The Financial Stability Board said an extended version of its guidance on the resolution of systemically important banks will apply to non-bank financial institutions, such as Allianz SE and other large insurers.
Shang Fulin was appointed chairman and communist party secretary of China Banking Regulatory Commission, the state news agency Xinhua said, citing unnamed spokesperson from the government’s Orgnization Department. Guo Shuqing was named chairman and communist party secretary of China Securities Regulatory Commission. Xiang Junbo has been appointed chairman of China Insurance Regulatory Commission.
China moved its securities regulator Shang Fulin to head the nation’s banking watchdog, overseeing a 106 trillion-yuan ($17 trillion) industry that includes four of the world’s 10 largest lenders by market value.
Kerry Stokes made his first billion dollars operating television stations and selling dump trucks in his native Australia. Now, he’s betting a chunk of that fortune on a bank that operates in the backwaters of rural China.
Chinese equities in New York dropped, extending the longest stretch of declines since November. Ctrip.com International Ltd. tumbled on concern plans to offer discounted plane tickets will reduce profit.
Agricultural Bank of China Ltd. , the country’s largest lender by customers, will seek to raise as much as HK$88.4 billion ($11.4 billion) in the Hong Kong portion of its initial public offering, according to three people with knowledge of the price range.
China’s Ministry of Finance and Central Huijin Investment Co., the two main shareholders of Agricultural Bank of China, want the lender to delay a planned share sale on concern there isn’t enough interest, the South China Morning Post reported, citing two unidentified people involved in the offering.