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Australia's Prospa delays IPO indefinitely; UK firm to invest in Indian PE fund

* Deutsche Bank AG will trim its onshore sales and derivatives coverage in markets across the Asia-Pacific region, which will involve unspecified staff cuts, a source familiar with the matter told Bloomberg News. The move comes as the German lender looks to focus on bigger clients, as well as its electronic equities operations in the region, according to an internal memo seen by the news outlet.

GREATER CHINA

* China Development Bank received approval from the National Bank of the Republic of Belarus to set up a representative office in the city of Minsk, the Belarusian Telegraph Agency reported. Separately, the Chinese development lender has granted more than US$100 billion in loans to members of the Shanghai Cooperation Organization, Xinhua News Agency reported, citing data from the bank.

* Wang Xiaodong, deputy head of the China Insurance Regulatory Commission's Shanghai office, said the city is preparing for a second batch of projects to open up the insurance sector, Shanghai Securities News reported. Wang noted that the regulator approved insurance brokers Willis Towers Watson PLC and JLT China to operate locally as well as the establishment of the country's first joint-venture insurance asset management company in the city.

* Macau regulators, including the Monetary Authority of Macau, warned financial institutions against the illegal use of China Unionpay Co. Ltd. cards to dodge stringent exchange controls, the South China Morning Post reported. UnionPay cards have been used to get around withdrawal limits of 20,000 yuan per day, with point-of-sale machines being used to disguise withdrawals made in the city as having been made in China.

* Wellington Koo, chairman of Taiwan's Financial Supervisory Commission, said the practice of opening the island's equity market on Saturdays to make up for lost trading sessions caused by national holidays could end as soon as 2019, the Taipei Times reported. Local regulators and the Taiwan Securities Association must decide on the matter toward the end of October, Koo said.

JAPAN AND KOREA

* Japanese life insurance companies including Nippon Life Insurance Co. and Sumitomo Life Insurance Co. are increasing the amount of dividends paid out to policy holders, as the firms face a more challenging operating environment in the country, Tokyo's The Nikkei reported.

* Japanese companies in both public and private sectors are set to offer significant support to Myanmar's auto insurance industry, as the Southeast Asian country is looking to make changes to regulations governing the insurance sector, The Nikkei reported. The Japanese government provided a support plan that includes information on its own regulatory norms and methods of enforcing them.

* KB Capital Co. Ltd., a unit of South Korea-based KB Financial Group Inc., has signed a memorandum of understanding with Hong Kong's RMA Group to collaborate on the latter's financial business in Southeast Asia, The Korea Economic Daily reported.

ASEAN

* Dragon Capital, a Vietnam-focused group of investment funds, spent about 85.20 billion dong to acquire 1 million shares of Viet Capital Securities JSC, raising its stake in the securities firm to 9.06% of its chartered capital, DealStreetAsia reported, citing a bourse disclosure. Meanwhile, Dragon Capital divested 350,000 shares of Military Commercial Joint Stock Bank, bringing its stake in the lender to 5.99% from 6.01%.

* Vietnam Joint Stock Commercial Bank for Industry & Trade, or Vietinbank, is looking to issue 400,000 10-year, floating-rate bonds amounting to 10 million dong each, Viet Nam News reported. The bond issue is scheduled for June 28 and will raise Vietinbank's capital by 4 trillion dong.

* The Monetary Authority of Singapore and World Bank Group private investment arm International Finance Corp. entered into a memorandum of understanding to speed up the growth of green bond markets in Asia. Under the agreement, the two parties will raise awareness of finance professionals on green finance issues and promote the use of internationally recognized green bond standards and frameworks.

* Thai banks are seeking the Bank of Thailand's feedback over a plan to delay the compulsory adoption of IFRS 9, saying the new accounting standard could adversely affect lending to small and midsize enterprises in the country, Post Today reported, citing Surat Leelataviwat, executive vice president of Kasikornbank PCL.

* Komari Subakir, president director of PT Bank Pembangunan Daerah Nusa Tenggara Barat, said the regional lender is looking to begin its conversion into a Shariah bank before August, Bisnis Indonesia reported. The lender is awaiting approval from Bank Indonesia and the country's Financial Services Authority, the publication noted.

SOUTH ASIA

* U.K.-based development finance institution CDC Group PLC is investing in the third private equity fund managed by IDFC Alternatives Ltd., the alternative asset management business of India-based IDFC Ltd., two sources aware of the development told India's Mint. The entry of CDC provides an exit to some of IDFC Alternatives' existing limited partners, the sources added.

* General Insurance Corp. of India signed an agreement with Myanmar authorities to provide support in amending laws related to insurance and reinsurance, India's Asian News International reported. The insurer will also help the Southeast Asian country in expanding insurance services.

* Pakistani authorities reviewed a new draft action plan on curbing money laundering and terrorism financing to be submitted to global organizations such as the Asia/Pacific Group on Money Laundering and the Financial Action Task Force on Money Laundering, Pakistan's The Express Tribune reported. The South Asian country is at risk of being added to a blacklist of countries that financially aid terrorism if the task force rejects the action plan.

AUSTRALIA AND NEW ZEALAND

* The A$146.5 million IPO of Australian small-business lender Prospa Group Ltd. was shelved indefinitely after the board and advisers UBS, Macquarie and law firm Herbert Smith Freehills decided it is "in the best interests of the company and new investors" to delay the listing, The Australian reported, citing a company statement. Prospa had originally planned to list June 6 but postponed it to June 8 amid concerns raised by the Australian Securities and Investments Commission over its loan terms.

* Max Kiattisak Eung, former authorized representative and financial adviser with National Australia Bank Ltd., was banned permanently from the country's financial services industry for allegedly setting up false bank accounts in the names of clients between March 2016 and December 2016, Australian Associated Press reported. Eung departed the bank at the end of 2016.

* Australia-listed lender FlexiGroup Ltd. may delist amid speculation that founding Chairman Andrew Abercrombie has considered such a move, The Australian reported. The possibility of Abercrombie working closely with a private equity firm would come as no surprise to market analysts and shareholders, according to the publication.

* New Zealand Finance Minister Grant Robertson said the government has no plans to separate the Reserve Bank of New Zealand's monetary policy and prudential supervision responsibilities in the second phase of its review of the Reserve Bank Act, BusinessDesk reported. The review was announced in November 2017, with the first phase covering changes to the monetary policy's goals to maximize employment and to make provisions for a committee decision-making model for monetary policy.

IN OTHER PARTS OF THE WORLD

Middle East & Africa: Equity Group chairman retires; Kuwaiti creditor rejects Abraaj debt settlement

Europe: UK suspends work on Solvency II fix; Italy to review co-op banking reform

Latin America: Itaú to appeal court rulings on taxes, unjust charges; S&P downgrades Barbados

North America: Mulvaney axes CFPB's advisory board; Dimon, Buffett urge against 'short-termism'

North America Insurance: Icahn backs AmTrust; AIG eyeing more M&A; Aetna CFO to replace CVS Health's

R Sio, Sally Wang, Sarun Saelee, Cathy Hwang, Emi White and Aditya Suharmoko contributed to this report.

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