GREATER CHINA
* HSBC Bank (Taiwan) Ltd. plans to expand its wealth management business into services such as family financial planning, online trading in foreign stocks and foreign currency access, the Taipei Times reported. The lender also launched HSBC Everyday Global Visa Debit Card, which will allow holders to exchange the New Taiwan dollar into nine currencies including the Japanese yen, the euro, the British pound, the U.S. dollar, the Canadian dollar, the Hong Kong dollar, the Singapore dollar, the Australian dollar and the New Zealand dollar. It plans to launch a real-time trading platform that will allow clients in invest in the U.S. and Hong Kong equity markets.
* The board of Taiwan Life Insurance Co. Ltd. approved a plan to acquire not more than NT$1.5 billion of shares in solar energy company Star Shining Energy Corp., Central News Agency reported. The board said the move would support the government's initiative to develop renewable energy, while also contributing to the company's fixed income.
* Taipei-based First Commercial Bank Co. Ltd. opened its first overseas office in Jakarta as part of a plan to become a regional bank in Asia, China Times reported. The bank also aims to enter the Islamic finance market through the new office.
* Angelo Koo succeeded Chia-Juch Chang as chairman of Taiwan's CDIB Capital Group, a subsidiary of China Development Financial Holding Corp., the company said in a release.
JAPAN AND KOREA
* Japan's Resona Holdings Inc. will transfer unit Resona Bank Ltd.'s asset management functions to affiliate Resona Asset Management as part of the group's plan to consolidate its asset management resources. The plan is subject to regulatory approval.
* Japan's Government Pension Investment Fund is partnering with Nordic Investment Bank to promote ESG integration into fixed-income investment. The announcement came the same day as the pension fund reappointed Hiromichi Mizuno as its chief investment officer for an additional six months, Bloomberg News reported.
* Japan-based SBI Securities Co. Ltd. received an institutional business license in Singapore, The Nikkei reported. The license will allow SBI Holdings Inc. to market Japanese startup companies to overseas investors.
* Private equity firm Hahn & Co. raised 3.8 trillion won for its South Korea-focused fund, saying the fund will play an important role in the local M&A market, The Korea Times reported. The fund comprised of a 3.2 trillion won flagship fund and a 600 billion won co-investment fund.
* South Korea's SK Securities Co. Ltd. will spin off its private equity business division and set up a new unit named SKS Private Equity, Yonhap News Agency reported, citing the company. The new unit will hold 2.4 trillion won of assets under management.
* South Korea's Financial Supervisory Service said it plans to take punitive measures against Woori Financial Group Inc. unit Woori Bank and Hana Financial Group Inc. subsidiary KEB Hana Bank for misselling derivative-linked fund options, The Korea Times reported. The regulator said it will take the measures once it completes its inspection of the two banks.
ASEAN
* Indonesia's PT Pegadaian (Persero) allocated 500 billion rupiah to invest in local fintech firms with licenses from the Financial Services Authority, The Jakarta Post reported, citing President Director Kuswiyoto. The state-owned financial firm intends to invest in a peer-to-peer lending company, and plans to become a strategic investor in PT Fintek Karya Nusantara.
* PT Bank Danamon Indonesia Tbk appointed Yasushi Itagaki president director of the lender, Infobank reported.
* Jakarta-based PT Bank CIMB Niaga Tbk paid off its 2018 Series A sustainable bonds, with a total payout of 781.96 billion rupiah, of which 15.96 billion rupiah was interest, Bisnis Indonesia reported.
* The Thai cabinet approved a draft bill to inspect electronic transactions above 50,000 bahts in a bid to prevent money laundering and financing of terrorists, The Nation reported.
SOUTH ASIA
* Debt-laden Indian company Infrastructure Leasing & Financial Services Ltd. said it successfully completed the restructuring of three entities, and is in advanced talks to complete the restructuring of IL&FS Energy Development Co. Ltd. and IL&FS Tamil Nadu Power Co. Ltd., Indo-Asian News Service reported. Meanwhile, the government extended IL&FS Chairman Uday Kotak's term by one year to Oct. 2, 2020.
* The Indian finance ministry appointed Ch. S. S. Mallikarjuna Rao managing director and CEO of Punjab National Bank. His term will last until Sept. 18, 2021, or until further orders. He is currently managing director and CEO of Allahabad Bank.
* Reliance Nippon Life Asset Management Ltd. filed a petition against troubled lender Dewan Housing Finance Corp. Ltd. in the Bombay High Court to recover dues worth 4.78 billion rupees, The Economic Times reported. Dewan Housing Finance has recently proposed a resolution plan, which would allow its creditors to acquire a 51% stake in the company. The court ordered the company to refrain from paying anyone until the hearing on Oct. 4.
* India's Bank of Baroda is planning to raise 40 billion rupees through the issuance of Tier 1 capital bonds, and 10 billion rupees to 12 billion rupees through the issuance of employee stock options, Business Standard reported, citing CEO P. S. Jayakumar. The lender will also receive a capital infusion of 70 billion rupees from the government through the issuance of securities in the fiscal year ending March 2020, it said in a stock exchange filing.
AUSTRALIA AND NEW ZEALAND
* Deutsche Bank AG trimmed its stake in Latitude Financial Services Ltd by selling to First State Super, Credit Suisse Asset Management and a family office, The Australian Financial Review's Street Talk blog reported. The investors will collectively own a 9% stake in Latitude Financial following its A$1.40 billion IPO. First State Super is now estimated to own a A$100 million stake in the company.
* Commonwealth Bank of Australia reduced its owner occupied principal and interest standard variable rate home loans to 4.80% per annum, down 13 basis points. National Australia Bank Ltd. similarly cut its owner occupier principal and interest home loan rate by 15 basis points per annum. The cut follows the Reserve Bank of Australia's decision to lower the cash rate by 25 basis points to a fresh record low of 0.75%.
* ANZ Bank New Zealand Ltd. said it intends to appoint Alison Gerry an independent director on its board. The bank also said it expects to appoint a new CEO by the end of the year, subject to the receipt of a no-objection from the central bank. Meanwhile, Bruce Macintyre will retire as chief risk officer of the bank prior to Christmas.
* The Australian Securities and Investments Commission is seeking public opinion on its proposal to use its product intervention power to reform the sale of add-on insurance and warranty products by car dealers. The regulator will be accepting comments and feedback until Nov. 12.
IN OTHER PARTS OF THE WORLD
Middle East & Africa: Fitch cuts Saudi Arabia's rating; Nigerian banks miss deadline to boost lending
Europe: Credit Suisse COO quits over spying; tougher rules for UK funds; Luminor sold
Latin America: Peru's Congress dissolved; Colombia's Credifinanciera gunning to become bank
North America: Mont., Ariz. banks in deal; Goldman Sachs unit, BofA settle bias charges
Global Insurance: Cyberattacks top biz risk list; Lloyd's overhaul; 'Syndicate-in-a-Box'
Janna Estares, Sally Wang, Sarun Saelee, Cathy Hwang, Emi White and Aditya Suharmoko contributed to this report.
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