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Daily Dispatches: Shinsei and Aozora cancel merger

Shinsei Bank, the lender partly owned by U.S. investor J. Christopher Flowers, and Aozora Bank, have cancelled a planned merger that would have created Japan’s sixth-largest bank by assets. (Bloomberg)

Hong Kong’s economy may have expanded 8.3 per cent in the first quarter, the fastest pace in four years, as exports and retail spending rebounded from the global financial crisis, a Bloomberg News survey shows. (Bloomberg)

HSBC expects return on equity to be at the lower end of its medium-term target range of 15 to 19 percent this year. “We know we have more to do to justify the support shareholders have given us,” said group chief executive Michael Geoghegan. “We face headwinds, in common with the rest of the industry.” (The Standard)

Executive vice president of China Construction Bank (CCB) Fan Yifei has tendered his resignation due to a change of job, the CCB said Wednesday in a statement filed to the Hong Kong Stock Exchange. (China.org.cn)

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