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S&P Global Market Intelligence offers our top picks of banking news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.
Habib Bank closing NY branch following penalty; other regulatory, legal news
* Pakistan's Habib Bank Ltd. decided to shut down its branch in New York as it vowed to contest a potential regulatory penalty of up to US$629.6 million in connection with a case regarding its noncompliance with anti-money laundering protocols in the U.S.
* The Australian Prudential Regulation Authority said it intends to initiate an independent inquiry into governance, culture and accountability practices within Commonwealth Bank of Australia following the bank's alleged violations of anti-money laundering laws.
* The China Banking Regulatory Commission is looking to tighten its oversight over the country's policy lenders, releasing draft laws for Export-Import Bank of China and Agricultural Development Bank of China. The draft laws seek to clarify the policy function of the two banks to focus on policy lending, as well as enhance their risk management and control abilities, among other things.
* AFFIN Holdings Bhd.'s major shareholder, Lembaga Tabung Angkatan Tentera, received approval from Securities Commission Malaysia to be exempted from a...