GREATER CHINA
* Taiwan's central bank kept its monetary policy unchanged amid moderate inflation and an expected moderate growth in the local economy through 2020. The Central Bank of the Republic of China (Taiwan) left its discount rate, rate on accommodations with collateral and rate on accommodations without collateral at 1.375%, 1.75% and 3.625%, respectively. It's Hong Kong counterpart reduced its base rate by 25 basis points to 2.25% following the U.S. Federal Reserve's rate cut.
* Yin Chung-Yao, director of Nan Shan Life Insurance Co. Ltd. and son of the insurer's largest shareholder Yin Yen-Liang, became acting chairman of the company following the suspension of Du Ying-tzyong from the board, Taiwan's Liberty Times reported. Du Ying-tzyong was suspended for two years for introducing the failed Envision Project IT system to the insurer.
JAPAN AND KOREA
* Mitsubishi UFJ Financial Group Inc. is planning to reduce staff in its overseas Asian investment banking ranks in Hong Kong and Singapore by around 50%, amid the Japanese lender's struggles with a declining share price and falling profits, the Financial Times reported, citing sources familiar with the matter. The company's top brass will soon let go of up to 90 MUFG Securities employees in the two locations, while back-office operations will be moved to London, the sources said.
* The Bank of Japan kept its monetary policy unchanged Sept. 19 and said it will review economic and price developments at its next meeting as it warned that momentum toward achieving its inflation target could be lost. In a 7-2 vote, policymakers at the central bank kept the short-term policy rate at negative 0.1% and pledged to continue purchasing Japanese government bonds to keep 10-year yields at around zero percent.
* Japan-based SBI Holdings Inc. plans to expand subsidiary SBI Securities Co. Ltd.'s corporate division to grow its underwriting business for IPOs, The Nikkei reported. The company intends to increase the unit's workforce in Singapore and Hong Kong, and open new offices in New York and London after 2020.
* South Korea's Financial Supervisory Services is investigating Hana Financial Investment Co. Ltd. over reports of front-running trading, or trading that uses non-publicized information to gain potential advantage on the trade, The Korea Times reported, citing unnamed sources. The commission and the company declined to comment on the report.
ASEAN
* Switzerland-based Bank for International Settlements appointed Ravi Menon chairman of the international financial institution's Asian Consultative Council for a two-year period, effective Sept. 26. Menon, managing director of the Monetary of Singapore, will take over the role from Bank of Thailand Governor Veerathai Santiprabhob.
* Allianz General Insurance Co. (Malaysia) Bhd. signed a memorandum of understanding with agency partner Anora Agency Sdn Bhd. and Solarvest Holdings Berhad to collaborate on the promotion of renewable energy in Malaysia, Bernama reported. Under the agreement, Allianz will offer insurance cover for Solarvest's assets and projects, which will be distributed by Anora.
* Thai lender Siam Commercial Bank PCL decided to waive digital transaction fees for small and midsize enterprises despite an estimated decline in fee income of about 100 million baht, Manager Daily reported, citing Apiphan Charoenanusorn, president of the bank. Apiphan said the move aims to help SMEs with no more than 75 million baht in annual sales amid the domestic and global challenges that they face.
* Thailand's Kasikorn Research Center expects Bank of Thailand's monetary policy committee to leave the policy rate unchanged at 1.5% when they meet Sept. 25, as country's economic indicators show signs of improvement in the third quarter, Manager Daily reported.
* Thai General Insurance Association Executive Director Kheedhej Anansiriprapha is calling on nonlife insurance companies to cut commission fees for commercial banks, insurance brokers and agents to curb their rising cost as competition in the market heats up, Krungthep Turakij reported. A review by the commission found that nonlife insurers' commission payments exceeded the 18% ceiling resulting in losses in motor insurance in the past three years.
SOUTH ASIA
* The board of United Bank of India granted in-principle approval for the consolidation of the lender with Oriental Bank of Commerce and Punjab National Bank, it said in a bourse release. The board also approved a plan to raise up to 30 billion rupees by issuing preferential sales of shares.
* Meanwhile, PNB is planning to raise up to 30 billion Indian rupees through an issuance of Additional Tier 1, Basel III-compliant bonds in one or several tranches, the bank said in a stock exchange filing. The capital-raising plan is subject to in-principle board approval at a Sept. 26 meeting.
* Shaktikanta Das, governor of the Reserve Bank of India, said further reductions in the country's benchmark interest rate may still be possible in order to boost economic growth, Bloomberg News reported. Das noted, however, that fiscal expansion may be limited, as the government continues its commitment to maintain inflation within the regulator's target.
* Infrastructure Leasing & Financial Services Ltd. entities Moradabad Bareilly Expressway, Jharkhand Road Projects Implementation Co. and West Gujarat Expressway have been recategorized as "green" verticals from being previously listed as "amber" arms, indicating an improvement in their financial positions, the Press Trust of India reported. This comes as part of IL&FS' efforts to resolve its overall debt and monetize its assets, the publication noted.
AUSTRALIA AND NEW ZEALAND
* U.S.-based KKR Credit Advisors (US) LLC commenced its search for founding backers for its KKR Credit Income Fund, with an offer document detailing plans to raise between A$200 million and A$825 million, The Australian Financial Review reported. This marks the company's maiden attempt at listing a fund on the Australian Securities Exchange.
* Australia & New Zealand Banking Group Ltd., Westpac Banking Corp., Commonwealth Bank of Australia and National Australia Bank Ltd. have decreased their participation in private equity debt deals so far in 2019, with some industry sources expecting the lack of appetite among lenders to persist in the next few years, The Australian Financial Review reported. The country's banks also face challenges from overseas institutions entering the domestic market, said Matthew Turner, head of ICG's Australian senior debt.
* Australian lenders are ramping up efforts to force potential borrowers to disclose hidden debt or future liabilities, which could be in violation of responsible lending requirements, The Australian Financial Review reported. Some mortgage brokers, meanwhile, said many such borrowers have found it difficult to perform due diligence that lenders require, causing "massive backlogs" in the application process.
IN OTHER PARTS OF THE WORLD
Middle East & Africa: Saudi Arabia, UAE cut rates; Banque Centrale Populaire H1 profit up
Europe: Deutsche, Barclays named in German tax fraud trial; Nordea CFO to depart
Latin America: Brazil cuts key rate; Argentina raises floor of benchmark rate
North America: 'Spoofing' probe to expand; Cboe withdraws bitcoin ETF; SEC OKs Volcker 2.0
Global Insurance: Lloyd's underwriting profit; Charles Taylor PE takeover; who insures Purdue?
Janna Estares, Sally Wang, Sarun Saelee, Cathy Hwang, Emi White and Aditya Suharmoko contributed to this report.
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