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“If we were to end up with 20 branches in China in five years, I would be quite happy.”
ANZ head Mike Smith highlighting his plans for China, where the bank recently received its business license.



The following are notes from our Monday morning meeting.


Jim Yong Kim became the US nominee for the next World Bank president, competing with Nigerian finance minister Ngozi Okonjo-Iweala and Columbian Jose Antonio Ocampo.

HSBC Canada is shutting down its consumer finance business, having failed to secure a buyer for the unit.

Deutsche Bank has changed the legal status of its US subsidiary Taunus to “domestic entity other” to avoid Dodd-Frank regulations.  

Societe Generale has announced the establishment of a subsidiary in Congo, with its first branch set to open in Pointe-Noire.

Bahraini investment bank Arcapita has filed for US bankruptcy protection under pressure of a $1.1b debt facility due to mature by end of March.

Citigroup has sold its 2.71% stake in Shanghai Pudong Development Bank to China Pacific Insurance for around $349m to shore up capital.

Japan’s Nippon Life Insurance will acquire 1% stake in AIA for $430m, while non-life insurers Sompo Japan and NipponKoa have agreed to merge in 2014.  

ING is reportedly selling its 31%, $775m stake in Thailand’s TMB Bank, with Malaysia’s Maybank and Korea Development Bank among the potential buyers.

The Bangladeshi central bank is reportedly close to approving licenses for up to seven new commercial banks, results of an open application since September 2011.

The Australian Securities and Investments Commission has named John Price as the regulator’s fifth commissioner.