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KB Kookmin to buy stake in Cambodian firm; China revises rules for foreign banks

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KB Kookmin to buy stake in Cambodian firm; China revises rules for foreign banks

S&P Global Market Intelligence offers our top picks of banking news stories and more published throughout the week. Please note that some entries may have links to third-party sources that require a subscription.

M&A activity

* South Korea's KB Kookmin Bank agreed to acquire a 70% stake in Cambodia's PRASAC Microfinance Institution Ltd. from Sri Lanka-based nonbanking lender LOLC Holdings Plc for US$603.4 million, The Korea Herald reported. The deal is expected to close within three months, subject to due diligence and regulatory approvals in South Korea and Cambodia.

* Deutsche Bank AG is exiting the New Zealand market with a deal to sell its 49.9% stake in Craigs Investment Partners Ltd. back to the brokerage company's staff, The New Zealand Herald reported. The transaction is expected to close by February 2020.

* Bank Pembangunan Malaysia Bhd. and Danajamin Nasional Bhd. secured Bank Negara Malaysia's approval to initiate talks of a merger, Bernama reported. The banks are expected to complete negotiations within the next six months.

* Australia & New Zealand Banking Group Ltd. is believed to have shortlisted U.S.-based Apollo Global Management Inc. and Cerberus Capital Management LP, among others, for the second round of the auction for its asset-backed finance provider, UDC Finance Ltd., The Australian Financial Review's Street Talk reported.

Chinese financial regulator revises regulations for rural and foreign banks

* The China Banking and Insurance Regulatory Commission revised regulations to allow foreign banks to simultaneously set up wholly owned subsidiaries and branches in the country, China Daily reported, citing a note on the regulator's website.

* Separately, the regulator said it is no longer allowing smaller Chinese lenders to make loans or conduct bill financing outside their home bases, as the regulator tries to improve liquidity for local farmers and small businesses.

In other news

* Amundi SA and Bank of China Ltd.'s BOC Wealth Management Co. Ltd. subsidiary have received China's regulatory approval to establish an asset management joint venture in the country.

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