GREATER CHINA
* Goldman Sachs Group Inc. sought approval from the China Securities Regulatory Commission to take a majority stake in Goldman Sachs Gao Hua Securities Co. Ltd., the company's securities joint venture in China, London's Financial Times reported. Goldman currently holds a 33% stake in the joint venture.
* Ping An Insurance (Group) Co. of China Ltd. has been in talks to acquire Huaxia Life Insurance Co. Ltd. for several months since 2018 but no progress has been made due to price issues, the South China Morning Post reported.
* Bank of China Ltd. obtained approval from the China Banking and Insurance Regulatory Commission to set up Bank of China Fudeng Rural Bank Co. Ltd. in the Xiongan New Area, China.
* Chinese commercial banks issued more than 700 billion yuan of capital-replenishing bonds between Jan. 1 through Aug. 20, the China Securities Journal reported, citing financial data provider Wind Information Co. Ltd. Meanwhile, 13 banks intend to issue over 470 billion yuan of perpetual bonds, according to the People's Bank of China's second-quarter monetary policy report.
* Taiwan's First Commercial Bank Co. Ltd. obtained approval from the National Bank of Cambodia to set up two more sub-branches in Phnom Penh, Taiwan's Economic Daily reported. The two sub-branches are expected to open by the end of 2019, bringing the number of the bank's outlets in the country to 10.
JAPAN AND KOREA
* T&D Holdings Inc. subsidiary Taiyo Life Insurance Co. will acquire 35% of Myanmar-based Capital Life Insurance, Tokyo's The Nikkei reported. The company will invest ¥760 million into Capital Life to make it an affiliate company. The deal is expected to be approved by the Myanmar government in October.
* MUFG Bank Ltd. will set up a dedicated department to handle environmental, social and governance-oriented funding, The Nikkei reported. The department will provide loans to companies, as well as make investments, based on ESG ratings and indexes.
* SBI Holdings Inc. established SBI Africa to provide financial services to customers primarily in African countries, The Nikkei reported.
* JAPAN POST Co. Ltd. improperly sold 104,000 insurance policies issued by Aflac Inc., Japan Times reported, citing sources close to the matter. The total number of inappropriately sold policies nationwide is now 287,000.
ASEAN
* The Bank of Thailand fined Srisawad Finance PCL 1.7 million baht for overcharging borrowers, Krungthep Turakij reported. The central bank said interest rates and fees on loans were charged higher than the maximum rates set by the company.
* Yuanta Securities (Thailand) Co. Ltd. is restructuring its business in an effort to list its shares on the Stock Exchange of Thailand within the next two years, The Bangkok Post reported.
* Thailand-based Thanachart Bank PCL is selling 332 million baht worth of its unsecured loan portfolio in an auction, Post Today reported.
* Indonesia's PT Bank Central Asia Tbk plans to acquire a small bank and then merge it with PT Bank Royal Indonesia, Bisnis Indonesia reported. The lender is in the final stages to acquire Bank Royal Indonesia.
SOUTH ASIA
* State Bank of India Chairman Rajnish Kumar clarified that the state-owned bank will not discontinue debit cards, Press Trust of India reported. Kumar said the bank plans to set up YONO cash points for circulation in its digital banking platform, which would reduce the need for using debit cards.
* The Securities and Exchange Board of India approved a proposal to simplify know-your-customer requirements for foreign portfolio investors and allow them to conduct off-market transfers of securities. Under the redrafted rules, foreign portfolio investors would now be classified into two categories, instead of three.
* Nippon Life Insurance Co. increased its stake in Reliance Nippon Life Asset Management Ltd. to 54% following the conclusion of an open offer to acquire a 22.49% stake in the asset manager, the Press Trust of India reported, citing unnamed sources. Nippon Life paid 230 Indian rupees per share in the offer and the total payout was about 15 billion rupees.
AUSTRALIA AND NEW ZEALAND
* BankSA, Bank of Melbourne Ltd. and St.George Finance Ltd. have cut the interest rates on their fixed rate loans by 10 to 140 basis points, signaling the Westpac Banking Corp. subsidiaries' expectations that lending costs may decline further and more official rate cuts may be on the horizon, The Sydney Morning Herald reported.
* AMP Ltd. will be issuing refunds to customers who paid an average of A$400 or less in advice fees as part of a fees-for-no-service review, The Australian Financial Review reported, citing an internal document that it has obtained. The company has allocated A$778 million for customer remediation costs.
* The Australian Securities and Investments Commission is conducting a review of the progress of the financial sector's transition away from grandfathered commissions given to financial advisers. The regulator said it would monitor the steps that financial institutions have taken from July 1 until the Jan. 1, 2021 deadline.
IN OTHER PARTS OF THE WORLD
Middle East & Africa: Banque du Caire to sell stake by 2020; Ghana's finance sector cleanup continues
Europe: Germany zero-percent 30-year bonds; Italy PM resigns; Facebook Libra scrutiny
Latin America: Grupo Aval's Q2 profit jumps 19.3%; Colombia plans state holding company
North America: Citi named in Huawei CFO extradition case; Goldman seeks to raise China JV stake
Global Insurance: Cigna mulls unit sale; Tony Ursano joins Hamilton; FHCF renews reinsurance
Zia Ullah Khan, Sally Wang, Sarun Saelee, Cathy Hwang, Emi White and Aditya Suharmoko contributed to this report.
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