S&PGlobal Market Intelligence's most read financial stories in the Asia-Pacificregion include ORIX's acquisition of a U.S. investment manager, while editors'picks feature Dai-ichi Life Insurance's plan to continue its overseasacquisitions despite uncertainties in the market.
1. ORIXcompletes purchase of Boston Financial Investment Management
ORIXCorp. completed its acquisition of Boston Financial Investment ManagementLP, confirming an earlier report on the deal. The Japanese firm acquired theinvestment manager through unit ORIX USA Corp.
2. Multiple firms show interest in Woori Bank stake as South Koreaseeks sale again
Multiple institutions, both domestic and foreign, have"strongly" expressed interest in bidding for a stake in South Korea'sWoori Bank, bodingwell for the country's fifth attempt to privatize the company. The governmenthas said it will try to sell its holding to multiple institutional investors ifit could not find a single buyer of the entire asset.
3. Deutsche Bank global transaction banking chief to take Asia-PacificCEO role
DeutscheBank AG plans to name Werner Steinmueller CEO of Asia Pacific.Pending supervisory board and regulatory approval, Steinmueller will become apart of the bank's management board and will move to Hong Kong in the autumn.
4. Bankof Tokyo-Mitsubishi to quit as government bond dealer July 15
Bank ofTokyo-Mitsubishi UFJ Ltd. has relinquished its role as a primarydealer of Japanese government bonds July 15. The unit had indicated in June that it would withdraw as one of the 22 primarydealers of government bonds.
5. Report: Bank of East Asia under investigation for anti-moneylaundering procedures
Bank ofEast Asia Ltd. is reportedly is under investigation by Chinese authoritiesover its anti-money laundering procedures. The investigation comes afterChinese media outlets leaked bank transactions that allegedly revealed how thebank was used as a channel to disburse money to senior executives at
1. DataDispatch Asia-Pacific: Dai-ichi Life may pick up more US business from insurerscutting assets
Dai-ichiLife Insurance Co. Ltd. is on the hunt for more acquisitions in theU.S. to build on the 2015 purchase of Alabama-based The Japaneseinsurer has given a mandate to Protective Life to continue to expand throughdeals despite uncertainties in the market brought about by the upcoming U.S.election and the U.K.'s decision to leave the European Union.
2. TheAsia Angle: South Korea may lose AIIB vice president seat amid dispute withChina
South Korean media outlets are abuzz at the news thatthe country's vice president seat at the China-led Asian InfrastructureInvestment Bank could be demoted, and they have speculated that the move islinked to South Korea rousing China's ire after the announcement of a new U.S.anti-missile system to be installed in the former.
3. Shinhan Financial Group may raise capital of brokerage unit
ShinhanFinancial Group Co. Ltd. may increase the equity capital ofbrokerage unit Shinhan InvestmentCorp. to obtain a license necessary to conduct comprehensiveinvestment banking services. The group's board will meet the week of July 18 todecide on the planned capital injection.
4. Cathay's acquisition of SinoPac Bancorp well-priced, low risk,analysts say
The analyst community believes that 's acquisition ofLos Angeles-based SinoPacBancorp is a low-risk deal at a good price. Cathay has agreed toacquire SinoPac, a unit of Taipei-based Bank SinoPac Co. Ltd., for US$340 million in a90%-cash-and-10%-stock transaction.