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Dispatches: Everbright plans $2.8bn IPO

China Everbright Bank Co could raise up to 18.9bn yuan (US$2.8bn) in the second largest initial public offering this year in China. The bank will sell as many as 6.1bn shares in Shanghai before exercising an over-allotment option at 2.85 yuan to 3.10 yuan apiece, the Beijing-based bank said in a statement to the Shanghai Stock Exchange. (Shanghai Daily)

UBS has hired Julien Bahurel from Morgan Stanley to head equity derivatives sales for Asia-Pacific, according to an internal memo that found its way to journalists yesterday. He will start work at the Swiss bank’s Hong Kong office later this year. (Finance Asia)

In a stingingly critical assessment of the failure of IBM systems at DBS, the Monetary Authority of Singapore has ordered DBS to “reduce its material outsourcing risks so that it does not overly rely on a single service provider,” which effectively means it is ordering DBS to find another vendor. (Asian Banking & Finance)

A sharp fall in losses on loans and tighter cost controls let Dah Sing Banking (2356) earn interim net profit of HK$507m – up 65.3 percent year-on-year. (The Standard)

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