Magazine article Business Asia

In Brief

Magazine article Business Asia

In Brief

Article excerpt

* Hong Kong - The Hong Kong Monetary Authority will require all overseas-registered financial institutions in the city to disclose their financial information twice a year, starting at the end of this year. The foreign banks will be required to disclose their balance sheets, loans and deposits, bad and doubtful debts and loss provisions, but not their profit and loss statements. At the moment only Hong Kong-registered financial institutions are required to disclose such financial information.

- Bloomberg

* Sydney - QBE Insurance has continued its Asia-Pacific expansion strategy, announcing a joint venture with one of Vietnam's largest investment banks. QBE said it had signed agreements to form a joint-venture insurance company in Vietnam with the Bank for Investment and Development of Vietnam (BIDV). The bank is one of Vietnam's four largest state-owned banks, with 102 branches throughout the country and total assets of more than US$2 billion. QBE says it remains committed to Asia, despite current turmoil in the region.

* Tokyo - Mitsui Fire & Marine Insurance Co, one of Japan's four largest casualty insurers, is setting up a division to prepare to sell mutual funds later this year. In December, the Japanese government will lift a ban on banks and insurers selling mutual funds. Earlier this month, Yasuda Fire & Marine Co, Japan's second-largest casualty insurer, was the first casualty insurer to announce it was preparing to sell funds.

- Bloomberg

* Hong Kong - Reinsurance Australia Corporation (Re AC) has opened its Asian headquarters in Hong Kong. …

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