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IAG exits New Zealand life insurance business; Fitch cuts ICICI Bank's ratings

GREATER CHINA

* China Merchants Bank Co. Ltd. filed a 3.5 billion yuan lawsuit against Everbright Securities Co. Ltd. subsidiary Everbright Capital Corp. for not upholding the terms of a deal related to the acquisition of a now-bankrupt British media company, Caixin reported. The bank said the deal promised compensation from Everbright Capital if the investment in MP & Silva Holding SA does not pay off.

* Taiwan's Financial Supervisory Commission raised the maximum penalty for illegal buying of local shares by China-based investors to NT$25 million from NT$600,000, effective June 3, the Taipei Times reported, citing Securities and Futures Bureau Deputy Director-General Tsai Li-ling. The move follows an amendment to an act governing the relations between Taiwan and China.

* Taishin International Bank Co. Ltd. said it plans to expand its facial recognition technology into its online banking services starting from the third quarter, the Taipei Times reported. The bank has so far launched the technology on select ATMs.

JAPAN AND KOREA

* Juroku Bank Ltd. started the operations of Juroku Tokai Tokyo Securities Co., Ltd., a securities company established through a co-investment with Tokai Tokyo Financial Holdings Inc., The Asahi Shimbun reported. The company started operations on June 3 with ¥100 billion in assets under management.

* Japan's Investment Trust Association appointed Hiroshi Matsutani, president of Nomura Institute of Capital Market Research, as its new chairman, The Nikkei reported. Matsutani is will be formally appointed on June 28, subject to the decision of the board.

* Export-Import Bank of Korea said it will provide US$400 million in project financing, comprising of US$240 million in loans and US$160 million in guarantees, for LS-Nikko Copper's development of a copper mine in Chile, The Korea Times reported.

* According to a report released by South Korea's Financial Supervisory Service, online lender K Bank Co.Ltd.'s BIS ratio dropped by 4.5 percentage points in the first quarter to 12.48% compared to the previous quarter. The figure was lower than the nationwide average of 15.4%.

ASEAN

* U.K.-based Standard Chartered PLC will launch a foreign exchange e-trading and pricing engine in Singapore by the first quarter of 2020, The Business Times reported, citing the bank.

* Union Bank of the Philippines issued three-year fixed-rate bonds worth 5.8 billion pesos, BusinessWorld reported. The bank issued the bonds with a coupon of 6% per annum to be paid quarterly until May 2022.

* ECM Libra Financial Group Berhad obtained approval from the Securities Commission Malaysia to sell its fund management unit Libra Invest Bhd. to Kenanga Investment Bank Bhd. unit Kenanga Investors Bhd.

* Thailand's Government Housing Bank introduced a reverse mortgage program for older homeowners to prepare for an aging population in the country, Daily News reported, citing bank president Chatchai Sirilai. The lender is initially extending reverse mortgage loans totaling 1 billion baht to homeowners aged between 60 and 80 years, Chatchai said.

SOUTH ASIA

* Axis Bank Ltd. said the Reserve Bank of India approved Rakesh Makhija's appointment as nonexecutive part-time chairman.

* India-based Lakshmi Vilas Bank Ltd. is considering raising 10 billion rupees from private equity funds if its planned merger with Indiabulls Housing Finance Ltd. is delayed, The Economic Times reported, citing bank managing director, Parthasarthi Mukherjee.

* Fitch Ratings cut Indian lender ICICI Bank Ltd.'s long-term issuer default rating to BB+ from BBB- and its viability rating to "bb+" from "bbb-." The outlook on issuer default rating is stable.

* The Reserve Bank of India may cancel the license of nonbanking finance company IL&FS Financial Services Ltd. after the Serious Fraud Investigation Office flagged evergreening of loans and violation of norms relating to credit concentration and net owned funds at the company, The Hindu Business Line reported.

AUSTRALIA AND NEW ZEALAND

* Suncorp Group Ltd. closed the sale of its Australian general insurance distribution business, Resilium, which now operates as a standalone business, Insurance Business reported.

* Sydney-based Sandon Capital Investments Ltd. agreed to buy a 18.8% stake, or up to 52,980,782 shares, in Mercantile Investment Co. Ltd. from Siblow Pty. Ltd.

* Insurance Australia Group Ltd. said it will no longer offer life insurance products in New Zealand and has transferred 50,000 of its State Insurance policyholders to life insurer Aon, Insurance Business reported, citing a Radio New Zealand report. The move is part of efforts by the Australian insurer to reshape its business.

IN OTHER PARTS OF THE WORLD

Middle East & Africa: Zimbabwe clinches IMF deal; Ghana kicks off microfinance sector cleanup

Europe: Danske selling Estonian biz; Covéa sues Credit Suisse; crypto vigilance sought

Latin America: Brazil mulls 20B reais fiscal boost; Dominican Republic maintains key rate

North America: Goldman buying PE-backed Capital Vision; Wells seeks to settle tax credit probe

Global Insurance: Humana rules out Centene deal; Scor's $250M cat bond; $4.6M Buffett lunch

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

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