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US agency fines Bank of Tokyo-Mitsubishi UFJ; Bank of India to sell nonbank firm


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US agency fines Bank of Tokyo-Mitsubishi UFJ; Bank of India to sell nonbank firm

* The U.S. Commodity Futures Trading Commission filed and settled spoofing charges against Bank of Tokyo-Mitsubishi UFJ Ltd., ordering a US$600,000 civil monetary penalty against the Japan-based company.

* Australia & New Zealand Banking Group Ltd. completed the transfer of its Singapore wealth management portfolio to DBS Bank Ltd. The latter, which is in the process of completing the acquisition of ANZ's wealth management and retail banking business in five Asian markets, previously completed the transfer of the Australian lender's China portfolio.

* Yasuyuki Kawasaki, deputy president of Sumitomo Mitsui Banking Corp., said the company plans to gain a foothold into Australia's asset management market and target the country's large pension assets, The Nikkei reported.


* The People's Bank of China said Chinese authorities are exploring methods to include large internet financial businesses of systemic importance in its macro prudential assessment, Shanghai Securities News reported. The central bank said it would improve its supervisory system and strengthen regulation of internet businesses, let industry and local associations play a bigger role in supervision and promote new technology.

* Postal Savings Bank of China Co. Ltd. received approval from the China Banking Regulatory Commission to issue up to 50 billion yuan worth of offshore preferred stocks in a private placement to replenish the bank's Tier 1 capital, Netease Finance reported.

* The China Banking Regulatory Commission published a draft regulation covering the establishment of commercial banks' new debt-for-equities institutions, the China Securities Journal reported. The draft regulations, if enacted, would rule that a domestically registered commercial bank, as a major sponsor to set up the debt-for-equities institution, should invest at least 50% of the fund while the institution's registered capital should be at least 10 billion yuan.


* Sony Bank Inc. will launch a crowdfunding platform for retail investors seeking higher returns in startup ventures, The Nikkei reported.

* South Korea's financial regulators said they are monitoring Kakao Bank's lending operations closely amid the new online bank's surge in loan applications, The Chosun Ilbo reported.

* BNK Kyongnam Bank has opened three branches in South Korea's capital region, marking its return to the Seoul metropolitan area after 21 years, the Maeil Business Newspaper reported.

* Export-Import Bank of Korea has signed an on-lending agreement with KEB Hana Bank (China) Co. Ltd. to support South Korean companies operating in China, Yonhap News Agency reported.


* Bank of Thailand is conducting a feasibility study in collaboration with a number of Thai lenders over the possibility of offering reverse mortgage products to senior citizens, Post Today reported, citing the secretary-general of the Housing Finance Association.

* DBS Vickers Securities (Malaysia) Pte Ltd. and DBS Bank have voted to privatize Hwang Capital (Malaysia) Bhd., the New Straits Times reported. DBS Bank's parent company, DBS Group Holdings Ltd., holds a 4.15% stake in Hwang Capital (Malaysia).

* Indonesia's GDP grew about 5% in the second quarter to 2,461.9 trillion rupees, from 2,344.4 trillion rupees for the prior-year period, Bisnis Indonesia reported.

* Infobank reported that PT Bank Victoria International Tbk is looking at credit growth of between 11% and 13% in 2017.


* General Insurance Corp. of India filed for an IPO consisting of a 14.22% stake in the company's post-issue share capital, Reuters reported. The insurer will issue 17,200,000 new shares while the government will offload 107,500,000 shares.

* Bank of India plans to divest up to a 29.96% stake in nonbanking financial company STCI Finance Ltd. The bank is seeking bids and has set an indicative minimum price of 550 rupees per share for the stake sale, according to a request for proposal.

* The All India Bank Employees Association is calling for a strike on Aug. 22 to protest the privatization and mergers of public sector lenders in the country, among other issues, Press Trust of India reported. The association said it expects up to one million bank employees to take part in the strike.

* National Bank of Pakistan expects to receive a preparatory license from the Chinese government to set up a branch in Beijing before the end of 2017, the Associated Press of Pakistan reported, citing Chaudhary Muhammad Waseef Aslam, the lender's chief representative. The bank said China's banking regulator has acknowledged the request.


* Fintech company ZipMoney received a A$40 million investment from Westpac Banking Corp., Business Insider reported. The fintech company could also get another A$8 million worth of future performance-based funding from the lender.

* AMP Ltd. is in "serious talks" with an unnamed global reinsurer to sign a deal for its life insurance book, The Australian Financial Review reported, citing sources.

* Commonwealth Bank of Australia is considering the development of new software to better monitor suspicious activity following a recent lawsuit filed by Australia's anti-money laundering regulator, The Australian Financial Review reported. The lender attributed the oversight to a coding error.


Middle East & Africa: QNB weighing funding options; S&P changes Israel outlook, cuts DR Congo

Europe: UBI Banca swings to profit; Banco BPM sells unit; Goldman to sell Rothesay stake

Latin America: Caixa revises outsourcing rules; IRB-Brasil income up 15%

North America: Goldman said to sell stake in UK insurer; CLSA sued over unpaid bonuses

North America Insurance: McConnell mulls bipartisan plan to pay insurers; Berkshire's underwriting loss

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

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