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Baltic Exchange stakeholders OK SGX deal; ANZ may sell stake in Chinese bank


Insight Weekly: US inflation soars; real estate faces slowdown; megadeals drive tech M&A


Commercial Banking: June 22nd Edition


Insight Weekly: Path to net-zero; US manufacturing momentum; China's lithium M&A frenzy


Commercial Banking Newsletter June Edition - 2022

Baltic Exchange stakeholders OK SGX deal; ANZ may sell stake in Chinese bank

* BalticExchange's shareholders approved a proposed takeover of the company by The offerremains subject to certain conditions, including approval from the U.K.Financial Conduct Authority and a ruling sanctioning the scheme from the U.K.High Court.

* Sompo Japan NipponkoaHoldings Inc. formed a business partnership with , The Nikkei reported.Through the partnership, Sompo will be able to sell corporate insurance outsideJapan through Zurich's overseas base.

* Australia& New Zealand Banking Group Ltd. has increased efforts to reacha sale agreement for its minority stake of A$1.98 billion in prior to the presentation of annual results in November, The Australian reported,citing sources familiar with the negotiations.

* CitigroupInc. may shutter about five branches in India as customers turn todigital channels to conduct banking transactions, Bloomberg News , citing people familiarwith the matter.

* Michael Smith, head of the investment banking division inSoutheast Asia for Goldman SachsGroup Inc., will leave the company later in 2016, Reuters reported,citing two people familiar with the matter.

* StandardChartered Plc is facing a probe by the U.S. Department of Justice over allegationsof possible bribery and misconduct at an Indonesian power plant builder itcontrols, The Wall Street Journal reported,citing an internal audit at the company and a separate review by law firmSidley Austin LLP.


* China's State Administration of Foreign Exchange said thatthe country's outstanding foreign debts stood at 9.21 trillion yuan at the endof June, excluding Hong Kong, Taiwan and Macau's foreign debts, China Securities News reported.The short-term foreign debts accounted for 62% of the country's total debt.

* The People's Bank of China said that some internationalfinancial organizations and overseas central banks increased their allocationsof yuan bond assets as the currency is set to join the IMF's Special DrawingRights basket on Oct. 1, Reuters reported.

* China's National Bureau of Statistics said that thecountry's industrial profits rose 19.5% year over year to 534.8 billion yuan inAugust, reported.The growth rate was the highest in 2016. NBS officials attributed the increaseto sales growth of industrial outputs, rising prices and declining costs.

* Ren Chunsheng, director of the China Insurance RegulatoryCommission's insurance fund supervision department, said that the regulatorwould strengthen regulations on insurers' asset liabilities management, Caixin reported.

* Taiwan's Ministry of Economic Affairs said that theisland's industrial production climbed 7.74% year over year in August, thefastest in 2016 so far, due to a jump in output by semiconductor manufacturers,the Taipei Times reported.The manufacturing sector, which contributed 93% to industrial output, expanded8.35% year over year in August.


* Nishi-NipponCity Bank Ltd. will set up a representative office in Singapore bythe end of fiscal 2016, Tokyo's TheNikkei reported.The company received regulatory approval in September. Further, The Nikkei reportedseparately that Nishi-Nippon City Bank will form a business alliance withBank of Yokohama Ltd.that complies with international standards. Under the agreement, Nishi-NipponCity Bank will become the only regional bank in Japan's Kyushu region that canoffer loans in China through Bank of Yokohama's Shanghai branch.

* The IMF's Luc Everaert said that the Bank of Japan'srevision of its policy framework signifies that tools are available to keepmonetary policy as accommodative as possible and raise inflation expectations,Bloomberg News reported.

* Haruhiko Kuroda, governor of the Bank of Japan, said thatin terms of expanding monetary easing policy, its focus would be to go furtherwith the negative interest rate policy and lower the long-term interest rateoperating target, The Nikkei reported.

* While South Korea's Independent Savings Account productswere introduced in early March, about 100 billion won worth of funds has exiteddue to low profitability as of July 31, the Yonhap News Agency reported.


