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India to cut stake in IDBI Bank; former chief of Chinese regulator admits guilt

GREATER CHINA

* China's Shanghai Lujiazui International Financial Asset Exchange Co. Ltd. plans to raise up to US$2 billion in a new funding round, potentially boosting the company's valuation to US$40 billion as it opts for private investment due to the delayed listing, Reuters reported. Sources said the digital marketplace lender postponed the IPO as the scale of its core consumer lending business was changing while authorities were formulating regulations for the fast-growing consumer lending sector.

* China Life Insurance (Group) Co. has established its second headquarters in Shanghai as it seeks more financial opportunities in the city, Shanghai Securities News reported.

* Xiang Junbo, former chairman of the China Insurance Regulatory Commission, pleaded guilty to bribery charges at his trial in Jiangsu province, Caixin reported, citing Xinhua News Agency. The prosecutors said Xiang abused his role as a senior official and took bribes of more than 19.42 million yuan by illegally offering assistance to individuals and institutions from 2005 to 2017.

JAPAN AND KOREA

* Nomura Holdings Inc. said unauthorized access to its system occurred at its Instinet Europe Ltd. unit with a possible breach of customer data, Tokyo's The Nikkei reported. The company noted, however, that the incident did not impact the security and operation of its direct units.

* South Korea's DANAL Co. Ltd. said it will repurchase 2,130,000 of its common shares for 9.86 billion won, The Financial News reported.

* Shinhan Card Co. Ltd. signed an agreement with Airbnb Inc. to collaborate on a number of projects, the Asia Economic Daily reported. Under the partnership, the two companies will share marketing capabilities and jointly develop a financial program for Airbnb hosts.

* Japan Housing Finance Agency will issue up to ¥165.10 billion of fixed-rate residential mortgage-secured pass-through notes, S&P Global Ratings said. The notes are due in June 2053.

ASEAN

* The Bank of Thailand is allowing securities companies to apply for an operating license that would let them buy, sell or exchange foreign currencies, Manager Daily reported. The move is aimed at improving the ease of doing business in the country.

* Export-Import Bank of Thailand is looking into the possibility of setting up a representative office in Vietnam in an effort to boost trade and investment activities between Thailand and Vietnam, Manager Daily reported.

* Malaysian Prime Minister Mahathir Mohamad has turned down financier Jho Low's offer to drop the latter's claim to more than a billion dollars in assets in exchange for immunity from criminal prosecution in the 1Malaysia Development Bhd. scandal, The Wall Street Journal reported.

* PT Bank Negara Indonesia (Persero) Tbk said 205 of its branches will be operational during the Eid al-Fitr holiday, Bisnis Indonesia reported.

* France-based BNP Paribas SA appointed of Diana Senanayake head of Singapore for BNP Paribas Securities Services, The Straits Times reported.

SOUTH ASIA

* India's Bank of Baroda is planning to sell its nonperforming assets worth a total of 29.28 billion rupees, pending final approval by the bank's board.

* The Indian government is considering selling its almost 86% stake in IDBI Bank Ltd. to financial firms such as state-run Life Insurance Corp. of India, Mint reported, citing an unnamed source familiar with the matter. The government, which is looking to privatize IDBI Bank to relieve itself from the responsibility of recapitalizing the struggling lender, is said to be in advanced discussions for a possible divestment, the source noted.

* Hinduja Leyland Finance Ltd, a nonbanking finance company, filed a draft red herring prospectus with the Securities and Exchange Board of India to raise 5 billion rupees through an issuance of equity shares, The Hindu reported.

* Vikram Limaye, managing director and CEO of National Stock Exchange of India Ltd., said the bourse will be ready to launch its IPO in fiscal 2018 once it resolves all issues related to the offer, The Hindu reported. The exchange is also working on making changes to its small and midsize enterprise platform to create a segment for startups, Limaye added.

AUSTRALIA AND NEW ZEALAND

* Commonwealth Bank of Australia said its mobile application went offline June 14, which prevented customers from gaining access to their funds, The Sydney Morning Herald reported. The banking app was unavailable for more than three hours before the lender was able to restore access shortly before 5 p.m. local time.

* Moody's affirmed Australia's Aaa long-term issuer and senior unsecured ratings, with a stable outlook. The affirmation takes into account the country's robust and stable GDP growth and strong growth potential compared with peers, a moderate government debt burden and strong institutions preserving macroeconomic and financial stability.

* Australia & New Zealand Banking Group Ltd. is planning to axe around 60 jobs from its markets division globally due to "challenging conditions" in the sector, Reuters reported, citing an email from a spokesperson. The layoffs will affect 30 employees in Australia and across Asia, Europe and the U.S.

IN OTHER PARTS OF THE WORLD

Middle East & Africa: Saudi Arabia, Bahrain raise rates after Fed hike; Oberbank withdraws from Iran

Europe: All eyes on ECB after Fed lifts rates; serious breach found at Swiss Raiffeisen

Latin America: Brazil fines 2 banks for forex manipulation; Chile central bank holds key rate

North America: Merchants Bancorp of Indiana buying Illinois bank; HomeStreet to ax 127 bankers

North America Insurance: MGA Volante in $900M capacity deal; India's ICICI to cut Prudential Plc JV stake

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

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