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In This List

China urged to join Trans-Pacific Partnership; AMP shutters venture capital biz

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory


China urged to join Trans-Pacific Partnership; AMP shutters venture capital biz

* Australia is urging China to join the Trans-Pacific Partnership after an executive order signed by U.S. President Donald Trump effectively ended his country's participation in the trade agreement, Agence France-Presse reported.

* Mitsubishi UFJ Financial Group Inc. will reorganize part of its European asset management business by making Mitsubishi UFJ Investor Services & Banking (Luxembourg) SA a wholly owned subsidiary of Mitsubishi UFJ Trust & Banking Corp., The Nikkei reported.

* Goldman Sachs Group Inc. filed a US$1 billion countersuit in Jakarta against Indonesian businessman Benny Tjokrosaputro for "reputational damage and negative business impact," Reuters reported. Tjokrosaputro is seeking legal damages against the bank's international unit, Goldman Sachs International, for unlawful trades.

* Kotak Mahindra (International) Ltd. sold its 2.1% stake in South Indian Bank Ltd. to Lavender Investments Ltd. for 600 million rupees, Press Trust of India reported.

GREATER CHINA

* The China Insurance Regulatory Commission published new rules that would restrict insurers from investing more than 5% of their total assets in the previous quarter in a single stock, Reuters reported. Insurance companies will also be restricted from placing more than 30% of their total assets in equities.

* In addition, the China Insurance Regulatory Commission has forbidden insurers from acquiring listed companies affiliated with non-insurance parties, people.com.cn reported.

* According to BMI Research, Hong Kong lenders are expected to exercise caution in lending funds to Chinese corporates, especially state-owned enterprises, due to an economic slowdown in China, Asian Banking & Finance reported.

* Taiwan's National Development Council set its economic growth target for 2017 at between 2% and 2.5%, driven mainly by faster private investment, the Taipei Times reported.

JAPAN AND KOREA

* Daishin Securities Co. Ltd. opened a branch specializing in wealth management in Seoul as a follow-up to its reorganization of retail sales operations around its wealth management business, Yonhap News Agency reported.

* K-Bank, South Korea's first internet-only bank, postponed its official launch to early March from early February, Yonhap News reported.

* Woori Card Co. Ltd. the credit card unit of Woori Bank, sold US$300 million worth of asset-backed securities to HSBC Holdings Plc, E-Daily reported.

* Political turmoil and lower investments in construction owing to the South Korean government's restrictions on household debt led to GDP growth of 0.4% for the fourth quarter, Bloomberg News reported.

ASEAN

* PT Asuransi Jiwa BCA booked a premium income of 346 billion Indonesian rupiah in 2016, an increase of almost 3× from the previous year, Bisnis Indonesia reported.

* Bank Negara Malaysia imposed an administrative penalty of 1.4 million Malaysian ringgit on an unnamed financial institution for failing to notify the regulator promptly after learning of its dealers' misconduct involving the U.S. dollar/ringgit exchange rate, The Star reported.

* Thailand's Fiscal Policy Office, Bank for Agriculture & Agricultural Co-operatives and the Office of Insurance Commission of Thailand agreed to revise details of a rice paddy insurance scheme as the growing season in the country approaches, Post Today reported, citing sources at the Thai General Insurance Association.

* Fitch Ratings said the Philippines has done the most to liberalize its banking sector among Southeast Asian countries, citing factors that include the removal of restrictions on foreign investment in banks, The Philippine Star reported.

SOUTH ASIA

* BSE Ltd.'s IPO has become fully subscribed on the second day of the offering, Mint reported, citing data from the National Stock Exchange. More than 300 shareholders of the Indian bourse sold about 15.4 million shares in the offer through the offer-for-sale route. The issuance represents 28.26% of BSE's pre-share capital.

* Former IDBI Bank Ltd. Chairman Yogesh Agarwal and eight others were remanded by a Mumbai court following their arrest by India's Central Bureau of Investigation for their alleged involvement in extending fraudulent loans to Vijay Mallya's now-defunct Kingfisher Airlines, The Economic Times reported.

* YES BANK Ltd. Managing Director and CEO Rana Kapoor expects Indian banks to likely lower deposit rates by 125 basis points over a six-month period due to an increase in deposits following the demonetization of old banknotes in the country, The Hindu reported.

* Housing Development Finance Corp. Ltd. plans to raise 20 billion Indian rupees through an issuance of nonconvertible debentures, The Hindu Business Line reported. The debt instruments will have a two-year tenor and a 7.49% coupon rate.

AUSTRALIA AND NEW ZEALAND

* AMP Ltd. shut down its venture capital business, AMP New Ventures, within two years of its launch following a review carried out by Jonathan Deane, the company's chief innovation officer, The Australian Financial Review reported.

* Commonwealth Bank of Australia is making use of blockchain technology for bonds, starting with its execution of a "cryptobond" for Queensland Treasury Corp., The Australian reported.

* Australian Treasurer Scott Morrison will push for greater growth in the fintech industry at a G20 conference in Wiesbaden, Germany, saying that such a move would lead to a more competitive banking sector, The Australian Financial Review reported.

IN OTHER PARTS OF THE WORLD

Middle East & Africa: Mauritius PM passes baton to son; Ecobank loses deputy head

Europe: Generali reacts to Intesa; Deutsche faces class-action; Brexit news expected

Latin America: Scotiabank Chile open to deals; Banregio's Q4'16 profit up 45%

North America: Bankers sell on Trump rally; British Parliament gets to vote on Brexit

North America Insurance: Berkshire '16 P&C profit at risk from AIG deal; ACA replacement unveiled

Sally Wang, Jonathan Cheah, Jaekwon Lim and Santibhap Ussavasodhi contributed to this report.

The Daily Dose has an editorial deadline of 6:30 a.m. Hong Kong time. Some external links may require a subscription.