The most read financial stories in S&P Global Market Intelligence's Asia-Pacific coverage include allegations of cartel conduct against Australia & New Zealand Banking, while editors' picks feature a report on the fate of Anbang's overseas assets.
Most read
1. ANZ faces criminal charges over alleged cartel conduct
Australia & New Zealand Banking Group Ltd. is facing criminal charges over "alleged cartel conduct" in relation to a 2015 share issuance. Two of the issue's underwriters, Deutsche Bank AG and Citigroup Inc., are expected to face the same charges.
2. Data Dispatch Asia-Pacific: China built banking dominance as credit crisis sunk the West
China's major banks surpassed their once-dominant U.S. and European peers in the decade following the credit crisis, thanks to explosive growth that shows little sign of slowing. The country is now home to six of the world's 25 largest banks by assets, according to S&P Global Market Intelligence data.
3. ANZ to sell New Zealand life insurance business to Cigna
Australia & New Zealand Banking Group unit ANZ Bank New Zealand Ltd. agreed to sell its New Zealand-based life insurance business OnePath Life (NZ) Ltd. to Cigna Corp. for NZ$700 million. The sale, which is subject to regulatory approval, is expected to be completed in fiscal 2019.
4. Moody's takes actions on 19 Chinese banks, 4 foreign lenders' local units
Moody's took actions on the ratings and outlooks of 19 Chinese banks, including Agricultural Bank of China Ltd. and Postal Savings Bank of China Co. Ltd., and the local subsidiaries of four foreign banks following the revision to the country's macro profile to Moderate + from Moderate.
5. Report: Ant Financial closes US$10B funding round
China's Ant Financial Services Group reportedly closed a US$10 billion fundraising round from global and local investors, valuing the Alibaba Group Holding Ltd. affiliate at US$150 billion. The latest round also includes a separate tranche of about 7 billion yuan in new shares, which is yet to be finalized.
Editors' picks
1. Data Dispatch Asia-Pacific: Fate of Anbang's overseas assets still undecided 3 months after state takeover
The fate of tens of billions of dollars of overseas assets held by Anbang Insurance Group Co. Ltd. remains unclear three months after the insurer was seized by the Chinese government. A source at Anbang confirmed that the company is talking to several investment banks to review its overseas assets, but said this was intended primarily to give the working group an accurate picture of its holdings.
2. Data Dispatch Asia-Pacific: Unlike Japan's other megabanks, Mizuho fiscal-year profit hit by long-term woes
Mizuho Financial Group Inc. ended its latest fiscal year with the battle scars from years of ultralow interest rates and other local challenges. While Japan's other megabanks — Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. — reported gains for the year to March 31, Mizuho posted a second consecutive year-over-year decline in profit.
3. Data Dispatch Asia-Pacific: Australian life market still woos foreign buyers despite slowing growth
Despite slowing premium growth and heightened regulatory scrutiny, Australia's life insurance market is likely to continue attracting foreign buyers thanks to decent returns and the country's compulsory superannuation system, an analyst said. The 9.3% return on equity generated in 2017 by Australian life insurers was below the 12.3% produced by banks that year, according to the Australian Prudential Regulation Authority.
4. Data Dispatch Asia-Pacific: Smaller Chinese life insurers to see continued pressure on solvency
The life units of China's half-dozen listed insurers all have healthy solvency ratios, but many of their smaller rivals face much less rosy prospects, according to regulatory data compiled by S&P Global Market Intelligence. The smaller insurers are likely to remain pressured as they contend with stock market volatility and struggle to reorient their business models to comply with strict new regulation, industry analysts said.
5. Data Dispatch Asia-Pacific: No respite from regulatory scrutiny for Australia's biggest banks
National regulators and government leaders alike have put Australian banks under the microscope amid misconduct allegations ranging from providing customers with faulty financial advice to rate-rigging. The CEOs of three of the country's largest banks by assets — Australia & New Zealand Group, National Australia Bank Ltd. and Westpac Banking Corp. — used their fiscal first-half earnings announcements in May to assess the fallout from the inquiry and what they expect in the months ahead.
