the results of the stress tests of Indian banks; Hong Kong relaxes IPO rules

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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.

IPOs, transactions and more

* One97 Communications Ltd. which operates Paytm in India, is set to file draft prospectus for its planned $ 2.3 billion IPO, Reuters reported.

* South Korean company Kakaopay Corp. plans to lift up 1.632 billion won via an IPO. The offering is open to the public and anyone can subscribe to Kakaopay shares on August 4 and 5.

* SBI Holdings Inc. Singapore subsidiary invested undisclosed sum of money in fintech startup AND Global.

* BPI Family Savings Fund said it would seek consent from holders of its 4.30% fixed rate bonds for its ongoing merger with its parent company, Bank of the Philippine Islands.

* Sumitomo Mitsui Financial Group Inc. has entered into an agreement to purchase 74.9% of the non-bank financial corporation Fullerton India Credit Co. Ltd. of Fullerton Financial Holdings (International) Pte. Ltd. for about $ 2 billion.

* Australian Police & Nurses Ltd. has agreed to sell its majority stake in the unit Police & Nurses Financial Planning Pty. Ltd. at Wealth Management Partners Group.

* The asset management arm of Macquarie Group Ltd. agreed to acquire the global equity and fixed income business of the AMP Capital division of AMP Ltd. for up to A $ 185 million.

* PNB Housing Finance Ltd. said he would respond to calls from his promoter to reconsider the terms of his 40 billion Indian rupee investment deal once his appeal against the deal ban goes to court.

Regulatory developments and other legal actions

* The Taiwan Financial Supervisory Commission has decided to relax the minimum capital requirements for six domestic systemically important banks, with the aim of helping them increase lending by NT $ 400 billion in 2021, Taipei Hours reported.

* The Securities and Exchange Commission of Thailand has filed a criminal complaint against digital asset exchange platform provider Binance for carrying out unlicensed digital asset business.

* The Australian Securities and Investments Commission ordered compulsory accreditation of debt management service providers, as of July 1.

* The Securities and Exchange Board of India has issued new guidelines for dealing with technical issues by market infrastructure institutions.

* India’s central bank reiterated its call for banks and other regulated financial firms to prepare for the transition away from Libor.

* China plans to strengthen law enforcement regulations to better crack down on violations in the securities industry, as it calls for a zero tolerance requirement against such violations.

* The Chinese central bank continued urge banks to increase support for loans and financial services to micro, small and medium enterprises.

* South Korea Financial Services Commission reduced the ceiling of the legal borrowing rate at 20% against 24%, with effect from July 7.

* Hong Kong Exchanges and Clearing Ltd. shorten the time between the final price and the start of new shares of an IPO to two instead of five business days and reduce the funds blocked during the subscription period.

* Westpac Banking Corp. brought proceedings against Forum Finance Pty. Ltd. to the Federal Court of Australia after discovering his exposure to a potential fraud worth around A $ 200 million after tax.

* Australian Federal Court Judge Michael Wigney ordered indictments against Australia and New Zealand Banking Group Ltd., Citigroup Inc. and Deutsche Bank AG be revised to correct “defects and deficiencies”, the australian reported.

Penalties, fines and compensation

* Westpac Banking Corp. has agreed to pay around A $ 87 million to former clients of its advisory business for the failure of its financial advisers to notify them of securities transactions between 2005 and 2019.

* National Housing Bank of India imposed a financial penalty against Housing Development Finance Corp. Ltd. for violating its guidelines on disbursing housing loans to individuals.

* India-based Punjab & Sind Bank has been fined 2.5 million rupees for violating certain provisions of the central bank’s cybersecurity framework.

* The Reserve Bank of India also imposed financial penalties totaling Rs 145 million on 14 lenders, including the local branch of Credit Suisse Group AG, for failing to comply with one or more of its guidelines on lending to non-financial companies. banking.

* The Chinese banking regulator fined the Postal Savings Bank of China Co. Ltd. 4.5 million yuan. for illegally charging fees and submitting false information, among other things.

In other news

* The gross ratio of non-performing assets of Indian banks could reach 9.80% by March 2022 in the reference scenario assumed by the stress tests of the Indian central bank on the sector.

* The average amount of outstanding loans and remittances at major banks, regional banks and shinkins in Japan in June increased 1.4% year-on-year to around 577.833 billion yen.

* Japanese company Nomura Holdings Inc. will cease providing cash brokerage services in the United States and Europe due to substantial losses of its relationship with Archegos Capital, Bloomberg News reported.

* The Philippine National Bank Board of Directors has approved a plan to convert Allied Integrated Holdings Inc. into a digital bank.

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