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.
Agricultural Bank of China Ltd. is raising at least $19.2 billion in what may become the world’s biggest initial public offering, according to two people with knowledge of the pricing and a company filing in Shanghai.
Agricultural Bank of China Ltd. may raise as much as $21.3 billion in an initial public offering that would test confidence in the nation’s banking industry after record amounts of government-led lending .