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* Allianz Group unit Allianz SE has closed the sale of its South Korean asset management business, Allianz Global Investors Korea, to Anbang Group Holdings, a unit of China's Anbang Insurance Group Co. Ltd., for an undisclosed sum. The sale of the German company's life insurance business was closed earlier in 2017.
* Bank of Taiwan is looking to open a representative office in Frankfurt in preparation for Brexit, the Taipei Times reported. This makes it the first Taiwanese lender to take a pre-emptive move against possible fallout on its European operations following the U.K.'s decision to leave the bloc.
* According to a report published by the Asian Development Bank, a recovery in global trade, an increased expansion in major industrial economies and improved prospects for China boosted the growth of the countries in developing Asia. The Philippines-based lender forecast the region's GDP growth at 5.9% in 2017 and 5.8% in 2018.
GREATER CHINA
* Chinese police busted an underground bank in Guangzhou, China, which is suspected of being involved in cross-border transactions amounting to US$70 million over the past month, Reuters reported, citing China Daily, which in turn cited a statement from Guangzhou's public security bureau. Chinese authorities have been cracking down on underground banks in order to prevent risks from cross-border capital flows.
* Chen Wenhui, vice chairman of the China Insurance Regulatory Commission, said the regulator should treat companies "equally and fairly" and prohibit "special companies," following the expulsion of former Chairman Xiang Junbo from the country's Communist Party for serious disciplinary violations, the South China Morning Post reported, citing a regulatory document.
* Ping An Life Insurance said it acquired 5.96 million Hong Kong-listed shares in Industrial & Commercial Bank of China Ltd. from the secondary market on Sept. 22, Caixin reported, citing a company disclosure. Together with its affiliates, Ping An Life now holds 5% of...