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IOOF faces shareholder class action; Jammu & Kashmir Bank to sell stake

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IOOF faces shareholder class action; Jammu & Kashmir Bank to sell stake


* CSC Financial Co. Ltd. named Zhao Ming an employee representative supervisor, subject to regulatory approval. Meanwhile, Lu Ya will cease to be a company employee representative supervisor due to personal work arrangements.

* Individuals may now subscribe to newly issued local government debts in banks, in addition to existing local government debts, Caixin reported. The three-year-term land reserve special bond is the first such local government bond sold over the counter. The issuance is worth 840 million yuan, in which up to 300 million yuan of bonds are for individuals and small and midsize investors within Zhejiang province, China.

* Taiwan's central bank said onshore yuan-denominated deposits dropped 3.05% month over month to 281.40 billion yuan at the end of February, marking the fifth straight monthly decline and the lowest in nearly five years, the Taipei Times reported. The monthly drop of 8.86 billion yuan also marked the largest decline since local banks started taking in yuan deposits in 2013.


* Eighteenth Bank Ltd. and Shinwa Bank Ltd. are planning to name their merged bank Eighteenth Shinwa Bank, The Asahi Shimbun reported. The new entity is expected to commence operations in October 2020.

* Kansai Mirai Financial Group Inc. units Kinki Osaka Bank Ltd. and Kansai Urban Banking Corp. is set to launch a newly merged bank in April, Tokyo's The Nikkei reported.

* Kyobo Life Insurance Co. Ltd. financial investors holding put options will file a request for arbitration with the Korean Commercial Arbitration Board to demand that the company honor put options, News 1 Korea reported.

* Shinhan Financial Group Co. Ltd. has set up a new business unit offering asset management services based on artificial intelligence, the Maeil Business Newspaper reported. The unit, called Shinhan AI, will apply for an investment advisory business license in June.


* Thai Permanent Secretary for Finance Prasong Poontaneat, in his capacity as TMB Bank PCL's board chairman, said the merger between the bank and Thanachart Bank PCL will proceed as the matter has received approval from board members and shareholders of both companies, Thailand's Post Today reported.

* Bank of Ayudhya PCL expects the Thai economy to grow by 3.8% in 2019, down from its previous projection of 4.1%, Post Today reported.

* Money exchange and international fund transfer service provider Deemoney plans to seek additional capital worth 150 million baht from foreign ventures in two years as the company looks to expand its business, Krungthep Turakij reported. The company is looking to offer its e-wallet service and open 10 more branches in 2019.


* Punjab & Sind Bank plans to raise up to 5 billion rupees through the issuance of fresh equity shares through a qualified institutional placement in one or more tranches, Press Trust of India reported.

* Lakshmi Vilas Bank Ltd. raised 4.60 billion rupees through a qualified institutional placement at a price of 72 rupees per share.

* Jammu & Kashmir Bank Ltd. is looking to sell its stake in PNB MetLife India Insurance Co. Ltd. to private equity player Oman India Joint Invst Fund Management Co. Pvt. Ltd for 1.85 billion rupees.

* The Reserve Bank of India is not in favor of IDBI Bank Ltd.'s proposal to change its name to LIC Bank, the Press Trust of India reported, citing sources.


* Gabriel Nakhl, a former financial adviser, has been sentenced to 10 years in prison for engaging in dishonest conduct, including using clients' money "as he pleased" for personal use instead of committing to invest in superannuation and other funds.

* IOOF Holdings Ltd. is facing a shareholder class action suit over its alleged violation of its continuous disclosure obligations to shareholders as well as its involvement in misleading or deceptive conduct between May 2015 and December 2018, The Australian Financial Review reported. The class action follows the Hayne royal commission's findings of a possible contravention of trustee duties under the country's ASIC Act.

* Australia's federal government is considering regulating initial coin offerings as part of efforts to provide blockchain-based startups with an alternative to traditional capital raising, The Australian Financial Review reported.

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

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