Asia-Pacific
Banking and finance news from China, Japan, India, Australia, Southeast Asia, and the Pacific
Reserve Bank of Australia Holds Cash Rate at 4.35% Amid Elevated Underlying Inflation
The RBA kept its cash rate on hold at 4.35% in August 2024, with underlying inflation still running at 3.9% and Governor Michele Bullock saying a near-term cut did not align with the Board's thinking.
ANZ Group Completes A$4.9 Billion Acquisition of Suncorp Bank in Australia
ANZ has completed its A$4.9 billion acquisition of Suncorp Bank following more than two years of regulatory review, a Competition Tribunal review, and enabling Queensland legislation.
Bank of Japan Raises Policy Rate to 0.25% and Sets Plan to Halve JGB Purchases
The Bank of Japan raised its benchmark rate to 0.25%, the highest since 2008, and outlined a quantitative tightening plan to halve monthly JGB purchases by early 2026.
Saudi sovereign supply and UAE bank deals shape sukuk markets in the first half of 2024
Saudi Arabia's monthly riyal sukuk raised SAR 36.2bn in January to June 2024, alongside a USD 5bn international sukuk drawing about USD 20bn of orders; UAE banks priced USD sustainability sukuk at 95-100bp over Treasuries.
UOB Appoints Susan Hwee as Head of Group Retail and Lawrence Goh to Technology Role
UOB has named Susan Hwee as Head of Group Retail and Lawrence Goh as Head of Group Technology and Operations in a planned leadership reshuffle.
APRA finalises targeted APS 210 liquidity standard changes for Australian banks from July 2025
APRA will require smaller banks on the minimum liquidity holdings (MLH) regime to revalue liquid assets for market movements and all banks to be ready to seek emergency liquidity from the RBA, from 1 July 2025.
People's Bank of China Cuts LPR Rates and Reverse Repo Rate to Bolster Economy
The PBoC cut its 1-year LPR to 3.35%, its 5-year LPR to 3.85%, and its 7-day reverse repo rate to 1.7% on 22 July 2024 to support economic growth.
HDFC Bank Reports INR 161.75 Billion Q1 FY2025 Net Profit, Up 35% Year-on-Year
HDFC Bank posted Q1 FY2025 net profit of INR 161.75bn, up 35% year-on-year, with net interest income rising 26% and gross NPAs at 1.33%.
Japan Conducts Second Major Yen Intervention, Deploying an Estimated $22 Billion
Japanese authorities spent an estimated $22 billion intervening in currency markets around 11 July 2024, pushing the yen back from above 161 per dollar to around 157.
RBI Fines Punjab National Bank ₹1.32 Crore for KYC Record Failures and Lending Violations
The Reserve Bank of India has imposed a ₹1.32 crore penalty on Punjab National Bank for breaches of KYC rules and lending restrictions found during a 2022 inspection.
HKMA Imposes HK$10 Million Penalty on DBS Bank Hong Kong for AML Violations
Hong Kong's HKMA has fined DBS Bank (Hong Kong) HK$10 million for contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.
CIMB Group Appoints Novan Amirudin as Group CEO and Gurdip Singh Sidhu as Malaysia Bank Chief
CIMB Group installs Novan Amirudin as Group CEO and Gurdip Singh Sidhu as CIMB Bank CEO effective 1 July 2024, succeeding Dato' Abdul Rahman Ahmad.