*Julius Bär Gruppe AGadded 200 client relationship managers in line with its expansion into Asianwealth markets, the Financial Times reported.
*Dai-ichi Life Insurance Co.Ltd. received approval from Cambodia's Ministry of Commerceto establish a representative office in the country. The office was establishedJuly 14. Dai-ichi Life is the first Japanese insurer to be granted approval toset up a representative office in Cambodia.
*Mizuho Financial GroupInc. is planning to hire more staff at its U.S. securities unit towin more deals, Bloomberg News reported, citing Yuzo Kanamori, an executive officer at MizuhoSecurities Co. and head of global investment banking. The company is looking tohire about 50 to 60 people in the 2016-2017 fiscal year to increase staff atits U.S. securities unit, Kanamori said.
*Mizuho Bank Ltd.said its unitMizuho Bank NederlandNV will change its trade name to Mizuho Bank Europe NV by the endof the 2016-2017 fiscal year. The unit also plans to upgrade its representativeoffice in Madrid to a full branch.
*According to an S&P Global report, Chinese companies will consume nearlytwo-thirds of new credit raised globally by 2020 as China leans on thecorporate sector to support growth, Reuters reported.The report noted that China's corporate debt and the rapidly rising U.S.leveraged finance are key tail risks for global credit, with China's share inthe global total corporate debt rising to 43% by 2020 from the current 35%.
*Zhou Xiaochuan, governor of the People's Bank of China, said that the bank isstudying the possibility of issuing bonds denominated in the IMF SpecialDrawing Rights, Beijing Business Todayreported.
*Meanwhile, Zhu Jun, director of the international department at the Chinesecentral bank, said that an international institution is preparing to issue SDRbonds in China, and details are in final discussions, Caixin reported.Zhu noted that SDR-denominated bonds are expected to issue in China's interbankmarket around the end of August.
*The China Banking Regulatory Commission said the total assets of the country'sbanking sector increased 15.6% year over year to 212.3 trillion yuan as of theend of June, and its total liabilities increased 15.1% year over year to 196.2trillion yuan, Reuters reported.
*Agricultural Bank of ChinaLtd. will sell 3.06 billion yuan worth of nonperformingasset-backed securities, making the bank the third institution that sellsnonperforming ABS products and the largest nonperforming ABS product ever, Caixin reported. Thetotal nonperforming ABS on trial in China is set to be 50 billion yuan.
*According to China's National Business of Statistics, 25 provinces andmunicipalities publicized their GDP for the first half, among which GDP in 13provinces surpassed 1 trillion yuan for the first half, Beijing News reported.The GDP growth rates in 21 provinces and municipalities surpassed 7%, but theGDP growth rate for China registered 6.7%, allowing for some repetitivecalculations by state-owned enterprises' headquarters and their local branches.
*China International Capital Corp. Ltd. said that the average annualized privateenterprises' lending rate might stand at 9.9% in the second quarter, higherthan the average loan rate of between 3% and 4% for public sector institutions,Caixin reported. CICCsaid that the investments by public departments, including state-ownedenterprises, contributed to 80% of China's fixed asset investment growth so farin 2016.
*Guangzhou Rural Commercial BankCo. Ltd. has hired four firms to manage a Hong Kong IPO that mayfetch as much as US$1.5 billion, according to "three people familiar with thesituation."
*The Taiwan Institute of Economic Research cut its GDP growth forecast for theisland in 2016 to 0.77% from April's 1.27%, as exports and private consumptionhave been softer than expected, the TaipeiTimes reported.However, TIER Economic Forecasting Center Director Gordon Sun added that thereis still time before the island approaches its debt ceiling and the governmentcan always raise the limit to boost infrastructure facilities and push up GDP.
JAPAN AND KOREA
*The Japanese government will make low-interest dollar funding available todomestic banks to support lending for overseas infrastructure projectsinvolving Japanese companies, Tokyo's TheNikkei reported.The ¥200 billion program, part of an upcoming economic stimulus budget, will beadministrated by policy lender Japan Bank for International Cooperation and paid for bygovernment-backed dollar bonds.
*Bank of Tokyo-Mitsubishi UFJLtd. is expected to introduce a new system that verifies customeridentities using smartphones at ATMs, without having to use a cash card, The Asahi Shimbun reported. Thecompany will allow customers to open accounts through mobile channels fromSeptember.
*South Korea's Financial Services Commission is requiring banks to set asidemore foreign exchange reserves to protect against possible foreign capitaloutflows, Yonhap News Agency reported. Local banks are required to raise theirforeign exchange liquidity coverage ratio to 80% in 2019 from 60% in 2017.
*The number of executives at foreign securities firms' South Korean operationsfell to 22 by March from 42 in 2011, TheKorea Herald reported.
