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Daily Dispatches: Prudential delays rights issue

Prudential was forced to abandon the launch of its $21bn rights issue in a deeply embarrassing move that could prove the last straw for some investors wavering over the British life insurer’s US$35.5bn takeover of AIG’s Asian arm. (Financial Times)

OCBC said on Wednesday that its first-quarter net profit rose 24 per cent, driven by non-interest income and a continued improvement in credit quality. (Wall Street Journal)

DBS, South-east Asia’s largest lender, said yesterday that its head of investment banking in Hong Kong has resigned and will leave the bank in the middle of the month. (Asia One)

Analysts say China’s listed banks need to raise up to US$44bln in 2010. First-quarter reports by five joint-stock banks, the second rung of China’s bank industry ladder after the five biggest state-owned banks, have revealed that behind the rapid growth in net profits, capital adequacy ratios have fallen. (Asian Banking and Finance)

National Australia Bank posted a 22 per cent fall in its first-half net profit today after booking higher losses on the market value of derivatives, while cash earnings were boosted by a fall in bad debt charges and improved profit in its business banking and wealth management arms. (The Australian)

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