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Dispatches: Chinese insurers make moves into banking

China Pacific Insurance plans to spend 5bn yuan (HK$5.71bn) on shares placed privately by Shanghai Rural Commercial Bank, the Shanghai Securities News reported, quoting market sources. (The Standard)

Ping An Insurance, China’s second-largest insurer, will merge its bank unit into Shenzhen Development Bank in a deal valued at about 29.1bn yuan (HK$33.21bn ) to consolidate banking operations and comply with a government regulation. (The Standard)

Goldman Sachs Group is capturing a record share of Japan’s equity underwriting market as foreign investment banks benefit from local companies selling a greater proportion of stock overseas. (Bloomberg)

Munich Re, the world’s largest reinsurer, is bolstering its presence in Japan despite a slowing economy and an aging and dwindling population, even as opportunities beckon in the faster-growing economies of Asia. (Wall Street Journal)

Ambrian Capital, a London-based investment bank, opened a metals trading office in Shanghai to expand its business in China, the world’s largest consumer of copper and aluminum. (Bloomberg)

The Philippine Stock Exchange describes it as “birth pains”. But market participants in Manila have been scratching their heads after the exchange’s new trading and market data system reported an erroneous 15 per cent jump in the PSE main index – instead of the correct 0.63 per cent when the system was rolled out on July 26. (Financial Times)

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