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Reliance Nippon Life wins IPO approval; Australia to amend draft banking bill

Banking Essentials Newsletter - November Edition

Online Brokerage Space Should Remain Rich Source Of M&A

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery


Reliance Nippon Life wins IPO approval; Australia to amend draft banking bill

GREATER CHINA

* The China Banking Regulatory Commission, the Supreme People's Court and the Publicity Department of the Communist Party of China Central Committee jointly released a notice advising the country's authorities to set up online platforms by the end of 2017 to expose borrowers who fail to honor their credit obligations, Xinhua News Agency reported. The banking regulator will also direct financial institutions to incorporate information from the platforms when screening loan applications.

* The People's Bank of China released 399.25 billion yuan worth of liquidity in September through its standing lending facility, medium-term lending facility and pledged supplementary lending programs, down by nearly 70 billion yuan from August, the Securities Daily reported.

* The China Insurance Regulatory Commission required all life insurers to report data on their businesses, including liabilities, on a quarterly basis, Shanghai Securities News reported. The regulator expects the first report to be filed by Oct. 28.

* Mega Financial Holdings Co. Ltd. unit Mega International Commercial Bank Co. Ltd. outperformed other Taiwanese state-run companies in terms of profitability in September, the Taipei Times reported. The lender reported NT$1.97 billion in net income for the period, accounting for 83.16% of the conglomerate's NT$2.37 billion earnings.

JAPAN AND KOREA

* Haruhiko Kuroda, governor of the Bank of Japan, reiterated the central bank's decision to maintain its massive stimulus program until inflation moves above its 2% price target, Reuters reported. Kuroda added that inflation may gradually accelerate to the target on the back of improvements in the output gap and inflation expectations.

* Japan's Shikoku Bank Ltd. and three other regional banks in the Shikoku region are partnering with the Tokyo Stock Exchange to promote IPOs of local companies, Tokyo's The Nikkei reported.

* An unidentified member of the Bank of Korea said foreign investors may adjust their portfolios by taking their capital out of South Korea in case of an extended security risk on the Korean Peninsula, Yonhap News Agency reported, citing minutes from the central bank's September meeting. The official, who is a member of the monetary board, has called for close monitoring of foreign investors.

* South Korea's Financial Services Commission said fines and other financial penalties against financial institutions that violate rules will rise sharply under a package of financial law amendments, the Maeil Business Newspaper reported.

* Shinhan Financial Group Co. Ltd. will develop a voice-activated banking platform using Amazon.com Inc.'s artificial intelligence technology, Money Today reported. The move is part of the South Korean group's strategic cooperation agreement with Amazon.

ASEAN

* Kesara Manchusree, president of the Stock Exchange of Thailand, said she is confident that market capitalization from IPOs will go over 300 billion baht in 2017, higher than the initial target of 280 billion baht, the country's Krungthep Turakij reported.

* The Bank of Thailand plans to invest in stocks in 2018 once a revision of a related law is completed, the country's Manager Daily reported. Governor Veerathai Santiprabhob said the central bank does not aim for profit, but instead wants to manage its reserves more efficiently and diversify its investments.

* Thailand's Joint Standing Committee on Commerce, Industry and Banking expects the country's economy to grow by 3.7% in 2017, Manager Daily reported.

* Thai lender Krungthai Card PCL upgraded its mobile application, "TapKTC," to enable a feature that supports the use of retina scanning to unlock the app in some smartphone models, Krungthep Turakij reported.

* PT Bank Woori Saudara Indonesia 1906 Tbk, the Indonesian unit of South Korea's Woori Bank, launched a mobile banking service using a smartphone application, The Chosun Ilbo reported.

* Singapore Exchange Ltd. said it was seeking public feedback on the proposed changes to its rules on securities trading and market practices, aimed at adopting a more principles-based approach, rather than a prescriptive-based one. The public consultation is open until Nov. 7.

* The board members of Vietnam's Saigon Thuong Tin Commercial Joint Stock Bank, or Sacombank, are seeking approval from shareholders to change the company's listing to the Hanoi Stock Exchange from the Ho Chi Minh Stock Exchange, Reuters reported, citing a bank resolution.

SOUTH ASIA

* Reliance Nippon Life Asset Management Ltd., a joint venture between India's Reliance Capital Ltd. and Japan's Nippon Life Insurance Co., obtained approval from the Securities and Exchange Board of India for its estimated 20-billion-rupee IPO, Press Trust of India reported.

* The IPO of Indian nonbanking financial company MAS Financial Services Ltd. was subscribed 128.84x on the final day of the offer on Oct. 10, Mint reported, citing data from the country's bourses. The company was looking to raise up to 4.6 billion rupees through the IPO.

* Bandhan Financial Services Ltd. unit Bandhan Bank will decide on the size of its IPO "on a later course," Press Trust of India reported, citing Chandra Shekhar Ghosh, the bank's managing director and CEO. The planned offering is aimed at meeting the country's regulatory norms, Ghosh said.

* The Kerala government in India said all formalities regarding the establishment of Kerala Bank will be completed by Aug. 16, 2018, Press Trust of India reported. The lender will be formed through the mergers of district cooperative banks with state cooperative banks, converting the present three-tier cooperative into a two-tier system.

AUSTRALIA AND NEW ZEALAND

* The Australian government will provide an appeal mechanism in the draft Banking Executive Accountability Regime Bill, which will allow bankers to challenge the penalties imposed by the Australian Prudential Regulation Authority under its expanded powers, The Australian Financial Review reported. The provision follows the intervention of Australia & New Zealand Banking Group Ltd. Chairman David Gonski, who helped negotiate with the government on behalf of the banking sector.

* The Reserve Bank of Australia and the Australian Securities and Investments Commission are endorsing the published trade and reporting guidelines on the ASX Ltd.-administered Bank Bill Swap Rate. The guidelines are aimed at making the benchmark less vulnerable to manipulation by allowing it to be calculated from a wider set of market transactions, The Australian reported.

* ANZ, National Australia Bank Ltd. and Westpac Banking Corp. are set to face the federal court in Melbourne on Oct. 23 for their alleged manipulation of the Bank Bill Swap Rate, The Australian Financial Review reported. Sources told the publication that the banks could reach a settlement days before the trial if they can present an agreement that satisfies the securities commission. However, other sources say a settlement before the trial is unlikely, but that it could still occur once court proceeding begins.

* Graeme Samuel, a member of a panel that will conduct an inquiry into Commonwealth Bank of Australia's governance, culture and accountability practices, voiced his concern about the quality of the bank's directors, The Australian reported. Samuel noted that the skills and overall quality of nonexecutive directors on company boards are more important than measurements of independence.

IN OTHER PARTS OF THE WORLD

Middle East & Africa: SBM offers to buy Chase Bank; NBK Q3 profit up; Zimbabwe gets new finance chief

Europe: Italy's bad loan concerns; Deutsche's Cryan loses support; Danske blacklisted

Latin America: Moody's revises Brazil's banking outlook; J&F leniency 'breach' probed

North America: Bar Equifax from federal work, Senator says; Ackman seeks ADP owners' votes

North America Insurance: Another suit filed over new contraception rules; Nate loss estimated at $500M

Janna Estares, Sally Wang, Jonathan Cheah, Jaekwon Lim and Santibhap Ussavasodhi contributed to this report.

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