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Dispatches: China Citic Bank plans rights issue

China Citic Bank, the banking unit of the nation’s largest investment firm, said it plans to raise as much as 26bn yuan ($3.8bn ) in a rights offer to strengthen capital and support growth. (Bloomberg)

India’s central bank has launched a review of bank ownership regulation that is expected to lead to the re-entry into the banking sector of some of the country’s largest industrial conglomerates, such as the Tata and Reliance groups. (Financial Times)

AIG has approached some of the world’s biggest investors with a view to them taking stakes in AIA, the US insurer’s Asian operation, with strong interest from China, according to people familiar with the matter. (Financial Times)

China’s banking regulator has ordered lenders to move their off-balance sheet loans onto their books to beef up risk control and plug a loophole that banks have used to sidestep liquidity curbs. (Shanghai Daily)

Shares of Industrial and Commercial Bank of China (Asia) surged a record 25 per cent when it resumed trading yesterday. The sharp rise came after its parent – mainland lender ICBC – proposed to take the unit private with a 27.77 per cent premium over the previous closing price of HK$23.05 on July 26. (The Standard)

Hong Kong Exchanges and Clearing may extend trading to 5.5 hours from the current four hours, to match sessions on mainland bourses and to boost competitiveness. (Reuters)

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