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Dai-ichi Life top contender for Suncorp life ops; ICICI Bank faces US scrutiny

GREATER CHINA

* The China Banking and Insurance Regulatory Commission is looking to scrap restrictions on foreign holdings in local lenders and asset management firms, Xinhua News Agency reported, citing a statement from the regulator. The limits are 20% for overseas firms and 25% for group investors, the statement said. In addition, the watchdog plans to abolish a 15-year investment management document containing special items on foreign investment.

* China and Russia entered into an agreement to set up an investment fund with 1.5 billion yuan under management, Reuters reported. The Dazheng Investment Group, Suiyong Capital and the Russia-China Investment Fund signed the agreement, which targets a 5 billion yuan capital for the fund.

* The China Banking and Insurance Regulatory Commission and Hong Kong's Securities and Futures Commission signed a memorandum of understanding to cooperate and boost exchange of information in connection with the supervision and oversight of cross-boundary regulated entities.

* China-headquartered Jiangxi Bank Co. Ltd. is seeking to raise between US$700 million and US$800 million through its IPO in Hong Kong, the Hong Kong Economic Times reported.

JAPAN AND KOREA

* The Korea Financial Intelligence Unit, the anti-money laundering agency of South Korea's Financial Services Commission, is collaborating with domestic lenders to establish a joint task force that will devise strategies for complying with U.S. anti-money laundering regulations covering overseas institutions, FNTIMES reported.

* The Korea Federation of Banks will begin an industrywide rollout of a blockchain-based online banking authentication system called BankSign in July, South Korea's The Chosun Ilbo reported.

* South Korea-based Shinhan Card Co. Ltd., BC Card Co. Ltd. and KEB Hana Card Co., Ltd. are collaborating with local financial technology firms to introduce a contactless payment authentication system called finger vein recognition, the Maeil Business Newspaper reported.

ASEAN

* Malaysian authorities may ask the U.S. Department of Justice to require New York-based Goldman Sachs Group Inc. to return almost US$600 million in profits made from bonds raised for troubled state fund 1Malaysia Development Bhd., two unnamed sources told Reuters. No official request has been filed but authorities are said to be actively discussing the plan, the sources said.

* Thailand's SEC said supervision details for market participants involved in the digital asset trade will take effect in late June, Bangkok Post reported. The details are widely considered to be the foundation of the authority's norms covering the digital asset trade and transactions in the country, the publication noted.

* Malaysia-based CIMB Group Holdings Bhd. named Hendra Lembong its new chief financial technology officer, effective June 1, The Edge Markets reported, citing a company statement. Lembong is currently CEO of the lender's group transaction banking business.

* The Bangko Sentral ng Pilipinas appointed Bruce Tolentino, deputy director-general of Philippines-headquartered International Rice Research Institute, to its seven-member monetary board. Tolentino will serve the unexpired balance of the six-year term of late board member Valentin Araneta until July 21, 2020.

SOUTH ASIA

* India-based ICICI Bank Ltd. and its CEO, Chanda Kochhar, are facing scrutiny from the U.S. SEC amid Kochhar's connection to an alleged improper loan to Indian conglomerate Videocon Group, Press Trust of India reported. The SEC is looking into the matter as the bank is listed in the U.S., unnamed sources said, adding that the regulator may seek further details from the Securities and Exchange Board of India.

* A South African special police unit called the Hawks raided the Johannesburg and Durban branches of India's Bank of Baroda and seized documents as part of a probe into state corruption under former South African President Jacob Zuma, Reuters reported, citing Hangwani Mulaudzi, spokesman for the elite force. Bank of Baroda said in a statement that the search and seizure operation is related to an investigation of the Gupta family and not to a probe on the lender.

* India-based Punjab National Bank said it will divest its stakes in PNB Housing Finance Ltd., ICRA Ltd., CRISIL Ltd. and BSE Ltd. depending on market conditions. The move will allow the lender to implement public sector banks' reforms agenda dated Jan. 24.

* The Indian government has set up a panel of experts to examine whether local banks need to establish an asset reconstruction company or an asset management company to take up stressed assets from lenders' balance sheets, Reuters reported, citing interim Finance Minister Piyush Goyal. The panel is headed by Sunil Mehta, Punjab National Bank's nonexecutive chairman.

AUSTRALIA AND NEW ZEALAND

* Japan-based Dai-ichi Life Holdings Inc. is said to be leading the race to acquire Suncorp Group Ltd.'s life insurance operations, The Australian reported. Dai-ichi Life, which is advised by Greenhill, has been reportedly conducting due diligence to snap up the business for some time, the report said.

* Australia-based consumer finance group Latitude Financial Services Ltd. is expected to revisit its compliance with the Australian Securities and Investments Commission on lending rules ahead of its planned listing in late 2018, The Australian reported. This comes on the heels of the postponement of online lender Prospa Group Ltd.'s IPO.

* AMP Capital Investors Ltd., a unit of Australian financial services firm AMP Ltd., named John Nesbitt its new independent chairman, replacing Vanessa Wallace. The company also appointed Debra Hazelton an independent director.

S&P Global Market Intelligence and CRISIL are owned by S&P Global Inc.

R Sio, Sally Wang, Jonathan Cheah, Jaekwon Lim and Santibhap Ussavasodhi contributed to this report.

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