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Pakistan bourse CEO resigns; Kenanga gets regulatory nod to buy Libra Invest

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Pakistan bourse CEO resigns; Kenanga gets regulatory nod to buy Libra Invest

GREATER CHINA

* Zhao Rulin, deputy director of the China Banking and Insurance Regulatory Commission's Guangxi office, is being investigated by the region's Discipline Inspection Commission for "serious violations" of the law, Caixin reported. This is the first such case of disciplinary action since the country's banking and insurance regulatory agencies merged in April 2018.

* China's financial regulators will initially guarantee at least 70% of the interbank debts exceeding 50 million yuan that Baoshang Bank Co. Ltd. owes, as well as 80% of the funds the bank owes to corporate creditors exceeding 50 million yuan, amid a takeover by the China Banking and Insurance Regulatory Commission, Caixin reported, citing sources familiar with the matter.

* Bank of Nanjing Co. Ltd. said Shu Hangnong has resigned from his role as president, China's Time Weekly reported. Chairman Hu Shengrong, meanwhile, will step in as acting president.

* People's Bank of China Governor Yi Gang said the regulator is considering scrapping its official benchmark lending rates to allow banks to react to market conditions, the South China Morning Post reported.

JAPAN AND KOREA

* Sompo Holdings Inc. said it expects a consolidated profit of ¥210 billion for fiscal-year 2020, 10% higher than figures for fiscal 2019, based on the leveled insurance payout amount for natural disasters, Tokyo's The Nikkei reported. The company maintained its target for the first half of fiscal 2020 at ¥300 billion.

* The General Insurance Rating Organization of Japan notified the Financial Services Agency of an increase in the national average premium of earthquake insurance by 5.1% for households, The Kyodo News reported. The new rate will take effect in January 2021. The decision is part of an incremental increase that commenced in 2015.

* Korea Development Bank's life insurance unit, KDB Life Insurance Co. Ltd., signed an agreement with KDB Securities to boost the subsidiary's capital through an issuance of 240 billion won worth of bonds or securities, the Maeil Business Newspaper reported, citing the life insurer.

ASEAN

* State-owned Krung Thai Bank PCL maintained its 2019 lending growth target at 5%, despite increasing economic challenges Thailand is facing amid global trade tensions, Manager Daily reported, citing bank president and CEO Payong Srivanich. Government spending on projects and retail lending are expected to be key drivers in the second half, while lending to small and midsize enterprises will likely remain stable, Payong said.

* United Overseas Bank (Thai) PCL is collaborating with information service provider Business Online PCL to offer unsecured business loans to small and midsize enterprises, Manager Daily reported. The lender is looking to extend such loans totaling 300 million baht in its first year.

* Muang Thai Life Assurance PCL is collaborating with online shopping platform Shopee to offer health and life insurance products to customers in Thailand's e-commerce market, Daily News reported. The insurer is in the process of seeking approval from the country's Office of Insurance Commission.

* Indonesian lender PT Bank MAYORA plans to conduct an IPO in 2021, Bisnis Indonesia reported, citing CEO Irfanto Oeij.

* Kenanga Investment Bank Bhd. secured approval from Bank Negara Malaysia for unit Kenanga Investors Bhd. to acquire ECM Libra Financial Group Berhad subsidiary Libra Invest Bhd, The Sun Daily reported.

* AMMB Holdings Bhd.'s net profit for the fourth quarter ended March 31 rose 81.4% to 459.7 million ringgit from 253.4 million ringgit in the prior-year period, The Sun Daily reported.

SOUTH ASIA

* Karur Vysya Bank Ltd. appointed N. S. Srinath a nonexecutive part-time chairman for a period of three years, effective May 27.

* Meanwhile, Centrum Wealth Management Ltd. signed an agreement with Karur Vysya Bank to form a private limited joint venture company for providing wealth management services, subject to regulatory approvals.

* Richard Morin resigned as CEO of Pakistan Stock Exchange Ltd., without stating a reason for his departure, Reuters reported.

* Bangladesh Bank has eased offshore banking rules to allow local industrial enterprises to get foreign currency loans from offshore banking units as a concessionary move towards banks, The Daily Star reported.

AUSTRALIA AND NEW ZEALAND

* Commonwealth Bank of Australia CEO Matt Comyn said he believes that lowering taxes and policies to promote consumer spending is better for the economy instead of slashing interest rates, The Australian reported.

* The Reserve Bank of New Zealand said the country's financial system is resilient but risks remain elevated, adding that the current loan-to-value ratio is appropriate.

* Roger Davis is set to resign as chairman of Bank of Queensland Ltd. following the scheduled release of the bank's full-year results in October. Meanwhile, Patrick Allaway was named chairman-elect.

IN OTHER PARTS OF THE WORLD

Middle East & Africa: Bank Leumi's Q1 profit rises; Gulf Capital on M&A hunt; Kenya, Ghana hold rates

Europe: Germany eyes higher capital buffer for banks; Aviva mulls split of UK business

Latin America: Banco de Bogotá's profit rises; BCI to enter payment processing market

North America: Global Payments buying Total System in $21.5B deal; Nasdaq pulls Oslo Børs bid

Global Insurance: Centene urged to weigh sale; NFIP in peril; First American Financial data leak

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

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