GREATER CHINA
* The People's Bank of China issued new rules for lenders' bond issuance to replenish capital, aimed at helping banks better absorb capital losses and safeguard investors' rights, Reuters reported, citing a notice on the central bank's website. The guidelines would enable the bond issuer to write off the bonds or convert them into equity under certain conditions.
* Chinese regulators are planning to look into the local bank and online-payment accounts of businesses and individuals suspected of facilitating trades on overseas cryptocurrency venues, Bloomberg News reported, citing "people familiar with the matter." Owners of the accounts could have their assets frozen or be barred from the country's financial system, the sources said.
* Taiwan's Financial Supervisory Commission released draft guidelines that would allow securities companies to issue exchange-traded notes, or instruments that integrate aspects of bonds and exchange-traded funds, the Taipei Times reported. The regulator said it may take at least seven to eight months for brokerages to upgrade their back-end systems to accommodate the new type of unsecured, unsubordinated debt securities.
* Taiwan's FSC said it has granted approval to Allianz Taiwan Life Insurance Co. Ltd. to sell 78,000 traditional life insurance policies to the island's China Life Insurance Co. Ltd., Central News Agency reported. The move is slated for May 19 when Allianz Taiwan Life transfers part of its traditional life insurance department's businesses, assets and liabilities to China Life.
JAPAN AND KOREA
* Japan's Fukuoka Securities Co. Ltd., a unit of Fukuoka Financial Group Inc., will be renamed FFG Securities Co. Ltd. from May 1, The Mainichi Shimbun reported. The company will also open new branches in the Japanese cities of Kumamoto, Sasebo and Nagasaki by June.
* Japan-based Kyushu Financial Group Inc. is looking to establish trust business operations by fiscal 2019 through units Higo Bank Ltd. and Kagoshima Bank Ltd., The Nikkei reported.
* Japan's Mitsubishi UFJ Financial Group Inc., Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. will unify Quick Response code standards used for mobile payments by fiscal 2019, The Nikkei reported.
* South Korea-based Mirae Asset Daewoo Co. Ltd. completed its 700-billion-won rights issuance, with 90% of 140 million new shares subscribed and the rest absorbed by lead managers, The Chosun Ilbo reported. Following the capital increase, Mirae Asset Daewoo's equity capital will stand at 8 trillion won.
ASEAN
* Indonesian lender PT Bank Negara Indonesia (Persero) Tbk allocated 3 trillion rupiah toward the acquisition of a medium-sized bank, which is believed to be PT Bank Bukopin Tbk, Bisnis Indonesia reported.
* Bank Negara Malaysia has issued anti-money laundering and counterterrorism financing guidelines for digital currencies to make sure effective measures are in place to fend off risks associated with their use. The central bank reiterated that such currencies are not legal tender in the country.
* Vietnamese banks are expected to see major changes in the selection of their management teams to comply with the government's new regulation covering such moves, Viet Nam News reported. Under the revised Law on Credit Institutions, which took effect Jan. 15, executives at banks are not permitted to hold management positions at other enterprises.
* Vietnam's state-owned investment fund State Capital Investment Corp. will offer more than 2.4 million shares in Vietnam Maritime Commercial Joint Stock Bank for sale on the Hanoi Stock Exchange on March 28, Viet Nam News reported. The initial price of each share is 12,400 dong.
SOUTH ASIA
* India's state-owned banks were given 15 days to "take pre-emptive action and identify gaps and weaknesses" when dealing with rising operational and technical risks, Reuters reported, citing a tweet from Rajeev Kumar, secretary of the country's Department of Financial Services. The order comes amid the discovery of a US$1.77 billion fraud at Punjab National Bank.
* State Bank of India nominated Sanjeev Nautiyal as managing director and CEO of insurance unit SBI Life Insurance Co. Ltd. for a two-year term. He replaces Arijit Basu, who was named deputy managing director for corporate accounts group at the parent company. Nautiyal's appointment is subject to the necessary regulatory approvals.
* India-based IndusInd Bank Ltd. said it was collaborating with U.S.-based fintech company Ripple Networks Inc. to facilitate payments into and out of India. The tie-up will enable the lender to provide instant access to Ripple's platform in emerging markets such as India, Brazil and China.
* Bangladesh's Insurance Development and Regulatory Authority will soon issue notices to insurers reminding them not to spend beyond 15% of their premium income to get business, The Daily Star reported, citing Gokul Chand Das, a member of the regulator. Failure to comply with the laws would lead to regulatory action against the insurers, Das said.
AUSTRALIA AND NEW ZEALAND
* Commonwealth Bank of Australia tapped JPMorgan, Morgan Stanley, ANZ Banking Group, Westpac Banking and Brisbane-based Morgans for a hybrid issuance of about A$1.25 billion, which could be unveiled as early as the week of March 5, The Australian Financial Review's Street Talk blog reported. The issue is likely to be the latest in the PERLS series, which stands for perpetual, exchangeable, resalable, listed, subordinated, unsecured notes.
* Market analysts believe Chinese interest in acquiring the insurance assets of Australian financial services company AMP Ltd. "will be increasingly slim" as they pull back from the market due to a government crackdown on foreign investment, The Australian reported. Anbang Insurance Group Co. Ltd. is said to have been a possible buyer of some of AMP's assets, but the Chinese insurance regulator recently seized control of the group as the latter "broke insurance laws" and in turn damaged its solvency.
* Twenty-eight New Zealand-based insurers, which currently account for just under 90% of assets and premiums of the country's insurance sector, earned premiums of NZ$9 billion and gross claims of NZ$8 billion in the nine months ended Sept. 30, 2017, according to statistics provided by the Reserve Bank of New Zealand. The insurers held NZ$21 billion of assets and NZ$14 billion of liabilities over the period.
IN OTHER PARTS OF THE WORLD
Middle East & Africa: Attijariwafa Bank FY'17 profit up 13.3%; Nene back as South Africa finance chief
Europe: StanChart swings to FY'17 profit from year-ago loss; Swiss Life profit rises YOY
Latin America: Fosun signs deal for Guide Investimentos; Grupo Sura Q4 profit doubles YOY
North America: CVB Financial buying smaller Calif. peer; BofA to open 500 branches
North America Insurance: 20 US states sue govt to end ACA; Lockton dissociates from NRA-backed programs
R Sio, Sally Wang, Jonathan Cheah, Jaekwon Lim and Santibhap Ussavasodhi contributed to this report.
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