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CBL shareholder opposes liquidation; Bank of Baroda to close overseas branches

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CBL shareholder opposes liquidation; Bank of Baroda to close overseas branches

GREATER CHINA

* The People's Bank of China injected 160 billion yuan into the open market via a seven-day reverse repurchase operation, following a suspension of 36 business days, China Business News reported.

* China's Ministry of Finance said Chinese individuals will continue to be exempted from individual tax between Dec. 18 and Dec. 4, 2019, for gains obtained from trading Hong Kong funds via a scheme for the mutual recognition of funds between China and Hong Kong, Caijing reported.

* Taiwan's central bank said the balance of yuan deposits fell to 301.79 billion yuan at the end of November, the lowest since 2015, the Liberty Times reported. Both the balance of yuan deposits at offshore banking units and at domestic banking units have decreased from the previous month.

JAPAN AND KOREA

* Tokai Tokyo Financial Holdings Inc. has begun discussions on the merger of subsidiaries Tokai Tokyo Securities Co. Ltd. and Takagi Securities Co. Ltd., Tokyo's The Nikkei reported. The companies expect the merger to be completed in the first half of fiscal 2019, with Tokai Tokyo Securities as the surviving entity. Tokai Tokyo Financial acquired Takagi Securities in May 2017, making it a wholly owned subsidiary.

* Korean Reinsurance Co. was fined 7.6 billion won for allegedly exploiting its market-controlling power to manipulate the market and bar potential rivals from entering since April 1999, the Korea Times reported, citing South Korea's Fair Trade Commission.

* South Korea's Woori Bank agreed with its labor union to extend the age for its "peak salary program," which entails a gradual drop in the salary of employees who have reached 56 years of age, The Chosun Ilbo reported.

ASEAN

* Thailand's Government Housing Bank is looking to raise 50 billion baht through its savings lottery program, which will be launched once the government passes relevant regulations, Post Today reported, citing bank President Chatchai Sirilai. The bill that would allow the lender to offer savings lottery products is expected to be passed in 2019.

* Thailand-based TMB Bank PCL issued US$90 million worth of bonds, with the World Bank Group's International Finance Corp. as the sole investor in a bid to facilitate local small and midsize enterprises' access to finance for sustainable growth, Manager Daily reported, citing Chompoonoot Pathomporn, the lender's chief SME banking officer.

* PT Bank QNB Indonesia Tbk sold bad loans worth 1.61 trillion Indonesian rupiah to BDFK Ltd. to reduce its gross nonperforming loan ratio to 2.65% from 4.16%, Kontan reported. BDFK will pay US$5.28 million in cash and US$21.12 million in bonds.

* Metropolitan Bank & Trust Co. raised 18 billion Philippine pesos from the reissuance of its peso-denominated bond program.

SOUTH ASIA

* India-based microfinance company Satin Creditcare Network Ltd. plans to raise US$30 million from Dutch development bank Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV through the issuance of nonconvertible debentures, DealStreetAsia reported.

* Bank of Baroda will shut down its overseas branches in Trinidad and Tobago, Guyana and Ghana by June 2019 to rationalize its overseas presence and increase efficiency and profitability of the overseas offices, in accordance with Indian government rules, Press Trust of India reported.

* India's high court rejected a plea challenging Life Insurance Corp. of India's move to buy a 51% stake in Industrial Development Bank of India, Press Trust of India reported.

AUSTRALIA AND NEW ZEALAND

* The Australian Securities and Investments Commission is seeking access to some of Clayton Utz's documents as part of its ongoing investigation into AMP Group Holdings Ltd. over fees for nonexistent services and related false or misleading statements. ASIC has asked the Federal Court of Australia to declare that AMP waived claims of legal professional privilege on the documents or, alternately, that the documents are not subject to such privilege.

* ASIC said in a public notice that the purported business activities of Luxembourg Offshore Banking and LUXOSB Ltd. are fraudulent and deceptive and, further, that that the two firms are neither licensed nor authorized to provide financial services in Australia.

* Freedom Insurance Group Ltd. has appointed its financial controller, Adam Scobie, acting CFO.

* New Zealand-based CBL Corp. Ltd.'s voluntary administrators, Brendon Gibson and Neale Jackson of KordaMentha, said Oceanic Securities PTE Ltd., which owns 15.27% of shares in CBL Corp., has opposed CBL's liquidation. Following the opposition, the country's high court adjourned the liquidation hearing until Feb. 4, 2019.

IN OTHER PARTS OF THE WORLD

Middle East & Africa: Access Bank said to acquire Diamond Bank; Moza Banco agrees to buy Banco Terra

Europe: TP Icap sues NEX; BAWAG to buy BFL Leasing; Novo Banco sells NPLs

Latin America: Advent said to have closed deal with Prisma; Banco BMG mulls IPO postponement

North America: Malaysia sues Goldman Sachs units over 1MDB scandal; Citi to exit Chinese JV

Global Insurance: Zurich, Catalina in $2B transfer; ACA ruled unconstitutional; ProSight eyes IPO

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

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