S&P Global Market Intelligence features our top picks of banking news and other articles published throughout the week. Please note that some entries may contain links to third party sources requiring subscription.
Central bank actions, regulatory policies and more
* The New Zealand central bank is continuing its plan to impose a 10% limit on loans that banks can make beyond an 80% loan-to-value ratio.
* The Bank of Japan maintained its short-term interest rate target of minus 0.1% and its 10-year Japanese government bond yield target around 0%.
* The central bank of Bangladesh has issued guidelines on non-bank assets, clarifying the power of lenders to seize collateralized assets after borrowers default, Dhaka Tribune reported.
* The central bank of the Philippines has issued a governance policy for the country’s payment system operators that conforms to international standards.
* The China Banking and Insurance Regulatory Commission has updated its rules for the supervision of commercial banks, including strengthening oversight of corporate governance and data security.
* Hong Kong Exchanges and Clearing Ltd. launched a consultation on the proposed rules for special purpose acquisition companies to register in the city, seeking to catch up with their peers in the region.
* Laos has authorized six companies, including a bank, to start mining and trading cryptocurrencies such as bitcoin, ethereum and litecoin, the Financial Time from London reported.
* South Korea’s Financial Supervisory Service plans to appeal a court ruling that revoked the regulator’s reprimand against Woori Financial Group Inc. chairman Sohn Tae-seung for improper selling high risk funds, The herald of Korea reported.
* Commonwealth Bank of Australia to plead guilty to Australian Securities and Investments Commission charges against her for improper sale of insurance products to consumers between 2011 and 2015.
* The Financial Services Agency of Japan issued a Business Improvement Order to Mizuho Bank Ltd. and announced that she would review bank computer improvements system following the recent series of computer system problems.
Transactions and other transactions
* Taiwanese company Fubon Financial Holding Co. Ltd. has agreed to merge with JihSun Financial Holding Co. Ltd.through a cash merger, subject to the necessary approvals.
* Westpac Banking Corp. terminated all agreements relating to the sale of A $ 420 million of its Pacific operations to Kina Securities Ltd.
* Australian company Zip Co Ltd. has agreed to acquire a minority stake in Indian buyout and late payment operator ZestMoney.
* The Canadian company Fairfax India Holdings Corp. closed the sale a stake of around 11.5% in its Indian unit, Anchorage Infrastructure Investments Holdings Ltd., for 9.5 billion rupees.
* Indian company Kotak Mahindra Bank Ltd. has agreed to acquire a 9.98% stake in KFin Technologies Pvt. Ltd. for approximately 3.1 billion rupees, subject to customary closing conditions.
In other news
* PayMaya Philippines Inc. has been granted a digital banking license by Bangko Sentral ng Pilipinas, becoming the sixth entity in the country to acquire the license.
* Increase of CIMB Group Holdings Bhd. in Malaysia its commitment to sustainable finance to 30 billion ringgit after reaching its target of 10 billion in advance by 2021.
* United Overseas Bank Ltd. injected two trillion dong of capital into United Overseas Bank (Vietnam) Ltd. as she seeks to deepen her presence in the country.
* The Indian government is setting up an asset management company that will work alongside National Asset Reconstruction Co. Ltd. to manage bad debts, mint reported.
* Ant Group Co. Ltd.’s microcredit platform, Huabei, will share users’ credit information with the People’s Bank of China in the same way as banks.
* Siam Commercial Bank PCL will set up SCBX PCL through a 1: 1 share exchange. SCBX will replace the bank as a listed entity on the Thai Stock Exchange as part of the bank’s restructuring plan.
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