Regional/ International

Wells Fargo will stop accepting new customers for its debit card rewards programme. The bank claims that the Frank-Dodd law, which limits debit card fees, has caused its programme to become unprofitable.

The Bank of Italy, the country’s central bank, has placed Libya’s Banca UBAE under special temporary administration and has appointed two commissioners to manage the bank, in line with the European Union’s decision to impose sanctions on certain Libyan entities. Rome-based Banca UBAE currently handles payments for Libya’s oil and gas industry and government institutions.

Nigeria’s Access Bank and Intercontinental Bank have signed a Memorandum of Understanding that allows for the merger of both financial institutions, pending regulatory approval.  

Middle East

Bahrain’s Kuwait Finance House has launched a new data centre that will be key to the bank’s expansion plans and help improve its IT services and reduce its operating risks.

The board of Saudi Arabia’s SABB has named Mohammad Bin Miziad Al Tuwaijri as a non-executive board member. Mohammad, who is currently head of Global Banking and Markets and Private banking for HSBC in the Middle East and North Africa, represents HSBC Holdings at the board.

Indochina

Vietnam’s DongA Commercial Joint Stock is planning to sell a 15% stake worth about $42.85 million to foreign investors in 2011.

Cambodia Development Specialized Bank, a joint-venture between Cambodian and South Korean investors, has shut down after being unable to adhere to new minimum capital requirements.

South Asia

Goldman Sachs India has named Sonjoy Chatterjee, its current co-CEO and partner, as its CEO and Vijay Karnani, currently head of securities business, as its co-CEO.

Standard Chartered Bank Pakistan has named Azhar Aslam as head of Islamic banking. Aslam, who was previously country head for corporate and investment banking at Dubai Islamic Bank, will report to Mohsin Nathani, CEO.

Pakistan’s Muslim Commercial Bank will be opening four new branches in Sri Lanka, increasing the number of branches in the country to ten.

Australia

The Australian government has prohibited banks from charging mortgage exit fees, which were previously imposed on customers who decided to terminate their mortgage loan with their current bank and opt for a new loan with another bank. The ban will be applicable to all new mortgage loans from July 1^st 2011.

The Australian government has issued a draft legislation that enables banks to issue covered bonds of up to 8% of their assets, which may decrease the funding costs of banks which lack deposits.

The Reserve Bank of New Zealand, the country’s central bank, is planning regulations concerning macro-prudential instruments that may limit interest-rate increases during the emergence of credit or asset bubbles.

China

The People's Bank of China, has raised the bank reserve requirement ratio by 50 basis points from March 25^th 2011. As a result of the hike, major banks will have to keep 20% of their reserves and medium-sized banks will have to reserve 16.5% of their deposits in reserve.

JP Morgan will be opening its sixth branch in Harbin, northeastern China, this year. The branch will offer corporate advisory, treasury and asset management services to institutional clients.

China Development Bank Corporation will be selling about $5.34 billion worth of bonds on the interbank market to raise funds.

Hong Kong

Bank of China’s Hong Kong unit has introduced a renminbi interbank payroll service which allows corporate clients to make renminbi-denominated payments by transferring funds to their employee’s accounts. The service is currently limited to Shenzhen but will eventually be offered to other cities.

The Hong Kong Monetary Authority has given UK’s Standard Bank a banking license, bringing the total number of licensed banks in Hong Kong to 148.

Indonesia

Bank Negara Indonesia’s Islamic finance unit, Bank BNI Syariah, will be opening 10 full branches and 28 sub-branches across the country.

Japan

Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group and Mizuho Financial Group are in discussions to lend up to $24.7 billion in emergency loans to help Tokyo Electric Power, the operator of the stricken Fukushima Daiichi power plant rebuild its power supply network.

Korea, South

South Korea’s Financial Services Commission, Financial Supervisory Service and the Korea Deposit Insurance Corporation will increase their joint supervision and monitoring of the country’s savings banks. The financial regulators plan to restrict the amount of loans given out, limit the amount of risky assets the banks can include in their balance sheets as well as measure the banks’ capital ratios to ensure their financial viability.

Woori Finance Holdings Corporation has named Lee Soon-woo as the new CEO of Woori Bank. Lee, who will serve for three years, is currently a VP at the bank.

Standard Chartered’s South Korean subsidiary is planning to close 27 of its 418 bank branches in a bid to cut costs and increase productivity.

Malaysia

Bank Negara Malaysia, the country’s central bank, is planning guidelines that will require individual borrowers to take a stress test to determine if they can afford new loans. The guidelines will also require banks to be more transparent with information regarding loans that are given out.

Bank Islam will be introducing two equity funds this year to cater to local investors’ demands and to increase its fund size to about $164 million.

The Philippines 

The Philippine Veterans Affairs Office has decided stop rural banks from disbursing the pension of war veterans, and will allow United Coconut Planters Bank, Maybank Philippines and Asia United Bank to do so.

The Bangko Sentral ng Pilipinas has accused Banco Filipino Savings and Mortgage Bank, which has recently been placed under receivership, of risky lending practices which led to its bankruptcy. The regulator claimed that more than half of the loans issued by the bank were given to its staff, stockholders and related interests.

Malaysia’s Maybank has opened a new branch in the Clark Freeport and Special Economic Zone, increasing its number of branches in the Philippines to 51.

Singapore

ICBC has opened its first overseas RMB business centre in Singapore. The centre will offer deposit, settlement, credit card, e-banking and treasury business services to customers in Singapore and Southeast Asia.

The Monetary Authority of Singapore has released a consultation paper that proposes to regulate credit rating agencies by requiring the agencies to be licensed and subject to licensing regulations as determined by the financial regulator.

Taiwan

Government-owned Bank of Taiwan will be signing memorandum of understanding with China’s ICBC to develop a partnership and allow for the exchange of knowledge.

The Financial Supervisory Commission, Taiwan’s financial regulator, has begun monitoring banks’ mortgage lending practises and risk profiles in a bid to help cool the country’s overheated property market.

Thailand 

Malaysia’s CIMB Group has applied for a six-month extension of up to October 6^th 2011 to complete its proposed dual listing on the Stock Exchange of Thailand. The bank was expected to complete its listing on April 6^th 2011.