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China injects 200B yuan into financial system; ANZ cuts sale price for IOOF deal


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China injects 200B yuan into financial system; ANZ cuts sale price for IOOF deal

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.

China's central bank injects 200 billion yuan into financial system, other regulatory activities

* The People's Bank of China injected 200 billion yuan of cash into the financial system via the medium-term lending facility at 3.30%.

* The Hong Kong Monetary Authority trimmed the countercyclical capital buffer for banks to 2.0% from 2.5%, effective Oct. 15. The move is expected to help prop up the economy amid months of social unrest.

* The Bank of Korea cut its base rate by 25 basis points to a record low of 1.25%, joining a list of global central banks that have recently eased their monetary policy due to growth concerns.

* Bangko Sentral ng Pilipinas cut the reserve requirement rate for bonds issued by banks to 3% to promote participation in the domestic bond market.

* The Philippines central bank also revised its framework for domestic systemically important banks, or D-SIBs. Under the revised framework, a bank's systemic importance will be assessed according to size, interconnectedness, substitutability and complexity, the central bank said.

* Thailand's central bank will expand the scope of market conduct rules to cover state banks and nanofinance business, The Nation reported, citing Jaturong Jantarangs, assistant governor for supervision group 1. Currently, the rules only apply to private banks.

Latitude Financial withdraws IPO, CSB Bank eyes IPO in November

* Australia's Latitude Financial Services Ltd. withdrew its proposed IPO after the close of the bookbuild on Oct. 15. The decision, reasons for which were not disclosed, came after the company repriced its IPO at A$1.78 per share on Oct. 14, taking its market value to A$3.17 billion.

* CSB Bank Ltd. is planning to list its shares in November to raise up to 5 billion rupees in the initial share sale, Mint reported, citing two people aware of the development. The bank will start its marketing efforts and investor roadshows the week of Oct. 21, with a plan to launch the IPO in November, a source said.

* Indian digital payments company Paytm is close to finalizing a deal to raise US$2 billion from China's Ant Financial Services Group, Japan's SoftBank Group Corp. and other investors, Bloomberg News reported, citing a person familiar with the matter. Separately, Mint cited Paytm founder Vijay Shekhar Sharma as saying that the company will consider launching an IPO after 2021.

In other news

* Australia & New Zealand Banking Group Ltd. reduced the price for the sale of its pensions and investments and aligned dealer groups businesses to IOOF Holdings Ltd. The group agreed to sell the businesses for A$850 million, compared to the initial price of A$975 million.

* Ant Financial is in talks with banks to obtain a US$2.5 billion syndicated loan, Bloomberg reported, citing people familiar with the matter. The syndicated loan will have a greenshoe option of US$1 billion, the sources said.

* Altico Capital India Ltd. proposed to fully repay lenders' dues over the next five years as part of its resolution plan, The Economic Times reported, citing two people with the direct knowledge of the matter. The troubled real estate-focused nonbank finance company has about 43.62 billion rupees of total outstanding debt.

* India's Bank of Baroda entered into a deal with BNP Paribas Asset Management Asia Ltd. to merge its wholly owned unit, Baroda Asset Management India Ltd., with BNP Paribas Asset Management India Pvt. Ltd.

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