Content area
Full Text
* Switzerland-based Credit Suisse Group AG agreed to pay about US$47 million to the U.S. Justice Department to end an investigation into whether it hired referrals from government agencies in the Asia-Pacific region between 2007 and 2013 in exchange for investment banking business and regulatory approvals. The lender said it will not face criminal charges under the nonprosecution agreement, adding that the fine will be largely covered by provisions from earlier periods.
GREATER CHINA
* The China Securities Regulatory Commission has approved the launch of six local mutual funds, allowing them to become strategic investors in IPOs of technology firms, Reuters reported, citing statements from the regulator. Mutual fund houses such as China Asset Management and China Merchants Fund will manage the new funds, which will have a three-year lock-up period.
* Hong Kong-listed Bank of Chongqing Co. Ltd. is seeking a secondary listing on the Shanghai Stock Exchange, the Securities Times reported. Another 15 banks are awaiting regulatory approval to list on the Shanghai and Shenzhen bourses, the report said.
* The Hong Kong government raised its stake in Hong Kong Exchanges & Clearing Ltd. through the Exchange Fund, the South China Morning Post reported, citing a disclosure. A spokeswoman for the Hong Kong Monetary Authority said the increased shareholding came by way of the government choosing to receive shares instead of cash dividends for its 5.88% stake "over the years."
* Taiwan-based Fubon Life Insurance Co. Ltd. said it would take part in Huifu Payment Ltd.'s IPO in Hong Kong in the wake of China's booming third-party payment industry and the payment company's profit outlook, the Taipei Times reported. Huifu Payment is looking to debut its shares in the city June 15, making it the first third-party payment service provider listed there.
JAPAN AND KOREA
* Japanese financial authorities may launch on-site inspections of regional banks with no sufficient steps in place against money laundering, Kyodo...