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NZ community trust buys Fisher Funds stake; Noah Holdings to expand overseas


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Investment Banking Essentials Newsletter April Edition - 2022


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NZ community trust buys Fisher Funds stake; Noah Holdings to expand overseas

* New Zealand-based TSB Community Trust acquired a 51% stake in Fisher Funds Management Ltd. by exercising its option to buy for an unknown price, Radio NZ reported. The community trust, which now owns a 100% stake in the fund manager, will divest a 25% stake to U.S.-based TA Associates Management L.P.

* Nikko Asset Management Co. Ltd. is expected to invest into New York-based financial technology research company Ark Investment Management by August, The Nikkei reported. The company is expected to take a stake of about 15% in Ark Invest.

* Shanghai-based Noah Holdings Ltd. Group President Kenny Lam plans to open branches in Canada, Australia and Singapore in late 2017 or early 2018, Bloomberg News reported.


* The People's Bank of China is considering expanding the float range of the yuan's foreign exchange to about 3% of the trading middle price from the current limit of 2%, Reuters reported.

* China's State Administration of Foreign Exchange has ordered domestic card-issuing financial institutions to report overseas trading information of bank cards starting Aug. 21, reported.

* The original insurance premium of China's insurance industry increased 23% year over year to 2.31 trillion yuan in the first half, Caixin reported. The growth rate was down compared to 37.29% achieved in the first half of 2016. While the original premium of life insurance businesses increased 26.03% year over year, that of property insurance businesses increased 12.8% year over year.


* The number of NISA accounts — a tax-free individualized savings account — at 1,088 financial institutions in Japan increased by 1.5% since December 2016 to 10.77 million as of the end of March, The Nikkei reported.

* Korea Development Bank, a creditor of GM Korea Co., said the carmaker's shuttering of its business in the country is unavoidable due to its worsening profit structure, E Daily reported.

* South Korea's Shinhan Card Co. Ltd. said it plans to conduct a test-run of its in-car payment system, called Shinhan Connected, The Financial News reported. The first batch of users to test the system will be recruited by Aug. 11, the company noted.


* Net capital outflows from Thailand for the six months ended June 30 totaled US$13.7 billion, or about 450 billion baht, Post Today reported, citing the Bank of Thailand.

* Indonesian lender PT Bank CIMB Niaga Tbk issued 2 trillion rupiah of continuous bonds in three tranches, Bisnis Indonesia reported.

* Hongkong and Shanghai Banking Corp. Ltd. - Indonesia Branches is focusing on commercial banking and global banking as its primary lines of business for 2017, Infobank reported, citing CEO Sumit Dutta.

* Malaysian lender Public Islamic Bank Bhd. issued 500 million ringgit of sukuk, The Star reported. Proceeds from the issuance will be used for the lender's working capital.


* Serum Institute of India CEO Adar Poonawalla is reportedly in discussions with Micro Housing Finance Corp. Ltd. to acquire the nonbanking financial company for 3 billion rupees, Mint reported, citing two people aware of the development. Poonawalla declined to comment on the matter.

* MobiKwik cofounder Upasana Taku said the mobile wallet developer is in talks with private equity and venture capital firms to raise US$120 million following Bajaj Finance Ltd.'s acquisition of a stake in the company, Business Standard reported.

* Dewan Housing Finance Corp. Ltd. plans to issue up to 5 billion rupees of nonconvertible perpetual debentures in a private placement with a coupon rate of 9.85% per year. The debentures will have a call option after 10 years and every year thereafter.

* Nonbanking finance company Lendingkart Finance Ltd. said it raised US$10 million from Kotak Mahindra Bank Ltd. and Aditya Birla Financial Services, along with other financial institutions, The Hindu Business Line reported.


* Moody's said it expects housing investment loans in Australia to see higher defaults and losses than those of owner-occupier mortgages in case of a downturn in the Australian economy.

* National Australia Bank Ltd. will require interest-only mortgage applicants to provide greater details as part of the bank's efforts to control disbursal of such loans, the Herald Sun reported, citing Meg Bonighton, the bank's general manager for home lending.

* Eighty-two out of the 100 largest superannuation funds in Australia do not offer any climate risk disclosures on their investment portfolios, according to a research paper by Market Forces, an affiliate project of environmental nonprofit organization Friends of the Earth Australia.


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

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