* China's State Administration of Industry and Commerce said the People's Bank of China established a deposit insurance fund management firm with a registered capital of 10 billion yuan, on the day regulators took over Baoshang Bank Co. Ltd., Caixin reported. The company's business scope includes carrying out equity, debt and fund investments, as well as managing assets related to deposit insurance funds. Huang Xiaolong, deputy head of the financial stability bureau of China's central bank, is the company's legal representative.
* The provincial government of Guangdong, China, issued 47 billion yuan worth of local government debt on the Shenzhen Stock Exchange's government bond issuance system, including 17.5 billion yuan of special bonds related to the development of the country's Greater Bay Area, China Securities Journal reported.
* Bank of Zhengzhou Co. Ltd. said it would issue up to 10 billion yuan of capital bonds without fixed terms and Tier 2 capital bonds to replenish the lender's Tier 1 or Tier 2 capital, China's International Financial News reported.
JAPAN AND KOREA
* MUFG Bank Ltd. received approval to invest up to 6 billion yuan in yuan-denominated bonds and stocks through China's Renminbi Qualified Foreign Institutional Investor scheme, Tokyo's The Nikkei reported. The company is expected to support Japanese institutional investors, including regional banks, to purchase Chinese instruments. The investment into such bonds by Japanese investors reached ¥1.740 trillion in 2018.
* More life insurers are shifting away from insurance products that cover costs associated with death, The Nikkei reported. Data shows that the number of new contracts for such insurance types has shrunk by about 25% since peaking in 1990, citing a continuous decline in demand. On the other hand, more life insurance companies are shifting to third-sector insurance, which promotes the prevention of illness.
* South Korea's Kakao Bank said it would start issuing individual business owner loans from May 29, the Maeil Business Newspaper reported. Customers may borrow up to 20 million won with an yearly interest rate of 3.4%, the publication noted.
* South Korea's Financial Supervisory Service, Financial Services Commission and the Nonlife Insurance Association said the revised limitation of the liability rule for auto insurers took effect May 29, the Maeil Business Newspaper reported.
* Bank of Thailand Governor Veerathai Santiprabhob said the central bank would not ease its loan-to-value requirement, despite demand for mortgage loans slowing down in April and May, Post Today reported. The tightened mortgage rule is necessary to prevent a potential bubble in the country's real estate market, Veerathai said.
* The Bank of Thailand has summoned Payong Srivanich, president and CEO of Krung Thai Bank PCL, to clarify the causes of disruptions to its mobile banking services and urged the lender to address the problem immediately, Krungthep Turakij reported. The bank's Krungthai NEXT app was reportedly inaccessible May 28.
* PT Bank QNB Indonesia Tbk said it is searching a replacement for acting CEO Junita Wangsadinata, who filed her resignation May 24, Bisnis Indonesia reported. She had held the position since December 2017.
* Alliance Bank Malaysia Bhd.'s net profit for the fourth quarter ended March 31, 2019 slipped to 111.8 million ringgit, from 112.9 million ringgit in the prior-year period, The Sun Daily reported.
* Union Bank of the Philippines raised 5.80 billion pesos through an issuance of three-year peso-denominated bonds, The Philippine Star reported. The series B fixed rate bonds due in 2022 carry a coupon of 6% per annum.
* State Bank of India is looking to raise up to 50 billion rupees through the issuance of Basel III-compliant bonds to overseas and lndian investors.
* Bandhan Bank Ltd. is set to open 16 more branches by June after previously opening 48 branches by March following regulatory approval to open 64 new branches, The Hindu reported.
* National Housing Bank has asked larger housing finance companies to hire their own chief risk officers in an effort to improve risk management practices, Business Standard reported.
* Bangladesh-based United Commercial Bank Ltd. appointed Syed Faridul Islam an additional managing director, The Daily Star reported.
AUSTRALIA AND NEW ZEALAND
* Bank of Queensland Ltd. is facing pressure to appoint a CEO following a number of executive turnovers and disappointing interim profits, among other things, The Australian reported.
* The Reserve Bank of New Zealand is facing opposition from a local parliamentary committee over its capital raising plan for the banks as the capital reforms would bring an extra NZ$1.80 billion per year burden for the economy as forecast by the New Zealand Bankers Association lobby group, The Australian reported. Opposition finance spokesperson Amy Adams said the central bank should have undertaken a full cost-benefit analysis of their own proposal.
* Antonia Watson is set to take over the CEO position at ANZ Bank New Zealand Ltd. on a temporary basis as CEO David Hisco is taking an extended sick leave, BusinessDesk reported.
IN OTHER PARTS OF THE WORLD
Middle East & Africa: Israel's First International Bank sees Q1 profit up; MTN's mobile money push
Europe: Scope cuts Deutsche; Abanca closes in on Liberbank bid; NordLB, Helaba post Q1
Latin America: BTG selling 2B reais of shares in banking unit; Alignvest-Sagicor deal approved
North America: Piper Jaffray agrees to sell Advisory Research; 2 California banks in deal
Global Insurance: AIG could sell Manhattan HQ; tornadoes lash Midwest; Old Republic proxy access
R Sio, Sally Wang, Sarun Saelee, Cathy Hwang, Emi White and Aditya Suharmoko contributed to this report.
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