S&P Global Market Intelligence offers our top picks of banking news stories and more published throughout the week. Please note that some entries may have links to third-party sources that require a subscription.
M&A buzz
* Financial technology platform WeLab announced plans to buy Indonesia-based PT Bank Jasa Jakarta as it seeks to set up its second digital bank in Asia in the second half of 2022 after establishing WeLab Bank Ltd. in Hong Kong.
* Japan-based SBI Holdings Inc. is looking to acquire a majority stake in Shinsei Bank Ltd. and file for regulatory approval before the year-end to obtain a bank holding company license, Nikkei Asia reported.
* Citigroup Inc. chose Bank of Ayudhya PCL as the bidder for its retail assets in Thailand, Singapore-based United Overseas Bank Ltd. for Indonesia, Standard Chartered PLC for Malaysia and Taiwan's Fubon Financial Holding Co. Ltd. for China, Bloomberg News reported, citing people familiar with the matter.
* Westpac Banking Corp. is expected to commence the sale of its Panorama wealth platform by end-February 2022 as part of its plans to divest three assets, The Australian Financial Review reported, citing Jason Yetton, the bank's chief executive for specialist businesses and group strategy.
* China's Zhongyuan Bank Co. Ltd. is planning to issue 28.5 billion yuan of new shares to the shareholders of three target banks in their proposed merger.
* Australian Ethical Investment Ltd. acquired a minority stake in impact investment business Sentient Impact Group Pty. Ltd. for A$5.2 million.
* Binance Asia Services announced the acquisition of a post-money stake of 18% in Singapore-based private securities exchange Hg Exchange. The acquisition is subject to regulatory requirements.
* CIMB Group Holdings Bhd.'s CIMB Group Sdn. Bhd. unit completed the sale of its 24.99% and 25% stakes in CGS-CIMB Securities International Pte. Ltd. and CGS-CIMB Holdings Sdn. Bhd., respectively, to China Galaxy Securities Co. Ltd.'s China Galaxy International Financial Holdings Ltd.
* Malaysia-based Alliance Investment Bank Bhd. is selling its stockbroking business to Phillip Futures Sdn. Bhd. as part of a plan to accelerate growth in its parent group's consumer, small and medium-sized enterprise, and Islamic banking businesses.
IPO corner
* The Philippines' Bank of Commerce is seeking to raise over 3.5 billion pesos from an IPO by March 2022, Philippine Daily Inquirer reported, citing a prospectus.
* Vietnamese asset manager VinaCapital Group Ltd. is looking to set up a special purpose acquisition company and list on the Singapore Exchange, Bloomberg News reported, citing people with knowledge of the matter.
* Bank of Lanzhou Co. Ltd. received official approval from the China Securities Regulatory Commission to proceed with its long-gestating A-share IPO plans.
Regulatory updates and legal actions
* The Australian government announced plans to broaden its payments system laws, consult on the viability of a retail central bank digital currency and set up a licensing framework for digital currency exchanges as part of its proposed reforms.
* The Australian Securities & Investments Commission filed its second case against Australia and New Zealand Banking Group Ltd., this time over undisbursed benefits to over half a million customers.
* The Reserve Bank of India imposed restrictions on Nagar Urban Co-operative Bank Ltd., including a withdrawal limit of 10,000 rupees for depositors. The central bank also granted approval to Paytm Payments Bank Ltd. to operate as a scheduled payments bank, Mint reported, citing a statement from the lender.
In addition, the regulator's monetary policy committee voted to keep interest rates unchanged at 4%, CNBC reported.
* New Zealand's Financial Markets Authority filed legal action against Kiwibank Ltd. over false or misleading representations on fee waivers to its home loan customers.
In other news
* The Australian Prudential Regulation Authority revoked 86 400 Holdings Ltd.'s authorized deposit-taking institution license following National Australia Bank Ltd.'s acquisition of the company.
* The Reserve Bank of New Zealand said the country's banking system is more resilient in 2021 compared with the year prior, citing a buildup of capital at banks, making lenders well placed to support the economy through severe downturns.
* New York-headquartered alternative asset manager Blue Owl Capital Inc. acquired Ascentium Group Ltd. to set up an office in Hong Kong.
* Founder Securities Co. Ltd. plans to sell shares in three companies with a total estimated value of 2.52 billion yuan.
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