapore) Pte. Ltd.
* Sumitomo Mitsui Banking Corp. completed the purchase of the entire equity interests of American Railcar Leasing LLC.
* Meanwhile, Bank of India is exploring the possibility of divesting its stakes in noncore subsidiaries to unlock capital and help cut losses.
* Bank of Taiwan received approval from the island's Financial Supervisory Commission to establish representative offices in Silicon Valley, Calif., and the Philippines.
* Bank of China Ltd. opened a branch in Luanda, Angola, becoming the first Chinese bank to operate in the Southern African country.
* China Everbright Bank Co. Ltd. plans to open a branch in Sydney.
* Bangladesh-based Eastern Bank Ltd. is seeking to expand into India by opening two branches.
In other news
* Guangzhou Rural Commercial Bank Co. Ltd. plans to raise up to HK$8.34 billion in a Hong Kong IPO by selling 1,582,900,000 shares at an indicative price range of HK$4.99 to HK$5.27.
* Citibank Korea Inc. CEO Park Jin-hei downplayed market speculation of a potential exit from South Korea saying the bank has no plans of withdrawing its operations from the country.
* The Philippine central bank and Indonesia's financial regulator are set to sign an agreement under the ASEAN Banking Integration Framework.
* Australia & New Zealand Banking Group Ltd. expects its common equity Tier 1 ratio to take a hit after it revised its mortgage capital model to meet the Australian Prudential Regulatory Authority's higher capital requirement for mortgages.
* Allahabad Bank and Andhra Bank are reportedly planning to sell bad loans worth 60 billion Indian rupees as part of efforts to clean up their loan books.
Featured on S&P Global Market Intelligence
Data Dispatch Asia-Pacific: Philippine banks pin hopes on new credit database to spur retail lending
Data Dispatch Asia-Pacific: Merger between Malaysia's RHB Bank, AMMB could finally happen
Data Dispatch Asia-Pacific: India's 6 largest banks see rise in FY'17 profit as provisions fall at some
Data Dispatch Asia-Pacific: Asia-Pacific financial institutions M&A interest tracker