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Zurich to buy ANZ's life insurance biz; Taiwan denies forex intervention

GREATER CHINA

* Seven Chinese state-owned banks have asked the People's Bank of China to extend the transition period for new regulations covering wealth management until 2020 to ensure the smooth implementation of the new rules, Reuters reported, citing industry sources.

* Chinese lenders issued record new loans worth 1.12 trillion yuan in November, higher than analysts' projection of 800 billion yuan for the month, Reuters reported, citing data from country's central bank. Loans rose due to stronger corporate demand and a sharp expansion in household loans, the publication noted, citing an analyst.

* China Development Financial Holding Corp. said that the company's board of directors approved the appointment of Alan Wang as the company's president and chairman of China Life Insurance Co. Ltd., The Liberty Times reported. The appointments are pending approval from Taiwan's Financial Supervisory Commission.

* Taiwan's central bank denied allegations that it intervened in the foreign exchange market to appreciate the local currency after the U.S. removed the island from its monitoring list in October, the Taipei Times reported.

JAPAN AND KOREA

* SMBC Nikko Securities Inc. is planning to expand its retail workforce to 3,900 employees by April 2019 from the current 2,700 through the company's integration with SMBC Friend Securities Co. Ltd. as well as new hires, The Nikkan Kogyo Shimbun reported.

* Ogaki Kyoritsu Bank Ltd. signed a cooperative agreement with State Bank of India to support Japanese companies' business expansion in India, The Nikkan Kogyo Shimbun reported.

* Mizuho Bank Ltd.'s New York-based unit, Mizuho Americas LLC, appointed Keith Wargo as managing director and co-head of banking coverage. He will lead the company's coverage of the consumer, healthcare, real estate and financial sectors.

* South Korea's financial watchdogs will enact regulation to combat the country's worsening household debts by employing initiatives such as weighting the deposit-loan ratio, establishing a standardized BIS capital adequacy ratio and allowing shareholders' equity, the Kookmin Ilbo reported, citing Choi Jong-gu, chairman of the Financial Services Commission.

ASEAN

* The central banks of Thailand, Indonesia and Malaysia on Monday launched local currency settlement frameworks to promote wider use of local currencies for trade and investment, Manager Daily reported. The move was in line with two memorandums of understanding signed by the three central banks in December 2016.

* Thailand's Dhipaya Insurance PCL expects its insurance business in Laos to turn a profit in 2018 after the company was ranked as one of the country's top five insurers by premiums, Krungthep Turakij reported, citing Somporn Suebthawilkul, the company's managing director.

* PT Bank QNB Indonesia Tbk temporarily suspended Azhar bin Abdul Wahab from his position as director, Bisnis Indonesia said. Azhar, who was also acting president director, has been replaced for the role by Junita Wangsadinata.

* Khazanah Nasional Bhd appointed Ahmad Zulqarnain Onn and Azmil Zahruddin Raja Abdul Aziz as deputy managing directors, effective Jan. 1, 2018, Berita Harian reported.

SOUTH ASIA

* Loans worth about 1.82 trillion Indian rupees from 29 corporate accounts are at risk of entering the insolvency and bankruptcy process this month, Bloomberg News reported, citing three bankers with direct knowledge of the matter.

* Corporate bodies and lenders have reached out to the Reserve Bank of India to extend the Dec. 13 deadline for initiating insolvency proceedings under the country's Insolvency and Bankruptcy Code if a resolution for issues concerning nonperforming assets is not reached, Business Standard reported.

* Punjab National Bank, Syndicate Bank Ltd. and Indian Bank will likely raise 60 billion to 70 billion rupees through a qualified institutional placement, Mint reported, citing three people aware of the development. Punjab National Bank is expected to raise 50 billion rupees while the other lenders will raise 10 billion rupees each.

* Standard Chartered Bank Nepal Ltd. appointed Jitender Arora its new chairman, replacing Ananth Narayan for the role.

AUSTRALIA AND NEW ZEALAND

* Zurich Insurance Group AG agreed to buy Australia & New Zealand Banking Group Ltd.'s life insurance business, OnePath Life Ltd., for US$2.14 billion, or A$2.85 billion. Zurich said the deal, which it expects to complete by the end of 2018, will make it the leading retail life insurer in Australia with a market share of about 19%.

* Azimut Holding SpA's Australian unit AZ Next Generation Advisory Pty. Ltd. signed a binding sale and purchase agreement to acquire the entire share capital of Sydney, Australia-based Henderson Maxwell for a total purchase price of about A$11.6 million.

* Nikko Asset Management Co. Ltd. is entering the Australian non-bank corporate finance market with a A$300 million fund aimed at helping private equity funds finance takeovers via syndicated loans, The Australian reported.

* A group of Australian brokers and lenders presented proposed reforms to Kelly O'Dwyer, Minister for Revenue and Financial Services, for mortgage brokers including removing incentives for large home loans, The Sydney Morning Herald reported. The proposal is in response to a review of mortgage brokers carried out by the Australian Securities and Investments Commission.

IN OTHER PARTS OF THE WORLD

Middle East & Africa: Angolan bank BFA to launch IPO; Moody's revises DR Congo outlook

Europe: PKO Bank Polski, Bank Pekao deny merger reports; 2 French insurers to merge

Latin America: S&P cuts Venezuela debt ratings; Santander Mexico, bank unit OK merger

North America: US tax reform bill could hit foreign-owned banks; Banc of California sued

North America Insurance: Voya looks to sell annuity assets; commercial P&C rates declined 1.3% in Q3

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

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