Asia-Pacific
Banking and finance news from China, Japan, India, Australia, Southeast Asia, and the Pacific
Bank of China Appoints Zhang Hui as President, Joining from China Development Bank
Bank of China has appointed Zhang Hui as its new President, effective 23 December 2024, following board approval in early December and subsequent regulatory clearance for the incoming executive.
RBI Fines IndusInd Bank ₹27.30 Lakh for Violations of Deposit Interest Rate Directions
The Reserve Bank of India announced on 20 December 2024 a ₹27.30 lakh penalty on IndusInd Bank, imposed by an order dated 18 December, for non-compliance with its directions on interest rates applied to deposit products.
People's Bank of China Holds Loan Prime Rates Steady in December 2024 After October Reductions
The PBoC held the one-year LPR at 3.10% and the five-year LPR at 3.60% in December 2024, pausing its easing after reducing both rates in October.
Bank of Japan Holds Policy Rate at 0.25% in December 2024, Seeking Further Wage Data
The Bank of Japan kept its policy rate at 0.25% in December 2024, pausing after July's hike as overseas uncertainty and the need for more wage data delayed the next move.
Bangko Sentral ng Pilipinas Cuts Overnight Reverse Repo Rate by 25 Basis Points to 5.75%
The Bangko Sentral ng Pilipinas reduced its overnight reverse repo rate by 25 basis points to 5.75%, completing its third rate cut of the 2024 easing cycle.
Anthony Miller Takes Over as Westpac Group Chief Executive Officer
Anthony Miller became Westpac's Group CEO on 16 December 2024, succeeding Peter King who retired after a 30-year career at the bank, including five years as chief executive.
Islamic banking assets reached $2.37 trillion in 2023, growing 7.21%
Islamic banking assets rose 7.21% to USD 2.37 trillion in 2023, 70.21% of a USD 3.38 trillion Islamic finance industry. Islamic banks in the GCC grew around 8.40%, while MENA outside the GCC only kept pace with conventional peers.
Singapore's UOB Appoints Leong Yung Chee as Group Chief Financial Officer Ahead of 2025 Transition
UOB named Leong Yung Chee as Group CFO effective April 22, 2025, as Lee Wai Fai retires after 20 years in the role, with Edmund Leong taking over corporate banking.
Pakistan's MCB Bank Appoints Muhammad Nauman Chughtai as President and CEO
MCB Bank announced the appointment of Muhammad Nauman Chughtai as its new President and Chief Executive Officer on 11 December 2024, succeeding Shoaib Mumtaz.
Controlling stake in Indonesia's Panin Bank draws interest from regional lenders
ANZ and the Gunawan family were exploring the sale of a controlling stake in Panin Bank valued at about $2.4bn, with OCBC and CIMB reported to have made non-binding offers.
India Appoints Revenue Secretary Sanjay Malhotra as 26th RBI Governor
India has appointed Revenue Secretary Sanjay Malhotra as the 26th Governor of the Reserve Bank of India, effective 11 December 2024, for a three-year term replacing Shaktikanta Das.
DBS Appoints Han Kwee Juan and Lim Him Chuan to Senior Leadership Roles Effective January 2025
DBS announced in December 2024 that Han Kwee Juan would lead Institutional Banking and Lim Him Chuan would become Singapore Country Head, both effective 1 January 2025.