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Dispatches: Asian banks too expensive, says HSBC

HSBC global CEO Michael Geoghegan has warned that Asian banks are becoming expensive as his international rivals push deep into the region. (The Australian)

Temasek, the Singapore state investment agency, has made its third senior executive hire in three months, setting in place a fresh leadership team as it seeks to draw a line under the botched appointment last year of a foreign chief executive. The agency, which manages more than S$186bn ($138bn) in assets, said Gregory Curl, a former top executive at Bank of America, would join it next month to oversee its US and financial services holdings. (Financial Times)

AIA, which is working on a listing of its shares in Hong Kong, has lost about 700 agents in Singapore in the past year and is now trying to poach from rival insurers. (Asia One)

ANZ said today third-quarter underlying profit was about $1.3bn, a 37 per cent improvement on a year ago, as troubled loans fell. In a trading update, the group said the result takes its underlying profit for the nine months to June 30 to about $3.6bn, a 26 per cent improvement on year. (The Australian)

McDonald’s Thursday became the first non-financial foreign company to launch a yuan-denominated bond in Hong Kong, according to Standard Chartered, the bank that underwrote the deal. (Wall Street Journal)

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