*According to the Korea Federation of Banks, Standard Chartered Bank Korea Ltd.'s mortgage-backedloan interest rate with a 10-year maturity has dropped to 2.62%, lower than asimilar scheme run by the government at 2.65%, the Yonhap News Agency reported.
*The Credit Finance Association said that the total amount of credit cardtransactions in the second quarter saw a 13.8% year-over-year increase,reaching 178.4 trillion won, the Yonhap News Agency reported.
*South Korea's Financial Supervisory Service said that as of March 31, thecountry's depository banking institutions, including , held total investmentfund and dividends of 196.5 billion won, which have not been returned toaccount holders, the Korea Economic Dailyreported.FSC will operate a campaign in September to match right account holders withunpaid funds.
* Krungthep Turakij reported thatnonperforming loans in the Thai banking sector rose by 11.14% year over year inthe first half. NPLs of three local big banks — , and — increased by 25%,21% and 15%, respectively.
*CIMB Thai Bank PCLsees promising growth in Thailand's bancassurance market in the second half dueto low interest rates, Krungthep Turakijreported, citingSenior Executive Vice President Adisorn Sermchaiwong. He said the bank achievedfirst-year premiums of more than 100 million baht a month, exceeding the 70million baht target.
*Krung Thai Bank PCLcollaborated with the Stock Exchange of Thailand and National Science andTechnology Development Agency to set up a 2.3 billion baht venture capitaltrust fund for small and medium-sized enterprises in Thailand, Krungthep Turakij reported.
*KASIKORN Research expects the U.S. Federal Reserve to leave its benchmarkinterest rate unchanged in the fifth meeting of the Federal Open MarketCommittee, Krungthep Turakij reported. The U.S.central bank will initially assess the economic impact of the Brexit referendum.
*The Indonesian government secured 35% of its state revenue target in the firsthalf, lower than the prior-year period, Infobankreported.Meanwhile, state spending reached 41.5% in the first half.
*Bank Islam MalaysiaBhd. has no plans to revise funding growth target for 2016 afterBank Negara Malaysia cut its overnight policy rate, Berita Harian reported.Bank Islam Deputy CEO, Khairul Kamarudin, said the bank is on track to reachits growth target for 2016.
*Malaysia's The Star saidexpectations are building up for Bank Negara Malaysia to cut the statutoryreserve requirement by between 50 basis points and 100 basis points in 2016 torelease more liquidity into the banking system amid a slow economy.
*Bank of India openeda branch in Ho Chi Minh City, Vietnam, VietNam News reported.Bank of India was the first Indian bank to receive a branch license in thecountry.
*U.K. Sinha, chairman of the Securities & Exchange Board of India, said IPOsin the country will reach a record in the 2016-2017 fiscal year, due to animproving economy and a focus on raising disclosure norms, which has benefitedthe market, Bloomberg News reported.
*Canara Bankposted a 52.2%year-over-year decline in net profit for the first quarter ended June 30.
*Payments operator Society for Worldwide Interbank Financial Telecommunication,or SWIFT, said ICICI BankLtd. and Axis BankLtd. have signed up for its global payments innovation initiativeto boost cross-border payments, the Press Trust of India reported.
* receivedshareholders' approval to raise up to 280 billion Indian rupees of equity andbonds, the Press Trust of India reported.
AUSTRALIA AND NEW ZEALAND
*Fitch Ratings said Australian nonlife insurers would strengthen their earningsin 2016, if losses caused by natural hazards were to decrease, Insurance Business reported.
*According to the Australian Securities and Investments Commission, 'sAustralian unit cut its losses to A$2.2 million from A$12.6 million in theprior year, The Australian reported.
*Craig Rice, National AustraliaBank Ltd.'s executive general manager, will be leaving the bank inlight of organizational restructuring announced July 22, The Australian Financial Review's Street Talk blog reported.Rice joined NAB in 2009.
IN OTHER PARTS OF THE WORLD
MiddleEast & Africa: BLOM BANKconfirms HSBC talks; concerns about nonperforming insider loans inNigeria
Europe:HSBC acts on RWAs; BBVA planslayoffs; Bank Asya loses license
LatinAmerica: Bradesco plans to createcorporate debt restructuring division
NorthAmerica: First Hawaiian IPOpegged at $3B-$4B; 2 Tenn. banks to merge
NorthAmerica Insurance: Higher catlosses, pricing pressure to hit US P&C insurers in '16; Ironshore files forIPO
S&P Global Ratings andS&P Global Market Intelligence are owned by S&P Global Inc.
Sally Wang, Sarun Saelee,Cathy Hwang, Emi White and Aditya Suharmoko contributed to this report.
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