* Fosun Group said the board of directors of Yongan Property Insurance Co. Ltd. approved a motion to dismiss the insurer's president Jiang Ming for reasons of age, Caixin reported.
* Chinese online lending platform operator LexinFintech Holdings Ltd. has priced its initial public offering of 12 million American depositary shares at a public price of $9.00 per share for a total offering size of $108 million. The shares listed on the Nasdaq Global Market.
* Liu Zhong, former chairman of Bank of Liuzhou Co. Ltd., was sentenced to 16 years in jail and fined 1.1 million yuan for taking bribes and illegally extending 6.87 billion yuan of loans, the 21st Century Business Herald reported.
* Taiwan's central bank kept its policy interest rate unchanged at 1.375%, a decision that came in line with market expectations, the Liberty Times reported. The central bank also set the M2 money supply growth target at between 2.5% and 6.5%.
* Hong Kong Exchanges & Clearing Ltd. will introduce five new stock option classes and four new stock future contracts from Feb. 5, 2018. The commission levy for the new stock futures will be waived for the first six months of trading, the company said.
JAPAN AND KOREA
* Japanese regional bank Shiga Bank Ltd. plans to offer loans targeting businesses that support the United Nations' Sustainable Development Goals in early 2018, The Nikkei reported. The move is part of the bank's efforts to support a sustainable community.
* Seibu Shinkin Bank, a regional bank in Japan, will introduce a life insurance trust service in January 2018, The Nikkan Kogyo Shimbun reported.
* South Korea's Financial Services Commission suspended its review of Hana Financial Group Inc.'s proposed acquisition of UBS Group AG's 51% stake in their asset management joint venture, Yonhap News Agency reported, citing a statement from the regulator. The Financial Services Commission said it made the decision because prosecutors are probing Hana Financial's alleged violation of a banking law.
* Commercial banks in Thailand are expected to withdraw about 120 billion baht worth of banknotes from the central bank one week before the New Year holidays, Post Today reported, citing Woraporn Tangsaghasaksri, assistant governor of the Bank of Thailand's banknote management group. The figure is up 2.4% from a year earlier.
* Export-Import Bank of Thailand and the Small & Medium Enterprise Development Bank of Thailand signed a memorandum of understanding to help finance small and medium-sized enterprises that are interested in or involved in exports, Daily News reported.
* Darmin Nasution, Indonesia's Coordinating Minister for Economic Affairs, said the government will continue to increase the quality of economic growth after Fitch Ratings raised its credit ratings to BBB from BBB-, Bisnis Indonesia reported.
* Indonesia's Financial Services Authority said it will issue regulations on financial technology companies in the first quarter of 2018, Infobank reported. The regulator also coordinated with relevant authorities to build a fintech center to support the companies. So far there, are 27 fintech companies registered with the regulator.
* Wimboh Santoso, chairman of Indonesia's Financial Services Authority, expects loan growth in 2018 to range between 10% and 12%, Kompas reported. The forecast is in line with the banking industry's target credit growth of 12.23% on average.
* Malaysia's AFFIN Holdings Bhd. proposed acquiring an additional 12.87% stake in AXA Affin General Insurance Bhd. from Felda Marketing Services Bhd for 180.54 million ringgit in cash, The Sun reported.
* The Monetary Authority of Singapore issued two prohibition orders against Dennis Tey, former trader at DBS Vickers Securities (Singapore) Pte. Ltd., for manipulating prices. The regulator banned him from performing a number activities in the capital markets industry, including taking up office in a capital market services company and providing any financial advisory services. Tey was previously sentenced to 16 weeks in jail after pleading guilty to criminal spoofing.
* Cambodia's mobile payment platform Pi Pay partnered with China's Alipay, allowing the latter's users to access Pi Pay merchants in Cambodia, as the number of Chinese tourists grows in the Southeast Asian nation, The Phnom Penh Post reported.
* India's Housing Development Finance Corp. Ltd. said it will sell two wholly owned units, namely HDFC Realty Ltd. and HDFC Developers Ltd., to Quikr India Pvt. Ltd. for approximately 3.57 billion rupees. The deal is expected to be completed by March 31, 2018.
* Canara Bank said it will sell a 4% stake in Canfin Homes Ltd. to reduce its stake in the housing finance unit to 26%. The lender earlier said it will divest its stakes in three of its subsidiaries, including Canfin Homes.
* India and Switzerland signed an agreement to allow automatic sharing of tax-related information from Jan. 1, 2018, Press Trust of India reported, citing the Central Board of Direct Taxes.
AUSTRALIA AND NEW ZEALAND
* National Australia Bank Ltd. and its former unit, Clydesdale Bank Plc, are facing a lawsuit in the U.K. as "a large group of claimants" is seeking compensation for tailored business loans, which are interest-rate hedging products sold to small business customers, The Sydney Morning Herald reported.
* Sequoia Financial Group Ltd. will boost its stakes in subsidiaries Finance TV Pty Ltd. and InterPrac General Insurance Pty Ltd. and acquire the self-managed super fund client base of My Own Super Fund Pty Ltd.
* The Australian Securities and Investments Commission could soon be able to ban "potentially harmful" financial products from the market to protect consumers' interests, The Sydney Morning Herald reported, citing a new law draft from the government. Financial institutions will also be forced to design products that meet the needs of customers, or face a potential A$1 million fine for every civil breach, the report added.
* NZX Ltd. appointed Hugh Stevens as head of its funds management business, effective Feb. 5, 2018.
IN OTHER PARTS OF THE WORLD
Middle East & Africa: ANC calls for SARB nationalization; Reserve Bank of Malawi cuts policy rate
Europe: EU banks can keep UK ops post-Brexit; job cuts at Deutsche; Sweden holds rate
Latin America: Santander Brasil, HDI Seguros sign insurance deal; Peru president faces vote
North America: Wells Fargo, Fifth Third to hike worker pay; 2 California banks merging
North America Insurance: Voya to up repurchases after annuities deal; tax cut to benefit US P&C carriers
Janna Estares, Sally Wang, Sarun Saelee, Cathy Hwang, Emi White and Aditya Suharmoko contributed to this report.
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