Hong Kong’s Securities and Futures Commission (SFC) has reprimanded Deutsche Securities Asia and fined it HK$2.5m ($322,600, 244,700) for regulatory breaches and internal control failings relating to position limit failures.
US insurer AIG has sold its remaining 13.7% stake in AIA Group, finally exiting the business it founded in Hong Kong nearly a century ago.
Standard Chartered Bank has launched an Islamic version of its online banking platform, Straight2Bank which will be offered in the United Arab Emirates, Bangladesh, Bahrain, Pakistan and Malaysia.
HSBC Holdings is selling its entire stake in China’s Ping An Insurance (Group) of China to entities owned by Charoen Pokphand Group, in what was described as the bank’s largest divestment in more than 15 years.
Hong Kong’s government has published the conclusions of a three-month consultation carried out earlier in the year to gauge industry views on plans to reform and modernise the special administrative region’s trust laws.
The Hong Kong branch of a Taiwanese intermediary company has been fined US$1.6m (S$2m, 1.3m) over the sale of Lehman Brothers-backed structured products in 2008.
A financial advisory company in Singapore has been fined by the local regulator for failing to file its annual accounts on time.
Cayman Islands insurer Investors Trust Assurance (ITA) has opened a branch office in Kuala Lumpur, Malaysia, to serve as a hub for its Southeast Asia target market.
Credit Suisse has eliminated an undisclosed number of roles in its asset management operations in Singapore, International Adviser has learned.
Total healthcare costs in the Asia-Pacific region are projected to increase by 8.2% annually to a staggering $2.7trn by 2020, according to Swiss Re’s latest study which for the first time compares 13 markets in the Asia-Pacific region.
Firstmac Ltd, a privately-held Australian provider of residential loans, has opened an office in Singapore, and named Alfred Goh to head it up.
A former assistant director of finance at CITIC Pacific, a Hong Kong based property and mining company, has been jailed and fined for insider dealing.