* TISCOFinancial Group PCL appointed Suthas Ruangmanamongkol as CEO andCOO of the company and unit TISCOBank PCL, while Sakchai Peechapat was appointed as president,effective Jan. 1, 2017, Manager Onlinereported.In addition, Oranuch Apisaksirikul was named as board chairman of the twocompanies.

* The AsianDevelopment Bank revised up its forecast for Thailand's 2016 GDPgrowth to 3.2% from the previous projection of 3.0% followingstronger-than-expected growth in the first half, Krungthep Turakij reported. The Thaieconomy is expected to continue growing by 3.5% in 2017.

* Meanwhile, Veerathai Santiprabhob, governor of theBank of Thailand,said the ADB's move conformed with the central bank, which previously raisedthe Thai growth projection to 3.2% for 2016 from 3.1%, Manager Daily reported.Still, the Thai government is required to address structural problems affectingthe economy to achieve sustainable growth.

* PT BankCentral Asia Tbk, Indonesia's largest private lender, signed acooperation agreement with PT JCB International Indonesia to strengthen itscredit card business, Bisnis Indonesiareported.

* The ADB slashed its forecast for Indonesia's economicgrowth to 5% for 2016 from 5.2%, Kompasreported.The development bank cited cuts in government spending, slower than expectedinvestment growth and low commodity prices as contributing factors for therevised forecast.

* The Indonesian Financial Services Authority, or OJK, said Shariabanking products' market share increased to 4.86% as of July, compared with4.46% in the prior-year period, Infobankreported,citing Mulya Siregar, OJK's deputy commissioner for banking supervision. Heforecast that the market share of Sharia banking products could exceed 5% inSeptember.

* Bank NegaraMalaysia Governor Muhammad Ibrahim said market forces shoulddetermine the Malaysian ringgit exchange rate and intervention should beconfined to containing excessive movements, TheSun reported. Theringgit has fallen 1.7% in August.

* Malaysia's Deputy Finance Minister Johari Abdul Ghani saidthe country is on track to achieve a fiscal deficit of 3.1% in 2016, Bernama reported.

* The economic growth forecast for the Philippines in 2016was raised to 6.4% from 6% by the ADB and the IMF due to improved fundamentalsand resiliency to external headwinds, ThePhilippine Star reported.


* A reshuffled Indian monetary policy committee will meet tosubmit its recommendation prior to a policy review by the Reserve Bank of Indiaon Oct. 4, Reuters reported,citing a statement from Shaktikanta Das, the country's economic affairssecretary.

* CatholicSyrian Bank Ltd. intends to bolster its growth by opening an IPOworth 4 billion Indian rupees as its bad debts narrow down, Bloomberg News reported,citing S. Santhanakrishnan, chairman of the bank. The lender had earlierdecided against launching its IPO.

* YES BANKLtd. plans to raise 3.3 billion rupees via an issuance of seven-yeargreen infrastructure bonds to Dutch development bank , which will invest in YES BANK's bonds through its ownsustainable bonds.


* WestpacBanking Corp. should cut its final dividend to 80 Australian cents,down from an interim dividend of 94 cents, to avoid a capital shortfall, The Australian reported,citing Brian Johnson an analyst at CLSA.

* High returns on equity for Australian banks are anindication of financial stability in the industry and comparing profits withother countries is unfair, The AustralianFinancial Review reported,citing Diane Tate, executive director of retail policy at the AustralianBanker's Association. Tate opposed engineering lower profits for the banks.

* The ReserveBank of New Zealand appointed Neil Quigley as chairman of its board ofdirectors, effective Sept. 23. He replaces Rod Carr in the role.


Middle East & Africa: Attijariwafa comes to Chad; Saudi shares rally

Europe: Deutsche Bank state support chatter; Monte dei Paschi eyes debtswap

Latin America: Colombia, FARC sign peace deal; Moody's maintains negative outlookon Brazilian banks

North America: Analysts start computing capital shortfalls under stress capitalbuffer; DOL starts to probe Wells

North America Insurance: Tenn. insurer to quit some ACA markets; appellate panel's makeup inSIFI case a bad omen for MetLife

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

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